Alice Schroeder Interview

[claphands22]

Miguel Barbosa's Simoleon Sense posted a 6 part interview with Alice Schroeder.

 

Complete Interview http://www.simoleonsense.com/simoleonsense-thanks-readers-for-feedback-interest-alice-schroeder-recap/

 

Part 1 http://www.simoleonsense.com/simoleonsense-interviews-warren-buffetts-biographer-alice-schroeder-part-1-the-forging-of-a-skeptic-from-accountant-to-buffetts-voice-on-wall-st/

 

Part 2 http://www.simoleonsense.com/simoleonsense-interviews-buffett%E2%80%99s-biographer-alice-schroeder-part-2-a-behind-the-scenes-look-at-wall-st-morgan-stanley/

 

Part 3 http://www.simoleonsense.com/simoleonsense-interviews-buffett%E2%80%99s-biographer-alice-schroeder-part-3-meeting-the-oracle-of-omaha/

 

Part 4 http://www.simoleonsense.com/simoleonsense-interviews-buffett%E2%80%99s-biographer-alice-schroeder-part-4-will-the-real-warren-buffett-please-stand-up/

 

Part 5 http://www.simoleonsense.com/simoleonsense-interviews-buffett%E2%80%99s-biographer-alice-schroeder-part-5-buffett-the-investor-businessman/

 

Part  6 http://www.simoleonsense.com/simoleonsense-interviews-buffett%E2%80%99s-biographer-alice-schroeder-part-6-curve-ball-%E2%80%93-surprising-facts-about-warren-buffett/

 

[Guest ValueCarl]

Without a doubt, this is a very wise woman whose insight, intuition, and direct experiences with the Oracle, should not be ignored. I can't wait until she gets to the Buffett impressions!  ;D

 

An example of a "click whirr" response behavior pattern: While waiting on a long line in order to make a copy at the machine in Staples, one crafty person says, "Can I get in front of you because.......my ride to school is waiting in the car outside? The patron in the front of the line way ahead of where she would be says, "Sure, go ahead," without even contemplating the fact that the person should have alloted themselves and their ride more time. For some reason, the word because "clicks" as "proof" of a "valid reason" only because the mind is in a "whirr" state.    

 

In similar patterns, even excluding the criminal side of the short machinations which continues in the marketplace, this is how "sell side shops" play with the heads of investors in moving them to "sell, sell, sell! LOL!  

 

[shalab]

There is no question she is smart and the reason she got chosen to write the biography. It will be interesting to see why she turned south and in the process lost some of her own reputation.

[Guest ValueCarl]

It sounds like you might be experiencing a little bit of cognitive dissonance on your own when thinking about Alice. 

 

Try not to be too judgmental of her, as she may end up surprising us all.

 

After-all, this is no dumb blonde whom we are having the good fortune to hear opine about the greatest "stock operator" the world will ever know!  ;D  The added benefit is that, she has subscribed to a great deal of Munger Wisdom and recommended "reading" material as far as I can tell. 

[Myth465]

I dont know. Buffett seems like a tough guy to not get along with (his enemy list seems quite short and no one really ever says much bad about him and him bad about others). If she was so smart why did she fail at what appears to be a simple task.

[Guest ValueCarl]

Failure is a strong word without hearing Mr. Buffett's own, candid point of view, which he refuses to share, at least publicly, apparently. I am getting the feeling that, Ms. Schroeder is going to shed some light on never before revealed insight into the mind of "The Oracle." Thus far, she seems less concerned about what others may think, and more concerned with sharing her experiences as they occurred, according to how she felt and perceived them to be. She's the first to admit as far as I have been reading, certain conflicting views, inclusive of the radical changes which occurred in her own life through meeting him. She's not afraid to capitalize on this subject matter, enhancing her own personal wealth during the process, you can be sure.   

 

Let's give the lady a chance with open minds and lack of "censorship," in order for this liberating medium called "the internet" to reach its maximum potential. I believe we're going to be surprised! imo         

[Parsad]

Let's give the lady a chance with open minds and lack of "censorship," in order for this liberating medium called "the internet" to reach its maximum potential. I believe we're going to be surprised! imo

 

Umm, the board wasn't censoring what you said.  You quoted a copyrighted interview, the title of which specifically says by the interviewer and interviewee:  "Please do not repost without asking for permission".  I'm guessing Alice and Miguel didn't give you permission Carl!  ;D  Thus the edit.  Cheers!

[Guest ValueCarl]

Whoa! Touche, boys! And, thanks for protecting my unintentional oversight while this flat earth theory, might be becoming round again? 

 

http://abcnews.go.com/Business/wireStory?id=12025295

 

I've traveled around some dark places for a very long time now, and could use some real sunshine in my life!  ;D Maybe I should call Mr. Buffett, because I know Mr. Munger will depress me, otherwise. LOL!

[twacowfca]

The Secretary of the Flat Earth Society accepted an invitation to a scientific demonstration of the Earth's curvature in the middle of the 19th century.  The demo was on a clear, still day on a glassy, smooth canal in England that ran straight for eight miles.  The curvature could be seen clearly through a telescope as a vertical marker pole on a shallow boat sank away from the viewer as the boat traveled down the canal.  Was the skeptic convinced?  

[dual_bid]

Let's give the lady a chance with open minds and lack of "censorship," in order for this liberating medium called "the internet" to reach its maximum potential. I believe we're going to be surprised! imo

 

Umm, the board wasn't censoring what you said.  You quoted a copyrighted interview, the title of which specifically says by the interviewer and interviewee:  "Please do not repost without asking for permission".  I'm guessing Alice and Miguel didn't give you permission Carl!   ;D  Thus the edit.  Cheers!

 

I think there's a difference between a "repost" and a "quote".

Anyways, Sanjeev, you are taking some personal legal risk by exercising active censor control (instead of letting the owner request the removal of a piece).

Just my 2c...

[Guest ValueCarl]

Flat earth, round earth debates might not be a fair analogy for what value investors expect to prove, or should I say disprove in the marketplace. The debate is efficiency vs. inefficiency, as I see it. This debate is being elevated much higher with the advent of the computer, inclusive of HFT along with algorithms intent on finding an edge, if not "price fixing" as part of a longer term goal, which quite frankly, might end up destroying capitalism in favor of socialism for which the owners of the "machine" dictate price.

 

Notwithstanding the above, and as long as "The Perfect remains the enemy of the Good," I believe in inefficiency for as far as the human eye can see.  ;D      

 

 

Where's Alice's Part 2 this morning because I am going to gain permission to "repost and/or quote"! LOL  

[Parsad]

I think there's a difference between a "repost" and a "quote".

Anyways, Sanjeev, you are taking some personal legal risk by exercising active censor control (instead of letting the owner request the removal of a piece).

Just my 2c...

 

You're kidding me right?  I own the site, and therefore have the option of removing any post that I feel would be an infringement of someone else's copyright.  Cheers!

[nodnub]

Sanjeev, I think it's possible that you have misinterpreted the direction of Dual_bid's comment.

 

I *think* he means that you are establishing a legal precedent by taking responsibility for removal of copyrighted content... The problem arises if in the future IF you fail to remove some copyright material (or don't remove it fast enough) then the copyright holder might make a case that you infringed by not removing copyright material (as you had previously established responsibility for this). 

[dual_bid]

Sanjeev, I think it's possible that you have misinterpreted the direction of Dual_bid's comment.

 

I *think* he means that you are establishing a legal precedent by taking responsibility for removal of copyrighted content... The problem arises if in the future IF you fail to remove some copyright material (or don't remove it fast enough) then the copyright holder might make a case that you infringed by not removing copyright material (as you had previously established responsibility for this). 

 

(L)ex-kidd-not-actly.

 

That's why Yahoo and Goog/Tube and the rest of the www-guys do not actively police their content (only promise to remove infringing content upon duly made requests)

[Parsad]

That's why Yahoo and Goog/Tube and the rest of the www-guys do not actively police their content (only promise to remove infringing content upon duly made requests)

 

Great!  I just made even more work for myself now.  ;D  Cheers!

[Guest ValueCarl]

Alice and Miguel are doing a stand up job.  :D It's hard not to like and respect this gal's ethics. Her ability to have removed as much "emotion" humanly possible out of the equation as part of her narrative work, is admiral at the same time uncanny considering the most important thing she knew was always at stake; Mr. Buffett's approval. At the same time, intuitively, Mr. Buffett understood everything Alice knew, possibly more, while encouraging her to forge ahead notwithstanding.

 

I would love to hear Alice tell us who she has met, and considers as being closer to "all bad" while meditating on her words.

 

In life as in business, "The Perfect is the Enemy of the Good." Sadly, however, the greed and fear factors comprising business, oftentimes leads to far more "bad" in lieu of good.  :(   

[claphands22]

Attached below is Alice Schroeder's 1999 report on Berkshire Hathaway. (Thanks to Dah Hui Lau for finding it)

http://dahhuilaudavid.blogspot.com/2008/04/alice-schroeders-january-1999-analyst.html

 

 

 

[manualofideas]

Miguel Barbosa's interview is phenomenal, and he deserves a ton of credit for making it happen.

 

I do have an issue with Alice Schroeder because it seems she is now trying to make herself the "anti-Buffett/Munger" commentator.  So, whenever the media wants an opinion on Buffett/Munger, they can turn to one of hundreds of people to give one side of the coin -- and then there's Alice to give the other.  It seems like good business for her.  I especially found her recent Bloomberg piece on Munger disingenuous.  Anyone who listened to Munger's two-hour interview with Becky Quick would have gotten an appreciation for how much Munger actually cares about improving America and society in general.  He is NOT a mean rich guy, as Schroeder seemed to portray him.

 

Schroeder's approach to Buffett/Munger reminds me of the person who thinks that something should be rated 8 out of 10.  But four people have already rated it a 10, so instead of rating it 8 and causing the average rating to be 9.6, she rates it 0 in order to get the average rating to go to 8.  Schroeder seems to have decided to amplify any slight negatives she can find about Buffett/Munger.  I have a problem with this because she is writing about two of the most ethical people in American business who have done enormous amounts for both capitalism and society at large.

[lance2210]

To manualofideas

 

I think your second paragraph is a bit unfair on Alice. Coming into before the interviews I though Alice had a vendetta against WEB and Munger - like a spurned suitor but i am really enjoying the interviews as it shows another side to her. i'll wait until all the interviews are published before i make a considered opinion.

 

Cheers

[alwaysinvert]

Miguel Barbosa's interview is phenomenal, and he deserves a ton of credit for making it happen.

 

I do have an issue with Alice Schroeder because it seems she is now trying to make herself the "anti-Buffett/Munger" commentator.  So, whenever the media wants an opinion on Buffett/Munger, they can turn to one of hundreds of people to give one side of the coin -- and then there's Alice to give the other.  It seems like good business for her.  I especially found her recent Bloomberg piece on Munger disingenuous.  Anyone who listened to Munger's two-hour interview with Becky Quick would have gotten an appreciation for how much Munger actually cares about improving America and society in general.  He is NOT a mean rich guy, as Schroeder seemed to portray him.

 

Schroeder's approach to Buffett/Munger reminds me of the person who thinks that something should be rated 8 out of 10.  But four people have already rated it a 10, so instead of rating it 8 and causing the average rating to be 9.6, she rates it 0 in order to get the average rating to go to 8.  Schroeder seems to have decided to amplify any slight negatives she can find about Buffett/Munger.  I have a problem with this because she is writing about two of the most ethical people in American business who have done enormous amounts for both capitalism and society at large.

That's a very skewed interpretation. Both in the Snowball and in numerous interviews she goes on and on about the duo's brilliance, ability and honesty, although what differs (from the mindless cheering consensus) is she adds a little colour to the picture by pointing out her perceived flaws (be they right or wrong). I'd hardly say that's a 0 rating. I don't think she is particularly amplifying the negatives, that impression is just a function of her being very alone in bringing some nuance.

 

And I can see how some people would view Charlie as an unempathic holier-than-thou type of guy just because he doesn't speak in euphemisms. I don't agree with the people who holds that view, but I can see where they come from.

[Guest ValueCarl]

I am surprised that all you Fairfax Bulls, have not embraced Alice counter-intuitively, while seeking her out to write commentary in your name. Objectivity for the purpose of clarity should always be welcome.

 

I am sure she might serve Fairfax owners better than let's say, Stevie Cohen of SAC, whose media controlled pundits routinely provided hatchet jobs! imo   

[Myth465]

ValueCarl this appears to be the only topic you are interested in.

[Guest ValueCarl]

Myth, this "topic" whatever it is which you refer to me being absorbed with, be it insurance, BRK, FFH, Web, Munger, ethics, behavioral finance, etc., is multi-dimensional.

 

Did you miss my "SILVER CALL," too?  ;D

 

Hi ho, SILVER!  $4/$21 in short order!

 

http://www.youtube.com/watch?v=Td4RHvyAFsM

[philassor]

My impression after a quick read of this interview is:

 

1) Schroeder does exhibit her significant intellectual horsepower.

 

2) She is changing her tune a bit by emphasizing  WEB"s unique qualities.

 

3) Perhaps she has come to the conclusion (or has been advised)  that after all it is not in her best interest to use excessive vitriol against one of the best role models of "good" capitalism?

[manualofideas]

philassor, you're right, she does give Buffett more credit in later stages of the interview.  Good for her.

 

I felt that in the early part of the interview, she was still emphasizing some bogus criticisms, for example that Berkshire has bad disclosure.  In one answer, she had talked about how Warren expected other managements to be transparent, but he was not.  She had also mentioned that some unnamed Buffett fans were privately uncomfortable with the level of financial disclosure by Berkshire.  This is kind of like The Corporate Library giving Berkshire a poor corporate governance rating.  They approach Berkshire with a rigid template and don't realize that Warren is actually giving you all the information an owner would need to have to assess the value of their investment in Berkshire.