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Warren Buffett: More myth than legend
Warren Buffett: World’s greatest investor?
As much as I respect and admire Warren Buffett, I would not hire him to manage my money — and I don’t think you should either.Buffett is widely considered to be the most successful investor of the 20th century — and still going strong in the 21st. He’s a successful businessman, author, philanthropist and inspiration to many people — and one of the wealthiest people on the planet.
More than 50 books have been written by or about Buffett, and he has a great long-term track record. In 1965, he took control of Berkshire Hathaway BRK.A +0.10% , an insurance company in Omaha, which he is now the primary shareholder, chairman and chief executive.
“You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.”
Warren Buffett
A $10,000 investment in Berkshire Hathaway stock in 1965 would have grown to be worth nearly $30 million 40 years later, in 2005. That’s about 60 times as much as you would have made if you’d invested $10,000 in the Standard & Poor’s 500 Index and held it for those same 40 years. He makes it sound easy.So, what’s not to like about the way Buffett invests? Well, for starters, it doesn’t always work.
Buffett’s specialty is value investing. That means buying stocks with long-term prospects that are believed (by the value investor) to be undervalued. The unloved underdog, for instance, that has been unfairly ditched by Wall Street and that will be rediscovered in the future.
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