Executive Privilege
Atlantic, The, January, 2006 by Clive Crook
W arren Buffett, one of the most successful investors the world has ever seen, is also the epitome of a particular style of business leadership—the supreme practitioner of, and spokesman for, old-fashioned virtues in American capitalism. Berkshire Hathaway, the diversified conglomerate he built and still runs, has for years represented prudence, patience, steady calculation, and a zealous advocacy of owners'—that is, stockholders'—interests over those of managers. This old-time, values-driven philosophy, expounded in plain English each year in Buffett's letter to shareholders, stands in deliberate contrast to Wall Street's "greed is good" ethos. Still living and working in Nebraska, munching his hamburgers and sipping his Cherry Coke, the Oracle of Omaha is affectedly unglamorous. But, reassuringly, he seems to know something the fast-buck speculators don't: as Berkshire's principal shareholder he is worth around $40 billion.
Last year ...