March 4, 2013
Robert Cialdini is Regents’ Professor Emeritus of Psychology and Marketing at Arizona State University. He is best known for his book on persuasion and marketing, ‘Influence: The Psychology of Persuasion.’ The book has been translated into 26 languages has also been published as a textbook under the title ‘Influence: Science and Practice.’
In writing the book, he spent three years going ‘undercover’ applying for jobs and training at used car dealerships, fund-raising organizations, and telemarketing firms to observe real-life situations of persuasion. The book also reviews many of the most important theories and experiments in social psychology. Cialdini distills his theory down to six key principles: Reciprocity, Commitment and Consistency, Social Proof, Authority, Liking, and Scarcity.
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March 4, 2013
Charlie Munger (b. 1924) is an American business magnate, lawyer, investor, and philanthropist. He is Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by Warren Buffett; in that capacity, Buffett describes Munger as ‘my partner.’
Munger served as chairman of Wesco Financial Corporation from 1984 through 2011 (Wesco was approximately 80%-owned by Berkshire-Hathaway during that time). He is also the chairman of the Daily Journal Corporation, based in Los Angeles, and a director of Costco Wholesale Corporation.
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March 4, 2013
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska that oversees and manages a number of partially and wholly owned subsidiary companies. The company owns Geico, Dairy Queen, Fruit of the Loom, Helzberg Diamonds, NetJets, and Heinz and has significant minority holdings in American Express, M&T Bank, Coca-Cola, Kraft Foods, Proctor & Gamble, and IBM. Berkshire Hathaway averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years, while employing large amounts of capital, and minimal debt.
Berkshire Hathaway stock produced a total return of 76% from 2000–2010 versus a negative 11.3% return for the S&P 500. Warren Buffett owns 32.4% aggregate voting power of Berkshire’s shares outstanding, and vice-chairman Charlie Munger holds a stake big enough to make him a billionaire (early investments in Berkshire by David Gottesman and Franklin Otis Booth, Jr. resulted in their becoming billionaires as well). Bill Gates’ Cascade Investments LLC is the second largest shareholder of Berkshire and owns more than 5% of class B shares.
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