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Pilgrimage to Warren Buffett's Omaha: A Hedge Fund Manager's Dispatches from Inside the Berkshire Hathaway Annual Meeting
 
 
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Pilgrimage to Warren Buffett's Omaha: A Hedge Fund Manager's Dispatches from Inside the Berkshire Hathaway Annual Meeting [Hardcover]

Jeff Matthews
5.0 out of 5 stars  See all reviews (2 customer reviews)

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Product details

  • Hardcover: 312 pages
  • Publisher: McGraw-Hill Professional; 1 edition (1 Nov 2008)
  • Language English
  • ISBN-10: 007160197X
  • ISBN-13: 978-0071601979
  • Product Dimensions: 23.1 x 15.5 x 2.8 cm
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Bestsellers Rank: 837,290 in Books (See Top 100 in Books)
  • See Complete Table of Contents

More About the Author

Jeff Matthews
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Product Description

Product Description

They come to Omaha by the tens of thousands, flocking to an annual meeting that has become legendary for investors, businesspeople, and fans of one of the most savvy capitalists on the planet. They come to eat steak, buy furniture at a discount, and bask in the brilliance of value investor extraordinaire, Warren Buffet.

Hedge fund founder, financial blogger, and professional skeptic Jeff Matthews got his own highly-coveted ticket to the Berkshire Hathaway meeting held only for shareholders and their guests--and proceeded to post reports on his blog, offering tempting glimpses into the much-discussed meeting. Now Matthews delivers a full-length account of his adventures at this infamous financial hoedown. In addition to offering a thoroughly entertaining first-hand account of Berkshire Hathaway's meeting, he answers questions investor's are asking, including:

  • Does Buffett's famed penny-pinching cripple his companies?
  • Why does Buffet--a bridge partner and best friend of Bill Gates--not own any technology stocks?
  • How does the extremely rational Buffett square his well-known social progressiveness with his lily-white audience of investors?
  • Is Buffet really an "Oracle"?
  • What information, insights, and ideas do the meeting's attendees pick up-and how do they put this information to use in their own investments?
  • Will Berkshire-Hathaway survive his death?

Matthews also applies his financial acumen to harvesting potent lessons from his experiences that you can use as you survey the investment field, from finding how the world’s greatest investor evaluates not only businesses but the people who run them, to the importance of “just reading and thinking” and the value of having a smart, cynical partner. With the dispatches from this exclusive financial carnival, Pilgrimage to Warren Buffett's Omaha puts you at the forefront of an investor's dream come true.

"There are very few secrets to be revealed about a man who really doesn’t have many secrets. But this book does take you inside that secret place – the Mecca of the Midwest. It’s very easy to read and full of classic Buffett-isms – well worth the pilgrimage for those of us who don’t own any Berkshire Hathaway shares or for anyone who wants to learn more about investing from the man who says the first rule of investing it to, 'read everything.'"
--CNBC.COM

From the Back Cover

Welcome to the “WOODSTOCK OF CAPITALISM”

Omaha Nebraska, Saturday May 3, 2008 The nation’s largest mortgage lender, Countrywide Credit, has collapsed after 38 years of making home loans—-a victim of its own aggressive lending practices, soaring loan losses, and a credit squeeze that forced it to sell out at a fire-sale price.

Bear Stearns, which survived the Crash of 1929 without a single layoff and ranked among the top investment banks in the United States, virtually disappeared overnight after 85 years on Wall Street. Only an 11th hour rescue by JP Morgan and the U.S. Treasury prevented a world-wide financial meltdown.

And 31,000 people have converged on Omaha to hear what Warren Buffett thinks will happen now.

The “Oracle of Omaha” is in the building.

“After reading Pilgrimage to Warren Buffett’s Omaha, my view of Buffett has been radically changed. Jeff Matthews reveals some of Warren Buffett’s most interesting professional foibles and personal blemishes.”—Douglas A. Kass, Seabreeze Partners Management Inc.


Inside This Book (Learn More)
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Front Cover | Copyright | Table of Contents | Excerpt | Index
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Most Helpful Customer Reviews
1 of 1 people found the following review helpful
By Rolf Dobelli TOP 500 REVIEWER
Format:Hardcover
Hedge fund expert Jeff Matthews is one of the "Omaha pilgrims" who can't wait to attend Berkshire Hathaway's annual shareholder meeting each May. He sees Berkshire Chairman and CEO Warren Buffett as "John, Paul, George and Ringo, all rolled into one." Buffett and his partner, Vice Chairman Charlie Munger, give everyone a good time at the "Warren and Charlie Show." Usually the opener is a cartoon depicting the two men in some goofy escapade. Buffett plays the ukulele (on video). Board member Bill Gates signs autographs. Singer Jimmy Buffett (no relation) often entertains. The stockholders love everything about Berkshire, as well they should. A person who put $10,000 into its stock when Buffett took it over in the mid-1960s saw that investment reach $84 million at its peak, thanks to Buffett's prowess. getAbstract suggests that - if you can't attend the wonderfully kitschy annual shareholders' meeting (first requirement: pay tens of thousands of dollars for a single share of stock) - the next best thing is to read Matthews's book. Just learning how Buffett selects stocks would be worth the book's cost even if it weren't fun to read. And it is.
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Format:Hardcover
This book is about the experience of going to Omaha to the Berkshire Hathaway Annual Meeting. Usually airline companies fly with 81 percent occupancy, but during the annual meeting in Omaha, all the airlines are completely booked by passengers who purchased their tickets way in advance. People who come to see Warren Buffett represent sort of a cult as Charlie Munger once said.

Unlike during other annual meetings, shareholders get a chance to ask questions. But there are rules:

* State your name and hometown
* Ask your question promptly; speak loud and clear
* Do not ask more than one question or attempt to "bundle" several questions together

Because this book was published in 2009, it contains very current information on subjects such as the subprime crisis, which according to Buffett, was caused by dumb lending and dumb borrowing. I like how every chapter starts with a quote from different individuals, but most of them are from Buffett and Munger. This is a great book about a great investor and his "cult."

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:  29 reviews
4 of 5 people found the following review helpful
This is almost like a religion 14 Aug 2009
By Mariusz Skonieczny - Published on Amazon.com
Format:Hardcover
This book is about the experience of going to Omaha to the Berkshire Hathaway Annual Meeting. Usually airline companies fly with 81 percent occupancy, but during the annual meeting in Omaha, all the airlines are completely booked by passengers who purchased their tickets way in advance. People who come to see Warren Buffett represent sort of a cult as Charlie Munger once said.

Unlike during other annual meetings, shareholders get a chance to ask questions. But there are rules:

* State your name and hometown
* Ask your question promptly; speak loud and clear
* Do not ask more than one question or attempt to "bundle" several questions together

Because this book was published in 2009, it contains very current information on subjects such as the subprime crisis, which according to Buffett, was caused by dumb lending and dumb borrowing. I like how every chapter starts with a quote from different individuals, but most of them are from Buffett and Munger. This is a great book about a great investor and his "cult."

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
7 of 10 people found the following review helpful
It's Pretty Good 25 Oct 2008
By Aaron Koral - Published on Amazon.com
Format:Hardcover
As a long time reader of Mr. Matthews' blog, JeffMatthewsIsNotMakingThisUp, I looked forward with anticipation to his book on his take-aways from the Berkshire Hathaway shareholder meetings. Upon reading, I was not disappointed. The book is based on a series of blog posts from the first year Mr. Matthews attended the "Woodstock of Capitalism", as the Berkshire shareholder meetings are affectionately referred to.

The book, I should note, is not another biography of Warren Buffett like Roger Lowenstein's excellent "Buffett: The Making of An American Capitalist". Nor is the book a distillation of Berkshire Hathaway's investment tenets such as Robert Hagstrom's "The Warren Buffett Way". The book focuses mainly on the type of questions Berkshire shareholders ask Mr. Buffett and his partner, Charlie Munger, as well as the answers they provide. The author then proceeds to offer his own take on the views shared by Mr. Buffett and Mr. Munger, as well as the questioners/shareholders themselves.

Mr. Matthews throughout his work offers some great contrasts between the public pronouncements by Mr. Buffett and the actions Berkshire Hathaway takes with its float and shareholder capital. An example would be Berkshire's use of derivatives on currency trades, while Mr. Buffett publicly pronounces the use of derivatives as "financial weapons of mass destruction".

Readers will also get the sense of the admiration the author holds for Mr. Buffett and the way he runs Berkshire shareholder meetings, which are unlike any other shareholder meeting for American publicly traded companies. One need only remember the time Bob Nardelli, then CEO of Home Depot, back in May 2006 not even answering shareholder questions about CEO compensation or having a truly independent board of directors.

The reason I give the book four stars is while the subject is both unexplored and given a breezy, easy-to-read treatment, I felt the book could have gone much further given the subject. I would have given the book five stars had the author contrasted the Berkshire shareholder meeting with that of another publicly traded company Mr. Matthews holds to see how Berkshire sets the standard for the way shareholder meetings should be run.

Overall, I found the book to be a pretty good read and you won't be disappointed with the treatment given by the author.
9 of 13 people found the following review helpful
A great read - Insightful, Witty and Well-Written - Unlike the snoozefest Snowball 17 Oct 2008
By Bulls & Bears - Published on Amazon.com
Format:Hardcover
I found this book to be an enjoyable read that, unlike Snowball, kept my attention straight through. I enjoyed Jeff Matthews' insight into the mind and personality of the "Oracle of Omaha". I would recommend this book to anyone - from wall street hotshots to young professionals just starting out.
Jeff also provides an in-depth look into the incredible following that hangs on Warren's every word... a comprehensive account that I had yet to see in previous Buffett books.
I would also suggest checking out his blog - I've been an avid reader of it since early 2006 and have enjoyed the majority of his posts. Like the book, Jeff's posts are full of his wit and astute perspective.
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