ON WARREN BUFFETT
 
1
HOW OMAHA BEATS WALL STREET
Forbes discovered Warren Bu ffe tt in 1969, and this early interviewi ntroduced the iconic investor to a wide aud ience 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 INTHE STOCK MARKET FOR A CHEERY CONSENSUS”
What does Bu ffe tt thi nk now? In this article written forF OR BES he puts it blu ntly: Now is the ti me to buy.
8
WILL THE REAL WARREN BUFFETT PLEASE STAND UP?
Warren Bu ffe tt talks like a cracker- barrel Ben Gr aham,but he invents sophisticated arbitr age str ategies that keephim way ahead of the smartest folks on Wall Stree t.
12
WARREN BUFFETT’S IDEA OF HEAVEN:“I DON’T HAVE TO WORK WITH PEOPLE I DON’T LIKE”
Warren Bu ffe tt this year moves to the top of The Forbes Four Hu nd red.Herein he ex plai ns how he picks his uncannily successful investments andreveals what he plans on doi ng with all that loot he has accu mulated.
18
N O T-SO-SILENT PA RTNER: MEET CHARLIE MUNGER,
Here’s the lawyer who converted Warren Bu ffe tt from an old - fashionedGr aham value investor to the ulti mate buy - and - hold value str ategist.
23
BUFFETT ON BRIDGE
As the Duke of Well i ngton tr ai ned on the playi ng fields of Eton,Warren Bu ffe tt tr ai ns at the brid ge table.
25
THREE LITTLE WORDS
Warren Bu ffe tt says he doesn’t thi nk the market is overv alued,yet he buys few stocks. Why ?
2 7
F LYING BUFFETT
Lead i ng a revolt of the ai rl i ne busi ness tr aveler.
29
THE BERKSHIRE BUNCH
Chance mee ti ngs with an obscu re you ng investment cou nselormade a lot of people wildly rich. Without knowi ng it, they werebuyi ng into the greatest compou nd - i nterest machi ne ever bu ilt.
33
A SON’S ADVICE TO HIS FAT H E R
How ard Bu ffe tt does not ex pect to inherit his dad’s place onThe Forbes 400, but he hardly seems bitter.
36
A WORD FROM A DOLLAR BEAR
Warren Bu ffe tt’s vote of no confidence in U.S. fiscal pol ic iesis up to $20 bill ion .
F O R B E S
C O N T E N T S
ON THE COVER: BEN BAKER/REDUX
 
i nvested in his Bu ffe tt Partnership in 1957is now worth $260,000. The partnership,recently at $100 mill ion, has grown at anannual compou nded rate of 31%. Overthat 12-year period it hasn’t had one yearin which it lost money. It gai ned 13% in1962 and 20% in 1966, years when theDow aver age fell 7% and 15%, respec-tively. It hasn’t lost money this year, either.“Oh ,” you say, “a hot stock man .” Notat all.Bu ffe tt has accompl ished this throu ghconsistently followi ng fu ndamental isti nvestment pri nc iples. A lot of you ngmoney men who now are tu rni ng in mis-er able performances began with the samei nvestment ideas in the early Si x ties butthen forgot them in the Great Chase of the Hot Stock. Bu ffe tt, however, stayedwith his pri nc iples. He doesn’t talk aboutconce pt companies or story stocks. Hehas never tr aded for a fast tu rn on anearni ngs re port or bou ght little unknowncompanies, as Fred Carr does. He doesn’thed ge (i. e., go short) like A. W. Jones, whodevised the hed ge fu nd, Bu ffe tt is not asi mple person, but he has si mple tastes .He buys a stock for si mple, basic reasons ,not tortuous or sophisticated ones. Hisstocks, you mi ght say, are sort of likeOmaha .His big successes over the years havebeen in the stocks of ord i nary companies: American Ex press ,not Control Data; Cleveland Worsted Mills, not Xerox; WaltDisney, not Kentucky Fried Chicken; Studebaker, not Tele-dyne. He won’t buy a conglomer ate: They don’t make sense tohim. Ditto technological companies: “I can’t understandthem. They’re not my style.”Bu ffe tt tells a story on hi mself: “Will iam Morris of Con-trol Data is a relative throu gh marriage, and I could havebou ght it at 16 cents a share [now $150], but I asked: ‘Whoneeds another computer company ?’”Besides havi ng no use for glamour stocks or conglomer-
F O R B E S
N OVEMBER 1,1 9 6 9
1
How OmahaBeats Wall Stre e t 
FORBES DISCOVERED WARREN BUFFETT IN 1969, ANDTHIS EARLY INTERVIEW INTRODUCED THE ICONICINVESTOR TO A WIDE AUDIENCE FOR THE FIRST TIME.
W
arren Bu ffe tt has lived in Washi ngton andNew York and stud ied at Colu mbia University Busi ness School, but he has never stayed inthese places very long. He has alw ays re tu rnedto his home town, Omaha, Nebr. If he were a doctor or lawyeror ord i nary busi nessman, this mi ght not be su rprisi ng. ButBu ffe tt is what is usually called a Wall Stree ter, a Money Man .For the last 12 years he has been ru nni ng one of the mostspectacular investment portfol ios in the cou ntry.Si nce adjectives like “spectacular” don’t prove much, we’lltell you ex actly how spectacular Bu ffe tt has been: $10,000
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