More Praise for The Warren Buffett Way, First Edition

Of Per-
manent Value
(2004), 1335.
9. Berkshire Hathaway Annual Report, 1987, 15.
10. Robert Lenzner, “Warren Buffett’s Idea of Heaven: ‘I Don’t Have to Work
with People I Don’t Like,’ ” 
Forbes
(October 18, 1993), 40.
11. Berkshire Hathaway Annual Report, 1992, 6.
Afterword: Managing Money the Warren Buffett Way
1. “Investing: Profession or Business? Thoughts on Beating the Market
Index,” 
The Consilient Obser ver,
vol. 2, no. 14 ( July 15, 2003).
2. Legg Mason quarterly market commentary, January 25, 1999.

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2 3 5
Acknowledgments
T
o begin, I want to express my deep gratitude to Warren Buffett for
his teachings and for allowing me to use his copyrighted material.
It is next to impossible to improve on what Warren has already
said. This book is the better for being able to use his own words instead
of subjecting you to a second-best paraphrase.
Thanks also to Charlie Munger for his contributions to the study of
investing. His ideas on the “psychology of misjudgment” and the “lat-
ticework of mental models” are extremely important and should be ex-
amined by all. My appreciation to Charlie also includes thanks for his
thoughtful conversations and his earliest word of encouragement and
support.
In the development of my investment skills, no one has been more
important in moving me from the theoretical to the practical than Bill
Miller. Bill has been my friend and intellectual coach for over twenty
years. His generosity is unmatched. As CEO of Legg Mason Capital
Management, Bill has taken me by the hand and showed me how to
apply Warren Buffett’s approach to all types of companies, including
those participating in the landscapes of the New Economy. What is par-
ticularly exciting for me is that Bill is not only a friend and teacher, but
also a colleague.
I am also fortunate to work in an environment that supports and
promotes rational investing. And so I would like to thank all my col-
leagues at Legg Mason including Nancy Dennin, Mary Chris Gay, Ernie
Kiehne, Kyle Legg, Ira Malis, Michael Mauboussin, Jennifer Murphy,

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2 3 6
A C K N O W L E D G M E N T S
David Nelson, Randy Befumo, Scot Labin, Jay Leopold, Samantha
McLemore, Mitchell Penn, Dale Wettf laufer, and Jean Yu.
Over the years, I have benef ited greatly from sharing numerous
conversations about Warren Buffett with many thoughtful people. The
list includes Bob Coleman, Tom Russo, Chris Davis, David Winters,
Jamie Clark, Bill Ruane, Bob Goldfarb, Lou Simpson, Ajit Jain, Lisa
Rapuano, Alice Schroeder, Chuck Akre, Al Barr, David Braverman,
Wally Weitz, Mason Hawkins, Larry Pidgeon, and Ed Thorp.
Several people assisted me in the research for sections of the book.
Thank you, Justin Green, Joan Lamm-Tennant, Pat Shunk, Michael Lev-
itan, Stewart Davis, Mary Mclaugh, John Fitzgerald, and Linda Penfold.
Several prominent investors supported the book in its earliest pe-
riod. My great thanks to Peter Lynch, John Rothchild, Jack Bogle, Phil
Fisher, Ken Fisher, and Ed Haldeman.
Over the years, I have had the pleasure of interacting with several
writers who in their own way are also Buffett experts. A special
thanks to Andy Kilpatrick, who in my judgment is the off icial histo-
rian of Berkshire Hathaway. Thanks also to Roger Lowenstein, Henry
Emerson, Janet Lowe, Carol Loomis, and Larry Cunningham.
Three talented and supersmart young women have been extraordi-
narily helpful in the creation in the book, each doing a specialized piece
of research and manuscript development. Warm thanks to Ericka Peter-
son, Cathy Coladonato, and Victoria Larson.
With all the appreciation I have previously given, none could match
the gratitude I owe my writing partner, Maggie Stuckey. Although we
work at opposite ends of the continent, Maggie has an uncanny knack
of getting inside my head and knowing exactly what I wish to commu-
nicate, often before I do. She is a dedicated professional who worked
tirelessly to improve this book; I am fortunate to have her on my side.
My relationship with John Wiley & Sons has been always pleasur-
able. Myles Thompson, my friend and editor, championed