Word: hagstrom
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Dates: during 1990-1999
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...chance, says Robert Hagstrom, author of The Warren Buffett Way and manager of the Focus Trust, a stock fund that tries to mimic Buffett's style. "You shouldn't take this as a cue to be seduced into commodities, and don't misunderstand this as a big move out of stocks," Hagstrom says. Indeed, the silver and T-bonds, even after recent run-ups in price, account for less than 10% of Berkshire's $34 billion portfolio...
...contemplated. So we define a large part of ourselves by our job titles, and then change the jobs and the titles along the way. Margot Eberman de Ferranti turned 50 and resigned from the civil division at the Justice Department to become a mediator in local courts. Economist Karen Hagstrom Johnson says, "I still have the same job at the Federal Reserve Board. I think that I have fallen into the trap of letting my work expand to fit the available time." Irene Marie Leary just decided to attend law school while continuing full-time work for Texas Instruments. Computer...
...Hagstrom is a Philadelphia investment adviser and longtime fan of Buffett's. While other Buffett buffs were waiting for their hero to write a book that explains how he does it, Hagstrom came out of nowhere as a replacement author. The publication last November of his book, The Warren Buffett Way, helped spark a sudden rise in the stock price of Berkshire Hathaway from $16,000 to a record $25,000 a share (this is no penny stock). Since Buffett owns 42% of Berkshire Hathaway, Hagstrom's effort made Buffett $2 billion richer, at least temporarily. This is the biggest...
True to his instincts, the investor friend I mentioned earlier naturally waited for Hagstrom's readers to bid up Buffett's stock to an extravagant level before buying his first share. Had he read Hagstrom's book beforehand, he might have thought better of it because another of Buffett's rules is that you should pay sensible prices for things...
...Hagstrom's detailed description of Buffett's modus operandi has caused a bit of confusion among Buffett followers. Inspired by the book, a number cruncher at Standard & Poor's took all the attributes of a Buffett-type investment (consistent profitability, high return on equity, etc.) and programmed a computer to spit out the names of the companies that qualified. Thirty did, but only two of those stocks are actually found in Buffett's portfolio at Berkshire Hathaway. As the Standard & Poor's computer sees it, most of Buffett's biggest holdings, with the exception of U.S. Tobacco and Coca-Cola...