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Strategies & Market Trends : The New Economy and its Winners

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From: Bill Harmond	3/12/2017 7:13:37 PM
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By Nicole Friedman Feb 28, 2017 12:36 pm ET Warren Buffett told CNBC on Monday that if he’d had to pick one person to manage his money, it would have been a “fella you never heard of: Herb Wolf.” Who is Herb Wolf? According to Alice Schroeder’s biography “The Snowball: Warren Buffett and the Business of Life,” Mr. Wolf was a friend of Mr. Buffett’s who worked at New York Hanseatic, an over-the-counter trading house. They met in the 1950s after Mr. Wolf read an article Mr. Buffett had written in the Commercial & Financial Chronicle. Here is Mr. Buffett’s memory of Mr. Wolf, as quoted in the book: “Herb Wolf was one of the smartest guys I ever met. He could tell the effect on American Water Works’ earnings if somebody took a bath in Hackensack, New Jersey. He was unbelievable. One day Herb said to me, ‘Warren, if you’re looking for a gold needle in a haystack of gold, it’s not better to find the gold needle.’ I had this thing that the more obscure something was, the better I liked it. I thought it was a treasure hunt. Herb got me out of that way of thinking. I loved that guy.” Mr. Wolf died years ago, according to Mr. Buffett’s assistant, Debbie Bosanek. REM: Sounds like me spending the 1990's trying to outperform Microsoft!

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