Andrew Ross Sorkin

And think it's crazy.

And think it's crazy.

He is, without question, the most successful investor in America. He has made more money and has a better track record than just about anybody. And just to put this in context, if you had invested $100 with this man in 1965 when Buffett bought control of Berkshire, that would be worth $2.8 million today.

He is, without question, the most successful investor in America. He has made more money and has a better track record than just about anybody. And just to put this in context, if you had invested $100 with this man in 1965 when Buffett bought control of Berkshire, that would be worth $2.8 million today.

$100 to $2.8 million. And so many of the people in that room went on that ride with him or wished they could.

$100 to $2.8 million. And so many of the people in that room went on that ride with him or wished they could.

That's the obvious reason that so many people look to Warren Buffett in this very unique and special way. But the truth is, I've been grappling with his role for a long time, and specifically on Saturday. Actually, after the news broke, I got a call from an editor who said, hey, would you think about writing about Buffett? Maybe you can try to capture this idea

That's the obvious reason that so many people look to Warren Buffett in this very unique and special way. But the truth is, I've been grappling with his role for a long time, and specifically on Saturday. Actually, after the news broke, I got a call from an editor who said, hey, would you think about writing about Buffett? Maybe you can try to capture this idea

that he is the avatar of American capitalism. And I sort of sat there thinking to myself, I don't know if that's totally right. I don't know if he is the avatar of capitalism as we know it today. Why not? Because in so many ways, he actually sits outside of it. He sits apart from the system that we know, the corporations that we know, the ideas around wealth that we know.

that he is the avatar of American capitalism. And I sort of sat there thinking to myself, I don't know if that's totally right. I don't know if he is the avatar of capitalism as we know it today. Why not? Because in so many ways, he actually sits outside of it. He sits apart from the system that we know, the corporations that we know, the ideas around wealth that we know.

And in many ways, as I contemplated it, I think Warren Buffett really is today the conscience of capitalism. And let me just say, I don't mean to suggest for a moment that he doesn't believe in capitalism. He would tell you that he is a card-carrying capitalist, and I think he may even have a business card in his wallet that says that.

And in many ways, as I contemplated it, I think Warren Buffett really is today the conscience of capitalism. And let me just say, I don't mean to suggest for a moment that he doesn't believe in capitalism. He would tell you that he is a card-carrying capitalist, and I think he may even have a business card in his wallet that says that.

What I mean is that he has a moral code and he has approached his business in a particular way that has engendered a unique level of trust, not just among his investors, but among the public, among policymakers in a way that is so very different from the way most people think about business today.

What I mean is that he has a moral code and he has approached his business in a particular way that has engendered a unique level of trust, not just among his investors, but among the public, among policymakers in a way that is so very different from the way most people think about business today.

So the fascinating thing about Buffett is he comes out of school and decides to be what's called a value investor, which means he's looking for companies that are undervalued. And his initial approach is this idea that he's going to buy what he used to call cigar butts. This idea that he was going to buy cheap, almost failed companies that had one more puff in them. And...

So the fascinating thing about Buffett is he comes out of school and decides to be what's called a value investor, which means he's looking for companies that are undervalued. And his initial approach is this idea that he's going to buy what he used to call cigar butts. This idea that he was going to buy cheap, almost failed companies that had one more puff in them. And...

He had a business partner named Charlie Munger who told him this is not the way. The way you're going to make real money long term is to buy good businesses, hold them, own them, and grow them.

He had a business partner named Charlie Munger who told him this is not the way. The way you're going to make real money long term is to buy good businesses, hold them, own them, and grow them.

Exactly. And that's what he did. And he did it remarkably. And over the years, he has assembled this collection of assets that he owns. Everything from Burlington Northern, the train company, to Fruit of the Loom, to Duracell, the battery company, to See's Candies. You know, he owns hundreds of these type of businesses.

Exactly. And that's what he did. And he did it remarkably. And over the years, he has assembled this collection of assets that he owns. Everything from Burlington Northern, the train company, to Fruit of the Loom, to Duracell, the battery company, to See's Candies. You know, he owns hundreds of these type of businesses.