226 NOTES
- Ibid., 151.
- Ibid., 153.
- Quoted on http://www.moneychimp.com.
- Bernstein, Capital Ideas,162.
- Andrew Kilpatrick, Of Permanent Value: The Story of Warren Buffett
( Birmingham, AL: AKPE, 2000), 89. - Munger’s sweeping concept of the “latticework of mental models” is the
subject of Robert Hagstrom’s book Investing: The Last Liberal Art(New
York: Texere, 2000). - A frequent comment, widely quoted.
- Robert Lenzner, “Warren Buffett’s Idea of Heaven: ‘I Don’t Have to Work
with People I Don’t Like,’ ” Forbes(October 18, 1993), 43. - L. J. Davis, “Buffett Takes Stock,” New York Timesmagazine (April 1,
1990), 61. - Ibid.
- Berkshire Hathaway Annual Report, 1987, 15.
- Berkshire Hathaway Annual Report, 1990, 17.
- Benjamin Graham, The Intelligent Investor,4th ed. (New York: Harper &
Row, 1973), 287.
23.Adam Smith’s Money World,PBS, October 21, 1993, quoted in Kilpatrick,
Of Permanent Value(2004), 1337. - Warren Buffett, “What We Can Learn from Philip Fisher,” Forbes(Octo-
ber 19, 1987), 40. - “The Money Men—How Omaha Beats Wall Street,” Forbes(November 1,
1969), 82.
Chapter 3 “Our Main Business Is Insurance”: The Early Days of
Berkshire Hathaway
- Berkshire Hathaway Annual Report, 1985, 8.
2.Warren Buffett, “The Security I Like Best,” The Commercial and Financial
Chronicle( December 6, 1951); reprinted in Andrew Kilpatrick, Of Perma-
nent Value: The Story of Warren Buffett,rev. ed. ( Birmingham, AL: AKPE,
2000), 302. - Berkshire Hathaway Annual Report, 1999, 9.
- The purchase price is often quoted as $22 billion, and in a sense that is true.
The two companies announced in June 1998 that Berkshire would acquire
all General Re shares at a 29 percent premium over the closing share price,
by trading an equivalent value in Berkshire stock. But six months passed be-
fore the deal f inally closed, and by that time both share prices had declined.
General Re shareholders received $204.40 for each share they owned, rather
than the $276.50 value the shares had back in June. The actual purchase