Warren Buffett in New HBO Documentary: 'I'm Getting Down to Salvage Value'
January 11 2017 - 8:23AM
Dow Jones News
By Nicole Friedman
Warren Buffett sits in his Omaha office partway through HBO's
new documentary on his life, thumbing through a decades-old manual
of corporate reports.
"Is this like going through an old family album?" an off-camera
interviewer asks him.
"Better," Mr. Buffett says, smiling.
"Becoming Warren Buffett," which airs Jan. 30, recounts the
oft-told story of the legendary investor and philanthropist, mostly
in his own words. The movie focuses on Mr. Buffett's family
relationships, particularly with his first wife and his father, and
the personal sacrifices he made while building his business
empire.
Close Buffett watchers will find little to learn. Biographies
and articles have retold Mr. Buffett's life story in detail. And
the film doesn't devote much time to Mr. Buffett's investment
decisions as chairman and chief executive of Berkshire Hathaway
Inc., one of the largest companies in the U.S.
But the film introduces watchers who are unfamiliar with the "
Oracle of Omaha" to Mr. Buffett and many members of his inner
circle, including his three children, Berkshire Vice Chairman
Charles Munger and philanthropists Bill and Melinda Gates. Director
Peter Kunhardt previously made films about activist Gloria Steinem
and former U.S. President Richard Nixon, among others.
The movie weaves together home videos and photos, news footage,
dramatic re-enactments and animation. Interviews with Mr. Buffett
in his office and a talk given at an Omaha high school provide most
of the narration.
Despite the focus on Mr. Buffett's personal life, the
billionaire doesn't provide much detail when asked about certain
elements of his family history. He speaks warmly of his father, a
former Republican congressman, but declines to elaborate when asked
about their final conversation. (Mr. Buffett does say that one of
his most famous business mistakes -- aggressively buying Berkshire
shares in 1964, when the company was a New England textile maker --
came just a few days after his father's death. Though he eventually
built Berkshire into a major conglomerate, the original textile
business struggled and was ultimately closed.)
Similarly, Mr. Buffett tells many fond stories about his first
wife Susie but says little about her decision to move from Omaha to
San Francisco when he was in his 40s. The two remained married but
lived separately until Susie's death in 2004.
"Well, she left Omaha in 1977, and there really isn't much to
say about that," Mr. Buffett says. "The worst mistakes involve not
understanding people as well as you might."
Susie, who appears via interviews she gave before she died,
taught Mr. Buffett about civil rights and philanthropy, he says.
The three Buffett children recall their parents living somewhat
separate lives, as their father was consumed by his work. In one
photo, young children play while Mr. Buffett reads a newspaper in
the background.
Mr. Buffett's current wife, Astrid, isn't interviewed in the
movie.
Mr. Buffett discloses more when telling stories from his
childhood or talking about his charitable giving. He explains some
of his key investing philosophies, including holding investments
for a long time and staying within a circle of industries that he
understands well.
The 86-year-old Mr. Buffett says his understanding of human
nature has grown throughout his life. "I'm wiser in that respect
than I was 40 or 50 years ago, even though I can't rattle off
numbers the same way I used to be able to," he says.
He says he doesn't fear death and continues to love his work,
before describing himself in characteristic financial jargon:
"Physically, I'm pretty well depreciated," he jokes. "I'm getting
down to salvage value."
Write to Nicole Friedman at nicole.friedman@wsj.com
(END) Dow Jones Newswires
January 11, 2017 08:08 ET (13:08 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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