The One Warren Buffett Biography Every Investor Should Read
Aug 25th, 2008 | By William Patalon III | Category: Politics & EconomicsLowenstein’s research into how the Berkshire Hathaway investment vehicle came by its name – with an investment in, and ultimate purchase of, a Massachusetts textiles firm – is particularly interesting. And it illustrates Buffett’s personal makeup as well as his business acumen. He bought the company as a typical “Graham-and-Dodd” bargain stock, and then milked it for cash flow, which he used to diversify into insurance, retailing and other businesses. He ran the mill as long as possible, and with some sadness, eventually had to shut it down and have its milling machinery sold off or scrapped.
But when he first bought the business, and found that old directors minutes and old annual reports were available, he had them shipped back to Omaha, where he read and reviewed them with reverence.
The rest is essentially history, but I guarantee that you’ll discover many new and interesting things about America’s greatest investor by reading this book. Just as important, you’ll pick up some fascinating and highly useful investing insights.
The “Authorized” Buffett Biography
The new book, “The Snowball,” is reportedly a 976-page book that was written by former Morgan Stanley insurance analyst Alice D. Schroeder. Schroeder first met Buffett while working as an analyst, and covered Berkshire Hathaway, Reuters reported.
Bantam Dell said that Schroeder has spent “thousands of hours” with Buffett, talking about his life and career, and was able to obtain unparalleled access to both his business files and his friends. The title stems from a comment that Buffett reportedly made, in which he stated that “life is like a snowball. The really important thing is finding wet snow and a really long hill.”
The book originally was to have been released in May, in conjunction with Berkshire’s annual stockholders meeting, but was delayed for reasons that weren’t immediately clear.
In 43 years, Buffett has transformed the Omaha-based Berkshire into a conglomerate that controls about 80 companies and that has a market value of roughly $180 billion.
Back in March, Forbes magazine anointed Buffett as the world’s richest person, worth about $62 billion. Buffett is giving away most of his wealth to the Bill & Melinda Gates Foundation and four family charities, according to Reuters.
P.S. For a related story about Buffett’s investment vehicle, Berkshire Hathaway, check out the newest installment of Money Morning’s Buy, Sell or Hold.
Source: The One Warren Buffett Biography Every Investor Should Read — New Bio to Debut
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William (Bill) Patalon III is the Managing Editor and Senior Research Analyst for Money Morning, and is also the Managing Editor for The Money Map Report. Patalon's work has appeared in Kiplinger's personal finance magazine, USA Today, and The South China Morning Post, among other publications.
