"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
Warren Edward Buffett (1930- )
Considered the world's most successful investor, Warren Buffet has been dubbed the "Oracle of Omaha." With a net worth estimated at $30.5 billion by Forbes magazine, Buffet practices patience, investing for the long term. He typically buys what he considers to be undervalued companies, evaluating a company's capacity for growth based on its assets, but also such intangibles as the value of a consumer brand and the quality of its management. The basis of his fortune is Berkshire Hathaway, the struggling New Bedford, Mass. textile company he bought in 1957 and built into a huge holding conglomerate. Companies owned by Berkshire Hathaway include auto insurer GEICO, apparel maker Fruit of the Loom and Benjamin Moore Paints.