You appear to have married well. Assuming the figures are correct (and I wonder) it's important to know where those workers are. Presumably, most are international. In Mexico the per capita income (depending on the source) is $10,000 to $14,000. So a $14,144 wage there would not seem exploitative to me. I would have trouble making any judgment on KO's employment practices without a lot of such country-specific data. As far as WEB is concerned, I think it's asking a lot for him to "fix" an imbalance, assuming there is an imbalance, at one of his investees.
Thank you, Roger, for expressing so eloquently what So many of us feel. Also, thank you for your Buffett book 30 years ago which truly steered and facilitated a lot of us to Berkshire and the thousands of pearls so generously shared by Warren & Charlie over the decades. We will never see these type of gentlemen who combine such brilliance, wisdom, sensibility, integrity, humor and humility. Happy New Year to All!
Lovely piece, Roger! I've enjoyed your writings for years.
One nit: You said, "And he [Buffett] referred to Charlie Munger, 'my best pal for 64 years,' whom he met at a dinner party in Omaha in 1961." According to Alice Schroeder's "The Snowball," Buffett met Munger at a luncheon at the Omaha Club "One summer Friday in 1959" when "Munger was in town to settle his father's estate." A footnote in that book says the July 1, 1959, Omaha World-Herald announced the death of Munger's father. So, their meeting was likely in July or August 1959. This jibes with Buffett's recent statement that Munger, who died in November 2023, was Buffett's "best pal for 64 years."
I was first introduced to your writing in your "Intrinsic Value" column in the WSJ 30 or so years ago. You taught me some valuable lessons. It led me to read everything I could get my hands on that you ever wrote. (Even a bit decades ago on Ben Graham that I'll bet few fans have found.)
Your Buffett biography made a huge impression on me. In my opinion, it remains the best Buffett biography. It's part of what led me to putting the majority of my investable assets into Berkshire decades ago, and to attending a couple dozen Annual Meetings-- and, I think, asking more questions (via journalists on stage) than anyone.
And-- I agree with you, that its Buffett's character, not brilliance, that is ultimately his more remarkable legacy.
I remember vividly reading Buffett: The Making of an American Capitalist. I sometimes chuckle at the Berkshire stock price chart in the introduction. It was vertical, demonstrating the incredible compounding achievement to that point. A lot of people must have started buying Berkshire as a result of your book, as well as Robert Hagstrom’s around the same time, when you introduced Buffett to the masses outside of the U.S. All those people owe you a debt of gratitude for the subsequent 30x, as the chart continued to go vertical despite a couple of market crashes, a pandemic and the incredible size anchor. Of course the returns were not even remotely the best part of being introduced to Warren, Charlie and Berkshire!
What did Charlie Munger say: the best thing a human can do, is help another human know more.
Patience was Buffett's secret ingredient. And of course, so was doing the "dirty work" of reading filings and other primary materials to understand a company. Something that, unfortunately, is slowly being lost.
So- a question for you, Roger. Years ago, you told an anecdote of how Buffett rather reluctantly autographed a copy of your biography of him for you. Why might he have been reluctant, do you think? Now, in retrospect, I'd think he'd be far happier with your biography than with "Snowball."
Roger, I have owned Berkshire Hathaway stock for some time; my in-laws have for 40 or 50 years. While I think he’s great, his massive stake in Coca-Cola paid $816 million in dividends to Berkshire last year. Coke paid out approximately $986 million to its 69,700 employees, an average of $14,144 per employee.
Should Buffett do more to fix that imbalance? It seems hypocritical that Buffett talks about the rich paying more taxes, but he’s fine with Coke’s low level of pay worldwide.
Dear WIll
You appear to have married well. Assuming the figures are correct (and I wonder) it's important to know where those workers are. Presumably, most are international. In Mexico the per capita income (depending on the source) is $10,000 to $14,000. So a $14,144 wage there would not seem exploitative to me. I would have trouble making any judgment on KO's employment practices without a lot of such country-specific data. As far as WEB is concerned, I think it's asking a lot for him to "fix" an imbalance, assuming there is an imbalance, at one of his investees.
Thanks for writing and happy new year--
Yrs
R
Love this, Roger. I completely agree.
Thank you, Roger, for expressing so eloquently what So many of us feel. Also, thank you for your Buffett book 30 years ago which truly steered and facilitated a lot of us to Berkshire and the thousands of pearls so generously shared by Warren & Charlie over the decades. We will never see these type of gentlemen who combine such brilliance, wisdom, sensibility, integrity, humor and humility. Happy New Year to All!
Lovely piece, Roger! I've enjoyed your writings for years.
One nit: You said, "And he [Buffett] referred to Charlie Munger, 'my best pal for 64 years,' whom he met at a dinner party in Omaha in 1961." According to Alice Schroeder's "The Snowball," Buffett met Munger at a luncheon at the Omaha Club "One summer Friday in 1959" when "Munger was in town to settle his father's estate." A footnote in that book says the July 1, 1959, Omaha World-Herald announced the death of Munger's father. So, their meeting was likely in July or August 1959. This jibes with Buffett's recent statement that Munger, who died in November 2023, was Buffett's "best pal for 64 years."
Roger,
I was first introduced to your writing in your "Intrinsic Value" column in the WSJ 30 or so years ago. You taught me some valuable lessons. It led me to read everything I could get my hands on that you ever wrote. (Even a bit decades ago on Ben Graham that I'll bet few fans have found.)
Your Buffett biography made a huge impression on me. In my opinion, it remains the best Buffett biography. It's part of what led me to putting the majority of my investable assets into Berkshire decades ago, and to attending a couple dozen Annual Meetings-- and, I think, asking more questions (via journalists on stage) than anyone.
And-- I agree with you, that its Buffett's character, not brilliance, that is ultimately his more remarkable legacy.
💯Well said!
I remember vividly reading Buffett: The Making of an American Capitalist. I sometimes chuckle at the Berkshire stock price chart in the introduction. It was vertical, demonstrating the incredible compounding achievement to that point. A lot of people must have started buying Berkshire as a result of your book, as well as Robert Hagstrom’s around the same time, when you introduced Buffett to the masses outside of the U.S. All those people owe you a debt of gratitude for the subsequent 30x, as the chart continued to go vertical despite a couple of market crashes, a pandemic and the incredible size anchor. Of course the returns were not even remotely the best part of being introduced to Warren, Charlie and Berkshire!
What did Charlie Munger say: the best thing a human can do, is help another human know more.
Hi Roger. Warren is our master. Nice to connect. I have subbed. Let’s support each other and grow together. Check my deep dive on UBER at this link. Part 2 is already available also. Feedbacks appreciated. https://valueinvestorfromitaly.substack.com/p/uber-deep-dive-a-multibagger-opportunity?r=3qdo3i
Thank you for sharing. It is a great read!
Patience was Buffett's secret ingredient. And of course, so was doing the "dirty work" of reading filings and other primary materials to understand a company. Something that, unfortunately, is slowly being lost.
So- a question for you, Roger. Years ago, you told an anecdote of how Buffett rather reluctantly autographed a copy of your biography of him for you. Why might he have been reluctant, do you think? Now, in retrospect, I'd think he'd be far happier with your biography than with "Snowball."
Great article
Roger, I have owned Berkshire Hathaway stock for some time; my in-laws have for 40 or 50 years. While I think he’s great, his massive stake in Coca-Cola paid $816 million in dividends to Berkshire last year. Coke paid out approximately $986 million to its 69,700 employees, an average of $14,144 per employee.
Should Buffett do more to fix that imbalance? It seems hypocritical that Buffett talks about the rich paying more taxes, but he’s fine with Coke’s low level of pay worldwide.