LYCOS RETRIEVER 
Warren Buffett: Katharine Graham
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Warren Buffett graduated from Woodrow Wilson High School in 1947 and then attended the Wharton School at the University of Pennsylvania from 1947 to 1949. He went on to earn a B.S. at the University of Nebraska in 1950 and a Masters in Economics at Columbia University in 1951. It was at Columbia that Buffett met his mentor Benjamin Graham and began to form his investment strategy.
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Buffett was born in Omaha, Nebraska. His father Howard Buffett was a stockbroker and member of Congress. Buffett was educated at the University of Nebraska (transferring there from the Wharton School of Finance and Commerce at the University of Pennsylvania) and took a Master's in economics at Columbia University, studying under Benjamin Graham. He went on to work for Graham at Graham-Newman where he followed Graham's value investing rules. Buffett returned to Omaha in 1957 and started his own investment partnership, putting in his own money and raising additional investments from friends and family. By 1969, he had returned an average of almost 30% a year, in a market where 7% to 11% is the norm.
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Buffett left Omaha and joined Graham's investment firm on Wall Street in 1954. There he was able to view his mentor's work first-hand. Over the next two years, Buffett got married, fathered two children, and made $140,000 by the time he was 25. Graham shut down his investment firm in 1956 and Buffett gladly left New York. When he returned to Omaha family members asked him for advice, so Buffett set up an investment partnership. As he told the New York Times Magazine, he said to his investors, "I'll run it like I run my own money, and I'll take part of the losses and part of the profits.
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Warren Buffett's writings include his annual reports and various articles. In his article The Superinvestors of Graham-and-Doddsville, Buffett condemned the academic position that the market was efficient and that beating the S&P500 was "pure chance" by highlighting a number of students of the Graham and Dodd value investing school of thought. In addition to himself, Buffett named: Walter J. Schloss, Tom Knapp, Ed Anderson (Tweedy, Brown Inc.), Bill Ruane (Sequoia Fund, Inc.), Charles Munger, Rick Guerin (Pacific Partners, Ltd.), and Stan Perlmeter (Perlmeter Investments) as having beaten the S&P500, "year in and year out".
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Buffett began studying at the Wharton School of Finance at the University of Pennsylvania, but transferred to the University of Nebraska where he graduated. He then went on to the Columbia University to do a Masters in economics. This was where he met the influential value investor Benjamin Graham.
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Investments in the big, brand-name companies is an example of how Buffett's buying strategy has evolved from the teachings of his mentor, Graham. Buffett became interested in what he called "franchise" businesses, or companies that are well-managed, with an established product line, and which are not subject to low-cost competition. His strategy changed because the market changed. The companies that Graham liked - companies trading far below their actual value - are rarer.
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Katharine Graham