There is only one Warren Buffett and there will never be another! He is the product of a set of circumstances that will not repeat itself. It is more likely that you will fly first.
I say this because we often are told that everyone is replaceable. Well, if you poke your head in the Senate or House looking for a Washington, or Adams, or Jefferson, or Franklin you will not find one. Buffett has become a national treasure and someday we may find his face on the currency because he is one of our greatest non-elected statesman and I figure it is not necessary for him to be a dead president to represent us.
He has the clear vision and insight that allows him to see all those things that are in plain view to everyone but we miss anyway, that is, until he points them out. A little bit of Will Rogers, combining wit and wisdom.
His financial empire benefited from being in the low-tax state of Nebraska. Had he lived in California or New York he would be billions poorer. Now that would be an interesting thesis paper. What would he be worth after 40 years of a greater tax burden? He also got into the insurance business understanding how he could capitalize on the huge cash flow and cash float. More billions were earned because Nebraska does not have the same restrictions on investing this float as other states do. I wonder what he saved in office rent being in Omaha vs. Manhattan? Probably not much since he maintains a small office.
Lennon and McCartney made great music together. They were fantastic on their own but they were better together. Buffett and Munger are also a match made in heaven and this combination created a synergy that in the last few years has received increased attention with credit to Charlie. Amazingly the duet of Warren and Charlie might be more accomplished in their chosen field then John and Paul were in music.
I could go on but the point has been made many times over, and now this week we find Mr. Buffett has decided to be one of the greatest philanthropists the world will ever know. It is wonderful not just because those causes he chooses to support will benefit much earlier but that his wisdom and guidance may contribute to better decisions in the allocation of resources. This is very powerful given that it is one of his great strengths. Many of my posts have discussed Buffett and I have tried to learn what I could from him through his writings and writings about him. If you have an interest all of his annual reports are available on the web as well as an abundance of other material. It is required reading for investors.
You can't be Warren Buffett, but you can learn from him.
In this article I discuss some lessons I learned and maybe you will find some value in your investment choices.
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