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Type of bind: Paperback
Dewey Decimal Number: 332.6092
EAN num: 9780812979275
ISBN number: 0812979273
Label: Random House Trade Paperbacks
Manufacturer: Random House Trade Paperbacks
Quantity: 1
Page Count: 512
Printing Date: April 29, 2008
Publishing house: Random House Trade Paperbacks
Release Date: April 29, 2008
Sale Popularity Level: 1694
Studio: Random House Trade Paperbacks
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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. 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 acess to Buffett's family, friends, and colleagues to provide the very 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.
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 humour 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.
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Rated by buyers -
This is an amazing look into the life of a man who was born to make money. He absolutely knew from a very young age that he would be rich. Most of us have no idea what we want to be until after we graduate, but Warren Buffett always knew what he wanted to be. The author made me feel as if I actually knew Buffett personally. Good job.
Rated by buyers -
Note: The review that follows is of the Second Edition.
I recently re-read this Buffett biography (first published in 1995 and now re-issued with a new Afterword, dated January 2008) and then read Alice Schroeder's The Snowball: Warren Buffett and the Business of Life. Both are first-rate. Which to select if reading only one? That depends on how much you wish to know about Buffett's personal life, including his relations with various family members, and how curious you are about his personal hang-ups, peculiarities, eccentricities, fetishes, etc. If you can do without any of that, Roger Lowenstein's biography is the one to read. I also highly recommend the recently published Second Edition of The Essays of Warren Buffet: Lessons for Corporate America, with content selected, arranged, and introduced by Lawrence Cunningham.
In fact, I'd now like to provide a brief excerpt from Cunningham's Introduction: "The central theme uniting Buffett's lucid essays is that the principles of fundamental business analysis, very first formulated by his teachers Ben Graham and David Dodd, should guide investment practice. Linked to that theme are management principles that define the proper role of corporate managers as the stewards of invested capital, and the proper role of shareholders as the suppliers and owners of capital. Radiating from these main themes are practical and sensible lessons on the entire range of business issues, from accounting to mergers to evaluation." Lowenstein does a skill job of examining the context in which various lessons were learned, both by Buffett and by those with whom he was associated. In fact, one approach to his life and career is to examine in terms of student-teacher relationships such as Buffett's with Graham and Dodd as well as others' with Buffett, notably Katherine Graham and those who comprised the "Graham Group": Jack Alexander, Ed Anderson, Henry Brandt, Robert Brustein, Buddy Fox, David ("Sandy") Gottesman, Tom Knapp, Charlie Munger, Bill Ruane, Walter Schloss, Roy Tolles, and Marshall Weinberg. Munger is probably the most important of these associates for reasons best revealed in the narrative. It is worth noting that when Lowenstein was about to begin what proved to be three years of research and then the writing of this book, Buffett informed him that he would do nothing to block his efforts nor would he do anything to assist them. In the Afterword, Lowenstein recalls his very first post-publication encounter with Buffett at Berkshire Hathaway's annual meeting in1996. Despite everything that had happened in Buffett's life and career during the previous 45-50 years, Lowenstein observes that "Very little in the portrait, and nothing in the investment profile, has changed." His consistency "may be his least appreciated trait."
As does Schroeder but in somewhat greater detail, Lowenstein rigorously examines subjects that include:
1. The development of Buffett's business philosophy
2. His most important business relationships over the years
3. His most important personal relationships over the years
4. His non-negotiable values
5. What Berkshire Hathaway accomplished under his leadership as CEO
6. Buffett's insecurities
7. His views on philanthropy
8. His social awareness
9. His relationship with Melinda and Bill Gates
10. Why no one else has achieved comparable results by following Buffett's advice
Joe Nocera shares his own thoughts in response to the last point in a profile of Buffett that reprinted in Nocera's book, Good Guys and Bad Guys: Behind the Scenes with the Saints and Scoundrels of American Business. "I think the answer is twofold. First, truly great investing requires a temperament that very few people have. For most of us, it is difficult not to panic when the market tanks, for instance. It is hard not to want to jump on the hot stock, even if we know nothing about the business. The ups and downs of the market are stomach-churning events. The fundamental equanimity required to be a great investor is an extremely rare thing.
"The second reason we don't invest like Buffett is that his methods are far more complicated than they sound. Think about it: When Buffett talks about the `economic prospects' of a potential investment, what he means is that he wants to be able to see where the business will be 10 years from now. If he can see the business remaining dominant for the subsequent decade, he'll consider buying the stock."
"One of the most important reasons for difference [i.e. being able to determine whether or not a business will remain dominant for the subsequent decade] goes almost entirely unacknowledged among those who hope to find in Buffett an easily reproducible investing style. He is a genius when it comes to numbers. `Accounting,' he likes to say,' is the language of business.' It is a language in which his own fluency is ... Read More
Rated by buyers -
Roger Lowenstein did a remarkable job in researching and writing the story of Warren Buffet. The book is delightful to read, and it balances well the personal and professional sides of Mr. Buffet. I find it amazing how the simplicity and unconventionalism (not to call it old-fashion style) of Mr. Buffet, adhering to basic Graham-Dodd principles of value investing and incarnating the opposite of all the Wall Street hype has proved successful over such a long time-span. I highly recommend this book to any investor!
Rated by buyers 
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This is an excellent biography of Warren Buffett's life and why and how he has become the incredible person he is today. It is interesting and also well-written. It could make you an investor if you are not already one.
Rated by buyers -
When I very first came across this book, I had planned on reading a Buffet biography for quite some time. I hesitated for a while because there were so many options. As I enjoyed reading Roger Lowenstein's, When Genius Failed, I made my decision to read this particular book based solely on my knowledge of the author. Fortunately, Lowenstein did not disappoint. Indeed, this Buffet biography is very well written and will be entertaining to both the lay person and professional investor, alike. If I could suggest one or two improvements, it would be for the author to reduce the overall length and sprinkle in a few more investing ideas. Also, potential readers should be aware that most of the content ends in the 1990s when the very first edition was printed. So, much of the colour about his friendship with Bill Gates and his very first non-US investment, Israeli-based ISCAR, is missing.
Just as he did in When Genius Failed, Lowenstein does a great job describing historical accounts of entertaining or semi-dramatic events in Buffett: The Making of an American Capitalist. Remarkably, the author is able to paint very clear pictures of scenes that occurred 50 years ago. This particular work is especially impressive as the author received no assistance from Buffet himself making the task of collecting details on such events very difficult.
Unfortunately, the book contains very little explanation of Buffet's investment strategy. This book is not an investing textbook, which is understandable. Rather, it is a biography that has some elements of Buffet's investing wisdom explained. It would be nice if it had more details on the investing front.
Some readers might find the book a bit longer than necessary. Of course, the wordiness may be a matter of personal preference. I would argue that most readers will stay thoroughly entertained throughout the book.
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