Balance Sheet of Warren's life

(My review in Amazon on the book "Buffett: The making of an American capitalist" by Roger Lowenstein. ISBN:0-679-41584-X)

I hand picked this book with the intention to know more about Mr. Buffett and this book has very well satisfied my appetite. In a very lucid way book is walking you along different phases of Warren's life. By the time I reached the last chapter, it has changed my perception about Warren's investment philosophy. In the media, Warren is portrayed at stanch follower of the theory proposed by Professor and investor Ben Graham but that it not entirely true ! Though his investing endeavor (which started in 1943, at the age of 13) is heavily influenced by Ben (since his college years in Columbia), he has adapted to the market dynamics and made choices which Ben wouldn't have made. The best part I found with Buffett is, he has always invested as a businessman rather then gambler/speculator and maintained his originality.

The book's front and back flap has summarized the book very well. Amazon hasn't provided that in "search inside" so putting it here (copyrights by Roger Lowenstein and Random House Inc.):-

"Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century--an astounding net worth of $10 billion, and counting. If you had been among the lucky few sitting in his study of Omaha at the start of his career in 1956, and had invested $10,000 with him and kept your money with him throughout , your original investment would be worth $80 million today. That awesome record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant deal-maker who cultivates a homespun aura.

But just who is the Oracle of Omaha, and why is he so successful ? In his illuminating biography, journalist Roger Lowenstein drawn on three years of unprecedented access to Buffett's family, friends, and colleagues to provide the first definitive, inside account of the life and career of this American original. 'Buffett' reveals a man whose conscientiousness, integrity, and good humor exist alongside an odd emotional isolation. It shows how Buffett's investment strategy--a long-term philosophy grounded in buying stock in companies that are undervalued on the market and hanging on until their worth invariably surfaces--is a reflection of his inner self.

Intelligent and offbeat, Buffett was obsessed with money-making from childhood. His parents (particularly his stockbroker/political father) were demanding but instilled in him self-reliance and honesty. As an undergraduate at Wharton, Buffett knew as much about economics as his teacher did -- but at Columbia Business School he met Professor Ben Graham, whose investment philosophy he adopted and then improved on with his own particular genius. 'Buffett' masterfully traces its subject's life: his enormously successful partnership, his early, inspired investments in American Express and Geico, his companionship and investment with Katherine Graham of the Washington Post, his role in the Capital Cities purchase of ABC, his unique relationship with his wife and his mistress, his rescue of the scandal-ridden Saolomon Brothers. Lowenstein paints Buffett as the antithesis of the reckless mentality that fueled the financial debacle on Wall Street at the end of the 1980s, and shows him to be a man of lifelong reach for stability and security. In outlining the character traits and financial philosophy that made Buffett the country's richest man, 'Buffett' presents a landmark portrait of a uniquely American life. "

Though book has very good account of W. Buffett, it could have been written better. I will reserve 5-stars for authors such as George Anders and Uresh Vahalia. I wish I could give 4.5 starts to this book.