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Warren Buffett

Warren Buffett

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Learn from world's richest investor, Warren Buffett
Learn from world's richest investor, Warren Buffett

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Published by: qualityresearch on May 01, 2009
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Warren BuffettWarren Edward Buffett
(born August 30, 1930 in Omaha, Nebraska, United States) isan American investor, businessman, and philanthropist. He is one of the world's mostsuccessful investors and the largest shareholder and CEO of Berkshire Hathaway. He isconstantly ranked by
 Forbes
as the second richest person in the world after Bill Gateswith an estimated net worth of approximately $37.0 billion.To see a list of Warren Buffett books click herehttp://allbestlist.blogspot.com/2009/04/warren-buffett-books.html Buffet is often called the
"Oracle of Omaha”
or the
"Sage of Omaha" 
and is noted for his adherence to the value investing philosophy and for his personal frugality despite hisimmense wealth.In 2008, he again earned a total compensation of just $175,000, which included a basesalary of $100,000. 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 (althoughhe also does have a $4 million home in Laguna Beach, California). When Buffett spent$9.7 million of Berkshire's funds on a private jet in 1989, he jokingly named it "
The Indefensible
" because of his past criticisms of such purchases by other CEOs.Buffet is also a notable philanthropist, having pledged to give away 85% of his fortuneto the Gates Foundation. He also serves as a member of the board of trustees at GrinnellCollege.
 
In 1999, Buffett was named the top money manager of the twentieth century in a survey by the Carson Group, ahead of Peter Lynch and John Templeton, and in 2007, he waslisted among
Time
's 100 Most Influential People in the world.
Education
Buffett first enrolled at The Wharton School, University of Pennsylvania, (1947–1949)where he joined the Alpha Sigma Phi Fraternity. His father and uncles were AlphaSigma Phi brothers from the chapter in Nebraska. In 1950 he transferred to theUniversity of Nebraska where he received a B.S. in Economics.Buffett then enrolled at Columbia Business School after learning that BenjaminGraham, (the author of 
The Intelligent Investor 
), and David Dodd, two well-knownsecurities analysts, taught there. He then received a M.S. in Economics, ColumbiaUniversity, in 1951.Buffett has said:
 I’m 15 percent Fisher and 85 percent Benjamin Graham.
Career
Buffett was employed from 1951–1954 at
 Buffett-Falk & Co.
, he taught an “InvestmentPrinciples" night class at the University of Nebraska Omaha, worked as an InvestmentSalesman, from 1954–1956 was at
Graham-Newman Corp.
, New York as a SecuritiesAnalyst, from 1956–1969 formed and worked at
 Buffett Partnership, Ltd.
, Omaha as aGeneral Partner and from 1970–Present at Berkshire Hathaway Inc, Omaha has been itsChairman, CEO.
Personal Life
In 1952 Buffett married Susan Thompson, and their marriage has produced threechildren. The couple began living separately in 1977, although they remained marrieduntil her death in July 2004. In 2006, on his seventy-sixth birthday, he married hisnever-married longtime-companion, Astrid Menks, who was then sixty years old. Shehad lived with him since his wife's departure in 1977 to San Francisco.
 
A Millionaire
In 1962, Buffett became a millionaire, because of Buffett's partnerships, which inJanuary 1962, had in excess of $7,178,500, of which over $1,025,000 belonged toBuffett. Buffett merged all his partnerships into one partnership.Buffett discovered a textile manufacturing firm, Berkshire Hathaway and Buffett's partnerships began purchasing shares at $7.60 per share. In 1965, when Buffett's partnerships paid $14.86 per share while the company had working capital (currentassetsminus current liabilities) of $19 per share. This did not include the value of fixedassets (factory and equipment). Buffett took control of Berkshire Hathaway at the boardmeeting and named a new president, Ken Chace, to run the company. In 1966, Buffettclosed 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. In 1967,Berkshire paid out its first and only dividend of 10 cents.In 1969, following his most successful year, Buffett liquidated the partnership andtransferred their assets to his partners. Among the assets paid out were shares of Berkshire Hathaway. In 1970, as chairman of Berkshire Hathaway, Buffett beganwriting his now-famous annual letters to shareholders.However, he lived solely on his salary of $50,000 per year, and his outside investmentincome. In 1979, 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 thefirst time.

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