The following is an excerpt from CRAIG J. COLETTA | June 28, 2012 | abcnews.go.com |
No investor is more closely watched and more imitated than Warren Buffett. Millions of investors, mesmerized by this man who has become a legend in his own time, seek to follow in his investing footsteps.
They fall deeper into a trance of idol worship with Buffett’s every pithy comment. Dreaming of riches to come, they buy whatever Buffett does. Yet these Buffetteers could no sooner mimic his methods than they could dunk a basketball like LeBron James. The reasons come down to a reality that is eclipsed by the media aura surrounding Buffett and his renown as the Oracle from Omaha.
Buffett’s wealth stems from running Berkshire Hathaway, a vast conglomerate that owns dozens of large companies, including Fruit of the Loom, GEICO, Dairy Queen, Helzberg Diamonds and NetJets.
Buffett, Berkshire’s chairman and CEO, makes all the investment decisions for the company and its subsidiaries. His mind-boggling wealth comes not from his own personal portfolio, but from his ownership stake in Berkshire Hathaway.
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