Weekend reading: The temptation of St. Warren

Every week I post weekend reading; something interesting I’ve stumbled on that is in some way related to value investing. This week’s weekend reading is the temptation of St. Warren, an old article on Warren Buffett. It’s a really interesting article to look at with the perspective of time, and it’s funny how many of the things the author (Michael Lewis, author of Moneyball, The Big Short, etc.) rails against as a product of the times have proved nearly timeless (Wall Street greed, conflicts of interest, etc.). While I agree with several of the points of article, I disagree with several others, and it is fun to look at the quote “he can’t beat the average because he is the average” and then compare Berkshire’s results since the article came out (Feb. 1992) to the S&P’s results since then. A picture’s worth a thousand words.