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warning signs—to make billions of dollars

for himself and the shareholders in

his company, Berkshire Hathaway. Buffett

is known for thinking carefully

when those around him lose their

heads. “Success in investing doesn’t

correlate with IQ,” he has said. “Once

you have ordinary intelligence, what

you need is the temperament to control

the urges that get other people into

trouble in investing.”

Every summer since 1983, the

boutique investment bank Allen & Co.

has hosted a weeklong conference in

Sun Valley, Idaho. This isn’t just any

conference. It’s an extravaganza, with

lavish parties, river-rafting trips, iceskating,

mountain biking, fly fishing,

horseback riding, and a fleet of babysitters

to care for guests’ children. The

hosts service the media industry, and

past guest lists have included

508/929

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