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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: John Langston who wrote (2452)	11/15/1997 5:21:00 AM
From: john harris	Read Replies (1) \| Respond to of 78625

John: I'll be back with a review. But the following from Chapter 3 of the book seems to address your issues regarding how Buffett is perceived by the masses: "One would think that anyone whose profession is investing would make Warren a serious case study and analyze and dissect his philosophy. But the investment profession and its academic brethren seem to prefer to label him a four-star enigma, and pay essentially only lip service to his real gifts as an investment genius. What few people realize is that Warren is first and foremost a thinker, a philosopher whose subject matter and realm of expertise are the world of business. He is a man who has taken the investment and business philosophies of some of the greatest minds that have addressed the subjects of commerce and capital and synthesized an absolutely new approach based on these old lessons. His approach is in many ways contrary to conventional Wall Street wisdom. A bit long winded but I agree with the point that when we see something out of the ordinary we tend to think that it is beyond our realm and choose not to analyze it closely. It is somewhat of a fluke. Like many on this thread I have read several books about Buffett and read his anual reports to Berkshire sharholders. He does speak in imageries that people tend to take literally and extrapolate that his theories are impossible to put into practice. An example of this is the 20-punch lifetime stock selection card. We are all prone to the problems that Jeffrey Bash pointed out of buying too soon and too often. Buffett is an extremely patient and disciplined investor. He lives to the letter Graham's tenet: "Investment is most intelligent when it is most businesslike".