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Buffett Biography: the growth of an American capitalist

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					Buffett Biography: the growth of an American capitalist

                ?Buffett Biography: the growth of an American capitalist
?
Author: (United States) Lowenstein a, Jiang Xufeng, Wang Liping translation
Publishing House: China Citic Press
Publication Date: 2008-9-1
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?Editor's Choice
On Warren Buffett and his investment strategy, many books, but ... ... this is the most
worthwhile read.
?Introduction
  ?Warren Buffett - America's most successful conglomerates in the shaper,
every move the market trends affecting the global investment guru, one more than
Jack Welch, who know how to manage a claim that is still 50 years after death to
manage and influence people, to the world's leading investment and wealth
is difficult to create enterprise and ability to win the world praised and sought after.
In this as gospel, "investors can not invest without reading the
classic", the author Lowenstein in Buffett's unique investment
style and management focus on his legendary investment strategy and management
philosophy of life wisdom and so thorough in-depth description and analysis, and use
a lot of informative material to reproduce a few decades ago, how clever to find the
value of Buffett's depression and how to tap the potential surprise value of
investments, how to Berkshire Caesar Wei company portrayed the largest U.S.
conglomerate mystery ... ... the book is not only a master of packing the legend, it is a
extremely successful investor's self-portrait: he with justice and integrity to
win the city's intrigues, and the Even with their stubborn attachment to lead
the fast-changing investment world.
There is no doubt that Buffett's extraordinary desire to go down in history
makes him a unique image of the American legend, he is not only a great capitalists,
but also the voice of American capitalism; he not only proved that a rational
investment can ascertain the cause, but Wall Street opened for the people of the world
the mysterious veil; more importantly, his success as the world's dreamers
of hope and promise.
?About
Luo Jieluo Weinstein, "The Wall Street Journal" senior financial
journalist, is responsible for the stock column, "Wall Street
heard" and "intrinsic value" column.
Roger "The Wall Street Journal" during the financial journalists
do, on the helm of Berkshire Hathaway Warren Buffett for years of follow-up study.
This book not only investors who know the industry, but also with the objective
perspective of a journalist, called Buffett's biography must-read classics.
?Directory
Preface
Omaha Chapter
Chapter flee their homes
Chapter Graham
Chapter business at the beginning
Chapter Partners
Chapter VI triumph
Chapter VII of the Berkshire Hathaway
Chapter VIII of the return of instinct
Chapter IX Evolution of self-
Chapter X to return to Washington
Chapter XI newspaper tycoon
Chapter XII partners return
Chapter XIII Carpet Lady
Chapter XIV turbulent eighties
Chapter XV of the Public and Private
Chapter XVI crash
Chapter XVII battle Darts
Chapter XVIII hidden temple
Chapter XIX Howard Buffett's farm
Chapter disease fear of money
King of the twenty- first of the Securities
Chapter XXII Judgement of Solomon
XXIII Buffett tram
?Media Reviews
   We learn from Buffett's Day is not all money, but to learn
Buffett's life, work and do the basic investment principles that reflect the
wisdom of master; can help us find relief from life, business, investment in the
confusion, looking for a real long-term success in the road.
Liu-bit, Exchange Tianfu chief finance and investment fund management division
Is indeed a master of classic ... ...
"New York Times"
The greatest achievement of this biography is that he only Buffett ... ... the story
becomes more compelling mystery, and added a lot of vivid true color.
"Barron"
To do business with Warren Buffett, you can make money.
Investors teacher Peter Lynch
This book is far more than an ordinary transfer creek areas, which detailed records of
the U.S. economy, the whole process of evolution.
Adam Smith, "super-currency" of
This excellent biography on the good work is that, if you are not an investor. It can
help you become an investor; if you are already an investor, it allows you to become a
better investor.
安德鲁托拜西, "investment bible" of
This book about Warren Buffett's authority is bound to be a large number
of mass Bom pursuit of shareholders.
Luoenqienuo, "Morgan consortium" of
?Extract Illustration
Omaha Chapter
Missouri River in the West Bank city of Omaha, as embedded in a diamond emerald
necklace. The western town full of vitality and entrepreneurial spirit, capable of
giving birth to forge ahead.
- U.S. phone company slogan
The weight of 6 pounds, 5 weeks premature boy born into the world since the figures
seem to have an instinctive desire urgent. In a child, Buffett will play home to a friend
Bob Russell, sitting in front porch Russell, static look busy in front, note the number
plates of passing cars. After dark, these two children would run home, spread out on
the table, "Omaha World Herald," a note of each letter appeared
in the newspaper the number of places filled in on the clipboard dense column-type
arithmetic as if they count the same as Euclid's mathematical problems.
Russell will be out a yearbook, read aloud the names of some cities, Buffett will be a
quick quote and then the other is the population of each city. Baseball scores, race
winning percentage of any number of ... ... are Fengyun premature brain nutrients.
Sundays, my mother would allow him to wash clean, her hair Youguangzengliang to
his bench to the church a place, let him hear a good sermon. He is not quite a waste of
time, sit there and sit there straight- finger begin to run the life of the clergy to the
composer. He will stand in the living room holding a tennis racket Dianqiu, while the
number of Britain while a play is one hour. "Monopoly" game
he would play a non-stop excitement, counting up their accumulating virtual wealth.
Blue eyes and fair skin, pink cheeks Pan Buffett numbers are fascinated not only for
money is also very keen. He was the first and wealth-related Christmas gift is sent to
his Aunt Alice's currency converter, he was proud to do it at the waist. 5
years old, Buffett on their own outside the stalls were put up the aisle, people who sell
chewing gum to the past. Later he changed to sell lemonade, this is not the home front,
but changed to a lot more prosperous Russell doorstep.
9 years old, Buffett, and Russell in the Russell home to the gas station a few drinks
out of vending machines in the number of caps, this is not a boring 9- year-old move,
they are doing market research. The number of bottles sold in the market cool earth
brand of orange juice? How many bottles of Coca Cola sold? The number of bottles
sold beer without alcohol? They will transport the bottle to the Buffett family
basement to stack piles of different categories. They want to know what the largest
beverage sales, which company's business the best.
When most kids do not know what the company, Buffett's father from the
hands of a stockbroker who rolls out to the stock market tapes, put them on the
ground and the father of the S & P to try to interpret these figures offer. He
would go to the golf course to look for used golf but can be reused, sold to neighbors
to make money. He also came to Ake - Sa - The Racecourse, lying on the ground
throwing a full ticket to those who have been torn discarded ticket stubs turned over,
and often find some of the awards but was mistakenly thrown away race tickets. In the
heat intolerable Nebraska, Buffett and Russell under the scorching sun, came to
Omaha Country Club, golf for children when tycoons, earned three U.S. dollars a day.
In the evening, the U.S. Midwest into the quiet of twilight, Russell They will sit on
the sofa at home playing on the porch swing. At this time, Narcisse and Sitadebei
Brooks Avenue on the traffic and the tram collision sent the jingling sound of Buffett
has had a whim. After seeing many of the vehicles in front of Russell House, the
Buffett will not without emotion, said: "If making money from them
enough." Russell's mother, Evelyn recalled after 50 years
Buffett's past, they also clearly remember Warren Buffett's
original words: "So many cars! too bad, you no who made money from
these drivers. pity, Mrs. Russell." seems Mrs. Russell have to set up a toll
gate at home was enjoyable.
So, Buffett is how these ideas come about?
Three children at home, the Warren Buffett ranks second child and only boy. His
mother came from a small town in Nebraska, is a petite, cheerful woman temperament.
Her easy- going man, is recognized as wife and mother, also has "a good
sense of economy." Warren Buffett's father, Howard Buffett, but
a serious man and good temperament, he was Warren Buffett's life has a
crucial impact. He is the son into the world of stock and bonds, and the future
development of the son to lay a sound foundation. However, we grasp the present
situation, the number of shrewd old Buffett also loss for his son, his interest in making
money is not as strong as his son. So, what exactly is it that makes Warren Buffett
from the comfort of home runs out at the Racecourse ground crawling around willing
to pick up ticket stubs, as if the earth is full of pearls the same? Exactly what is
making for many years after his business partners skill level before then? He can be a
complex arithmetic mental arithmetic, memory like a living encyclopedia of the same
intensity, even the population of Akron, could blurt out. Warren Buffett's
sister, Roberta assertion: "He was born so."
Recognized by Buffett, a very gentle, calm personality, and work to persevere. They
are very good business hand in half a penny to be spent. Buffett first came to the
United States, the family ancestors whose name was John Buffett, a textile worker in
France. In 1696, he was the north coast of Huntington on Long Island and 汉娜泰特
斯 married. Buffett's wife until after the Civil War, lived in Long Island, to
planting a living, but they aim high, which is not commensurate with the
family's simple life. 1867, Sydney, employed as his grandfather Buffett
Buffett Zebu Long cultivated farms. As Buffett told the Sydney daily hourly wages
only 50 U.S. angrily left the farm on. He found a job, driving his carriage left Omaha.
In 1869, he opened his own grocery store S · H · Buffett. At that time, the Omaha City
is still in its infancy, but the Buffett family had a very strong business climate was.
This store's location and then the United States the rich tree-lined area of
office is only 1.5 miles apart.
   In a prime time, Buffett's grocery store opened in Sydney, was when the
railway link three months after the U.S. mainland. Omaha has become a national hub
of attention, often from here and out of the train, rumbling voice resounded
throughout the central and western plains. Pioneers from all sides, homeless,
speculators, Civil War veterans, railway workers, the release of prisoners and
prostitutes flock to all sorts of people will patronize Buffett family grocery store, to
buy quail, duck and grouse . Zebu Long - Warren Buffett Warren Buffett began to
worry about the prospect of Sydney, wrote to his letter of 21-year-old grandson, he
has repeatedly stressed that the Buffett family's business sense is the
"prudent-oriented":
   Do not expect a food into a fat, but I hope this spring to become more prosperous
business. If not, they quickly shut down, to pay off debts, protect your reputation,
because it is more important than money.
   However, the growing prosperity of the young Omaha city, Sydney, Buffett also
will become more prosperous, a well-off. Sydney Buffett expanded grocery store, but
also to his two sons came to help, including Ernest Buffett son inherited the family
business ability, he is the grandfather of Warren Buffett. He and his brother at the
same time pursuing a girl he finally won the hearts and minds of girls and married her,
since I broke off two brothers cut. In 1915, Ernest left this store in downtown, in the
west of the city opened a new store, called Buffett's son shop.
   This time, Ernest shrewdly seized the opportunity again, because the inhabitants of
the city gradually moved to Omaha, the West Bank. Ernest began shipping business
and credit sales. Soon after, the rich have called home cook to order stores to Buffett,
his son, the business become more prosperous. Ernest Buffett family inherited the
desire for the metal, such as life style, he let dry warehouse staff on shift 11 hours a
day, but only a meager wage two U.S. dollars.
   Buffett is the son of Ernest Howard Buffett, Warren Buffett is the father. Howard
became the third-generation grocer not interested. Ernest Howard and the spirit of
independent thinking, like wealth, but more moderate character, not so hot-tempered
father. He has worked in Wyoming, an oil pipeline company for a period of time, or is
he really interested in thinking activities. When the Howard University of Nebraska at
Lincoln student at the town, it became the "Nebraska Jour nal"
editorial, eager to be able to work hard out in the media on earth. Howard, though not
really very handsome, but his hair black, eyes sharp. Alumni Association President, as
he no lack of beautiful female suitors, but in senior year, he met a poor family in rural
girls, the girl in addition to good social swindlers.
   ?利拉斯塔尔 mayor of West Point, Nebraska big, the town is only 2000 people,
location, remoteness. Her father, 约 翰 斯 塔 尔 , runs a home called
"Cumming County Democrat," the weekly newspaper. Most
people in town are of German descent, so to speak English are some of Starr, a loner.
Lira particularly the mother's loneliness, most of the time bedridden, low in
spirits. Lira and her brother and two sisters had to learn to protect themselves from an
early age. Lira also assisted my father in business, "Cuming County
Democrat." Starting from the fifth grade, Lira had to sit on the high bench
layout, then use movable type printing machine. Sometimes, when the train stops in
the town of West Point, she would rush to dig the train to interview a number of
material used to             fill the passengers, "Cumming County
Democrat," the column. Every Thursday, the skinny girls would stand next
to the disproportionately large printing press, wary of the newspaper at the right time
to pull out the press. Years later, as long as the home of newspaper printing, will Lira
severe headache.
   Lira 167 after graduating from high school to raise tuition at the University of
Nebraska had to play three years of work. One day, she appeared in Howard
Buffett's office, like in the "Nebraska Journal" is to
seek a job. Ups and downs over the years, she became the language pungent, bitter
with a trace of humor. She was beautiful, petite, light brown curly hair shiny.
According to her own account, she "majored in that marriage" -
for a finding a way out must return to the town of West Point, girl, this is tantamount
to a practical profession.
   Howard gave her a job, and quickly told her appointment. They immediately fell in
love. Howard graduated from time to time in the near Lira marry.约翰斯塔尔 is a
scholar, he hoped to re-marry his daughter to finish college, but finally agreed to
accept two of marriage. December 26, 1925, two of the wedding was held in the town
of West Point. Lira in to the grandchildren mentioned in the memoirs, Mr Howard
later told her: "you are my life married to the most successful
transaction." They did not share the sentiments honeymoon, the wedding
was over two to Omaha sit down directly to the car.
   Friend to Howard took a job in the newspaper, which was his dream. But a friend
of his father in the insurance company to give him 25 dollars for another weekly post.
Howard gave up his dream job was also once the news travels uproar, as the Lira
stated: "He bowed to his father, prejudice, and because it is for his father to
university."
   The couple moved into the Barker Avenue in a bungalow, the room has a fireplace,
two bedrooms. For Lila, this is a difficult start. She is represented by a sick mother
with a big, no chores experience. As Howard to cars, Lira to do part-time secretary or
typing in the work can only take the bus home, a host of chores was dry. The early
years, she sometimes even earn more each week than John Howard. 1927, Lira had a
eye surgery, then her headache symptoms relapse. The next year, when she gave birth
to their first child, Doris, the fever as high as 40 degrees, scared all the people present.
Two years later, Tim Takako They both happy, this is Warren Buffett (hereinafter
referred to Buffett). It was August 30, 1930 a hot and humid summer, temperatures as
high as 38 degrees, torrential rain.
   Government giving birth that day, Buffett than his actual age to become inanimate.
Learning to walk he always bent knee, it seems that this can guarantee that he will not
fall in a state so miserable. When my mother took when he and Doris went to church,
Doris will be running around, like Buffett are like little sheep obediently sat beside
her mother. Lira said he was "never a troublesome Guaixiao
Hai."
   Buffett the age of two filmed a photograph of his chunky, golden hair, fair
complexion, wearing a series of small white lace boots and white socks. A hand
holding a piece of square blocks, Min Zhaozui smiling, eyes bright and piercing. His
hair is golden childhood, and later became reddish brown and brown, but his character
has not changed. He never go to strange places Xia Guang, never to stir up trouble.
Bibafeite small 3-year-old sister, Roberta often have to protect him from bullying the
vicinity of partners. Once, Howard brought home a pair of boxing gloves, Buffett also
got a boy and a "decisive battle." Lila recalled:
"Those who used boxing gloves was simply no." Buffett gentle
nature shy, always stir the hearts of his sister or other protection for his instinctive
psychology. Buffett will not fight naturally.
   Buffett was born in the early years coincided with the most difficult time at home.
At that time, Howard served in the United street bank securities salesperson, and crab
Ernest think this is an unstable career, his uncle Clarence to Buffett's letter
said:
   I stock quite well. In short, any person 50 years old endured sufferings to save
money to invest in the stock market is going, then he is definitely in my eyes, fool, is
downright stupid.
   Howard saw the letter, the stationery side of disdain wrote: "This is
really the cause of great encouragement to me." But less than a year,
Ernest's prophecy come true. August 13, 1931, in Buffett's
birthday is still two weeks away, the bank failures of the Howard home in frustration.
This is common during the Great Depression, the people's passion for life
was ruthlessly extinguished by the. His work springs, and all of the savings also failed.
Ernest gave his son some time to repay the debts grocery store, this is a bitter pill for
the Howard case, because he and other members o f the family, like Buffett, has
always been opposed to borrow money ends meet. "Protect your reputation,
because it is more important than money." Howard felt bleak, even once
considered his family moved back to the town of West Point.
   But soon afterwards, they announced that Howard Buffett, a 斯克莱尼卡 in
Farnham Avenue United State Bank building opened, and this is then where Buffett
lives and works. Howard and his partner 乔 治 斯 克 莱 Nika 4 sale
"investment securities, including municipal corporations and public
utilities stocks and bonds." For this investment, Howard came up with
great courage, because the impact of the Great Depression, public confidence in the
economy. Omaha people initially thought the Great Depression can be lucky enough
to survive the impact, but in 1932, wheat prices plummeted, farmers rely on handouts,
and even buy food have become a problem.
   Buffett began to go to school, his father's business has been
improvement. When Buffett 6 years old, the family moved into the outskirts of a brick
house, this office houses the Tudor style spacious than the original residence to many.
Buffett, one has experienced the suffering of the years have gradually over time been
forgotten.
   However, it seems the hard times, left my heart in Buffett eternal imprint. Since
then, he was eager to become very, very rich. Before he was 5 years old have this idea
and this idea has never disappeared from his mind over.
   Buffett 6 years old, the family went to Iowa, the first time ever in northern okoboji i.
a fake degree, where they rented a log cabin. Prior to departure, Buffett got for 25
cents a six coke with me, he was on vacation around the lake to find that 5 cents a
person to sell, and finally succeeded in six cola are sold, earning to 5 cents. Back to
Omaha, the Buffett from his grandfather's grocery store to buy some drinks,
house to house in the summer night to sell, while other children were busy playing in
the street do slapstick.
    Since then, such a money-making ideas will be endless in Buffett's mind.
Buffett's money is not used for incidental expenses, but have their own
goals, he has a good outline a blueprint own.
    ?Buffett made a 7 years old because of a strange fever in the hospital. Doctors
finally removed his appendix, but his body is still very weak, the doctors are even
worried that he would not guarantee his life. However, if he be by myself and they
will pick up a pencil and paper to write a lot of figures. When the nurse asked him
what these figures represent the mean time, he said that these figures represent their
own future wealth. With a look of longing look Buffett said: "Although I
do not have money, but one day I will become very rich, I will be the focus of the
paper figures." Doctors that he jeopardized, but he dream of money but
never found a comfort.
... ...
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