Ex­pen­sive sig­na­ture

The Star Malaysia - Star2 - - BOOKS -

A BOOK on in­vest­ing that is the only first edi­tion signed by bil­lion­aire Amer­i­can in­vestor War­ren E. Buf­fett sold at an auc­tion on Thurs­day for US$25,250 (RM78,780) in San Fran­cisco.

Mitch Julis, found­ing part­ner of al­ter­na­tive as­set man­age­ment com­pany Canyon Part­ners LLC in Los An­ge­les, bought the copy of Ben­jamin Gra­ham’s The In­tel­li­gent In­vestor, signed by Buf­fett, Gra­ham’s for­mer pro­tégé. It listed for US$3.50 when it was pub­lished in 1949.

The book helped pi­o­neer the con­cept of value in­vest­ing and pro­vided a road map for Buf­fett, who in­vested in out-of-favour stocks to be­come the third-rich­est man in the world, cur­rently worth US$45bil (RM140.4bil) ac­cord­ing to Forbes mag­a­zine.

Buf­fett signed the copy af­ter Pa­trick Wolff, co-founder of the San Fran­cisco-based Ex­cel­lence In In­vest­ing For Chil­dren’s Causes Foun­da­tion, re­quested his help. The pro­ceeds of the auc­tion will be do­nated by the foun­da­tion to var­i­ous char­i­ties.

The In­tel­li­gent In­vestor is cur­rently avail­able as a re­vi­sion to the fourth edi­tion. – Bloomberg

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