I just finished reading the biography. It was an outstanding read. I had read Lowenstein's Buffett: The Making of an American Capitalist when it first came out, but Snowball has more texture and detail in comparison to what I recall of the earlier book. Although I have neither the inclination nor ability to participate in the markets in the manner than Buffett has done and continues to do, it is hard not to be awed and humbled by him. He may have some quirks, as we all do, but the integrity with which he lives his life, his political views and his aversion to dynastic wealth are nothing short of inspiring. I'd appreciate the remarks and opinions of others who have read the book.
Buffett made both the right decisions by being very risk averse, and also got very lucky. http://en.wikipedia.org/wiki/Kondratieff_wave He bought stocks in the 30 year upswing since 1970, and he bought the RIGHT stocks, that didn't go bankrupt.
he has two bitches. and they are both cool with it. and he bosses them both around to get him cherry cokes and stuff. i never knew that. makes me admire the guy even more.
He does not deny the luck that he has enjoyed. If anything, he tends to publicly downplay his acumen and uncanny foresight. However, there is no denying that he alone was that "lucky" in his sphere of competence for that length of time. Of course he had a good dollop of luck and has made his share of mistakes. But, over the long haul, he did better than any other participant who had equal or better opportunity. The book describes how much work and research he did. Although he is gifted, his success did not come for free. However, there is no denying his genius. He foresaw a lot of events before other people did. He wrote and warned about them before they occurred.
I'm not sure why they look for ways to knock Buffet. Everyone suffers good and bad luck in what they do. There's no way he gets to where he is without great skill. He didn't hit the lottery on a $1 gamble.
Still finishing the book but it's very enjoyable. One thing to note for people who don't already know, this is more a biography than investment advice though investors ought to be interested. It really speaks of a sound approach to life and success, with anecdotes on sound investing. The most remarkable thing about Buffet is he's very realistic and self-aware about how and why he succeeded. Most successful people get deluded, and I think Buffet's difference is as he pointed out that he has an "inner scorecard". He doesn't judge himself by what others thinks, but by his own evaluation - this is the ideal character for a long-term value investor who should neither be deluded by success nor discouraged by short-term failure contrary to long-term fundamentals.
That's a good find, and is taken verbatim from near the end of the book. While his work ethic is noteworthy, it is his sense of decency and unyielding integrity that makes him an exceptional role model for the business of lfe.
His wife, who spent most of her life helping others, died a few years ago following a difficult illness. Perhaps a bit more respect, eh?