Happy Christmas!

The following comes from a review by Martin Fagan of Squaremilebookstore.com of the book, The Real Warren Buffett, by James O'Loughlin.

Whilst this is not about pricing, there are a couple of bits in it that I think are interesting, the first being the leaky boat quote and the other the price/value principle. It reminds me that whatever price you charge, it should represent value to your customer; that way, he’ll come back.

Merry Christmas!

Crockett

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Warren Buffett is, after Bill Gates, the world’s richest man. In 1950, from delivering papers and running pinball machines in barbers’ shops in Omaha, Nebraska, Buffett had $9,800 in capital, which is the sole basis of his subsequent wealth. He is now worth over $20 billion (and counting), but he still lives in a modest house in Omaha. Had you invested $10,000 in Berkshire-Hathaway (his company-cum-investment fund) when he took over in 1965, you would have about $22,000,000 today.

Buffett’s philosophy and outlined principles on investing hold good – regardless of what type of investor you consider yourself as. First among them is the idea that price is what you pay and value is what you get - and if you're a clever investor, the former will always be less than the latter.

One of his sayings is: “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks”.

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You can get Warren Buffett’s book, The Real Warren Buffett, at squaremilebookstore.com, which is where I got this information.

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