More Praise for The Warren Buffett Way, First Edition



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Robert G Hagstrom, Bill Miller, Kenneth L Fisher, Ken Fisher, Bill

The War ren
Buf fett Way
when nobody had heard about it and not one copy had
been sold. Thanks, Myles. I also thank Joan O’Neil, Pamela van Giessen,
Mary Daniello, and the other publishing professionals at John Wiley for
their care and attention to my writings on Warren Buffett.
I am greatly indebted to my agent, Laurie Harper at Sebastian Liter-
ary Agency. Laurie is, in a word, special. She does her job with honesty,
loyalty, integrity, intelligence, and warm humor. I could not be in better


A c k n o w l e d g m e n t s
2 3 7
hands. A word of appreciation, too, to the late Michael Cohn for taking
a chance on a first-time writer ten years ago.
Anyone who has sat down to write a book knows that means
countless hours spent alone that otherwise could be spent with family.
My wife Maggie is a constant source of love and support. On the f irst
day I told her I was going to write this book, she smiled and convinced
me that it could be done. Over the following months, she cared for our
family, giving me the luxury of time to write. Love without end to my
children, Kim, Robert, and John, and to my wife, who makes all things
possible for me. Even though they come last in this list, they are forever
f irst in my heart.
For all that is good and right about this book, you may thank
the people I have mentioned. For any errors or omissions, I alone am
responsible.
R. G. H.



2 3 9
Index
Abegg, Gene, 67
Accounting:
controls, 17
mental, 185–186
scandals, 104 –105
Acme Building Brands, 72, 74 –75
Action bets, 134
Active portfolio management, 158–159
Allocation of capital, 82–83, 98
Amazon.com, 104, 149
American Express, 3, 91–92, 152, 162
American Tile Supply Company, 75
Anheuser-Busch, 99
Annual reports, 4
Arbitrage, risk, 8, 150 –151
Arkata Corporation, 150
Asymmetrical loss aversion, 185
Auxier, Al, 46, 47
Avarice and the institutional
imperative, 102–103
Bank Holding Act, 67
Banking business, understanding the,
67
Bankrupt companies, buying, 89
Barrett Resources, 154
Behavioral f inance, 183–187
Ben Bridge Jeweler, 45
Benjamin Moore, 45, 65– 66
Berkshire Hathaway, 2
annual reports/meetings, 4, 36, 81,
95
arbitrage success, 150 –151
bonds, 143–146
book value, 4 –7
Buffett’s involvement today, 9
and Coca-Cola, 7, 8, 51–52, 64 (
see
also
Coca-Cola)
corporate net worth, 4
f ixed-income investments, 141–155
and GEICO Corporation, 31–33
as holding company, 42–52
insurance business, 29–39
owner’s point of view, 41–42
reinsurance business, 36–37
textile company, 29–30
and Washington Post Company, 64,
67
and Wells Fargo & Company, 67
Bernstein, Peter, 21–22
Bezos, Jeff, 104, 149
Blumkin, Rose, 43–44
Bonds, 143–146
high-yield bond, 145


2 4 0
I N D E X
Bond yields, 124
Bradlee, Ben, 55
Brown-Forman, 99
Buffett, Warren Edward:
and American Express, 91–92
appearance, 4
on arbitrage, 151
on avarice, 102–103
background/education, 2, 11–27
and banking, 67
and Benjamin Moore, 65– 66
and Berkshire Hathaway, 4 –9 (
see
also
Berkshire Hathaway)
and Berkshire Hathaway Reinsurance
Group, 36–37
biographical details, 1–2, 64
on business vs. investing, 61– 62
buying strategy, 130 –131
on candor, 94 –96
certainties, buying on, 7
choosing companies, ways of, 7–9,
61– 62
circle of competence, 8, 19, 63
and Clayton Homes, 70
and Coca-Cola Company (
see
Coca-
Cola Company)
on consistency, 67–71
contacts, developing, 26
convertible preferred stocks, 151–155
on corporate governance, 105–106
and diversif ication, 165–166
on dividends, 89
education of, 11–28
on eff icient market theory, 166
on ethics, 104 –106
and Fisher, 26, 27, 28 (
see also
Fisher, Philip)
on focus investing, 160 –163
on franchises, 70 –71, 77
on GAAP, 94 –95
and General Re Corporation, 31,
34 –36, 95–96
and Gillette, 52–54, 69–70
and Government Employees
Insurance Company (GEICO),
31–33, 149
and Graham, 25, 26, 27, 58 (
see also
Graham, Benjamin)
on human nature, 97
on institutional imperative, 96–102
and the insurance business, 29–39,
95–96
investment approach, 41, 49–50
investment beginnings, 2, 25–26
and journalism, 64, 67
on long-term advantage, 70 –79
on malfeasance, 104 –105
on margin-of-safety principle, 131
on margin of safety, 25
on mega-catastrophes, 35
mistakes, learning from, 25
modern portfolio theory, 163–166
and Munger, 22–24, 28, 95 (
see also
Munger, Charles)
National Fire & Marine Insurance
Company, 31
National Indemnity Company, 31,
36–37
net worth, 1
owner’s point of view, 41–42
and Pampered Chef, 49
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