Thursday, November 18, 2010

Buffett, Unplugged

Some excerpts from a Wall Street Journal article from roughly five years back.

The article describes Buffett's approach to buying businesses and has a few other interesting insights.

Buffett offers to buy Forest River, a recreational vehicle maker, with the idea that the founder, Peter Liegl, would remain in charge.

So what happened?

The deal was closed a week later during a 20-minute meeting.

Buffett told the founder not to expect to hear from him much.

Here's what the founder said:

"It was easier to sell my business than to renew my driver's license." 

Later the article describes Buffett's daily routine. Apparently, it hasn't changed much over the years.

He says he spends the better part of most workdays thinking and reading. He fields a handful of phone calls, and on most days, he confers with the chiefs of a few Berkshire subsidiaries. He seldom holds meetings. "There isn't much going on here," he says of his office on a typical day. 

The article also points out there is no computer in his office though he does keep the financial news on.

He keeps no calculator on his desk, preferring to do most calculations in his head. "I deplore false precision in math," he says, explaining that he does not need exact numbers for most investment decisions.

Check out the full Wall Street Journal article.

Adam

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