Forbes On Warren Buffett

Forbes on Warren Buffett http://www.scribd.
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1 of 36 30/11/2010 9:42 AM
Forbes on Warren Buffett http://www.scribd.com/doc/31752060/Forbes-on-Warren-Buffett
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2 of 36 30/11/2010 9:42 AM
1 HOW OMAHA BEATS WALL STREET

Forbes discovered Warren Bu ffett in 1969, and this early interview
introduced the iconic investor to a wide audience for the fi rst ti me.
4 THE MONEY MEN

Look At All Those Beauti ful, Scantily Clad Women Out There!
6 “YOU PAY A VERY HIGH PRICE IN

THE STOCK MARKET FOR A CHEERY CONSENSUS”
What does Bu ffett thi nk now? In this article written for
FOR BES he puts it bluntly: Now is the ti me to buy.
8 WILL THE REAL WARREN BUFFETT PLEASE STAND UP?

Warren Bu ffett talks like a cracker- barrel Ben Gr aham,
but he invents sophisticated arbitr age strategies that keep
him way ahead of the smartest folks on Wall Street.
12 WARREN BUFFETT’S IDEA OF HEAVEN:

“I DON’T HAVE TO WORK WITH PEOPLE I DON’T LIKE”
Warren Bu ffett this year moves to the top of The Forbes Four Hundred.
Herein he explains how he picks his uncannily successful investments and
reveals what he plans on doi ng with all that loot he has accumulated.
18 NOT-SO-SILENT PARTNER: MEET CHARLIE MUNGER,

Here’s the lawyer who converted Warren Bu ffett from an old-fashioned
Gr aham value investor to the ulti mate buy-and-hold value strategist.
23 BUFFETT ON BRIDGE
As the Duke of Wellington tr ained on the playi ng fields of Eton,
Warren Bu ffett trains at the bridge table.
25 THREE LITTLE WORDS

Warren Bu ffett says he doesn’t thi nk the market is overv alued,
yet he buys few stocks. Why?
27 FLYING BUFFETT
Leading a revolt of the airlinebusiness traveler.
29 THE BERKSHIRE BUNCH

Chance meeti ngs with an obscure young investment cou nselor
made a lot of people wildly rich. Without knowi ng it, they were
buyi ng into the greatest compound-interest machi ne ever built.
33 A SON’S ADVICE TO HIS FATHER

Howard Bu ffett does not expect to inherit his dad’s place on
The Forbes 400, but he hardly seems bitter.
36 A WORD FROM A DOLLAR BEAR

Warren Bu ffett’s vote of no confidence in U.S. fiscal policies
ON THE COVER: BEN BAKER/REDUX is up to $20 billion.
F O R B E S
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3 of 36 30/11/2010 9:42 AM
NOVEMBER 1, 1969
invested in his Buffett Partnership in 1957

is now worth $260,000. The partnership,
recently at $100 million, has grown at an
annual compou nded rate of 31%. Over
that 12-year period it hasn’t had one year
in which it lost money. It gai ned 13% in
1962 and 20% in 1966, years when the
Dow average fell 7% and 15%, respec-
tively. It hasn’t lost money this year, either.
“Oh,” you say, “a hot stock man.” Not
at all.
Buffett has accomplished this through
consistently followi ng fundamentalist
investment princ iples. A lot of young
money men who now are turning in mis-
erable performances began with the same
investment ideas in the early Sixties but
then forgot them in the Great Chase of
the Hot Stock. Bu ffe tt, however, stayed
with his principles. He doesn’t talk about
conce pt companies or story stocks. He
has never traded for a fast turn on an
earnings re port or bought little unknown
companies, as Fred Carr does. He doesn’t
hedge (i.e., go short) like A. W. Jones, who
devised the hedge fu nd, Buffett is not a
simple person, but he has simple tastes .
He buys a stock for simple, basic reasons,
FORBES DISCOVERED WARREN BUFFETT IN 1969, AND
THIS EARLY INTERVIEW INTRODUCED THE ICONIC not tortuous or sophisticated ones. His
stocks, you might say, are sort of likeOmaha.
INVESTOR TO A WIDE AUDIENCE FOR THE FIRST TIME.
His big successes over the years have
arren Buffe tt has lived in Washi ngton and been in the stocks of ordinary companies: American Express,
New York and studied at Columbia University not Control Data; Cleveland Worsted Mills, not Xerox; Walt
Busi ness School, but he has never stayed in Disney, not Kentucky Fried Chicken; Studebaker, not Tele-
these places very long. He has always retu rned dyne. He won’t buy a conglomerate: They don’t make sense to
to his home town, Omaha, Nebr. If he were a doctor or lawyer him. Ditto technological companies: “I can’t understand
or ordinary businessman, this mi ght not be su rprising. But them. They’re not my style.”
Buffett is what is usually called a Wall Streeter, a Money Man. Bu ffett tells a story on himself: “Will iam Morris of Con-
For the last 12 years he has been runni ng one of the most trol Data is a relative throu gh marriage, and I could have
spectacular investment portfol ios in the country. bought it at 16 cents a share [now $150], but I asked: ‘Who
Si nce adjectives like “spectacular” don’t prove much, we’ll needs another computer company ?’”
tell you ex actly how spectacular Bu ffett has been: $10,000 Besides having no use for glamour stocks or conglomer-
1
F O R B E S
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suyash08 left a comment
nice
09 / 09 / 2010
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Amadou Dieng left a comment
a big investor
09 / 03 / 2010
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michael carvell left a comment
smart man read God teaches its unlike anything religious you read berfore
09 / 02 / 2010
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vowelll left a comment
I like it
08 / 30 / 2010
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Pradeep Nadimpalli left a comment
is reading Forbes on Warren Buffett.
35 of 36 30/11/2010 9:42 AM
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36 of 36 30/11/2010 9:42 AM

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Forbes on Warren Buffett http://www.scribd.

1 HOW OMAHA BEATS WALL STREET

4 THE MONEY MEN

6 “YOU PAY A VERY HIGH PRICE IN

8 WILL THE REAL WARREN BUFFETT PLEASE STAND UP?

12 WARREN BUFFETT’S IDEA OF HEAVEN:

18 NOT-SO-SILENT PARTNER: MEET CHARLIE MUNGER,

25 THREE LITTLE WORDS

29 THE BERKSHIRE BUNCH

33 A SON’S ADVICE TO HIS FATHER

36 A WORD FROM A DOLLAR BEAR

invested in his Buffett Partnership in 1957

Info and Rating

Share & Embed

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suyash08 left a comment

Amadou Dieng left a comment

michael carvell left a comment

vowelll left a comment

is reading Forbes on Warren Buffett.

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