Of Permanent Value: The Story of Warren Buffett

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9780071357739: Of Permanent Value: The Story of Warren Buffett

The financial world's ongoing fascination with Warren Buffett is insatiable. Of Permanent Value hits bookshelves as the most comprehensive, informative biography yet on the investor who, through knowledge, savvy, and hard work, became the world's second-richest man. Avid investors will even find a chapter detailing Buffett's unprecedented investment record, quarter by quarter.Filled with fascinating strategies, compelling stories, and rare photos. Of Permanent Value delivers a hard-hitting but highly readable story of how Buffett built his empire -- and what he plans to do next. It gives investors and Wall Street enthusiasts at every level: -- Behind-the-scenes stories of Buffett's remarkable rise-- Personal details of Buffett's best investment moves-- A candid examination of history's most successful investor

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From the Inside Flap:

At age six Warren Buffett paid a quarter for a six pack of Cokes and sold each Coke for a nickel-a return of 20%. From then on he compounded his returns at better than 20%. That's why he's a multi-billionaire-indeed the second richest person in the world..

Today Buffett's investment vehicle, Berkshire Hathaway, is a major shareholder in some of the greatest companies on earth: Coca-Cola, Gillette, Disney, American Express, a brand name extravaganza. GEICO, Berkshire's auto insurance unit, and Berkshire's other insurance entities, make up one of Buffett's secret weapons. They provide about $7 billion of "float," or other peoples money. Berkshire receives the money in the form of premiums and invests it, multiplying it profitably until time to pay off insurance claims. Berkshire, often thought of as a batch of stocks worth about $40 billion, is far more. The stock portfolio Is one of its three legs. The second leg is the enormous insurance business. A third leg is a collection of wholly owned businesses. With the purchase of the rest of GEICO in early 1996, the buyout of FlightSafety International in late 1996 and the smaller purchases of Star Furniture in 1997 and International Dairy Queen in 1998, Berkshire is now a constellation of operating businesses. The enormous stock portfolio, the insurance businesses and the operating businesses all do one thing-throw off a ton of cash for new investments. None of this counts the 129.7 million ounces of silver, some oil and fixed-income portfolio worth north of $10 billion. And none of this includes Berkshire's newest amazing deal-the $22 billion purchase of General Re Corp. Although it is Buffett's genius and personality which holds Berkshire together, he has had help from an extraordinary group of people. First and foremost is Charles Munger who has offered advice for almost 40 years and has pulled Buffett away from investing in lesser quality stocks. Munger has helped Buffett see the advantages of brand name companies with consumer franchises, pricing power and durability. Buffett and Munger-in Buffett's words-became "mental partners" back in 1959. Munger jokes that he deserves credit for hooking up with Buffett in the early days when Buffett had no outward appearances of success. "He had a crew cut. He was working out of a sun porch at his house and his dietary [leanings] were toward Pepsi, salted nuts and no vegetables." Munger, Lou Simpson and Ajit Jain within Berkshire have aided Buffett as have a number of figures outside Berkshire, including Tom Murphy, Katharine Graham and Bill Ruane.

From the Back Cover:

A fascinating journey inside the world--and mind--of Warren Buffett. Warren Buffett is history's greatest investor--and America's third-richest man. But how did Buffet reach that pinnacle? What did he see that others missed? And perhaps most important...What does he see today? Of Permanent Value takes us where no other book has, making us privy to Warren Buffett's successes, his secrets to investing, and his plans for the future. From earning pennies selling Coca-Cola in his youth to buying a major stake in the soft drink giant as an adult, Warren Buffet has always followed his own path. Of Permanent Value offers a uniquely candid overview of that path, including: how Buffett turned a 1956 investment of $10,000 into $250 million today--after taxes!; step-by-step replays of Buffett's best investment moves--and some he'd just as soon forget; extensive interviews with Buffett's family, friends, and business associates that reveal his thoughts and investments philosophies. Filled with fascinating facts, rare photographs, and compelling stories from some of the world's leading public figures--all told in nugget-sized chapters that are fascinating to read and impossible to put down--Of Permanent Value is the story of Warren Buffet himself. It is an intrinsically American tale, one to which we can all relate...and from which we can all profit. So pull up a set and have a few words with the "Oracle of Omaha"--one of the great financial minds of all time.

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