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Buffett, The Making of An American Capitalist (平装)
by Roger Lowenstein
| Category:
Investing, Value investing, Stock market, Investment |
| Market price: ¥ 218.00
MSL price:
¥ 168.00
[ Shop incentives ]
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| Stock:
In Stock |
MSL rating:
 Good for Gifts |
| MSL Pointer Review:
A truly masterly job, this book stands out as the most recommended biography of Warren Buffett. |
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AllReviews |
1 Total 1 pages 5 items |
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Publisher Weekly (MSL quote), USA
<2006-12-27 00:00>
By picking the right stocks and businesses to invest in, plainspoken Nebraskan Warren Buffett became the richest man in the U.S. In this excellent biography, Wall Street Journal reporter Lowenstein details the billionaire stock market wizard's strategy of betting on the long-term growth of a handful of successful companies such as American Express and Berkshire Hathaway. Providing personal glimpses of a very private man, Lowenstein unearths childhood traumas such as the tormenting rages of Buffett's mother and his forced relocation to Washington, D.C., in 1943, where, at 13, he ran away from home (he was found by the police the next day). Buffett's wife, Susan Thompson, a nightclub singer, walked out on him in 1977 and was quickly replaced by his mistress, Latvian-born Astrid Menks. Lowenstein profiles an emotionally guarded, "strangely stunted'' Midas obsessed with work and secrecy, who seemingly derives little pleasure from his fabulous wealth. |
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Linsay (MSL quote), USA
<2006-12-27 00:00>
I had to read a book for a college class I was taking about leadership or teamwork. After much research of finding a book that would be of interest to me and teach me about life in general, I was recommend to read this book. At first I thought this book would not be what I was looking for but just tips on how to make money. But much to my dismay, I found this book to be a great guide to becoming a success person in the business world as well as personally.
This is a great book that will not teach you how to become a great investor but more importantly what kind of character Warren Buffett was and how his personality traits helped him become one of the greatest businessman and investors. This book was not dry like most autobiographies entail; instead it was anything but that. It had a deep understanding on different aspects of Buffett's life that helped him become the man he is today. It taught many strategies to becoming a good leader and more importantly a team player. Roger Lowenstein also showed great emphasis on Buffett's childhood and how he was able to think future success to show that he wanted to become successful and have great amounts of wealth. He showed that Buffett was a great man that made morally, ethical decisions to become one of the best investors of all time. I definitely recommend this book for anyone who has an interest in Warren Buffett's life. This book is a life long lesson.
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Rob Ryan (MSL quote), USA
<2006-12-27 00:00>
Buffett would never describe himself as spiritual, and he has all the hallmarks of a wise man: common sense, immense confidence in himself, supportive relationships that last a lifetime, the willingness to work hard without complaint, an extraordinary low key way of being a valued and trusted friend to the world's mightiest and wealthiest players. I learned a lot about success in business and life reading his story.
The author does a great job of recounting important conversations and revealing remarks that afford insight into this extraordinary man's mind. Buffett's life is all about value: the value of companies, and his own personal values which have served him so well. This is a book well worth reading.
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Kevin Kingston (MSL quote), USA
<2006-12-27 00:00>
$10k to $125 million in 39 years. That's the return an investor would have if they invested with Buffett at the beginning of his career in 1956 and held until the end of 1995. In 2006 it would be more like $250 million +. Buffett is a patient, disciplined and extremely rational investor who says his favorite holding period is "forever" and once wrote that he would no more take an investment banker's opinion on whether to do a deal than he would ask a barber whether he needed a haircut.
Warren made the comment while still young that he would be a millionaire by the age of thirty or he would jump off the tallest building in Omaha. Throughout his career, even though he had a burning desire to be extreme- ly wealthy he never forgot concepts that were instilled in him from his father and grandfather, such as the belief that your credit and your word is far better than money.
In 1945 while only 14 he was earning $175 a month from his paper route (just under $2,000 in today's dollars) and took the profit and bought 40 acres of Nebraska farmland. By the time he graduated high school he was involved in three businesses and had read over 100 books on business.
By 1956 he had turned his $9,800 savings into $140,000. He left his mentor / idol, Ben Graham and his White Plains NY apartment and headed back to Omaha. By 1957 he set up shop and was running $300,000. By 1964 he was managing $22 million and his personal net worth was approaching $4 million and by the time he was 35 years old in 1966 he managed $44 million and was worth $6.8 million.
In 1967 he was 37 years old, worth $10 million and managing $65 million. In 1968 the Buffett partnership had a gain of $40 million or 59% and he was managing $104 million. By 1970 when he wound up the partnership because he felt the market was nuts (extremely overvalued) an investor that started with him in 1957 would have had a compounded annual return of 29.5% compared with 7.4% for the Dow. For those investors that were wise or lucky enough to stay with him by taking their shares in Berkshire Hathaway instead of cashing out the ride was just getting started.
The wisdom packed into this book is priceless, event though its not earth shattering or revolutionary. The ideas are things we have all probably heard before, its just that Warren lived them. Maybe its best describes by Warren's partner Charlie Munger in his recent book, Poor Charlie's Almanak where he describes his decision making process as running an idea through a hundred or so mental disciplines or beliefs before deciding whether to act on it. For example Buffett tells his son one day, "It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you'll do things differently."
A few great quotes worth remembering:
"With enough inside information and a million dollars you can go broke in a year"
When asked how he does it, Buffett replies, "By reading a couple thousand financial statements a year"
What counted to Buffett was, "Profit as a percentage of capital invested" he said, "I'd rather have a $10 million business making 15% than a $100 million business making 5%, I have other places I can put the money"
In 1970 with the dissolution of Buffett Partnership, Buffett personally became the owner of 29% of Berkshire's stock and for the first time composed the letters to shareholders. Which I highly recommend reading, as this was Buffett's stage throughout the years to preach his view on investing.
During a Q&A for GEICO executives Buffett said, "An investor should approach the stock market as if he had a lifetime punch card. Every time he bought a stock he punched a hole. When the card had 20 holes he was done-no more investing for life. Obviously the investor would filter out every idea but the best."
In an essay for Forbes in 1979 after a prolonged bear market, and after Business Week ran the celebrated cover story, "The Death of Equities" Buffett said, "The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long term values."
Interestingly when a friend suggested that Buffett try his hand at real estate, Buffett grinned. "Why should I buy real estate when the stock market is so easy?"
Probably the most memorable and important quote, especially for business owners is on page 245:
"Regardless of price, we have no interest at all in selling any good businesses that Berkshire owns, and are very reluctant to sell sub-par businesses as long as we expect them to generate at least some cash..."
I think I'm going to hang that up in my office under a printout of Berkshire's annual performance. |
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garyyw@yahoo.com,
<2007-02-12 23:18>
I love this book. This is simply a masterpiece biography offering great insights into Buffett and his value investing philosophy. Highest recommendation to everyone! |
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1 Total 1 pages 5 items |
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