Biography

Buffett: The Making of an American Capitalist

Buffett: The Making of an American Capitalist

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  • Create Date：2021-10-09 06:52:22
  • Update Date：2025-09-06
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  • Author：Roger Lowenstein
  • ISBN：0812979273
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Summary

Since its hardcover publication in August of 1995， Buffett has appeared on the Wall Street Journal， New York Times， San Francisco Chronicle， Los Angeles Times， Seattle Times， Newsday and Business Week bestseller lists。 The incredible landmark portrait of Warren Buffett's uniquely American life is now available in paperback， revised and updated by the author。

Starting from scratch， simply by picking stocks and companies for investment， Warren Buffett amassed one of the epochal fortunes of the twentieth century--an astounding net worth of $10 billion， and counting。 His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle， a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street， a brilliant dealmaker who cultivates a homespun aura。

Journalist Roger Lowenstein draws on three years of unprecedented access to Buffett's family， friends， and colleagues to provide the first definitive， inside account of the life and career of this American original。 Buffett  explains Buffett's' investment strategy--a long-term philosophy grounded in buying stock in companies that are undervalued on the market and hanging on until their worth invariably surfaces--and shows how it is a reflection of his inner self。

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Reviews

Harry Harman ，

Coin Operated Machine Company

Ranjith ，

A well written account of Mr。 Buffett’s personal and professional life that is entertaining， informative and educating。 Thought-provoking business and investing philosophies mingled with an interesting persona not usually identified with a successful capitalist makes it an interesting read。 But I can’t help feeling there is some level of hero worship that makes me wonder the balance of the author’s views in the book。 Discounting for that， it was still a satisfactory read。

Harshil Brahmbhatt ，

Reading it after 26 years since it was originally published， the book still fills you with a sense of amazement。 Berkshire Hathaway's stock is say above what it was in 1996。 It is more of a storybook about a man who knew what he wanted and what he didn't。 He just kept doing it and voila。 Roger Lowenstein is a master raconteur。 Apart from stock picking lessons and eye opening one liners， you marvel at the man and his incredible journey Reading it after 26 years since it was originally published， the book still fills you with a sense of amazement。 Berkshire Hathaway's stock is say above what it was in 1996。 It is more of a storybook about a man who knew what he wanted and what he didn't。 He just kept doing it and voila。 Roger Lowenstein is a master raconteur。 Apart from stock picking lessons and eye opening one liners， you marvel at the man and his incredible journey 。。。more

Quynh ，

Cuốn này mình đã đọc về warren bufett mình hiểu rằng ông là người biết kinh doanh đã tìm hiều chứng khoán từ khi còn bé， ông rất thích đọc sách， dành nhiều thời gian cho việc nghiên cứu tài chính mà không biết chán không biết mỏi mệt là gì， mình nghĩ để bây giờ ông có một tài sản lớn như vậy thì ông đã gặp biết bao thăng trầm， có sự nghiên cứu tài chính tỷ mỷ， có bản kê khai tài chính rõ ràng， khả năng nhìn người。 Mình cũng muốn tìm hiểu sơ lược về chứng khoán nên muốn tìm hiều về người nổi tiến Cuốn này mình đã đọc về warren bufett mình hiểu rằng ông là người biết kinh doanh đã tìm hiều chứng khoán từ khi còn bé， ông rất thích đọc sách， dành nhiều thời gian cho việc nghiên cứu tài chính mà không biết chán không biết mỏi mệt là gì， mình nghĩ để bây giờ ông có một tài sản lớn như vậy thì ông đã gặp biết bao thăng trầm， có sự nghiên cứu tài chính tỷ mỷ， có bản kê khai tài chính rõ ràng， khả năng nhìn người。 Mình cũng muốn tìm hiểu sơ lược về chứng khoán nên muốn tìm hiều về người nổi tiếng này nên muốn đọc xem thế nào， mình đã đọc một lần nhưng cũng không hiều nhiều lắm， chủ yếu là quá trình lớn lên của ông từ khi còn bé， ông có tài， có khả năng tư duy phán đoán kinh doanh。 。。。more

Vlad Bezden ，

Exciting and inspiring book。 This book is not only Warren Buffett's biography but also a lot of investment lessons。 Reading this book， I understood how to strive for success， investment， philosophy， etc。 In some areas， the author goes very deep into what was going on politically and financially with several companies， which will interest people who like the history of business and the market。 Exciting and inspiring book。 This book is not only Warren Buffett's biography but also a lot of investment lessons。 Reading this book， I understood how to strive for success， investment， philosophy， etc。 In some areas， the author goes very deep into what was going on politically and financially with several companies， which will interest people who like the history of business and the market。 。。。more

Madina ，

So boring 😒😒

William Sant ，

What an interesting life。Warren has made some of the most intelligent investments decisions of any investor of all time。 And it isn’t because he gets lucky on small stocks that randomly boom。He takes a different approach to investing， either purchasing majority or outright buying companies that he believes are undervalued for their assets， profits， or other metrics。He started as a newspaper delivery boy， and grew to an investing icon。 Starts exciting， but tapers off as things get monotonous and What an interesting life。Warren has made some of the most intelligent investments decisions of any investor of all time。 And it isn’t because he gets lucky on small stocks that randomly boom。He takes a different approach to investing， either purchasing majority or outright buying companies that he believes are undervalued for their assets， profits， or other metrics。He started as a newspaper delivery boy， and grew to an investing icon。 Starts exciting， but tapers off as things get monotonous and you find yourself just reading about the next company he invests in over and over 。。。more

Palash Goklani ，

Oracle of omaha 🙏🙏

Nickie Monava ，

4。5

Mike Iacolino ，

It’s not hard to write an interesting book on the stories of Warren Buffett。 This book not only tells his stories well， but also does a fabulous job of diving deep into Buffett’s business analysis for a few key decisions in his career。 I learned a ton not only about his life， but also about how to value a business， as well。

Hildey ，

Very good。 However， mostly just an account of events。

Dani ，

Great story about an amazing man。 An independent assessment with both strengths and weaknesses included。

Dao Le ，

I think this is a competently written book on Buffet's professional life， but I prefer Alice Schroeder's Snowball if you are only interested in reading one book about Buffet - it's more personal and portrays him in a more complex and nuanced way （i。e。， how his early childhood and parents influence his personality， or how he thinks about family， having effectively two wives）。Regardless， Lowenstein did a great job to elucidate Buffet's investing philosophy: have a wide margin of safety while buyin I think this is a competently written book on Buffet's professional life， but I prefer Alice Schroeder's Snowball if you are only interested in reading one book about Buffet - it's more personal and portrays him in a more complex and nuanced way （i。e。， how his early childhood and parents influence his personality， or how he thinks about family， having effectively two wives）。Regardless， Lowenstein did a great job to elucidate Buffet's investing philosophy: have a wide margin of safety while buying， hold patiently （harder than it sounds）， always pay attention to competitive moat （is it growing or shrinking）， find for competent honest and managers who think like owners， utilize financial data to assess returns on capital， but look beyond it to find the a company's true economic potential， and lastly， wait for a fat pitch before you swing。 。。。more

DatDo93 ，

"Price is what you pay， value is what you get。" "Price is what you pay， value is what you get。" 。。。more

Shardul ，

Mr。 Buffett who is now worth more than $100Billion is a Genius in investing。 Truly his virtuoso level knowledge regarding businesses， investments， Macro trends， management， competition， promoters， shareholder relationships etc is impeccable。 is This book describes all about his life & how he transformed from a newspaper boy to a Media & newspaper Baron holding a stake in Washington Post。 I feel that a thin line separates Mr。 Buffett & all other investors， portfolio managers。 That is the vital ab Mr。 Buffett who is now worth more than $100Billion is a Genius in investing。 Truly his virtuoso level knowledge regarding businesses， investments， Macro trends， management， competition， promoters， shareholder relationships etc is impeccable。 is This book describes all about his life & how he transformed from a newspaper boy to a Media & newspaper Baron holding a stake in Washington Post。 I feel that a thin line separates Mr。 Buffett & all other investors， portfolio managers。 That is the vital ability of him to hold on right businesses till he makes money， not only money but a ton of it。 Whereas other managers hold throw away underperforming stocks on weekly， monthly basis。 Mr Buffett still holds his most favourite GEICO which he had bought when it was in serious problem & bought it next to nothing。 He is far more than just a asset manager/ liquidator but a man who would acquire businesses & truly focus on the long term business value of the company。 Must read for anyone interested in Businesses， SERIOUS Long term investing， Investment banking etc。America definitely got its Capitalist & lets see who will be India's Capitalist？What's say？ 。。。more

Navdeep Pundhir ，

A well written ， average book。

Thao ，

This review has been hidden because it contains spoilers。 To view it， click here。 Mình thích cách sống của ông :D

Thu Hien ，

Đây là cuốn sách đầu tiên mình đọc về đề tài chứng khoán， nhưng nó không đơn thuần là các kiến thức dạy về chứng khoán mà là quá trình trở thành nhà tư bản Mỹ， một trong những tỉ phú giàu nhất thế giới chỉ bằng việc đầu tư giá trị。 Cuốn sách giúp mình có cái nhìn đầy tôn trọng về việc đầu tư chứng khoán - nó là môn nghệ thuật， cần nhiều nỗ lực và chất xám để mang về một thương vụ đầu tư thành công。 Cách thức đầu tư của Buffet đã cho mình những tư duy mới về đầu tư: - hiểu lĩnh vực bạn đầu tư- là Đây là cuốn sách đầu tiên mình đọc về đề tài chứng khoán， nhưng nó không đơn thuần là các kiến thức dạy về chứng khoán mà là quá trình trở thành nhà tư bản Mỹ， một trong những tỉ phú giàu nhất thế giới chỉ bằng việc đầu tư giá trị。 Cuốn sách giúp mình có cái nhìn đầy tôn trọng về việc đầu tư chứng khoán - nó là môn nghệ thuật， cần nhiều nỗ lực và chất xám để mang về một thương vụ đầu tư thành công。 Cách thức đầu tư của Buffet đã cho mình những tư duy mới về đầu tư: - hiểu lĩnh vực bạn đầu tư- làm việc như điên để tìm ra công ty tiềm năng mà giá cổ phiếu < giá trị- nhìn được sự phát triển dài hạn của công ty- hốt cổ phiếu của công ty đó- kiên nhẫn chờ đợi （có thể là vài năm hoặc vài chục năm）- thu về số tiền lớn không tưởng （nhờ vào sư lợi hại của lãi kép） 。。。more

Brad Dunnagan ，

Great biography on Warren Buffett。 You want to have an interest in investments to read but he is an interesting guy。

Frank Stein ，

This book isn't revelatory， because the Warren Buffet story has been told many times。 The Midwesterner coming from a family of grocers， with a strict Republican Congressman father， parleys some pinball machine earnings and the advice of Columbia University Professor Benjamin Graham into one of history's greatest fortunes。 But this is a model biography， one with lucid prose and easy grace， that weaves the story of Buffett into the story of American investing， politics， and business in the 20th ce This book isn't revelatory， because the Warren Buffet story has been told many times。 The Midwesterner coming from a family of grocers， with a strict Republican Congressman father， parleys some pinball machine earnings and the advice of Columbia University Professor Benjamin Graham into one of history's greatest fortunes。 But this is a model biography， one with lucid prose and easy grace， that weaves the story of Buffett into the story of American investing， politics， and business in the 20th century。Roger Lowenstein does manage to cloud Buffett's picture of an idyllic upbringing。 Buffett's father was fundamentally decent， but also strict; and he was not just a conservative， but almost a radical， and for awhile a member of the John Birch Society。 His mother， although kind， had manic and violent episodes。 One friend recounts how Buffett would almost recoil when his mother came to hug him。 Yet Buffett's sunny disposition， hyper-rationalist love of numbers， and competitiveness were all there from an early age， when he would memorize almanac city population numbers with his friends。 Perhaps influenced from a few hard Depression years after his birth in 1930， he also wanted to be rich。 In his early teens he already said he would jump off a building if he wasn't a millionaire by thirty。 By his 20s， he was already worrying about his future fortunes spoiling his children。Buffett seems to have embodied John Maynard Keynes dream that stock investors would "marry" their investments， instead of just treating them as a short-term fling。 Buffett's desire for continuity was indeed manifest in his stock picks。 He said his favorite holding period was "forever" and kept stocks like GEICO for half-a-century。 At one point in the 1980s， Buffett's Berkshire Hathaway only held three main stocks， GEICO， Washington Post， and Cap-Cities/ABC。 For fans of the Efficient Market Hypothesis， like myself， Buffett， much like James Simons， has long presented a dilemma。 This book does show that Buffett did more than just pick stocks。 He sat on the boards， he encouraged and advised CEOs， and， for some of his wholly-owned companies， he distributed capital。 For a brief time in the early 1990s he took over as chairman of Salomon Brothers。 On the whole， however， one might have to accept the possibility that Buffett was able to find a handful of truly great picks that really paid off。 In general， he liked companies that were like a "toll bridge，" where everybody had to cross over。 That's why he loved one-town newspapers， like the Buffalo News and the Washington Post （after it ate up the Washington Star and endured a strike）。 In the 2007 afterword， Lowenstein asks himself if there is anything he would change about the biography。 The one thing， in retrospect， that he thinks he didn't fully capture about Buffett was his toughness。 This avuncular （the word is almost inevitable when discussing Buffett）， absent-minded， affable Midwesterner was also hard as steel。 Unlike other investors or executives， he said "No" frequently， and didn't suffer fools。 But the other thing I think this biography misses is Buffett's competitive streak。 Lowenstein attributes Buffett's accumulating tendencies to his lifelong fear of death。 He was an agnostic from a religious family who loved the familiar more than anything， and so of course the radical break of death did carry a particular terror for Buffett， one which the vertiginous and infinite possibilities "compounding interest" almost seemed to comfort。 I would also say that the book misses some of Buffett's competitiveness， which is expressed in his desire for a level playing field and his strong belief， vindicated of course， that he could win on one。 But for a portrait of a man who， on-and-off for decades， has been America's richest man， and yet somehow one of its most decent， this book can't be beat。 。。。more

Belem Garcigom ，

Really good。 I learned a lot with this book。

Toby ，

Reading this work in the bull market of early 2021， with valuations at unimaginable highs and "fashion" stocks （as referred to therein， but now popularly known as "meme" stocks） rising and falling like the pucks of amusement park hammer games -- one finds prophetic notes of admonishment from strikingly similar times。 Each bull run， Lowenstein points out， is characterized by some self-serving rationalization。 Yet the reader nevertheless wonders， if he has read this biography in his own path of de Reading this work in the bull market of early 2021， with valuations at unimaginable highs and "fashion" stocks （as referred to therein， but now popularly known as "meme" stocks） rising and falling like the pucks of amusement park hammer games -- one finds prophetic notes of admonishment from strikingly similar times。 Each bull run， Lowenstein points out， is characterized by some self-serving rationalization。 Yet the reader nevertheless wonders， if he has read this biography in his own path of development as an investor as I have， whether Buffett's strikingly simple dicta and his down-home ethos might yield some fraction of its fabled returns today for the man himself， let alone in the hands of the yeoman retail investor。 One grimaces to read， for example， that the price-to-earnings ratio in the low 20s at the end of the 1980s was unsustainable and augured ruin， when PE ratio has been even higher that that for much of the period since the book's publication。 This question of generizability relevant not just because it's what readers will wonder in their self-interest， but because Buffett saw as a matter of honor the defense of his investment philosophy。That philosophy， derived from Buffett's mentor Benjamin Graham （and Dodd， a character given short shrift in this book） is as follows:"By focusing on the earnings， assets， future prospects， and so forth， one could arrive at a notion of a company’s “intrinsic value” that was independent of its market price。 The market， they argued， was not a “weighing machine” that determined value precisely。 Rather， it was a “voting machine，” in which countless people registered choices that were the product partly of reason and partly of emotion。18 At times， these choices would be out of line with rational valuations。 The trick was to invest when prices were far below intrinsic value， and to trust in the market’s tendency to correct。"There are important， implicit arguments contained in the logic here， and Lowenstein （and Buffett） subscribe to those corollaries much as the economists endorsing the Efficient Market Theory spun down their dizzying path regarding beta and returns。 The biggest is that there is a distinction between speculating and investing。 As Graham distinguishes the two in The Intelligent Investor，"An investment operation is one which， on thorough analysis， promises safety of principal and a satisfactory return。 Operations not meeting these requirements are speculative。"This distinction at first blush seems reasonable， and would have seemed even more reasonable when 1/3rd of the equities market was trading below its liquidation value。 80 years later， investors are savvier， richer， and those opportunities don't exist anymore， as Graham would note in his older years。 Moreover， the distinction is far flimsier than it might first seem。 Compare the two quotations above。 If considering "future prospects" is within the purview of value investing， and forecasting is at best a game of loose probabilities （Buffett goes as far as to say forecasts may tell you something about the forecaster， but nothing about the future）， one wonders whether there's any meaning whatsoever left to the distinction。 If a company trades for 30x earnings but has all propitious signs of future market dominance， it could be considered a "value investment" in some not unreasonable framing。 What is "cheap" and what is "dear" when companies hemorrhage money year after year to gain marketshare and their paper trades with the optimism of untold future returns？Still， in major ways the Buffett dogma rings clearer in our benighted "speculative" times than perhaps at the time of publication。 If I were a disciple， these would be the verses I hold dearest:- Invest in companies and industries you understand。 You have greater odds of picking winners in your domain of expertise than in the growth sector of vogue。 Likewise you should understand what the company makes and how it will derive a profit and resist competition in the future。 You should have at least a theory about why the market may be undervaluing the company。- Buy stocks 'like you shop for groceries' and buy intending to hold for a long time。 Wait for what seems like good value on stocks you want to hold。 Buffett， ever the fan of parables， would say you should be happy to hold the stock even if you were unable to see the price for years， the way you don't lose sleep over the value of your home even though you don't see a daily ticker。- When the market is greedy， you should be afraid， and when the market is afraid， you should be greedy。 When everyone else is hesitant and the market is low， that's your time to strike -- not when everyone is shouting and pointing at the hot stock。- Diversification is not a panacea。 If you have done your homework and understand the company and the price is ripe， put your weight behind it。 Spreading your investment decorrelates your risks， but also your returns， and merely dilutes the earnings of having picked well。- The market is not perfectly efficient。 I came into this book largely subscribing to the EMT， and I still believe it is the most rigorous starting point for any reasoning about alpha in the market。 Yet the market is not （yet） the product of perfectly rational and comprehensive algorithms。 The volatility of stocks and the booms and busts belie the idea that everything is priced in perfectly all the time。 If the price is a perfect reflection of the value of a company， which price do you trust more， the price this morning or the price 6 hours later， after the release of no new public information for the market to impound。 Humans are in the present day still the largest elements behind capital allocation in the equity markets， and humans are not infallible rational actors。Finally， I'll say that while Buffett makes a rather dull subject for a biography in some of the areas storytellers often like to shine their spotlights -- Lowenstein does a good job of extracting what's interesting and telling from these areas， e。g。 upbringing and family relationships。 The broad takeaway of these element is that Buffett has always been a man of decidedly forceful conviction around his ideas， some of them idiosyncratic， some defined by an almost naive idealism， but almost all of them from a deeply honest and moral place。 I don't generally admire rich men for being rich， but in many ways I find Buffett's sincerity and his brand of generosity to be endearing。 He has one more fan to add to his ever-growing throngs。 。。。more

Vượng Lê Văn ，

Sau cùng thì thứ đáng để đầu tư duy nhất là "giá trị"， dù nó được thể hiện dưới hình thức nào。Tôi không chỉ khâm phục trí tuệ của ông， trên cả đó là sự trung thành của ông với những ai tin tưởng mình， cũng như với niềm tin vào triết lý kinh doanh từ lúc bắt đầu。 Sau cùng thì thứ đáng để đầu tư duy nhất là "giá trị"， dù nó được thể hiện dưới hình thức nào。Tôi không chỉ khâm phục trí tuệ của ông， trên cả đó là sự trung thành của ông với những ai tin tưởng mình， cũng như với niềm tin vào triết lý kinh doanh từ lúc bắt đầu。 。。。more

Cons Bulaqueña ，

“As an investor， Buffett eschewed the use of leverage， futures， dynamic hedging， modern portfolio analysis， and all of the esoteric strategies developed by academics。 Unlike the modern portfolio manager， whose mind-set is that of a trader， Buffett risked his capital on the long-term growth of a few select businesses。 In this， he resembled the magnates of a previous age， such as J。 P。 Morgan， Sr。”“At home， Warren began to chart the prices of stocks on his own。 Observing their ups and downs， he wa “As an investor， Buffett eschewed the use of leverage， futures， dynamic hedging， modern portfolio analysis， and all of the esoteric strategies developed by academics。 Unlike the modern portfolio manager， whose mind-set is that of a trader， Buffett risked his capital on the long-term growth of a few select businesses。 In this， he resembled the magnates of a previous age， such as J。 P。 Morgan， Sr。”“At home， Warren began to chart the prices of stocks on his own。 Observing their ups and downs， he was bewitched by the idea of deciphering their patterns。 At eleven， he took the plunge and bought three shares of Cities Service preferred， as well as three shares for his sister Doris， at $38 a share。 “I knew then he knew what he was doing，” Doris would recall。 “The boy lived and breathed numbers。” But Cities Service plunged to 27。 They sweated it out， and the stock recovered to 40， whereupon Warren sold， netting， after commission， his first $5 of profit in the market。 Directly he sold， Cities Service climbed to 200。 It was his first lesson in patience。” 。。。more

Shawn W ，

“Risk comes from not knowing what you're doing。” “Risk comes from not knowing what you're doing。” 。。。more

Connor Owens ，

Classic take on the GOAT

Danny Pham ，

WB là tấm gương về việc giữ gìn đạo đức trong kinh doanh vừa tìm kiếm lợi nhuận。 Trái ngược với Wall Street đầy rẫy các câu chuyện đánh đổi， chọn lựa。 Người ta thần tượng WB về điều đó， và cũng có nhiều kẻ căm ghét vì điều đó。

Ethan J ，

could not finish; too many unnecessary details about Buffett's personal life， where I simply want to focus on how he invested。 could not finish; too many unnecessary details about Buffett's personal life， where I simply want to focus on how he invested。 。。。more

Morten Hovland ，

This review has been hidden because it contains spoilers。 To view it， click here。 Best book I have read。 -Buffets journey as an investor and businessman to becoming the worlds richest man。 - Allocating capital and creating value

Shawn ，

https://bit。ly/wolf_of_stocks https://bit。ly/wolf_of_stocks 。。。more

Reference

google book https://www.google.com/search?tbm=bks&q=Buffett: The Making of an American Capitalist

hathitrust digital library https://babel.hathitrust.org/cgi/ls?q1=Buffett: The Making of an American Capitalist&field1=ocr&a=srchls&ft=ft&lmt=ft

The British Library https://bll01.primo.exlibrisgroup.com/discovery/search?query=any,contains,Buffett: The Making of an American Capitalist&tab=LibraryCatalog&search_scope=Not_BL_Suppress&vid=44BL_INST:BLL01&lang=en&offset=0