LYCOS RETRIEVER 
Warren Buffett: Man
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Buffett's laissez-faire management style has been tested most severely in recent years by Berkshire's misadventures in shoes. From 1991 to 1993, Buffett laid out $650 million to buy three old-line makers of midprice shoes: H.H. Brown, Lowell, and Dexter. In essence, he was betting that his companies would benefit as the appeal of imports waned and U.S. consumers returned to home brands. Buffett hasn't made many fundamental strategic errors, but this was a doozy: Imports now account for 95% of domestic shoe purchases, vs. 70% in the early 1990s. Since 1994, operating profits of Berkshire's shoe group have plummeted 57% on an 18% decline in revenues.
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Former value investing blogger turned private capital manager, Shai Dardashti asked Warren Buffett a very interesting question in a hand delivered letter this past January. Amazingly, Shai received an answer to his great question this week.
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[I]t matters that Buffett has built Berkshire Hathaway into a massive holding company with interests ranging from underwear to private jets (2006 revenues: $98 billion). Of course it's impressive that since 1965, Berkshire has performed more than twice as well as the S&P 500. Of course it's amazing that Buffett has made millions from something as toxic as Enron bonds. And of course it is somehow unsurprising that he managed to help broker a deal between A-Rod and the New York Yankees.
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