{"id":36706,"date":"2026-04-13T23:56:00","date_gmt":"2026-04-13T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=36706"},"modified":"2026-04-14T13:32:50","modified_gmt":"2026-04-14T05:32:50","slug":"of-permanent-value","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/","title":{"rendered":"&#8220;Of Permanent Value&#8221;"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/#Book_Profile\" >Book Profile<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/#Book_Introduction\" >Book Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/#Content_Arrangement\" >Content Arrangement<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/#Reasons_to_recommend\" >Reasons to recommend<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/#Companies_introduced_in_the_book\" >Companies introduced in the book<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/#Buffetts_core_holding_company\" >Buffett&#8217;s core holding company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/#Companies_acquired_by_Berkshire\" >Companies acquired by Berkshire<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/#Berkshires_investment_in_public_companies\" >Berkshire&#8217;s investment in public companies<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Book_Profile\"><\/span>Book Profile<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Book_Introduction\"><\/span>Book Introduction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The original English version of &#8220;<a href=\"https:\/\/www.amazon.com\/Permanent-Value-Story-Warren-Buffett\/dp\/0964190516\" target=\"_blank\" rel=\"noopener\">Of Permanent Value<\/a>&#8221; is very thick. The one I have is the early Chinese version, which is 25 years old. As far as I know, this version seems to be the only one in the Chinese world.<\/p>\n\n\n\n<p>This is a biography of Buffett that is quite old. The book is very thick, and it may take some time for ordinary people to finish reading it; but if you are familiar with Buffett, you should be able to finish it quickly.<\/p>\n\n\n\n<p>Based on various considerations, the publisher has obtained the consent of the original author and has deleted a small part of the Chinese translation to make the book more marketable and readable.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Content_Arrangement\"><\/span>Content Arrangement<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The first 2\/5 of the book talks about Buffett&#8217;s biography, and the next 3\/5 discusses all of Buffett&#8217;s early investment cases and Berkshire&#8217;s related companies. The last small part talks about Berkshire&#8217;s annual shareholder meeting and the Buffett Foundation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reasons_to_recommend\"><\/span>Reasons to recommend<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The author of this book is Andrew Kilpatrick, who is a stockbroker who started out as a journalist. Since he has been a good friend of Buffett for many years, he has written four books about Buffett.<\/li>\n\n\n\n<li>The first two-fifths of this book talks about Buffett in the author&#8217;s eyes. The author focuses more on daily life and interviews people related to Buffett from the perspective of a reporter. In addition, he refers to a lot of newspapers, magazines, articles collected from various sources, as well as his close observations with Buffett, and writes this book in a comprehensive way.<\/li>\n\n\n\n<li>The content is plain, there are no difficult topics, the writing style is lifelike, and it is easy to read. Even if you know nothing about Buffett, don&#8217;t be scared by this big book like a brick; because the book is very thick, but the content is actually very shallow, it is suitable for stock market novices, or those who want to read it as a story book, as an introductory book to understand Buffett. It will be very fulfilling to read it. As long as you can read newspapers, you will definitely be able to finish it in a few days.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Companies_introduced_in_the_book\"><\/span>Companies introduced in the book<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This part is the focus of the book. These companies are mainly divided into three categories, including:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buffetts_core_holding_company\"><\/span>Buffett&#8217;s core holding company<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Buffett Partnership<\/li>\n\n\n\n<li>Berkshire<\/li>\n\n\n\n<li>Diversified Retail, Blue Chip Stamps, Wesco<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Companies_acquired_by_Berkshire\"><\/span>Companies acquired by Berkshire<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>See&#8217;s Candies<\/li>\n\n\n\n<li>The Sun, The Buffalo News<\/li>\n\n\n\n<li>Nebraska Furniture Mart, Scott Fetzer, World Book Encyclopedia, Torch Company, Fitchheimer, Bolson Jewelers, Brown Shoes, Dexter Shoes , Herzberg Jewelry, Dairy Queen International<\/li>\n\n\n\n<li>Omaha Royals Baseball Team, M&amp;T Bank, reinvestment in American Express, Berkshire&#8217;s insurance business, Geico, McDonald&#8217;s, Disney, Capital Media Group, ABC, Willy&#8217;s Furniture, International Flight Safety, Star Furniture, $10.3 billion in fixed income bonds, Salomon, Travelers Group, General Re, Silver<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Berkshires_investment_in_public_companies\"><\/span>Berkshire&#8217;s investment in public companies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The author sorted out some companies that have special significance and milestones for Buffett by era.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1960s: American Express, Washington Monthly<\/li>\n\n\n\n<li>1970s: Washington Post<\/li>\n\n\n\n<li>1980s: Time Warner, WPPSS bonds, Verdimer, Coca-Cola, RJR Nabisco bonds, Gillette, American Airlines<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"90\" height=\"132\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2025\/05\/of-permanent-value-Custom.jpg\" alt=\"Of Permanent Value\" class=\"wp-image-36707\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-9d402b81-75c9-41fa-9a2d-6be1252e074e\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/13\/of-permanent-value\/\">&#8220;Of Permanent Value&#8221;<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/01\/17\/buffettology\/\">&#8220;Buffettology&#8221;<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/06\/16\/warren-buffett-investor\/\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/06\/16\/warren-buffett-investor\/\">Primer&#8217;s book to know Buffett-&#8220;Warren Buffett: Investor and Entrepreneur&#8221;<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/04\/27\/tap-dancing-to-work\/\">Buffett&#8217;s most important original book &#8220;Tap Dancing to Work&#8221;<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/05\/27\/benjamin-graham-on-value-investing-grahams-bio-book\/\">&#8220;Benjamin Graham on Value Investing&#8221;, Graham&#8217;s bio book<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/27\/warren-buffetts-ground-rules\/\">The Chronicle of Buffett Partners &#8220;Warren Buffett&#8217;s Ground Rules<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/27\/buffett-portfolio\/\" target=\"_blank\" rel=\"noreferrer noopener\">The commonalities of Buffett portfolio \u2013 cheap, fixed income, repurchase<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/08\/17\/possibility-of-long-term\/\">Possibility of long-term holdings, Deep dive on Buffett&#8217;s case<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/03\/20\/long-term-investment\/\">How Buffett Structures His Long-Term Investment Portfolio<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/07\/buffett-deserves-study\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why Buffett deserves further study?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/07\/buffett-investment-idea\/\">What helps Buffett to get his investment idea?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/02\/22\/berkshire-shareholder-letter\/\">Buffett&#8217;s 2025 Berkshire Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/25\/2024-shareholder-letter\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s 2024 Annual Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/26\/2023-shareholder-letter\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s 2023 Annual Shareholder Letter<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/05\/05\/2024-berkshire-shareholders-meeting-transcript-and-video\/\" target=\"_blank\" rel=\"noreferrer noopener\">2024 Berkshire shareholders meeting transcript and video<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/05\/09\/shareholders-meeting\/\" target=\"_blank\" rel=\"noreferrer noopener\">2023 Berkshire shareholders meeting transcript and video<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/26\/buffetts-first-tv-interview\/\">Buffett&#8217;s first TV interview<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/04\/17\/buffett-squawk-box\/\">Full transcript of Buffett&#8217;s interview with CNBC&#8217;s Squawk Box<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/27\/charlie-munger\/\">Charlie Munger, a great investor worth remembering<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/05\/21\/poor-charlies-almanack\/\" target=\"_blank\" rel=\"noreferrer noopener\">Munger&#8217;s most important work &#8220;Poor Charlie&#8217;s Almanack&#8221;<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/03\/06\/munger-daily-journals\/\">Key points from Munger Daily Journal\u2019s 10 years of shareholder meetings<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/17\/charlie-munger-2023-djco\/\">Charlie Munger speaks at 2023 Daily Journal Shareholders Meeting<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The original English version of &#8220;Of Permanent Value&#8221; is very thick. The one I have is the early Chinese version, which is 25 years old. As far as I know, this version seems to be the only one in the Chinese world.<\/p>\n","protected":false},"author":1,"featured_media":36707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,11],"tags":[],"class_list":["post-36706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-books","category-buffett"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/36706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=36706"}],"version-history":[{"count":10,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/36706\/revisions"}],"predecessor-version":[{"id":41699,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/36706\/revisions\/41699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/36707"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=36706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=36706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=36706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}