Labitan.沃伦.巴菲特文集(EN)——The_Warren_Buffett_Bu(4)

GEICO .................................................................................................................................................................... 71

MARKETING OF GEICO ................................................................................................................................... 71

TECH COMPANIES ............................................................................................................................................ 73

UNDERSTANDABLE BUSINESS ...................................................................................................................... 74

SUSTAINABLE COMPETITIVE ADVANTAGE ............................................................................................. 75

TRUSTWORTHY FIRST-CLASS MANAGEMENT ....................................................................................... 76

BARGAIN PRICE ................................................................................................................................................. 77

Introduction

These selected passages from the annual letters of Warren Buffett to the shareholders of Berkshire Hathaway Inc. reveal the qualitative business knowledge and wisdom a man and his friends have acquired over 50 years in the business world. All the words, sentences, and stories came from his letters and writings. Therefore, this is the business book that I imagined Warren Buffett could have organized and written.

I borrow the idea of edited selections from Professor Lawrence Cunningham’s 1997 book, “The Essays of Warren Buffett: Lessons for Corporate America”. This book differs from Professor Cunningham’s book in the manner and order the sections are presented to the reader. This book deliberately presents Mr. Buffett’s business teachers first; because I felt that this section shows the reader some of the social and emotional intelligence Mr. Buffett possesses.

The book progresses into Mr. Buffett’s documented business thoughts and ideas. Finally, this book focuses on Mr. Buffett’s writings related to his four major investment selection criteria. I also borrow the idea of dividing up sections into more easily readable independent pieces from Andrew Kilpatrick’s comprehensive and entertaining biography, “Of Permanent Value: The Story of Warren Buffett”.

I edited the passages into shorter distilled forms of qualitative and practical business ideas. Consequently, you will learn more about Mr. Buffett’s ideas on business and investing. Through his writings, you will appreciate a unique combination of character, intellect, discipline, and sociability. As you read other books about Warren Buffett, Charlie Munger, and Benjamin Graham, notice a wider circle of friends and family that have grown together. I have taken the liberty to rearrange the sections of Warren Buffett’s letters with the hope of capturing the essence of important business and investing ideas. For the reader interested in learning more about the wider circle of Berkshire’s family and friends, I would refer you to Andy’s biographical book as well as Janet Lowe’s book on Charlie Munger entitled “Damn Right!”

Thanks to Roger Lowenstein for writing the 1995 biography, “Buffett: The Making of an American Capitalist” This was the book that first captured my interest in Mr. Buffett, value investing, and efficient business thought. I have also enjoyed reading the fine books written by Robert Hagstrom, Mary Buffett, David Clark, and Timothy Vick.

Thanks to Janine Rueth for love, support, and encouragement. Thanks to Victoria Labitan, Helen Rueth, J.T. Loudermilk, Everett McDonald, Dr. Shomir Sil, and Dr. Pat Obi for your encouragement. Ultimately, the best book on Mr. Buffett’s business and investing ideas is one written by Mr. Buffett