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|Subject: Snowball on Warren Buffett: Book Review||Date: 1/2/2011 3:35 PM|
|Author: meecho||Number: 24232 of 27456|
Read it if: You want to study every detail about how the world’s greatest investor lived his life.
Best insight for investors: Buffett had great success early on in his career focusing on Benjamin Graham’s undervalued “cigar butt” companies, businesses that had been written off by the market and were trading at less than the value that their assets would fetch in bankruptcy. These were dying companies, to be sure, but Buffett’s research showed him which ones were good for “one last puff.” Buffett’s real success, though, came from applying his investing skill to the quest for what his partner Charlie Munger called “great businesses” like Geico, Coca-Cola, and American Express.
Funniest Quote: “When [Buffett] finally got a car, he washed it only when it was raining, so the rain could do the manual labor of rinsing.”
My full review is posted here:
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