There were times when brawn mattered more than brain. In the battle between nerds and jocks, jocks always had the last laugh. But the second half of the 20th century witnessed the rise of nerds. Bill Gates was consistently on top of the Forbes list of billionaires for long. The investing career of Warren Buffett is so successful that Fortune has had an expert on him since 1966. Jocks should be worried.
This collection chronicles the career of a man who does not quite fit the stereotype of a billionaire. Mr Buffett spends much of his time reading and thinking. He has been reading books on investing since the age of eight. He does not split his stock. When Mr Buffett was once asked when he would sell his Coca-Cola shares, he replied: “Never.” He rarely travels beyond Omaha. He does not venture beyond his area of expertise. For long, he refused to use an electronic computer. He is not swayed by the latest fads in the investment arena. He has a schedule free of meetings. Listening to stupid people gives him “blinding headaches”. He would not do business with people he dislikes.
Mr Buffett loves his work. His unwillingness to compromise the integrity of his work enraged a Fortune editor, Daniel Seligman; at one point, Seligman wanted the magazine to not publish the great investor’s article. When he was 19, Harvard rejected Mr Buffett because he had the social skills of a 12-year-old. In other words, if the jocks in the pre-industrial age needed a punching bag, Mr Buffett would have been the most obvious candidate. But, as Ms Loomis points out, in the information age, few jocks can afford a stock of Berkshire Hathaway. Today, it sells at a hefty price of $134,490.
Read The Nerd Of Omaha in Business Standard.