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Encyclopedia > Warren Buffett
Warren Buffett

Warren Buffett speaks to college students (2005)
Born August 30, 1930 (1930-08-30) (age 77)
Omaha, Nebraska, United States
Occupation Chairman & CEO, Berkshire Hathaway
Salary US$100,000
Net worth US $62 billion (2008) [1]
Spouse Susan Buffett (19522004),
Astrid Menks (2006-)[2]
Children Susie Buffett,
Howard Graham Buffett,
Peter Buffett
Website
www.berkshirehathaway.com

Warren Edward Buffett (born August 30, 1930, in Omaha, Nebraska) is an American investor, businessman and philanthropist. He is regarded as one of the world's greatest stock market investors, and is the largest shareholder and CEO of Berkshire Hathaway.[3] With an estimated net worth of around US$62 billion,[4] he was ranked by Forbes as the richest person in the world as of February 11, 2008.[5] Image File history File links Metadata Size of this preview: 800 × 600 pixelsFull resolution (2272 × 1704 pixel, file size: 590 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 242nd day of the year (243rd in leap years) in the Gregorian calendar. ... Year 1930 (MCMXXX) was a common year starting on Wednesday (link will display 1930 calendar) of the Gregorian calendar. ... Omaha redirects here. ... Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. ... USD redirects here. ... Susan Thompson Buffett (June 15, 1932 - July 29, 2004), the wife of investor Warren Buffett was born in Omaha, Nebraska. ... Year 1952 (MCMLII) was a leap year starting on Tuesday (link will display full calendar) of the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Peter Buffett is a musician, composer, and producer who, with Chief Hawk Pope, is a founding member of the Native American band Spirit. ... is the 242nd day of the year (243rd in leap years) in the Gregorian calendar. ... Year 1930 (MCMXXX) was a common year starting on Wednesday (link will display 1930 calendar) of the Gregorian calendar. ... Omaha redirects here. ... For other uses, see Nebraska (disambiguation). ... An investor is any party that makes an investment. ... A businessman (sometimes businesswoman, female; or businessperson, gender neutral) is a generic term for a wide range of people engaged in profit-oriented enterprises, generally the management of a company. ... A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, or reputation to a charitable cause. ... A stock market or (equity market) is a private or public market for the trading of company stock and derivatives of company stock at an agreed price; both of these are securities listed on a stock exchange as well as those only traded privately. ... A shareholder or stockholder is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company. ... Chief Executive redirects here. ... Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. ... Net worth (sometimes net assets) is the total assets minus total liabilities of an individual or company. ... USD redirects here. ... For other uses, see Forbes (disambiguation). ... is the 42nd day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ...


Often called the "Oracle of Omaha,"[6] Buffett is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth.[7] His 2006 annual salary was about $100,000, which is on the low side of senior executive remuneration in other comparable companies,[8] and when he spent $9.7 million of Berkshire's funds on a business jet in 1989, he jokingly named it "The Indefensible" because of his past criticisms of such purchases by other CEOs.[9] He lives in the same house in the central Dundee neighborhood of Omaha that he bought in 1958 for $31,500, today valued at around $700,000.[10] Value investing is a style of investment strategy from the so-called Graham & Dodd School. ... Frugality (also known as thrift or thriftiness ) is the practice of acquiring goods and services at minimum cost, achieved via economical restraints or creative measures. ... For the business meaning, see Wealth (economics). ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Romanino, Superintendent paying the workers, 1531-32, fresco, Castello del Buonconsiglio, Trento, Italy. ... Executive compensation is how top executives of business corporations are paid. ... Business jet, private jet or, in slang, bizjet is a term describing a jet aircraft, usually of modest size, designed for transporting small groups of business people for commercial reasons at a time convenient to their business needs. ... Year 1989 (MCMLXXXIX) was a common year starting on Sunday (link displays 1989 Gregorian calendar). ... Dundee is an historic neighborhood located at and around 50th and Underwood Streets in Omaha, Nebraska, United States. ... Jan. ...


Buffett is also a noted philanthropist. In 2006, he announced a plan to give away his fortune to charity, with 83% of it going to the Bill & Melinda Gates Foundation.[11] In 2007, he was listed among Time's 100 Most Influential People in The World.[12] He also serves as a member of the board of trustees at Grinnell College.[13] The Bill & Melinda Gates Foundation (B&MGF) is the largest transparently operated[2] charitable foundation in the world, founded by Bill and Melinda Gates in 2000 and doubled in size by Warren Buffett in 2006. ... TIME redirects here. ... Time 100 cover for 2007 The Time 100 is an annual list of the 100 most influential people in the world, as assembled by Time. ... Grinnell students celebrate the end of the semester outside Gates Residence Hall in May 2006. ...

Contents

Early life and Benjamin Graham

Warren Buffett was born in Omaha, Nebraska in August of 1930 to Howard and Leila (Stahl). As the son of a local stock broker, he was likely exposed to markets at a young age. As he got older, Buffett had a few successful entrepreneurial ventures, making him consider proceeding straight into business rather than going to college. His father, however, overruled him on this.[citations needed] Image File history File links Acap. ...


One of his mentors, arguably the most influential, was Benjamin Graham. Graham’s philosophy had such an impact on Buffett that he enrolled in Columbia Business School to study directly under him. In Buffett’s own words: “I’m 15 percent Fisher and 85 percent Benjamin Graham.” [14] The cover of Benjamin Graham (May 8, 1894 – September 21, 1976) was an influential economist and professional investor. ... Columbia Business School (also known as CBS) is the business school of Columbia University in New York, New York. ... Philip Arthur Fisher (September 8, 1907 – March 11, 2004) was a very successful stock investor best known as the author of Common Stocks and Uncommon Profits (ISBN 0-47111-927-X), a guide to investing that has remained in print ever since it was first published in 1958. ...


As Buffett would often say about Graham’s teachings: “The basic ideas of investing are to look at stocks as business, use the market's fluctuations to your advantage, and seek a margin of safety. That’s what Ben Graham taught us. A hundred years from now they will still be the cornerstones of investing.” [15]


Public stances

Buffett: Prose is writing distinguished from poetry by its greater variety of rhythm and its closer resemblance to everyday speech. ...

  • Has repeatedly criticized the financial industry for what he considers to be a proliferation of advisors who add no value but are compensated based on the volume of business transactions which they facilitate. He has pointed to the growing volume of stock trades as evidence that an ever-greater proportion of investors' gains are going to brokers and other middlemen.
  • Has emphasized, the non-productive aspect of gold in 1998 at Harvard: "It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
  • Has stated, that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes, while his employees paid 33% of theirs despite making far less money.[16]
  • Believes that the U.S. dollar will lose value in the long run. He views the United States' expanding trade deficit as an alarming trend that will devalue the U.S. dollar and U.S. assets. As a result it is putting a larger portion of ownership of U.S. assets in the hands of foreigners. This induced Buffett to enter the foreign currency market for the first time in 2002. However, he substantially reduced his stake in 2005 as changing interest rates increased the costs of holding currency contracts. Buffett continues to be bearish on the dollar, and says he is looking to make acquisitions of companies which derive a substantial portion of their revenues from outside the United States. Buffett invested in PetroChina Company Limited and in a rare move, posted a commentary[17] on Berkshire Hathaway's website why he would not divest from the company despite calls from some activists to do so. (He did, however, sell this stake, apparently for purely financial reasons.)
  • Believes that the world is nearing its maximum capacity of oil production, and that gradually depleted oil fields could reduce the amount produced. [18]
  • Believes government should not be in the business of gambling. He believes it is a tax on ignorance.[19]

Buffett's speeches are known for mixing business discussions with humor. Each year, Buffett presides over Berkshire Hathaway's annual shareholders' meeting in the Qwest Center in Omaha, Nebraska, an event drawing over 20,000 visitors from both United States and abroad, giving it the nickname "Woodstock of Capitalism".[20] Warren Buffett's Letters to Shareholders GOLD refers to one of the following: GOLD (IEEE) is an IEEE program designed to garner more student members at the university level (Graduates of the Last Decade). ... Harvard University is a private university in Cambridge, Massachusetts, USA, and a member of the Ivy League. ... Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. ... A bear market is a prolonged period of time when prices are falling in a financial market. ... PetroChina Company, Limited (simplified Chinese: , traditional Chinese: ) (SEHK: 0857, SSE: 601857, NYSE: PTR) is a Chinese oil company and is the listed arm of state-owned China National Petroleum Corporation (CNPC), mainland Chinas biggest producer of oil. ... Qwest Center is a 14,700-seat multi-purpose arena in Omaha, Nebraska. ... Omaha redirects here. ...


Berkshire's annual reports and letters to shareholders, prepared by Buffett, frequently receive coverage by the financial media. Buffett's writings are known for containing literary quotes ranging from the Bible to Mae West[21], as well as Midwestern advice and numerous jokes. Various websites extol Buffett's virtues while others decry Buffett’s business models or dismiss his investment advice and decisions. For other uses, see Bible (disambiguation). ... MAE-West is a major Internet peering point located in San Jose, California. ...


Buffett also:

  • Favors the inheritance tax, saying that repealing it would be like "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics".[22] In 2007, Buffett testified before the Senate and urged them to preserve the estate tax so as to avoid a plutocracy. Some critics, including John Berlau writing in the August 23, 2004 issue of the National Review, have pointed out that Buffett (through Berkshire-Hathaway) has a personal interest in the continuation of the estate tax, since they have benefited from the estate tax in past business dealings and are also involved in developing and marketing insurance policies which protect policy holders against future estate tax payments.[23]
  • Has held fundraisers for both Hillary Clinton and Barack Obama for president. He has not indicated for whom he will vote, but he has expressed that both would make "great Presidents". [24]
  • Was inducted into the Junior Achievement U.S. Business Hall of Fame in 1997.

The examples and perspective in this article or section may not represent a worldwide view. ... The 2000 Summer Olympics or the Millennium Games/Games of the New Millennium, officially known as the Games of the XXVII Olympiad, were the Summer Olympic Games held in 2000 in Sydney, New South Wales, Australia. ... A plutocracy is a form of government where the states power is centralized in an affluent social class. ... This article is a list of Financial Accounting Standards Board (FASB) pronouncements, including Statements, Concepts Statements, Interpretations, and Technical Bulletins, which are issued to provide rules and guidelines in preparing, presenting, and reporting financial statements within the United States. ... Stock option expensing is a method of accounting for the value of share options, distributed as incentives to employees, within the profit and loss reporting of a listed business. ... This article or section does not cite its references or sources. ... An Income Statement, also called a Profit and Loss Statement (P&L), is a financial statement for companies that indicates how Revenue (money received from the sale of products and services before expenses are taken out, also known as the top line) is transformed into net income (the result after... Type Bicameral Houses Senate House of Representatives President of the Senate President pro tempore Dick Cheney, (R) since January 20, 2001 Robert C. Byrd, (D) since January 4, 2007 Speaker of the House Nancy Pelosi, (D) since January 4, 2007 Members 535 plus 4 Delegates and 1 Resident Commissioner Political... SEC redirects here. ... The Indiana Pi Bill is the popular name for Indiana House of Representatives bill #246 of 1897, which is one of the most famous historical attempts to (erroneously) define scientific truth by legislative fiat. ... When a circles diameter is 1, its circumference is π. Pi or π is the ratio of a circles circumference to its diameter in Euclidean geometry, approximately 3. ... Poetic Justice is a 1993 drama/romance film starring Janet Jackson, Tupac Shakur, Regina King and Joe Torry. ...

Historical timeline

Education:
Woodrow Wilson High School, Youngstown, Ohio in 1947
The Wharton School, University of Pennsylvania, 1947–1949
B.S. University of Nebraska, 1950
M.S. in Economics, Columbia University, in 1951.

Employment:
Image File history File links Question_book-3. ... Woodrow Wilson High School is one of three traditional public high schools in the city of Youngstown, Ohio. ... The Wharton School Wharton School is the business school of University of Pennsylvania in Philadelphia, Pennsylvania. ... This article is about the private Ivy League university in Philadelphia. ... B.S. redirects here. ... Seal of the University of Nebraska The University of Nebraska is one of two public university systems in the state of Nebraska, USA. The system has four universities and a technical college: University of Nebraska-Lincoln University of Nebraska at Omaha University of Nebraska at Kearney University of Nebraska Medical... A masters degree is a postgraduate academic degree awarded after the completion of an academic program of one to six years in duration. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Alma Mater Columbia University is a private university in the United States and a member of the Ivy League. ...

1951–1954 Buffett-Falk & Co., Omaha - Investment Salesman
1954–1956 Graham-Newman Corp., New York - Securities Analyst
1956–1969 Buffett Partnership, Ltd., Omaha - General Partner
1970–Present Berkshire Hathaway Inc, Omaha - Chairman, CEO

1943: (13 years old) Omaha redirects here. ... Midtown Manhattan, looking north from the Empire State Building, 2005 New York City (officially named the City of New York) is the most populous city in the state of New York and the entire United States. ... Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. ... A chair or seat is also a seat of office, authority, or dignity, such as the chairperson of a committee, or a professorship at a college or university, or the individual that presides over business proceedings. ... Chief Executive redirects here. ...

  • Buffett filed his first income tax return, deducting his bicycle as a work expense for $35. [26]

1945: (15 years old)

  • In his senior year of high school, Buffett and a friend spent $25 to purchase a used pinball machine, which they placed in a barber shop. Within months, they owned three machines in different locations.

1949: (19 years old) For other uses, see High school (disambiguation). ... This article is about the arcade game. ...

  • In 1949, he was initiated into Alpha Sigma Phi Fraternity while an undergraduate at the Wharton Business School at the University of Pennsylvania. His father and uncles were also Alpha Sigma Phi brothers from the chapter at Nebraska, where Warren eventually transferred.

1950: (20 years old) Alpha Sigma Phi (ΑΣΦ, commonly abbreviated to Alpha Sig) is a social fraternity with 68 active chapters, colonies, and interest groups. ... The Wharton School of the University of Pennsylvania is a business school at the University of Pennsylvania, USA. The school was founded by Joseph Wharton, who also was one of the founders of Swarthmore College (founded in 1864), in 1881 as the first collegiate business school in the United States. ...

1951: (21 years old) Columbia Business School (also known as CBS) is the business school of Columbia University in New York, New York. ... The cover of Benjamin Graham (May 8, 1894 – September 21, 1976) was an influential economist and professional investor. ... David LeFevre Dodd (1895 - 1988) was an American economist, financial analyst, collegiate educator, author, and close colleague of Benjamin Graham (1894 - 1976) at Columbia University. ... A financial analyst (or securities analyst, research analyst, equity analyst) works with financial analysis. ...

  • Buffett discovered Graham was on the Board of GEICO insurance at the time. After taking a train to Washington, D.C. on a Saturday, Buffett knocked on the door of GEICO's headquarters until a janitor allowed him in. There, he met Lorimer Davidson, the Vice President, who was to become a lasting influence on him and life-long friend.[27]
  • Buffett graduated from Columbia and wanted to work on Wall Street. Buffett offered to work for Graham for free but Graham refused. He purchased a Sinclair gas station as a side investment, but that venture did not work out as well as he had hoped. Meanwhile, he worked as a stockbroker. During that time, Buffett also took a Dale Carnegie public speaking course. Using what he learned, he felt confident enough to teach a night class at the University of Nebraska, "Investment Principles." The average age of the students he taught was more than twice his own.

1952: (22 years old) The cover of Benjamin Graham (May 8, 1894 – September 21, 1976) was an influential economist and professional investor. ... The Government Employees Insurance Company, usually known by the acronym GEICO, is an American auto insurance company. ... Elaborate marble facade of NYSE as seen from the intersection of Broad and Wall Streets For other uses, see Wall Street (disambiguation). ... Dale Carnegie Dale Breckenridge Carnegie (originally Carnegey) (November 24, 1888–November 1, 1955) was an American writer and the developer of famous courses in self-improvement, salesmanship, corporate training, public speaking and interpersonal skills. ...

1953 - Susan had her first child, Susan Alice Buffett Susan Thompson Buffett (June 15, 1932 - July 29, 2004), the wife of investor Warren Buffett was born in Omaha, Nebraska. ...


1954: (24 years old)

  • Benjamin Graham offered Buffett a job at his partnership with a starting salary of $12,000 a year. Here, he worked closely with Walter Schloss.
  • Susan had her second child, Howard Graham Buffett.

1956: (26 years old) The cover of Benjamin Graham (May 8, 1894 – September 21, 1976) was an influential economist and professional investor. ... To meet Wikipedias quality standards, this article or section may require cleanup. ...

  • Benjamin Graham retired and folded up his partnership.
  • Buffett's personal savings are now over $140,000.
  • Buffett returned home to Omaha and created Buffett Partnership Ltd., an investment partnership.

1957: (27 years old) The cover of Benjamin Graham (May 8, 1894 – September 21, 1976) was an influential economist and professional investor. ...

  • Buffett had three partnerships operating the entire year.
  • Buffett purchased a five-bedroom, stucco house on Farnam Street for $31,500.

1958: (28 years old) Susan had her third child, Peter Andrew Buffett

  • Buffett had five partnerships operating the entire year.

1959: (29 years old)

  • Buffett had six partnerships operating the entire year.
  • Buffett was introduced to Charlie Munger.

1960: (30 years old) Charles Thomas Munger (b. ...

  • Buffett had seven partnerships operating the entire year.
  • The partnerships were: Buffett Associates, Buffett Fund, Dacee, Emdee, Glenoff, Mo-Buff, and Underwood.
  • Buffett asks one of his partners, a doctor, to find ten other doctors who will be willing to invest $10,000 each into his partnership. Eventually, eleven doctors agreed to invest.

1961: (31 years old)

  • Buffett revealed that Sanborn Map Company accounted for 35% of the partnerships' assets.
  • Buffett explained that in 1958, Sanborn sold at $45 per share when the value of the Sanborn investment portfolio was $65 per share. This meant buyers valued Sanborn at "minus $20" per share, and buyers were unwilling to pay more than 70 cents on the dollar for an investment portfolio with a map business thrown in for nothing.
  • Buffett reveals that he earned a spot on the board of Sanborn.

1962: (32 years old)

  • Buffett's partnerships, in January 1962, had in excess of $7,178,500 of which over $1,025,000 belonged to Buffett.
  • Buffett merges all partnerships into one partnership.
  • Buffett discovered a textile manufacturing firm, Berkshire Hathaway. Buffett's partnerships began purchasing shares at $7.60 per share.

1965: (35 years old)

  • When Buffett's partnerships began aggressively purchasing Berkshire they paid $14.86 per share while the company had working capital (current assets minus current liabilities) of $19 per share, this did not include the value of fixed assets (factory and equipment).
  • Buffett took control of Berkshire Hathaway at the board meeting and named a new President, Ken Chace, to run the company.

1966: (36 years old) In accounting, a current asset is an asset on the balance sheet which is expected to be sold or otherwise used up in the near future, usually within one year, or one business cycle - whichever is longer. ...

  • Buffett closes the partnership to new money.
  • Buffett wrote in his letter “unless it appears that circumstances have changed (under some conditions added capital would improve results) or unless new partners can bring some asset to the partnership other than simply capital, I intend to admit no additional partners to BPL.”
  • In a second letter, Buffett announced his first investment in a private business — Hochschild, Kohn and Co, a privately owned Baltimore department store.

1967: (37 years old)

  • Berkshire paid out its first and only dividend of 10 cents.

1969: (39 years old)

  • Following his most successful year, Buffett liquidated the partnership and transferred their assets to his partners. Among the assets paid out were shares of Berkshire Hathaway.

1970: (40 years old)

  • As chairman of Berkshire Hathaway, began writing his now-famous annual letters to shareholders.

1973: (43 years old)

  • Berkshire began to acquire stock in the Washington Post Company. Buffett became close friends with Katharine Graham, who controlled the company and its flagship newspaper, and became a member of its board of directors.

1974: (44 years old) The Washington Post Company (NYSE: WPO) is an American media company, best known for owning the newspaper it is named after, The Washington Post, and Newsweek magazine. ... Katharine Meyer Graham (June 16, 1917 – July 17, 2001) was an American publisher. ...

  • The SEC opens a formal investigation into Warren Buffett and one of Berkshire's mergers.

1977: (47 years old)

  • Berkshire indirectly purchases the Buffalo Evening News for $32.5 million. Anti-trust charges brought.

1979: (49 years old)

  • Berkshire began to acquire stock in ABC. With the stock trading at $290 per share, Buffett's net worth neared $140 million. However, he lived solely on his salary of $50,000 per year.
  • Berkshire began the year trading at $775 per share, and ended at $1,310. Buffett's net worth reached $620 million, placing him on the Forbes 400 for the first time.

1988: (58 years old) The Forbes 400 or 400 Richest Americans (est. ...

  • Buffett began buying stock in Coca-Cola Company, eventually purchasing up to 7 percent of the company for $1.02 billion. It would turn out to be one of Berkshire's most lucrative investments, and one which he still holds.

1990: (60 years old) The Coca-Cola Companys headquarters in Atlanta, GA. The Coca-Cola Company (NYSE: KO) is an international beverage and food manufacturer whose headquarters are in Atlanta, Georgia, in the United States of America. ...

  • Scandals involving Greenberg and Gutfreund appear.

1999: (69 years old)

2002: (72 years old) Peter Lynch (born January 19, 1944) is a successful Wall Street stock investor whose record ranks him as one of the best stock-pickers in the world. ... John Marks Templeton, renowned stock investor and businessman, was born on 29 November 1912, in the town of Winchester, Tennessee. ...

  • Buffett entered in $11 billion worth of forward contracts to deliver US dollars against other currencies. By April 2006, his total gain on these contracts was over $2 billion.

2004: (73 years old) A forward contract is an agreement between two parties to buy or sell an asset (which can be of any kind) at a pre-agreed future point in time. ...

  • His wife, Susan, passes away.

2006: (75 years old)

  • Buffett announced in June that he would gradually give away 85% of his Berkshire holdings to five foundations in annual gifts of stock, starting in July 2006. The largest contribution will go to the Bill and Melinda Gates Foundation.[29]

2007: (76 Years old) The Bill & Melinda Gates Foundation is the worlds largest charitable foundation. ...

  • In a letter to shareholders, Buffett announced that he was looking for a younger successor or perhaps successors to run his investment business.[30] Buffett had previously selected Lou Simpson, who runs investments at Geico, to fill that role. However, Simpson is only six years younger than Buffett.

2008: (77 Years old)

  • Buffett becomes the richest man in the world according to Forbes,[31] dethroning Bill Gates, who held the title for thirteen years.

For other uses, see Forbes (disambiguation). ... For other persons named Bill Gates, see Bill Gates (disambiguation). ...

Personal life

Mr. Buffet married Susan Thompson in 1952. They had three children, Susie, Howard, and Peter. The couple began living separately in 1977, though they remained married until her death in July 2004. His daughter Susie lives in Omaha and does charitable work through the Susan A. Buffett Foundation and is a national board member of Girls, Inc. Susan Thompson Buffett (June 15, 1932 - July 29, 2004), the wife of investor Warren Buffett was born in Omaha, Nebraska. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Peter Buffett is a musician, composer, and producer who, with Chief Hawk Pope, is a founding member of the Native American band Spirit. ... Girls, Inc. ...


On his 76th birthday, he married his longtime companion, Astrid Menks, who had lived with him since his wife's departure. Interestingly, it was Susan Buffett who arranged for the two to meet before she left Omaha to pursue her singing career. All three were close, and holiday cards to friends were signed "Warren, Susie and Astrid" (as per Roger Lowenstein's book, Buffett: The Making of an American Capitalist). Susan Buffett briefly discussed this relationship in an interview on the Charlie Rose Show shortly before her death, in a rare glimpse into Buffett's personal life.[32] Roger Lowenstein, a financial journalist, reported for the Wall Street Journal for more than a decade, including two years writing its Heard on the Street column, 1989 to 1991. ... Charlie Rose is an American television interview show, with Charlie Rose as executive producer, executive editor, and host. ...


He remains an avid player of the card game bridge, and has said that he spends 12 hours a week playing the game.[33] He often plays with Bill Gates and Paul Allen. Contract bridge, usually known simply as bridge, is a trick-taking card game of skill and chance (the relative proportions depend on the variant played). ... For other persons named Bill Gates, see Bill Gates (disambiguation). ... For other persons named Paul Allen, see Paul Allen (disambiguation). ...


In 2006, he sponsored a bridge match for the Buffett Cup.[34] In this event, modeled on the Ryder Cup in golf (and held immediately before it and in the same city), a team of twelve bridge players from the United States took on twelve Europeans. The Ryder Cup is a golf trophy contested biennially in an event called the Ryder Cup Matches by teams from Europe and the United States. ... This article is about the game. ... For other uses, see Europe (disambiguation). ...


In 2006, he auctioned his 2001 Lincoln Town Car[35] on eBay to raise money for Girls Inc.[36]


Warren Buffett is currently working with Christopher Webber on an animated series with DiC Entertainment chief Andy Heyward. According to information presented by Buffett at the Berkshire Hathaway annual meeting on May 6, 2006, the series will feature Buffett and Munger in roles and the series will teach children healthy financial habits for life. Cartoon drawings of Buffett and Munger were displayed throughout the events during the weekend and the special movie before the meeting began was in animation form by Heyward. The DIC Incredible World logo used from the late 2001-present. ... Categories: Possible copyright violations ... is the 126th day of the year (127th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...


In December 2006 it was reported that Mr. Buffett does not carry a cell phone, does not have a computer at his desk, and drives his own car,[37] a Cadillac DTS.[38] The Cadillac DTS (DeVille Touring Sedan) replaces the Cadillac DeVille as that carmakers largest luxury car for the 2006 model year. ...


Buffett's DNA report revealed that he is not related to the singer Jimmy Buffett and that his paternal ancestors hail from northern Scandinavia, while his mother's side most likely has roots in Iberia or Estonia.[39] Jimmy Buffett tours Pearl Harbor with United States Navy Admiral Jonathan Greenert, June 12, 2003 James William Jimmy Buffett (born December 25, 1946) is a singer, songwriter, author, businessman, and recently a film producer best known for his island escapism lifestyle and music including hits such as Margaritaville (No. ... For other uses, see Scandinavia (disambiguation). ... The Iberian Peninsula, or Iberia, is located in the extreme southwest of Europe, and includes modern day Spain, Portugal, Andorra and Gibraltar. ...


Philanthropy

In June 2006, Buffett gave approximately 10 million Berkshire Hathaway Class B shares to the Bill & Melinda Gates Foundation (worth approximately USD 30.7 billion as of June 23 2006; see [2]) making it the largest charitable donation in history. The foundation will receive 5% of the total donation on an annualized basis each July, beginning in 2006. Buffett will also join the board of directors of the Gates Foundation, although he does not plan to be actively involved in the foundation's investments. Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. ... The Bill & Melinda Gates Foundation (B&MGF) is the largest transparently operated[2] charitable foundation in the world, founded by Bill and Melinda Gates in 2000 and doubled in size by Warren Buffett in 2006. ...


He also announced plans to contribute additional Berkshire stock valued at approximately $6.7 billion to the Susan Thompson Buffett Foundation and to other foundations headed by his three children. This is a significant shift from previous statements Buffett has made, having stated that most of his fortune would pass to his Buffett Foundation. The bulk of the estate of his wife, valued at $2.6 billion, went to that foundation when she died in 2004. [3] The Buffett Foundation is the charitable organization formed by legendary Omaha, Nebraska investor and industrialist Warren Buffett as a vehicle to manage his charitable giving. ... The Buffett Foundation is the charitable organization formed by legendary Omaha, Nebraska investor and industrialist Warren Buffett as a vehicle to manage his charitable giving. ...


His children will not inherit a significant proportion of his wealth. These actions are consistent with statements he has made in the past indicating his opposition to the transfer of great fortunes from one generation to the next. Buffett once commented, "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing" [4].


The following quotation from 1988, respectively, highlights Warren Buffett's thoughts on his wealth and why he long planned to reallocate it:


"I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It's like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GNP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don't do that though. I don't use very many of those claim checks. There's nothing material I want very much. And I'm going to give virtually all of those claim checks to charity when my wife and I die. (Lowe 1997:165–166)


Writings

Warren Buffett's writings include his annual reports and various articles. In his article The Superinvestors of Graham-and-Doddsville, Buffett condemned the academic position that the market was efficient and that beating the S&P 500 was "pure chance" by highlighting a number of students of the Graham and Dodd value investing school of thought. In addition to himself, Buffett named: Walter J. Schloss, Tom Knapp, Ed Anderson (Tweedy, Brown Inc.), Bill Ruane (Sequoia Fund, Inc.), Charles Munger, Rick Guerin (Pacific Partners, Ltd.), and Stan Perlmeter (Perlmeter Investments) as having beaten the S&P500, "year in and year out". A well known article and speech of Warren Buffett. ... The S&P 500 is an index containing the stocks of 500 Large-Cap corporations, most of which are American. ... Charles Thomas Munger (born January 1, 1924, in Omaha, Nebraska) is Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by legendary investor Warren Buffett. ...

  • Warren Buffett - A Compilation - Largest compilation on Warren Buffett on the net. This site has a complete collection of articles by Warren Buffett.
  • Warren Buffett - Recommendations - Here is a complete list of books by Warren Buffett recommended in his letters to shareholders.

See also

David LeFevre Dodd (1895 - 1988) was an American economist, financial analyst, collegiate educator, author, and close colleague of Benjamin Graham (1894 - 1976) at Columbia University. ... Philip Arthur Fisher (September 8, 1907 – March 11, 2004) was a very successful stock investor best known as the author of Common Stocks and Uncommon Profits (ISBN 0-47111-927-X), a guide to investing that has remained in print ever since it was first published in 1958. ... Kenneth L. Fisher (b. ... The cover of Benjamin Graham (May 8, 1894 – September 21, 1976) was an influential economist and professional investor. ... Peter Lynch (born January 19, 1944) is a successful Wall Street stock investor whose record ranks him as one of the best stock-pickers in the world. ... Charles Thomas Munger (b. ... Joseph Parnes is President of Technomart Investment Advisors and editor of the market letter Shortex. ...

References

  1. ^ The World's Billionaires. #1 Warren Buffett. Forbes.com (2008-05-03).
  2. ^ How Does Warren Buffett Get Married? Frugally, It Turns Out. The New York Times (2006-09-01).
  3. ^ The Greatest Investors: Warren Buffett. Investopedia. Retrieved on 2008-03-06.
  4. ^ "The World's Billionaires", Forbes.com, 2008-03-05. Retrieved on 2008-03-05. 
  5. ^ Luisa Kroll. "The World's Billionaires", Forbes.com, 2008-03-05. Retrieved on 2008-03-05. 
  6. ^ Markels, Alex (2007-07-29). "How to Make Money the Buffett Way". U.S. News & World Report. 
  7. ^ Pallavi Gogoi. "What Warren Buffett might buy", 2007-05-08. Retrieved on 2007-05-09. 
  8. ^ Rich Smith. "Stupid CEO Tricks", The Motley Fool, 2005-06-29. Retrieved on 2007-04-13. 
  9. ^ Chairman's Letter - 1989
  10. ^ Forbes.com
  11. ^ Carol J. Loomis. "Warren Buffett Gives His Fortune Away." Fortune. 06/25/2006.
  12. ^ "Warren Buffett." By James J. Cramer. Time.
  13. ^ Grinnell College - Board of Trustees
  14. ^ Hagstrom, Robert G.. The Warren Buffett Way. 2. Whiley, John and Sons Incorporated, 2005. Page 27.
  15. ^ Hagstrom, Robert G.. The Warren Buffett Way. 2. Whiley, John and Sons Incorporated, 2005. Page 14.
  16. ^ Forbes 11-26-2007: 24 & 42-3.
  17. ^ Berkshire Hathaway Inc. Shareholder Proposal Regarding Berkshire’s Investment In Petrochina
  18. ^ Omaha World Herald. Berkshire Hathaway: 31,000 show up at Qwest Center for annual meeting
  19. ^ Forbes. America, The Casino Nation
  20. ^ http://www.berkshirehathaway.com/letters
  21. ^ http://www.berkshirehathaway.com/letters/1993.html
  22. ^ BBC News. Rich Americans back inheritance tax
  23. ^ National Review. Buffetted. The Sage of Omaha loves the estate tax — as well he might.
  24. ^ Who Sold Warren Buffett His Dow Jones Stake?/ Buffett's Obama Fundraiser Coverage Tonight - Warren Buffett Watch - MSNBC.com
  25. ^ Reuters. Buffett: Bank woes are "poetic justice"
  26. ^ Buffett 'becomes world's richest'. Retrieved on 2008-02-29.
  27. ^ Roger Lowenstein. Buffett: The Making of an American Capitalist. p. 43.
  28. ^ Business Wire. Warren Buffett and Peter Lynch Voted Top Money Managers of the Century. 1999-11-22. Retrieved on 2007-09-18.
  29. ^ Loomis, Carol J. (2006-06-25). "Warren Buffett gives away his fortune". Fortune. 
  30. ^ ABC News. HELP WANTED: Warren Buffett Replacement
  31. ^ Forbes.com [1]
  32. ^ The Bookworm Omaha. Susan Buffett in Her Own Words: Conversations with Charlie Rose
  33. ^ Times Online. http://www.timesonline.co.uk/article/0,,2091-2320625,00.html[dead link – history]
  34. ^ Warren Buffett Bridge Cup. http://www.buffettcup.com/Home/tabid/53/Default.aspx[dead link – history]
  35. ^ Forbes Autos. http://www.forbesautos.com/advice/toptens/forbes400/vehicles/01-cadillac_dts.html
  36. ^ eBay. View About Me for girls-inc
  37. ^ Rediff. How Warren Buffet made his billions
  38. ^ CNN Money. Buffett backs GM--and buys a Caddy
  39. ^ CNN Money. The Buffett mystery

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Further reading

  • "The Tao of Warren Buffett" by Mary Buffett and David Clark
  • The New Buffettology, by Mary Buffett and David Clark (ISBN 0-684-87174-2).
  • "The Buffettology Work Book" by Mary Buffett and David Clark
  • "Buffettology" by Mary Buffett and David Clark
  • Lowe, Janet C. [1997] Warren Buffett Speaks : wit and wisdom from the world's greatest investor, John Wiley & Sons, Inc., pp. 164-166 (ISBN 0-471-16996-X).
  • Warren Buffett Talks Business, The University of North Carolina Center for Public Television, Chapel Hill, 1995 (modified later by Buffett letter to author), p. 192.
  • Warren Buffett - The Pragmatist, Esquire, June 1988, p. 159.
  • The Warren Buffett Way, Second Edition. Robert G. Hagstrom. John Wiley & Sons. 2005.

August 2005 issue of Esquire Esquire is a mens magazine by the Hearst Corporation. ... John Wiley & Sons, Inc. ...

External links

Wikiquote has a collection of quotations related to:

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Videos

Preceded by
Carlos Slim
World's Richest Person
2008
Succeeded by
Incumbent
Persondata
NAME Buffett, Warren Edward
ALTERNATIVE NAMES Sage of Omaha; Oracle of Omaha
SHORT DESCRIPTION Businessman; Billionaire
DATE OF BIRTH August 30, 1930
PLACE OF BIRTH Omaha, Nebraska
DATE OF DEATH
PLACE OF DEATH
Charlie Rose is an American television interview show, with Charlie Rose as executive producer, executive editor, and host. ... Carlos Slim in Brazil. ... Forbes magazine annually lists the worlds wealthiest individuals: The Worlds Billionaries. ... Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. ... Chairman of the Board redirects here. ... Charles Thomas Munger (b. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... For other persons named Bill Gates, see Bill Gates (disambiguation). ... David Gottesman (born 1926 or 1927[1]) is a businessman appearing as #336 on Forbes 2007 list of billionaires. ... Donald R. Keough (born 1927) is Chairman of the Board of Allen & Company Incorporated, a New York investment-banking firm. ... Ronald Olson was an American cultural anthropologist known for his work with the Haisla people of coastal British Columbia and the Tlingit people of southeastern Alaska. ... Walter Scott, Jr. ... It has been suggested that this article or section be merged with Berkshire Hathaway. ... Central States Indemnity Company is an insurance company based in Omaha, Nebraska. ... The Government Employees Insurance Company, usually known by the acronym GEICO, is an American auto insurance company. ... General Re is a reinsurance company. ... Kansas Bankers Surety Company is an insurance company based in the United States. ... Medical Protective is an American liability insurance company for physicians and dentists. ... National Indemnity Company is an insurance company based in Omaha, Nebraska. ... Wesco Financial Corporation (AMEX:WSC) is a diversified financial corporation headquartered in Pasadena, California. ... 30 St Mary Axe - at 180 m, Swiss Res London headquarters is the 6th tallest building in London Swiss Re is the worlds second-largest reinsurance company (after Munich Re/ Münchener Rück), and the worlds largest life and health reinsurer. ... Acme Brick Company is an American manufacturer and distributor of brick and masonry-related construction products and materials. ... Benjamin Moore & Co Paint manufacturing company which was founded in 1883. ... Clayton Homes is a manufactured and modular housing company based in Knoxville, Tennessee, U.S.A. It was founded in 1966 by Jim Clayton. ... ISCAR Metalworking is a metal cutting tools company based in Israel. ... link titleJohns Manville, a Berkshire Hathaway company (NYSE: BRK.A, BRK.B), is a leading manufacturer and marketer of premium-quality building and specialty products. ... Shaw Industries is a flooring manufacturer headquartered in Dalton, Georgia. ... Jordans Furniture is a prominent furniture retailer in eastern Massachusetts and southern New Hampshire, with locations in Reading, Avon, and Natick, Massachusetts and Nashua, New Hampshire. ... Nebraska Furniture Mart is a furniture company heaquartered in Omaha, Nebraska. ... RC Willey Home Furnishings is a home furnishings company with 14 locations serving western states including; Utah, Idaho, Nevada and California. ... Fruit of the Loom headquarters building in Bowling Green, Kentucky. ... Russell Corporation(NYSE: RML)started in Alabama, is a manufacturer of athletic shoes, apparel, and sports equipment. ... Garanimals is the name of a line of childrens clothing separates, started in 1972 by Garan Incorporated. ... The Acme Shoe Company is a manufacturer of western footwear. ... NetJets is a subsidiaries of Berkshire Hathaway, which offers fractional ownership and rental of private jets. ... FlightSafety International is a provider of professional aviation training, simulation equipment and software. ... This article does not cite its references or sources. ... McLane Company, Inc. ... Dairy Queen, abbreviated to DQ, is a global chain of ice-cream and fast-food restaurants. ... An Orange Julius stall outside Liat Towers, Orchard Road with Dairy Queen being housed together. ... The Pampered Chef offers a line of kitchen tools, food products, and cookbooks aimed for preparing food in the home. ... Sees Candies logo A Sees Candies store. ... Blue Chip Stamps started as a trading stamps company called Blue Chip Stamp Co. ... Borsheims Fine Jewelry is a jewelry store in Omaha, Nebraska. ... The Buffalo News is the primary newspaper of the Buffalo, New York metropolitan area and its surrounding suburbs. ... Business Wire logo == THIS POSTING MAY BE IN VIOLATION AND MAY NEED TO BE EDITED. IT READS AS AN ADVETISIMENT AND ITS CLAIMS HAVE NOT BEEN VERIFIED. == Business Wire is a company that disseminates full-text news releases from thousands of companies and organizations worldwide to news media, financial markets... MidAmerican Energy Holdings Company is a holding company controlled by Berkshire Hathaway. ... Mouser Electronics is a catalog distributor of electronic components based in Mansfield, Texas. ... World Book Encyclopedia is, according to its publisher in the United States, the number-one selling print encyclopedia in the world. ... USD redirects here. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... The Washington Post Company is an American media company, best known for owning the newspaper it is named after, The Washington Post, and Newsweek magazine. ... Image:Donald E. Graham. ... Chief Executive redirects here. ... Kaplan Chairman and CEO Jonathan Grayer Jonathan Grayer is the Chairman and CEO of Kaplan, Inc. ... Lee C. Bollinger is an American lawyer, educator and is currently serving as the 19th president of Columbia University. ... Barry Diller at the Web 2. ... Melinda French Gates (born Melinda Ann French on August 15, 1964)[1] is a former unit manager for several Microsoft products: Publisher, Microsoft Bob, Encarta, and Expedia. ... A newspaper is a written publication containing news, information and advertising, usually printed on low-cost paper called newsprint. ... The Herald is a newspaper based in Everett, Washington. ... Express is a free, widely circulated daily newpaper in the Washington DC metro area. ... The Gazette publishes weekly community newspapers serving Montgomery, Frederick, Prince George’s and Carroll counties in Maryland, including a subscription-based weekend edition covering business and politics throughout the state. ... 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  Results from FactBites:
 
Warren Buffett (510 words)
Warren Edward Buffett was born in Omaha in 1930.
Warren Buffett's father, Howard was a stockbroker and Republican congressman.
Warren Buffett has said that only in the case of physical or mental incapacity would he consider retiring as chairman and chief executive officer of Berkshire.
AskMen.com - Warren Buffett (647 words)
Warren Buffett always wanted to be rich and he knew what it took to make his dream come true.
Warren Edward Buffett was born August 30th, 1930, to Howard and Leila Buffett, in Omaha, Nebraska.
Warren's parents had met while working on the school paper at the University of Nebraska, but when Warren, the middle child of the Buffett's three, was born, Howard was a stockbroker turned US Congressman.
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