Forbes on Warren Buffett

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30/11/2010 9:42 AM

Forbes on Warren Buffett

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Forbes on Warren Buffett

http://www.scribd.com/doc/31752060/Forbes-on-Warren-Buffett

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 THE BERKSHIRE BUNCH

Leading a revolt of the airlinebusiness traveler.
29

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
ON THE COVER: BEN BAKER/REDUX

A WORD FROM A DOLLAR BEAR

Warren Bu ffett’s vote of no confidence in U.S. fiscal policies is up to $20 billion.
F O R B E S

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Studebaker. who devised the hedge fu nd. not Kentucky Fried Chicken. Walt Disney. and I could have bought it at 16 cents a share [now $150]. stayed with his principles. AND buys a stock for simple. you might say. Omaha. are sort of likeOmaha. but he has simple tastes .” you say. this mi ght not be su rprising. has grown at an annual compou nded rate of 31%. Ditto technological companies: “I can’t understand them. as Fred Carr does. Si nce adjectives like “spectacular” don’t prove much. not Teledyne. His stocks. but I asked: ‘Who needs another computer company ?’” Besides having no use for glamour stocks or conglomer- / 32 4 of 36 30/11/2010 9:42 AM .Forbes on Warren Buffett http://www. “a hot stock man. Nebr. “Oh. Buffett is not a simple person. go short) like A. W. Bu ffe tt.” Not at all. He won’t buy a conglomerate: They don’t make sense to him. respectively. but he has never stayed in these places very long. He doesn’t hedge (i. For the last 12 years he has been runni ng one of the most spectacular investment portfol ios in the country. 1969 invested in his Buffett Partnership in 1957 is now worth $260. Over that 12-year period it hasn’t had one year in which it lost money. years when the Dow average fell 7% and 15%.000.000 1 F O R B E S His big successes over the years have been in the stocks of ordinary companies: American Express.com/doc/31752060/Forbes-on-Warren-Buffett NOVEMBER 1. It hasn’t lost money this year. INVESTOR TO A WIDE AUDIENCE FOR THE FIRST TIME.” Bu ffett tells a story on himself: “Will iam Morris of Control Data is a relative throu gh marriage. either. basic reasons. He has always retu rned to his home town. The partnership. not Xerox. however. But Buffett is what is usually called a Wall Streeter. Jones. He FORBES DISCOVERED WARREN BUFFETT IN 1969. A lot of young money men who now are turning in miserable performances began with the same investment ideas in the early Sixties but then forgot them in the Great Chase of the Hot Stock.scribd. arren Buffe tt has lived in Washi ngton and New York and studied at Columbia University Busi ness School. not Control Data. If he were a doctor or lawyer or ordinary businessman. He has never traded for a fast turn on an earnings re port or bought little unknown companies. Buffett has accomplished this through consistently followi ng fundamentalist investment princ iples.e. a Money Man. recently at $100 million.. It gai ned 13% in 1962 and 20% in 1966. Cleveland Worsted Mills. THIS EARLY INTERVIEW INTRODUCED THE ICONIC not tortuous or sophisticated ones. They’re not my style. we’ll tell you ex actly how spectacular Bu ffett has been: $10. He doesn’t talk about conce pt companies or story stocks.

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