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Insights on Warren Buffett From His Friend and Editor

by Charles Rotblut, CFA and Carol Loomis

Carol Loomis is a senior editor-at-large for Fortune and author of “Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012” (Portfolio Hardcover, 2012), published last November. I spoke to Carol recently about Buffett’s annual Berkshire Hathaway shareholder letter, which she edits, and about her sense of Buffett’s attitudes and methods.

—Charles Rotblut

Charles Rotblut (CR): Could you describe your relationship with Warren Buffett? I don’t think people realize that it goes beyond you being a senior editor at Fortune magazine who has written about him.

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Charles Rotblut, CFA is a vice president at AAII and editor of the AAII Journal. Follow him on Twitter at twitter.com/charlesrotblut.
Carol Loomis is a senior editor-at-large for Fortune and author of "Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012" (Portfolio Hardcover, 2012) .


Discussion

Robert Carr from New York posted 11 months ago:

How about comparison of share price that is where stock holders get paid? Nice column though, enjoyed hearing from someone who knows.


Steve from Pennsylvania posted 11 months ago:

Warren Buffett is undoubtedly one of the greatest investors of all times, and appears to be a humane and ethical human being as well. That being said, for retired retail investors such as myself, my outlook on his
investments, and my advice to others in my category: go elsewhere. Buffett stocks will never provide any dividends as long as he is in charge. His "A" stock is way beyond my free cash available, and his "B" stock's performance is nothing to write home about, compared to many other high quality stocks. Once he scooped up Heinz (one of my "core" holdings) recently, the dividend disappeared
almost immediately. I have since sold my Heinz shares.

Also, when Buffett retires, there is absolutely no guarantee that the performance of Berkshire holdings will continue to appreciate. Look what is happening to Apple since Steve Jobs left; there may be some real similarities here.


gsturgis from Mississippi posted 11 months ago:

My respect for Mr. B's consistency, patience, evaluations of managers, projections of business trends, and timing of investment commitments is greater as I follow his career. I do not understand his political postures on taxes, big government involvement in controlling the free- enterprise capitalistic economy, the encouragement of a welfare state.and the support of a socialist party and leader pursuing an agenda that has failed everywhere it is used! Ask him to stick to Mr. Graham's
teachings and leave politics to the egomaniac idiots! Thanks for the lessons and investment leadership. gsturgis@comcast.net



Craig from Virginia posted 10 months ago:

Say what you want......only two down years since 1965 pretty much sums it up.


John from Arizona posted 10 months ago:

The article compares Berkshire Book Value against SP 500 share price + dividends.
Only 2 down years out of 45 years for Berkshire. This can explain good compounded annual gains for Berkshire. Bershire stock must have low turnover, so they don't have to sell assets in a down market.
What are the other reasons for only 2 down years in 45 years?


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