About
Warren Buffett is an American investor, business magnate, and philanthropist who is widely regarded as one of the greatest investors of all time and a legendary figure in American capitalism. Here's who he is:
Warren Buffett was born in 1930 in Omaha, Nebraska, and showed an early aptitude for business and numbers, buying his first stock at age 11 and filing his first tax return at age 13. He studied under Benjamin Graham at Columbia Business School, learning the principles of value investing that would form the foundation of his approach. After working for Graham's investment firm, Buffett returned to Omaha and started his investment partnership in 1956 with $105,000 from family and friends. Over the next 13 years, he compounded returns at nearly 30% annually before closing the partnership in 1969 and directing investors to focus on Berkshire Hathaway, a struggling textile company he had acquired and begun transforming into an investment vehicle.
Buffett is known for his patient, disciplined approach to investing, focusing on buying wonderful businesses at fair prices and holding them for decades. His investment philosophy combines Graham's value investing principles with Phil Fisher's emphasis on business quality and Charlie Munger's influence toward paying reasonable prices for exceptional companies. He seeks businesses with durable competitive advantages ("economic moats"), predictable earnings, high returns on capital, and honest, capable management teams. Unlike many investors who chase trends, Buffett stays within his "circle of competence," avoiding businesses he doesn't understand, and thinks like a business owner rather than a stock trader. His folksy communication style, expressed through his annual shareholder letters, has made complex investment principles accessible to millions.
Beyond investing, Buffett has become an American icon known for his personal frugality (still living in the same modest Omaha house he bought in 1958), his commitment to philanthropy (pledging to give away 99% of his wealth), and his role as a teacher and mentor to countless investors. Under his leadership, Berkshire Hathaway has grown from a failing textile mill into one of the world's largest and most successful conglomerates, with wholly-owned businesses ranging from insurance to railroads to manufacturing, plus a massive stock portfolio. In 2006, he pledged the bulk of his fortune to the Bill & Melinda Gates Foundation and other charities, establishing himself as history's greatest philanthropist by dollar amount. Now in his 90s, Buffett continues as Berkshire's Chairman and CEO, having built a legacy that extends far beyond wealth to include profound influence on investment thinking, corporate governance, and philanthropic giving.
Warren Buffett's Best Quotes
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"Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1."
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"Price is what you pay. Value is what you get."
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"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
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"Be fearful when others are greedy and greedy when others are fearful."
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"Our favorite holding period is forever."
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"Risk comes from not knowing what you're doing."
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"The stock market is a device for transferring money from the impatient to the patient."
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"It's only when the tide goes out that you learn who's been swimming naked."
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"Someone's sitting in the shade today because someone planted a tree a long time ago."
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"I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will."
作品
Berkshire Hathaway Annual Shareholder Letters (1965-Present)
Buffett's annual letters to Berkshire Hathaway shareholders are considered the finest investment writings ever produced and have been studied by millions of investors, business students, and executives worldwide. These letters, which Buffett writes personally without assistance from PR staff, explain Berkshire's performance, discuss investment decisions, critique management actions, and teach fundamental business and investment principles. Written in clear, witty prose free of corporate jargon, the letters cover everything from acquisition criteria to insurance operations to capital allocation philosophy. His discussions of mistakes are as valuable as his explanations of successes, providing rare transparency from a corporate CEO. The letters have been compiled into books and are freely available on Berkshire's website, serving as a master class in business, investing, and clear thinking.
Essays of Warren Buffett: Lessons for Corporate America (Compiled by Lawrence Cunningham)
This book organizes excerpts from Buffett's shareholder letters by topic, including corporate governance, investing, alternatives to common stock, mergers and acquisitions, accounting and taxation, and more. Compiled by Professor Lawrence Cunningham (with Buffett's cooperation), it presents Buffett's wisdom in a structured format that makes his teachings more accessible. The book has gone through multiple editions, with each update including new material from recent letters. It's become a staple in business school curricula and is considered essential reading for understanding Buffett's philosophy on business management and capital allocation.
"The Superinvestors of Graham-and-Doddsville" (1984)
This essay, originally a speech given at Columbia Business School for the 50th anniversary of "Security Analysis," presents Buffett's defense of value investing against the efficient market hypothesis. He demonstrates that Graham's students achieved extraordinary results over decades, arguing that their success wasn't random but resulted from applying sound investment principles. The essay uses actual performance data from investors like Walter Schloss, Tom Knapp, and Charlie Munger to prove that buying assets below intrinsic value works. This piece has become one of the most influential essays in investment literature and is required reading for understanding the value investing tradition.
Fortune Magazine Articles and Op-Eds
Buffett has written numerous articles for Fortune and other publications on topics ranging from investing to economics to corporate governance. His famous pieces include "How Inflation Swindles the Equity Investor" (1977), "Mr. Buffett on the Stock Market" (1999 and 2001), and various op-eds on taxation, particularly his advocacy for higher taxes on the wealthy. His Fortune articles often appear at market inflection points and provide valuable perspective on valuation levels and economic conditions. His 2008 op-ed "Buy American. I Am." in The New York Times, written during the financial crisis, became legendary for its timing and message.
Owner's Manual for Berkshire Hathaway Shareholders
First published in 1996 and updated periodically, this document lays out Buffett's business principles and what shareholders should expect from Berkshire Hathaway. It covers topics like his preference for retaining earnings versus paying dividends, why he doesn't split the stock, what acquisition criteria Berkshire uses, and how he thinks about measuring performance. The Owner's Manual serves as a contract between Buffett and his shareholders, explaining his philosophy on corporate governance and capital allocation. It's a model for how public companies should communicate their values and priorities to owners.