Return of the Native Summary and Analysis

Buffett had an abiding interest in publishing, having purchased an Omaha newspaper. He subsequently invested in the Washington Monthly, a new publication, begun by Charles Peters, a former Peace Corps volunteer. Peters blew the money and Buffett invested an additional $50,000, hoping to turn it around. He then had a hot news tip upon which the editor refused to act. So, he called the Omaha Sun, which he owned. The tip involved Boys' Town, a revered organization, that had an investment portfolio of 162 million, while sending out pleas for gifts, purporting to be in poverty. The Omaha sun grabbed onto the story and won a Pulitzer Prize.

Little by little, Buffett began to get back into the "game." After the crash of performance funds, the new funds were comprised of big name growth stocks, such as...