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Warren Buffett: Investments
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"The Tao of Warren Buffett" inspires, amuses, sharpens the mind, and offers priceless investment savvy that anyone can take to the bank. This irresistibly browsable and entertaining book is destined to become a classic.
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In the mid-1960s, Buffett took control of Berkshire Hathaway, which until that time had been a textile mill in New Bedford, Massachusetts. He soon sold the mill, kept the company name, and made Berkshire Hathaway an investment management firm. Since revamping the company, its book value has risen about 200,000%. These things can change rapidly, but as of 2004 Berkshire Hathaway owned substantial chunks of Coca-Cola, American Express, The Gillette Company, Wells Fargo, Wesco Financial Corporation (they're mostly in the furniture rental business, but ... sell insurance and steel), Moody's (credit and debt ratings), The Washington Post Company, Koelnische Rueckversicherungs Ag (a German insurance company), PetroChina, H&R Block, Dairy Queen, Fruit of the Loom, Geico Insurance, The Buffalo News, Central States Indemnity Company, See's Candies, Ben Bridge Jeweler, and Acme Brick.
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In a speech at the Wharton School of Business (April 21, 1999), Buffett laid out four rules for investment: 1. Understand the business in which you are investing. Look for businesses within a circle of personal competence. 2. Look for sound, fundamental economics. Seek out companies that have a sustainable economic advantage, one he called "a castle with a moat around it," using Coca Cola as an example whose brand name has endured for generations and which could not be bought even for millions of dollars.
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Mary Buffett is an author and lecturer on investing and was married to Warren's son Peter for twelve years. She and David Clark—a long-time friend of the Buffett family who is a portfolio manager, attorney, and lecturer on the subject of Buffettology—are the bestselling authors of the internationally acclaimed investment books "Buffettology," "The New Buffettology," and "The Buffettology Workbook".
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Buffett ended the lucrative partnership in 1969. As the New York Times Magazine reported, "The partnership's capital had grown so large that small investments were no longer reasonable, and he could find no big investments to his liking. In addition, the market was too speculative for his taste." He then focused on Berkshire Hathaway, buying up companies under its umbrella, investing "where and when he pleased," according to the Times.
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Berkshire's annual reports and letters to shareholders, prepared by Buffett, frequently receive coverage by the financial media. Buffett's writings are known for containing literary quotes ranging from the Bible to Mae West, as well as Midwestern advice and numerous jokes. Various websites extol Buffett's virtues while others decry Buffett’s business models or dismiss his investment advice and decisions.
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