When Warren Buffett began investing more than 60 years ago, he tended to buy mediocre businesses at mediocre prices.
Buffett's adviser: Charlie Munger, who is now 89 years old and Berkshire Hathaway's vice-chairman. Munger convinced Buffett, 83, to learn to "make silk purses out of silk." And that philosophy has turned out to be a key to the two men's extraordinary investing success.
"Forget the sow's ears," says Buffett, who applies the "silk purse" credo to all his relationships in life.>
Berkshire Hathaway CEO Warren Buffett will join Fortune for a very social conversation on women, work, and more.
FORTUNE -- Warren Buffett is going social.
This Thursday at noon EST, before he commences Berkshire Hathaway's (BRKA) annual meeting weekend, the billionaire investor will sit down for his first-ever interview that incorporates social media.
The topic is new for him too: "Warren Buffett on Women and Work...and other Wisdom."
The billionaire investor is doing the MOREPatricia Sellers - Apr 30, 2013 10:27 AM ET
I had planned to be in Omaha for Warren Buffett's big weekend. But I'm in Pennsylvania with my very sick dad. Trading emails this morning with CNN's Poppy Harlow, I asked her if she would do a Guest Post for Postcards. Thank you, Poppy, for this terrific report on the Berkshire Hathaway annual festivities.
by Poppy Harlow, CNN Correspondent
This morning in Omaha, Warren Buffett welcomed some 35,000 Berkshire Hathaway (BRKA) shareholders MOREPatricia Sellers - May 5, 2012 12:44 PM ET
What companies did Warren Buffett put on his wish list for Santa Claus?
The secret is out.
The Berkshire Hathaway (BRKA) chief sent a photo of himself, perched on Santa's lap, and named several companies that he apparently believes will be great stocks to own in 2012.
Under the header, "Santa - 2011," Buffett listed Exxon Mobil (XOM), Wells Fargo (WF)--both companies in which he already owns shares--and Google (GOOG). No public records MOREPatricia Sellers - Jan 4, 2012 10:35 AM ET
Buffett will appear tonight on the one hour NBC season finale of The Office at 9/8c.
Tonight on the season finale of The Office, a galaxy of stars will be jostling to replace the hapless Michael Scott as boss of Dunder Mifflin's Scranton branch. You'll see Jim Carrey, Ray Romano, Ricky Gervais, and...Warren Buffett.
It's a quick cameo for the famous investor, but Buffett had a juicier role last month when he starred MOREPatricia Sellers - May 19, 2011 2:42 PM ET
by Patricia Sellers
How critical to success is a healthy corporate culture?
As my Postcard last Thursday noted, Ginny Rometty, one of the top execs at IBM (IBM), says that culture is emerging to be the No. 1 corporate asset.
Jeffrey Katzenberg, DreamWorks Animation's (DWA) chief, seems to agree--as yesterday's Postcard details.
Another guy who deems a thriving culture to be a vital ingredient of a successful company: Warren Buffett. I spent much MOREPatricia Sellers - Mar 17, 2011 11:14 AM ET
By Patricia Sellers
It's hard to believe Warren Buffett. A month ago, the guy turned 80 years old. Last week he was in China with his billionaire pals Bill Gates and Charlie Munger. Last Thursday, he flew home to Omaha, slept a little -- even though his internal time clock never went out of whack, he says. Since Monday, he's been with us in Washington at the Fortune Most Powerful MOREScott Olster, editor - Oct 6, 2010 3:21 PM ET
Rarely does a rebuff from Warren Buffett do so much good. Kraft Foods (KFT) stock rose 4.9% yesterday after the Oracle of Omaha, whose Berkshire Hathaway (BRKA) is Kraft's largest shareholder, voted against an issuance of 370 million shares to help finance a Cadbury (CBY) acquisition. Cadbury fell, on the logic that Buffett, by tightening the leash on Kraft CEO Irene Rosenfeld, is preventing her from sweetening the price for MOREPatricia Sellers - Jan 6, 2010 3:52 PM ET
"If you buy a railroad, you can't move it to China or to India or anyplace else. You are betting on the United States. I can't think of a surer bet."
- Warren Buffett, explaining Berkshire Hathaway's (BRKB) $44 billion buyout of Burlington Northern Santa Fe (BNI).
Click here to see Buffett talking about his biggest deal ever with CNNMoney anchor Poppy Harlow.
While the size was a surprise, the bet on America MOREPatricia Sellers - Nov 4, 2009 6:56 PM ET
by Patricia Sellers
"Control your expenses better than your competition. This is where you can always find the competitive advantage."
That was said, simply enough, by Wal-Mart (WMT) founder Sam Walton. And though today it's widely known that Wal-Mart is the world's most efficient retailer, a little-known fact is that for 25 years--long before Wal-Mart became America's largest retailer--it ranked No. 1 in its industry for the lowest ratio of expenses to sales.
Efficiency runs in the water here MOREPatricia Sellers - Oct 14, 2009 12:03 PM ET
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