Buffett: The Making of an American Capitalist

Buffett: The Making of an American Capitalist

Roger Lowenstein

Language: English

Pages: 512

ISBN: 0812979273

Format: PDF / Kindle (mobi) / ePub


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 access to Buffett's family, friends, and colleagues to provide the 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.

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other hand, was living in a modest, almost student-like apartment, outfitted with girlish accouterments such as a Mickey Mouse telephone. She had the exultant sense of freedom that comes with living alone, especially to someone who has had to delay it until middle age. There were aspects of Susie’s personal life that she did not share with Warren, and that Warren preferred not to confront. People in the family knew, and understood that Susie, too, had needs. They formed a kind of protective

Buffett’s hold on his admirers. As uncanny as his success has been, his sense of fidelity is even rarer. His faithfulness to old friends and old habits illuminates his entire career. Consider, for a moment, the advice of John Train in his best-selling The Money Masters: Everything has its season, which does not last forever. The world changes its spots, and the investor must change his.20 Few people on Wall Street would disagree, or even give it a second thought. The former disciples of debt,

Chapter 9. ALTER EGO 1. Charlie Munger. 2. James Gipson. 3. George Michaelis witnessed the interchange. 4. Berkshire Hathaway Inc., 1991 Annual Report, 9–10; Robert Flaherty; SEC File No. HO-784, Blue Chip Stamps, et al., testimony of Warren Buffett, March 21, 1975, p. 22. 5. SEC File No. HO-784, Blue Chip Stamps, et al./Warren Buffett, letter to Charles N. Huggins, November 29, 1974. 6. SEC File No. HO-784, Blue Chip Stamps, et al./Warren Buffett, letter to Charles N. Huggins, December

safe. Needless to say, this perspective was occasionally lacking among some of his Wall Street peers. Buffett traveled to New York quite a bit, with Susie in the spring and also at other times. He stayed at the Plaza, and saw a wide array of business people and friends, among them investment adviser Sandy Gottesman, Bill Ruane, Fortune writer Carol Loomis, and up-and-coming hotelier Larry Tisch—all in all, a well-heeled and well-connected crowd. Yet Buffett in Gotham had a faint air of Mr.

…23 The inquiry focused on whether Blue Chip had “manipulated” the price of Wesco’s stock, a vague charge that can be difficult to resolve either way. Within the SEC’s enforcement division, it was considered a big case, and it quickly broadened into a general investigation of everything Buffett had touched. Under subpoena, Buffett shipped three cartons of files to Washington. His stock-transfer records, his letters to Blue Chip, his every memo to the textile mill and See’s Candy and to

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