By Ilana Polyak

“Buffett pooh-poohed Auxier’s plan to attend business school and emphasized the importance of accounting—the language of investing-which Auxier had studied in college. He recommended several books by noteworthy investors for Auxier to read. Among the tidbits he relayed: ‘never use borrowed money.’ Auxier followed that advice. He has made a point of steering clear of stocks of firms that get in over their heads with debt. He also stays away from businesses and industries that attract hot money.”