Bantam Dell Wins Buffett Auction

by Matthew Thornton, PW Daily -- Publishers Weekly, 10/20/2005

Warren Buffett, the most successful investor of our time and the famously reticent subject of numerous bestselling books, from biographies to investment strategy, has now agreed to cooperate on a book by former Morgan Stanley insurance analyst Alice Schroeder which she calls "a biography of Warren's ideas."

In an auction that carried on for close to two weeks with most of the major houses involved, Bantam Dell publisher Irwyn Applebaum emerged with the prize—one that reportedly cost him over $7 million, for North American rights, acquired from agent David Black. The book will be published by Bantam Hardcover in 2008, adding an Iacocca-flavor to the work. Senior editor Ann Harris will edit, and Applebaum will also be "personally and editorially" involved with the project, a source said.

Though this is Schroeder's first book, as a top analyst on Wall Street, Schroeder has known Buffett for many years, and has spent "thousands of hours" with him, talking about his life and career. She will have unprecedented access to his files, friends and associates, and her book will zero in on the lessons we can all learn from Buffett, both financial and otherwise. Several times during the negotiations for the sale, sources said, Schroeder became so emotional she teared up.