The Snowball Effect

Now that Alan Greenspan is out in the cold, who should we turn to for financial inspiration?

Last Updated: 31 Aug 2010

The answer could be well be the Sage of Omaha and world’s richest man, Warren Buffett. His recently published biography, The Snowball, spills the beans on his life and on the business philosophies which have netted him his $64bn fortune.

John McLaren, a long time contributor to MT, who also happens to chair the Barchester Group and finds time to write novels, reviews Alice Schroeder’s book in the upcoming November issue of MT. Click here for a sneak preview.

As McLaren writes: ‘If Gordon Brown is, however briefly, having a good war with his wheeze of sticking bucketloads of cash in wobbly banks, he could at least admit where he got that big idea. I have it on the best possible authority that all the talk in the Treasury and Number 10 was of Warren Buffett’s investment in Goldman Sachs.’

The investment bank has news of its own - only yesterday, it announced that it is to make 10% of its global workforce redundant. In fact, take a walk around the City and it’s a gloomy place.

Veteran City insider McLaren did just that for his BBC Radio 4 report ‘The Crash: A Walk Through the City’ which aired last week. He spoke to headhunters, a psychoanalyst, an MBA student, bankers who have lost their jobs and the ubiquitous black cab driver to get the view from the street.

The atmosphere as you might well imagine is tense and stress levels are going through the roof but if there’s one thing you can count on, says McLaren, it’s the City’s spirit of resilience. Listen to McLaren’s report here.

In today's bulletin:
Markets tank again as panic goes global
Sales slide is no small beer
Editor's blog: Bad timing for Westfield
MT's Little Ray of Sunshine: Knowing me, knowing you
The Snowball Effect

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