It took the world's greatest investor, Warren Buffett, nearly four decades to make his first $100m. The Deals of Warren Buffett - Volume 1 charts the series of investments that made up that journey.
In revealing detail, and with a lucid descriptive style, experienced author and investor Glen Arnold explains Buffett's thinking behind these investment deals and shows how his cumulative returns compounded his wealth over time.
In this formative period, from 1941-78, Buffett developed and honed the investment philosophy that would lead him to become so successful as his career progressed. But it was not all plain sailing - Buffett made mistakes along the way - and Arnold shows how Buffett learned through success and failure how to select companies worth backing. Arnold also includes insightful 'learning points' at the end of each chapter, which reveal how investors can learn from the craft of Warren Buffett to improve their own investing.
Investments featured in this first volume include: GEICO, American Express, Disney, Berkshire Hathaway, See's Candies, and The Washington Post .
With stories and analysis drawn from decades of investing experience, join Glen Arnold and delve deeper in The Deals of Warren Buffett !
About the Author
Despite holding positions of Professor of Investment and Professor of Corporate Finance, Glen Arnold concluded that academic life was not nearly as much fun (nor as intellectually stimulating) as making money in the markets. As a wealthy investor in his fifties, he now spends most of his time running his equity portfolio and a property development company from an office in the heart of rural Leicestershire, far from the noise of the City of London.
His main research focus explores the question, 'What works in investment?', drawing on the ideas of the great investors, academic discoveries and corporate strategic analysis - see www.glen-arnold-investments.co.uk. While he used to teach on this subject in the City, he would now rather concentrate on actual investment analysis, but does explain his investment choices and discusses investment ideas at newsletters.advfn.com/deepvalueshares.
He is the author of the UK's bestselling investment book and bestselling corporate finance textbook.
Table of Contents
Foreword Lawrence Cunningham vii
Part 1 Setting the Scene
The Warren Buffett Story 7
Part 2 Investment Deals
Investment 1 Cities Services 23
Investment 2 GEICO 27
Investments 3 and 4 Cleveland Worsted Mills and a Gas Station 31
Investment 5 Rockwood & Co. 40
Investment 6 Sanborn Maps 43
Investment 7 Dempster Mill 50
Investment 8 American Express 56
Investment 9 Disney 62
Investment 10 Berkshire Hathaway 66
Investment 11 National Indemnity Insurance 80
Investment 12 Hochschild-Kohn 91
Investment 13 Associated Cotton Shops 98
Investment 14 Investing in Relationships 103
Investment 15 Illinois National Bank and Trust 116
Investment 16 Omaha Sun Newspapers 124
Investment 17 More Insurance 132
Investment 18 Buffett's Investment In Sanity 138
Investment 19 Blue Chip Stamps 151
Investment 20 See's Candies 155
Investment 21 Washington Post 179
Investment 22 Wesco Financial 206
Consolidation: Everything into Berkshire Hathaway 226