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Buffett: The Making of an American Capitalist by [Roger Lowenstein]

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Roger Lowenstein

Buffett: The Making of an American Capitalist Kindle Edition

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Since its hardcover publication in August of 1995, Buffett has appeared on the Wall Street Journal, New York Times, San Francisco Chronicle, Los Angeles Times, Seattle Times, Newsday and Business Week bestseller lists.

Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century—an astounding net worth of $10 billion, and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant dealmaker who cultivates a homespun aura.

Journalist Roger Lowenstein draws on three years of unprecedented access to Buffett’s family, friends, and colleagues to provide the first definitive, inside account of the life and career of this American original. Buffett explains Buffett’s investment strategy—a long-term philosophy grounded in buying stock in companies that are undervalued on the market and hanging on until their worth invariably surfaces—and shows how it is a reflection of his inner self.

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July 24, 2013
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Editorial Reviews

Excerpt. © Reprinted by permission. All rights reserved.

Chapter 1

OMAHA

Like a diamond set in emerald, gracing the west bank of the Missouri River, lies Omaha, the wonder city of the West and marvel of enterprise, ability, and progressiveness.
TELEPHONE COMPANY PROMOTION, 1900

Almost from the day that Dr. Pollard awakened him to the world, six pounds strong and five weeks early, Warren Buffett had a thirst for numbers. As a boy, he and his friend Bob Russell would pass an afternoon on the Russells’ front porch, which overlooked a busy intersection, recording the license-plate numbers of passing cars. When the sky darkened, they would go inside and spread open the Omaha World-Herald, counting how often each letter appeared and filling entire scrapbooks with progressions of numbers, as though they held the key to some Euclidean riddle. Often, Russell would reach for the almanac and read out a list of cities. One by one, Warren would spit back the populations. “I’d say a city, he’d hit it on the nose,” Russell would recall, half a century later. “I might say, ‘Davenport, Iowa; Topeka, Kansas; Akron, Ohio.’ If I gave him ten cities, he’d hit every one.” Baseball scores, horse-racing odds—every numeral was fodder for that precocious memory. Combed, scrubbed, and stuffed into a pew of Dundee Presbyterian Church, Warren would pass the time on Sundays calculating the life spans of ecclesiastical composers. He would stand in the living room with a paddle and ball, counting, counting by the hour. He would play Monopoly for what seemed forever—counting his imagined riches.

Blue-eyed, with a fair complexion and pink cheeks, Warren was intrigued not merely with numbers, but with money. His first possession was a nickel-coated money changer, given to him by his Aunt Alice at Christmas and thereafter proudly strapped to his belt. When he was five, he set up a gum stand on his family’s sidewalk and sold Chiclets to passersby. After that, he sold lemonade—not on the Buffetts’ quiet street, but in front of the Russells’ house, where the traffic was heavier.

At nine, Warren and “Russ” would count the bottle caps from the soda machine at the gas station across from the Russells’ house. This was not idle counting, but a primitive market survey. How many Orange Crush caps? How many Cokes and root beers? The boys would cart the caps in a wagon and store them in Warren’s basement, piles of them. The idea was, which brand had the highest sales? Which was the best business?

At an age when few children knew what a business was, Warren would get rolls of ticker tape from his stockbroker father, set them on the floor, and decipher the ticker symbols from his father’s Standard & Poor’s. He would search the local golf course for used but marketable golf balls. He would go to Ak-Sar-Ben* racetrack and scour the saw-dusted floors, turning over torn and discarded stubs and often finding a winning ticket that had been erroneously thrown away. In the sweltering Nebraska summers, Warren and Russ would carry golf clubs for the rich gentlemen at the Omaha Country Club and earn $3 for the day. And at dusk, as they rocked on the Russells’ front-porch glider in the stillness of the Midwestern twilight, the parade of Nashes and Stude-bakers and the clanging of the trolley car would put a thought in Warren’s mind. All of that traffic with no place to go but right by the Russells’ house, he would say—if only there were a way to make some money off it. Russell’s mom, Evelyn, recalled Warren after fifty years. “All that traffic,” he would say to her. “What a shame you aren’t making money from the people going by.” As if the Russells could set up a toll booth on North 52nd Street. “What a shame, Mrs. Russell.”

What, then, was the source?

Warren was the second of three children, and the only son. His mother was a petite, feisty woman from a small town in Nebraska. She had a lively temperament and, as was said of women relegated to a supporting role, “a good head for numbers.” Warren’s father, a serious but kind man, was surely the dominant influence in his life. Opening to Warren’s eyes the world of stocks and bonds, he must have planted a seed, but insofar as such things are knowable, Howard Buffett’s acumen for numbers was not on a par with his son’s. Nor was his passion for making money. What was it, then, that prompted Warren to turn from that mannered, comfortable household—to crawl along the floor of the racetrack as though it were a bed of pearl oysters? What was it that would enable him, years later, to stun his colleagues in business-time and again—by computing columns of figures in his head, and by recalling encyclopedic volumes of data as easily as he had the population of Akron? Warren’s younger sister, Roberta, said flatly, “I think it was in his genes.”

The Buffetts were said to be gentle and sweet-natured, traits that endured. They were skilled at business and loath to spend a dollar. The earliest known Buffett (pronounced Buffett) in America, John Buffett, was a serge weaver of French Huguenot origin. He married Hannah Titus, in Huntington, on the north shore of Long Island, in 1696.1 The Buffetts remained on Long Island, as farmers, until after the Civil War. But they had a streak of ambition, which clashed with the family’s frugal ways. In 1867, Sidney Homan Buffett was employed at clearing land for Zebulon Buffett, his grandfather. On hearing of his fifty-cent-per-diem wage, Sidney became so disgusted that he put down his ax and headed west. He took a job driving a stage out of Omaha, and in 1869 opened the S. H. Buffett grocery. With Omaha still in its frontier beginnings, the Buffetts were ensconced in the city’s commercial life, a mile and a half from the wooded site of the future office of America’s richest man.

Omaha was a cluster of frame and log buildings, set against the rugged bluffs rising from the Missouri River. Though the plains stood at its door, the town itself was hilly. The area had been wilderness until 1854, when a treaty with the Maha Indians (later the Omahas) opened the Nebraska Territory to settlement. The seminal moment in its growth was in 1859, when an Illinois railroad lawyer named Abraham Lincoln visited the area and took a parcel of land as collateral for a defaulted loan. A few years later, President Lincoln designated the city as the eastern terminal of the Union Pacific Railroad.

Sidney Buffett opened his store, with impeccable timing, three months after the railroads joined the continent. Omaha was already “the great jumping-off place” for engines belching across the plains.3 It soon was teeming with settlers, drifters, speculators, Civil War veterans, railroad men, ex-convicts, and prostitutes, many of whom happened upon the Buffett grocery, where

Sidney sold quail, wild ducks, and prairie chickens over the counter. Zebulon was highly dubious of his prospects. Writing to his twenty-one-year-old grandson, Zebulon stressed that prudence in business was the Buffetts’ watchword.

You can’t expect to make much, but I hope business will get better in the spring. But if you can’t make it, do leave off in time to pay your debts and save your credit, for that is better than money.

But the young city prospered, and Sidney prospered with it. By the 1870s, Omaha had cast-iron architecture and an opera house. By the turn of the century, it had skyscrapers, cable cars, and a swelling population of 140,000. Sidney built a bigger store and brought two sons into the business. The younger of these, Ernest—the future grandfather of Warren—had the family knack for business. He quarreled with his brother over a girl, and married her, whereupon the brothers stopped speaking. In 1915, Ernest left the downtown store and established a new one—Buffett & Son—in the city’s western reaches.

Once again, the Buffett timing was shrewd. Omaha’s population was migrating west from the river. Sensing opportunity in the suburbs, Ernest cultivated a delivery trade and sold on credit. Soon, rich families’ cooks were phoning orders to Buffett & Son. The business grew, and Ernest hewed to the Buffetts’ tightfisted ways. He paid the stock clerks the lordly sum of $2 for an eleven-hour shift, accompanied by a lecture on the evils of the minimum wage and similar “socialistic” mandates. Tall and imposing, Ernest did not merely run the store—he tyrannized it.

Ernest’s son Howard—Warren’s father—had no interest in becoming a third-generation grocer. Howard was independent-minded, like Ernest, but warmer and without the bluster. He worked briefly on an oil pipeline in Wyoming, but his true interests were in the life of the mind. At the University of Nebraska in Lincoln, Howard was editor of the Daily Nebraskan, and aspired to a career in journalism. Though not particularly handsome, he had dark hair and an arresting gaze. As fraternity president, he had his pick of society belles. But in his senior year, Howard met a hardscrabble country girl who was anything but society.

Leila Stahl had grown up in West Point, Nebraska, a bleak, rural town of 2,200 people. Her father, John Ammon Stahl, owned a weekly paper, the Cuming County Democrat. Most of the people in town were Germanic, and the English-speaking Stahls were outsiders. Leila’s mother felt particularly isolated and spent much of the time bedridden and depressed. Leila and her brother and two sisters had to fend for themselves, and Leila had to help her father at the County Democrat. From the fifth grade on, she would sit on a high stool and set type by hand, and later by Linotype. Sometimes when a train stopped in West Point she would rush on board and interview passengers to fill the news columns. On Thursdays, this slight schoolgirl stood beside the fly of the giant press, firmly gripping the sheets of newsprint and taking care to pull each one at just the right moment. In time, Leila developed pounding headaches, synchronized with the press run of the County Democrat.
--This text refers to the paperback edition.

From Publishers Weekly

By picking the right stocks and businesses to invest in, plainspoken Nebraskan Warren Buffett became the richest man in the U.S. In this excellent biography, Wall Street Journal reporter Lowenstein details the billionaire stock market wizard's strategy of betting on the long-term growth of a handful of successful companies such as American Express and Berkshire Hathaway. Providing personal glimpses of a very private man, Lowenstein unearths childhood traumas such as the tormenting rages of Buffett's mother and his forced relocation to Washington, D.C., in 1943, where, at 13, he ran away from home (he was found by the police the next day). Buffett's wife, Susan Thompson, a nightclub singer, walked out on him in 1977 and was quickly replaced by his mistress, Latvian-born Astrid Menks. Lowenstein profiles an emotionally guarded, "strangely stunted" Midas obsessed with work and secrecy, who seemingly derives little pleasure from his fabulous wealth. Photos not seen by PW. Author tour.
Copyright 1995 Reed Business Information, Inc. --This text refers to the paperback edition.

Amazon.com Review

Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the 20th century -- an astounding net worth of $10 billion and counting. That awesome record has made him a cult figure.

This illuminating biography reveals a man whose conscientiousness, integrity, and good humor exist alongside an odd emotional isolation. Buffett also masterfully traces his life: his enormously successful partnership; his early, inspired investments in American Express and Geico; his companionship and investment with Katharine Graham of the Washington Post; his role in the Capital Cities purchase of ABC; his unique relationship with his wife and mistress; and his rescue of the scandal-ridden Salomon Brothers.

--This text refers to the paperback edition.

About the Author

Roger Lowenstein, author of the bestselling Buffett: The Making of an American Capitalist, reported for The Wall Street Journal for more than a decade, and wrote the Journal's stock market column, Heard on the Street, from 1989 to 1991 and the Intrinsic Value column from 1995 to 1997. He now writes a column in Smart Money magazine, and has written for the New York Times and The New Republic, among other publications. Lowenstein has three children and lives in Westfield, New Jersey. --This text refers to the paperback edition.

From Library Journal

The amazing securities investment analyst Warren Buffett is the focus of this near hagiographic biography that is filled with details about the life of an American capitalist that rivals the likes of Carnegie, Ford, or Morgan. Lowenstein does a remarkable job of telling the financial story of Buffett's rise to securities fame, even if details of Buffett's actual strategies aren't touched upon?that's another story altogether. The early years show a precocious child adept at numbers in a household with a domineering mother and business-minded father. Buffett's early investments, his famous relationship with Katherine Graham of the Washington Post, his role in the purchase of ABC by Capital Cities, his rescue of the Solomon Brothers, and his unique personal relationship with his wife all make for a highly interesting, fascinating tale that is sure to be a hit in business schools. James Lurie's powerful reading is dead on, evoking the power of this man's singular character. Highly recommended for all libraries.?Dale Farris, Groves, Tex.
Copyright 1996 Reed Business Information, Inc. --This text refers to the paperback edition.

From AudioFile

For investment amateurs and professionals, this audio program is an inspiration and an insight into one of America's foremost investment leadersÐWarren Buffett. Lurie grabs your attention as he walks you through Buffett's first entrepreneurial successes. The details about Buffett's bold corporate buying and selling strategies are an education themselves. Lurie narrates superbly with subtle introductions and background music. Author Lowenstein did a remarkable job investigating the business and financial backgrounds of one of America's wealthiest icons. A must read/listen for any business entrepreneur and investor. You will be inspired! J.A.A. (c)AudioFile, Portland, Maine --This text refers to the paperback edition.

Review

"Only in America. The bonus of this fine, fine biography is that it could turn you into an investor, if you're not one already; or a better one, if you are. Lowenstein has done a great job with a great subject."--Andrew Tobias

"Mr. Lowenstein has done a masterly job."--The New York Times Book Review --This text refers to the paperback edition.

From the Publisher

Since its hardcover publication in August of 1995, Buffett has appeared on the Wall Street Journal, New York Times, San Francisco Chronicle, Los Angeles Times, Seattle Times, Newsday and Business Week bestseller lists. The incredible landmark portrait of Warren Buffett's uniquely American life is now available in paperback, revised and updated by the author.

Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century--an astounding net worth of $10 billion, and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant dealmaker who cultivates a homespun aura.

Journalist Roger Lowenstein draws on three years of unprecedented access to Buffett's family, friends, and colleagues to provide the first definitive, inside account of the life and career of this American original. Buffett explains Buffett's' investment strategy--a long-term philosophy grounded in buying stock in companies that are undervalued on the market and hanging on until their worth invariably surfaces--and shows how it is a reflection of his inner self.

"Only in America. The bonus of this fine, fine biography is that it could turn you into an investor, if you're not one already; or a better one, if you are. Lowenstein has done a great job with a great subject."--Andrew Tobias

"Mr. Lowenstein has done a masterly job."--The New York Times Book Review

--This text refers to the paperback edition.

From the Inside Flap

Since its hardcover publication in August of 1995, Buffett has appeared on the Wall Street Journal, New York Times, San Francisco Chronicle, Los Angeles Times, Seattle Times, Newsday and Business Week bestseller lists. The incredible landmark portrait of Warren Buffett's uniquely American life is now available in paperback, revised and updated by the author.

Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century--an astounding net worth of $10 billion, and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant dealmaker who cultivates a homespun aura.

Journalist Roger Lowenstein draws on three years of unprecedented access to Buffett's family, friends, and colleagues to provide the first definitive, inside account of the life and career of this American original. Buffett explains Buffett's' investment strategy--a long-term philosophy grounded in buying stock in companies that are undervalued on the market and hanging on until their worth invariably surfaces--and shows how it is a reflection of his inner self. --This text refers to the paperback edition.

From the Back Cover

"Only in America. The bonus of this fine, fine biography is that it could turn you into an investor, if you're not one already; or a better one, if you are. Lowenstein has done a great job with a great subject."--Andrew Tobias

"Mr. Lowenstein has done a masterly job."--The New York Times Book Review

--This text refers to the paperback edition.

Product details

ASIN ‏ : ‎ B00DPTL2F0
Publisher ‏ : ‎ Random House; Reprint edition (July 24, 2013)
Publication date ‏ : ‎ July 24, 2013
Language ‏ : ‎ English
File size ‏ : ‎ 6780 KB
Text-to-Speech ‏ : ‎ Enabled
Screen Reader ‏ : ‎ Supported
Enhanced typesetting ‏ : ‎ Enabled
X-Ray ‏ : ‎ Enabled
Word Wise ‏ : ‎ Enabled
Sticky notes ‏ : ‎ On Kindle Scribe
Print length ‏ : ‎ 638 pages

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Roger Lowenstein

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Roger Lowenstein (born in 1954) is an American financial journalist and writer. He graduated from Cornell University and reported for the Wall Street Journal for more than a decade, including two years writing its Heard on the Street column, 1989 to 1991. Born in 1954, he is the son of Helen and Louis Lowenstein of Larchmont, N.Y. Lowenstein is married to Judith Slovin.

He is also a director of Sequoia Fund. His father, the late Louis Lowenstein, was an attorney and Columbia University law professor who wrote books and articles critical of the American financial industry.

Roger Lowenstein's latest book, America's Bank: The Epic Struggle to Create the Federal Reserve (The Penguin Press) was released on October 20, 2015.

Bio from Wikipedia, the free encyclopedia.

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sapster

The man behind the legend

Reviewed in the United States 🇺🇸 on May 3, 2023

Verified Purchase

As some one who asked Warren's business savvy and outstanding ethics I loved learning about the man behind the legend. The book covers a great balance of Mr. Buffet's personal and business life.

Reviewed in the United States 🇺🇸 on May 7, 2011

Verified Purchase

As the title indicates this book is a biography of the self-made billionaire investor Warren Buffett. It takes us through his family upbringing, his early years, his eduction and the building of his capitalist empire in Berkshire Hathaway. The author focuses on the people that were influential in his life, particularly his mentor in value investing: Benjamin Graham. This theme is central to Warren's investment strategy (with adaptation on intangibles - such as brand, reputation etc.) . Through the years, despite all the macro-economics event, changes to the business landscape and technological advances this strategy has driven unparalleled sustained business returns over a period of over 40 years which the book covers. The book is full of non-investment business advice, relationship building, career management etc.

Below are some excerpts from the book I found particularly insightful:

-"One sees in Buffett a strongly similar suspiscion of public opinion. Buffett viewed a crowd as a potential source of a sort of intellectual contagion. It was the author of acts and feelings which, rather than being a summing-up of the parts, no one individual among the crowd would have subscribed alone."

-"Regardless of price, we have no interest at all in selling any good business that Berkshire owns, and are very reluctant to sell sub-par businesses as long as we expect them to generate at least some cash and as long as we feel good about their managers and labor relations. We hope not to repeat the capital allocation mistakes that led us into such sub-par businesses....Nevertheless, gin rummy managerial behavior (discard your least promising business at each turn) is not our style."

-"A compact organization lets all of us spend our time managing the business rather than managing each other."

-"Buffett's guides to finding such a stock could be summarized quickly:

a) Pay no attention to macroeconmic trends or forecasts, or to people's predictions about the future of stock prices. Focus on long-term business value - on the size of the coupons down the road.

b) Stick to stocks within one's "circle's of competence." For Buffett, that was often a company with a consumer franchise. But the general rule was true for all: if you don't understand the business - be it a newspaper or a software firm - you couldn't value the stock.

c) Look for managers who treated the shareholders' capital with ownerlike care and thoughfulness.

d) Study prospects - and their competitors - in great detail. Look at raw data, not analysts' summaries. Trust your own eyes, Buffet said. But one needn't value a business too precisely. A basketball coach doesn't check to see if a prospect is six foot one or six foot two; he looks for seven-footers.

e) The vast majority of stocks would not be compelling either way - so ignore them. Merrill Lynch had an opinion on every stock; Buffett did not. But when an investor had conviction about a stock, he or she should also show courage - and buy ton of it.

-"I want employees to ask themselves whether they are willing to have any contemplated act appear on the front page of their local paper the next day, to be read by their spouses, children and friends...If they follow this test, they need not fear my other message to them: Lose money for the firm and I will be understanding; lose a shred of reputation for the firm, and I will be ruthless."

-"Among history's great capitalists, Buffett stands out for his sheer skill at evaluating businesses. What John D. Rockefeller, the oil cartelist, Andrew Carnegie, the philanthropic steel baron, Sam Walton, the humble retailer, and Bill Gate, the software nerd, have in common is that each owes his fortune to a single product or innovation. Buffett made his money as a pure investor: picking diverse businesses and stocks."

-"More than most, he reclaimed the rewards that spring not from trading commitments one for the next, but from preserving them."

For anyone interested in the field of investment, it goes without saying that this is a must read book. Given that I had read another book by Roger L. (When Genius Failed - The Rise and Fall of Long Term Capital Management), I had very high expectations from him and he did not dissapoint. Don't let the size of the book discourage you, once you get started you will have a hard time stopping.

3 people found this helpful

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Shade Tree Jarier

Hoo New

Reviewed in the United States 🇺🇸 on May 20, 2023

Verified Purchase

Course Required Reading. Know what they reference.

Reviewed in the United States 🇺🇸 on January 22, 2008

Verified Purchase

The gain in net of Berkshire Hathaway, the company led by Warren Buffet, worth during 2006 was $16.9 billion, which increased the per-share value of 18.4%. Over the last 42 years value has grown from $19 to $70,281, a rate of 21.4% compounded annually. Consider that $16.9 billion is a record for a one-year gain in net worth - more than has ever been booked by any American business, leaving aside boosts that have occurred because of mergers. Of course, Berkshire did not outperform S&P500 constantly. In 1967, 1975, 1980, 1999, 2003, 2004 the S&P gave better performance, and in 2001 Berkshire even was at a loss of 6.2%.

This book, "Buffett: The making of an American capitalist" covers very deeply the values that led Warren Buffet during his life from his early childhood. The book is not only a biography per se, but a good manual on investing, that uncovers most aspects, with the detailed explanations and samples, of investing.

This book also covers very well personal traits of Warren Buffett, his attitudes toward parents, sister, friends, parents, children and wife. For example, Warren bought a farm and rented it to his son Howie on standard commercial terms. The farm was a joyful refuge to Howie, but he couldn't get Warren to share the experience with him. "I can't get him to come out and see how the crops are going", Howie said plaintively. Warren went only twice in six years. He would laugh off Howies's invitations, saying, "Send me a rent check, and make sure it's big enough". Though he had been thoughtful enough to buy the farm, he couldn't give Howie the fatherly recognition that he craved in other than financial terms.

In his investment strategy, Warren uses the concept that he calls "Intrinsic value" of a company. According to Warren Buffet, intrinsic value is an all-important concept that offers the only logical approach to evaluating the relative attractiveness of investments and businesses. Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

Here is what Kenneth L. Fisher wrote about Buffet's investment strategy: a quality standing out about Mr. Buffett is his ability to morph. If you read his materials from the 1960s, he said very different things than in the 1970s and early-1980s. Early on he was buying dirt-cheap stocks by simple statistical standards and typically smaller stocks--which would today be referred to as smallcap value (although that term didn't exist until the late 1980s). Later he bought what he called "franchises." Then he entered a period of buying great managements of big companies and being a long-term holder--otherwise thought of as big-cap growth today--that many ascribed to the influence of my father coupled with Charlie Munger. When Mr. Buffett was buying Coke and Gillette, you couldn't quite reconcile those activities with the kinds of things he owned two decades earlier. Then, amazingly, seven years ago, at just the right time, he was buying smaller things dirt cheap again just as value came back into play as the twenty-first century began. I have other comments about Mr. Buffett throughout this book but I'd like you to see, while he never lost the core of what he was doing or what he was looking for, he tactically morphed steadily over the decades. Trying to freeze his tactics from any decade and replicate them in the next few would never have led you to his actual actions.

In addition to this book, I also recommend the letters to shareholders written by Warren Buffet, which can be taken from the website of Berkshire Hathaway. If you take an audio record of this title, it will not be as good as the textbook. The audio is more biographical and pays less attention to the investment education of the listener.

10 people found this helpful

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avixter

a good insight to the life and thinking of Warren Buffett

Reviewed in the United States 🇺🇸 on May 29, 2022

Verified Purchase

It is very good biography of the Oracle of Omaha. It certainly gives an insight into the life of Warren Buffet - his childhood and younger years are very well captured. I felt a little lost towards the middle where I thought the details surrounded around only the business he did with others. In other words the details came from his business companions and acquaintances. Here, I felt, the author could have used a bit of help from Warren Buffett.

I thought portions of the book blabbered too much, hence the lost star.

Overall a very good read. Highly recommended

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tomomori

テーマ買いではなく著者買いをした本

Reviewed in Japan 🇯🇵 on December 19, 2007

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この著者さんの本はこれ以前に『When Genius Failed』と『Origins Of The Crash』を読んでいて、面白い人だな、と思っていました。人間的な好き嫌いをかなり素直に出すんですね。LTCMを扱った前者など、主要キャラのトレーダー集団を著者が「嫌い」なんだということが分かる。それでも人間ドラマを描くのは上手いので読み手(少なくとも私は)は主要キャラに人間的な興味を感じる。
「Greed is good」とゴードン・ゲッコーに熱く語られても、「そ、そうかな？」などとは一瞬たりとも思わず、「そんな訳あるか！」と言い返すタイプの著者さんです。『Origins Of The Crash』でも、ポーズではなく、本当にアメリカ社会の変貌を嫌悪し嘆いているのが伝わってくる。こういう倫理的バイアスを前面に出しつつ金融ジャーナリストをなさっている著者さんに「なんだか面白いし、結構好きだな」という気持ちがありました。
本書では、著者がバフェット氏を大好きであることが隅々から伝わってきます。ほとんど聖人伝の趣で、たまに鼻につかなくはないですが、まぁ「好きだから仕方ない」と。『The Black Swan』の著者などは、「バフェットが質素だからって賛美されることか？」と皮肉を言っておりましたが、この著者さんは「当たり前だ！」と返すことでしょう。｢質素や倹約を善、贅沢や浪費を悪と決めつけるのは間違っている｣とかケインズ風に言ってみても無駄です。著者が尊んでいるのは道徳的価値です。富んでなお軽薄にならず生まれ故郷に住み続ける人間に不易の価値を見出しているのですね。
全編を通してあまりドラマチックな展開はありませんが、堅実な価値観と堅実な人格が展開する人生というのはそういうものなのかな、と妙に納得したり。「真なる価値の判断」という一大テーマで人生を貫くその姿に感銘はありましたが、しかしやはりこれほどの金持ちになったからこその世人の興味なのだと思うと多少皮肉な気分にも。ビンボー人の僻みかしらん。

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Jobin Kunjumon Vilapurathu

A must read book

Reviewed in India 🇮🇳 on December 14, 2018

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Guides is through the life of the big BULL...

Amazon Customer

Poor

Reviewed in India 🇮🇳 on November 8, 2018

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The standard of language is very high, a normal reader feel difficult to read and understand.

DS

Unhyphenated, unputdownable and fast paced read!!

Reviewed in India 🇮🇳 on May 16, 2022

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The fact that Buffett is a genius and has similar raw brain power like Shakuntala Devi becomes pretty clear from the start in the book. This book does a good job of succinctly putting WEB's investment philosophy (for details there are many other books) and how he used to frame his opinion on businesses. It is very detailed with respect to his life, personality, his business journey and has many interesting nuggets of information.
Though this book is dated now, but according to many investors (and I agree with their opinion), still presents the best biography on WEB and shows how he built layer upon layer of knowledge in his unprecedented investment journey. This is the one to read!

One person found this helpful

Logan

Good Read

Reviewed in Canada 🇨🇦 on May 3, 2019

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Very few people will accumulate this much wealth from very little. I would guess, once in a generation or less. Buffett recently mentioned lost investment opportunities of which we will never know, so it is good to know that even ‘the Oracle’ isn’t perfect. Gives hope to the rest of us.

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