The richest man in the world must love buying footwear, particularly boots fit for a rodeo star.
How do I know this? Well the Oracle of Omaha happens to own (through his investment company Berkshire Hathaway) Justin Boots, purveyor of quality cowboy boots since 1879.
Now, at the start of this year, Mr Buffett had an estimated net worth of $62 billion - as ranked by Forbes magazine - so he won’t personally feel too bad about the theft of 20,000 pairs of Justin boots from a Fort Worth warehouse. But then again a $3 million dollar theft in the current economy is going to upset any CEO.
I first heard about Buffett’s investing skills after reading Peter Lynch’s classic book Beating the Street. His theory was ‘buy what you know and love’ and (not wishing to simplify a whole library of Buffet books) I think Buffet aims to keep things just as simple - buy what you understand.
The classic ‘Sage’ quote I remember is about investing in Gilette, maker of shaving paraphenalia:
You go to bed feeling very comfortable just thinking about two and a half billion males with hair growing while you sleep. No one at Gillette has trouble sleeping.
Are there that many people out there willing to buy cowboy boots? A month ago I wrote about a shopping trip down the Kings Road in London, R Soles boots and the fact every shop had cowboy boots for sale.
Today this is the most popular post on this blog and if there are people out there willing to risk jail to steal 20,000 pairs of boots then maybe we should all follow Warren’s example and start buying shares in bootmakers!
Related posts:
- R.Soles Boots - for the gunslinger in you
- A Dummies Guide to: Being a Cowboy
- The Cowboy Killers: “I’ve got soul but I’m not a soldier”
Tags: Cowboy Boots | Fashion
