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, of which over $1,025,000 belonged to Buffett. Buffett merged all partnerships into one partnership. Buffett invested in and eventually took control of a textile manufacturing firm, Berkshire Hathaway. Buffett's partnerships began purchasing shares at $7.60 per share. In 1965, when Buffett's partnerships began purchasing Berkshire aggressively, they paid $14.86 per share while the company had working capital 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. In 1966, Buffett closed 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 and transferred their assets to his partners. Among the assets paid out were shares of Berkshire Hathaway. In 1970, as chairman of Berkshire Hathaway, Buffett began writing his now-famous annual letters to shareholders. However, he lived solely on his salary of $50,000 per year, and his outside investment income. 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 the first time. In 1973, 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. In 1974, the SEC opened a formal investigation into Warren Buffett and Berkshire's acquisition of WESCO, due to possible conflict of interest. No charges were brought. In 1977, Berkshire indirectly purchased the Buffalo Evening News for $32.5 million. Antitrust charges started, instigated by its rival, the Buffalo Courier-Express. Both papers lost money, until the Courier-Express folded in 1982. In 1979, Berkshire began to acquire stock in ABC. Capital Cities announced $3.5 billion purchase of ABC on March 18, 1985 surprised the media industry, as ABC was four times bigger than Capital Cities at the time. Berkshire Hathaway chairman Warren Buffett helped finance the deal in return for a 25% stake in the combined company.  The newly merged company, known as Capital Cities/ABC (or CapCities/ABC), was forced to sell off some stations due to FCC ownership rules. Also, the two companies owned several radio stations in the same markets. In 1987, Berkshire Hathaway purchased a 12% stake in Salomon Inc., making it the largest shareholder and Buffett the director. In 1990, a scandal involving John Gutfreund (former CEO of Salomon Brothers) surfaced. A rogue trader, Paul Mozer, was submitting bids in excess of what was allowed by the Treasury rules. When this was discovered and brought to the attention of Gutfreund, he did not immediately suspend the rogue trader. Gutfreund left the company in August 1991.  Buffett became Chairman of Salomon until the crisis passed; on September 4, 1991, he testified before Congress.  In 1988, Buffett began buying stock in Coca-Cola Company, eventually purchasing up to 7% of the company for $1.02 billion. It would turn out to be one of Berkshire's most lucrative investments, and one which it still holds. As a billionaire Buffett became a billionaire on paper when Berkshire Hathaway began selling class A shares on May 29, 1990, when the market closed at $7,175 a share. In 1998, in an unusual move, he acquired General Re (Gen Re) for stock. In 2002, Buffett became involved with Maurice R. Greenberg at AIG, with General Re providing reinsurance. On March 15, 2005, AIG's board forced Greenberg to resign from his post as Chairman and CEO under the shadow of criticism from Eliot Spitzer, former attorney general of the state of New York. On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1.6 billion. In 2010, the federal government settled with Berkshire Hathaway for $92 million in return for the firm avoiding prosecution in an AIG fraud scheme, and undergoing 'corporate governance concessions'. In 2002, Buffett entered in $11 billion worth of forward contracts to deliver U.S. dollars against other currencies. By April 2006, his total gain on these contracts was over $2 billion. In 2006, Buffett announced in June that he gradually would give away 85% of his Berkshire holdings to five foundations in annual gifts of stock, starting in July 2006. The largest contribution would go to the Bill and Melinda Gates Foundation. In 2007, in a letter to shareholders, Buffett announced that he was looking for a younger successor, or perhaps successors, to run his investment business. Buffett had previously selected Lou Simpson, who runs investments at Geico, to fill that role. However, Simpson is only six years younger than Buffett.
as if I were in my normal excellent health . And the GDP would go up. it would seem unlikely to pose such an insult to an equitable world as to  risk Divine Intervention. 2010 In addition to other political contributions over the years. In 2007. after being asked first by presidential debate mediator Tom Brokaw. Obama mentioned Buffett as a potential economic advisor. ahead of Peter Lynch and John Templeton. and I would be keeping those 10. Later. along with Bill Gates. During the second 2008 U. But the utility of the product would be zilch. Buffett has formally endorsed and made campaign contributions to Barack Obama's presidential campaign. calling those who grow up in wealthy circumstances "members of the lucky sperm club". while his maternal ancestors hail from Iberia (present-day Spain) or Estonia. Buffett has written several times of his belief that. I could hire 10. The right endowment of vocal chords. . If zero real investment returns diverted a bit greater portion of the national output from such stockholders to equally worthy and hardworking citizens lacking jackpot-producing talents. The way I see it is that my money represents an enormous number of claim checks on society. I don't use very many of those claim checks. was named the most influential global thinker in Foreign Policy's 2010 report. Buffett. (Lowe 1997:165–166) From a NY Times article: "I don't believe in dynastic wealth".000 people to do nothing but paint my picture every day for the rest of my life. It's like I have these little pieces of paper that I can turn into consumption. In 2011. and other forms of capital) on future national output. or mental powers can produce enormous piles of claim checks (stocks. as well as Obama advisor Valerie Jarrett. Most recently.S.Health On April 11. and intimated that John McCain's views on social justice were so far from his own that McCain would need a "lobotomy" for Buffett to change his endorsement. the rich earn outsized rewards for their talents: A market economy creates some lopsided payoffs to participants. however. he was listed among Time's 100 Most Influential People in the world. Proper selection of ancestors similarly can result in lifetime supplies of such tickets upon birth. bonds. If I wanted to. presidential debate. Lineage Buffett's DNA report revealed that his paternal ancestors hail from northern Scandinavia. Buffett said he felt "great . It's been also reported that Warren is not related to Jimmy Buffett despite the similar surname. in a market economy.and my energy level is 100 percent". Buffett was also finance advisor to California Republican Governor Arnold Schwarzenegger during his 2003 election campaign. Buffett was named the top money manager of the Twentieth Century in a survey by the Carson Group. July 14. President Barack Obama awarded him the Presidential Medal of Freedom.000 people from doing AIDS research. Buffett backed Obama for president. Plitics Buffett and President Obama at the Oval Office. 2012. 2008. in a letter to shareholders.500 per plate fundraiser for Obama's campaign in Chicago hosted by Obama's National Finance Chair. both mentioned Buffett as a possible future Secretary of the Treasury. Recognition In 1999. There's nothing material I want very much. or nursing. On July 2. Penny Pritzker and her husband. anatomical structure. Philanthropy The following quotation from 1988 highlights Warren Buffett's thoughts on his wealth and why he long planned to re-allocate it: I don't have a problem with guilt about money. He announced he would begin two months of daily radiation treatment from mid-July. Buffett attended a $28. And I'm going to give virtually all of those claim checks to charity when my wife and I die. I don't do that though. in the third and final presidential debate. physical strength. Buffett was diagnosed with stage I prostate cancer during a routine test. candidates John McCain and Barack Obama. Warren Buffett said. or teaching.
but not so much that they would feel like doing  nothing". They are not required to be taught. a general manager at Pure Heart China Growth Investment Fund. 2010. however.His children will not inherit a significant proportion of his wealth..ACHIEVEMENTS AND PHILOSOPHY Warren Buffet’s visit to India generated spectacular enthusiasm and created sensation. irrespective of his family background. In short. But Buffet himself has said that he has not come here to teach Indian. fate's distribution of long straws is wildly capricious. beginning in 2009. and Facebook CEO Mark Zuckerberg. Today’s Indian know exactly how to confront problems and dig out prospect much better than most Nations of the world.100. valued at $2. In June 2006. In 2007. he added. He pledged about the equivalent of 10 million Berkshire Hathaway Class B shares to the Bill & Melinda Gates Foundation (worth approximately US$30. The foundation will receive 5% of the total donation on an annualised basis each July. beginning in 2006. thought in his early years that he would be the world’s most successful investor in future. Buffett once commented.. he delivered newspapers to make extra money and this probably sparked his interest in the media where he has made several . "I want to give my kids just enough so that they would feel that they could do anything. he auctioned a luncheon with himself that raised a final bid of $650. This is consistent with statements he has made in the past  indicating his opposition to the transfer of great fortunes from one generation to the next. in Washington. 2006). Media. having stated that most of his fortune would pass to his Buffett Foundation. As a boy. This statement was made as part of a joint proposal with Bill Gates to encourage other wealthy individuals to pool some of their fortunes for charitable purposes. Not only Indian investors but also Indian industrialists.. as detailed in The Power of Half. The following year. Buffett.68 million to dine with Buffett. Auction proceeds benefit the San Francisco Glide Foundation. accompanied him and also participated in discussion with students. Ajit Jain. though overall it serves our country well. an amount that is at least equal to the value of the entire previous year's gift from Buffett. teachers and students have made a beeline to listen to his advice. although he does not plan to be actively involved in the foundation's investments. in which they promised to donate to charity at least half of their wealth over time. but rewards those who can detect the mispricing of  securities with sums reaching into the billions. with 83% of it going to the Bill & Melinda Gates Foundation. Buffet was born in 1930 in Omaha. his prodigy.  blogcatalog WARREN BUFFET:HIS LIFE. investors. rewards a great teacher with thank-you notes from parents. In 2006. in addition to 5% of the foundation's net assets. he announced a plan to give away his fortune to charity. he auctioned his 2001 Lincoln Town Car on eBay to raise money for Girls. including himself. In a letter to Fortune Magazine's website in 2010 Buffett remarked: My luck was accentuated by my living in a market system that sometimes produces distorted results. 2008. Zhao Danyang. the son of a stockbroker and Congressman.110. won the 2008 5-day online "Power Lunch with Warren Buffett" charity auction with a bid of $2. and Buffett one of the leaders of philanthrocapitalism. Nobody. I've worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal. Bill Gates's wife Melinda urged people to learn a lesson from the philanthropic efforts of the family that sold its home and gave away half of its value. signed a promise they called the "Gates-Buffett Giving Pledge". Bill Gates. where he has served as an adviser since 2002. the pledge is conditional upon the foundation's giving away each year.6 billion. On December 9.7 billion as of June 23. Indian is one of the most intelligent groups of the world. went to that foundation when she died in 2004. executives from Toronto-based Salida Capital paid US$1. On June 27. (Significantly.) Buffett also will join the board of directors of the Gates Foundation. The bulk of the estate of his wife.. and invited others among the wealthy to donate 50% or more of their wealth to charity. Nebraska. making it the largest charitable donation in history. He also pledged $50-million to the Nuclear Threat Initiative. is one of the most valuable gift of India to him.100 for the Glide Foundation which was won by Mohnish Pabrai and Guy Spier. This is a significant shift from previous statements Buffett has made. Inc.
Finally he got the job and learned a lot about stock investment from the Master. and Philip Fisher. Warren Buffett is always the first to acknowledge the contribution that Charlie Munger has made to Berkshire Hathaway. He recently told that Ajit Jain. a textile company. Buffet said that he was looking at investments in large countries like India. Contrary to popular belief his early days at Berkshire Hathaway were not great. Buffet. His preference for value stock is wellknown. the company has become. alter ego. cold drinks and finance companies. Warren Buffet is known for his lavish praise on his colleague. To him society did not mean America but the world of have-not this attitude of his endeared him with mass and class. Nebraska Furniture Mart and See’s Candy Shop. By the time he grew up. The partnership was a great success and Buffet is said to have averaged an annual rate of return for the partnership in excess of 23 per cent. but a leading provider of insurance.. Under Buffett and Munger.His Guru was Benjamin. his colleague at Berkshire. Buffet said that he was looking at investments in large countries like India. John Neff. Warren Buffet said. . a lawyer and investor and Charlie Munger eventually joined Warren at Berkshire Hathaway as his Vice-Chairman. far in excess of the market. returning the lucky investors their capital and their share of the profits. is the greatest gift of India to him.successful investments including the Washington Post Company. after graduating from the University of Nebraska. But he also conceded that none from India also contacted him so long. was different from his master for his exceptional philosophy of life. The smart ones joine3d him.. and bought an interest in Berkshire Hathaway. Buffet availed the opportunity with meticulous discipline. and friend. Saying away from Indian enterprise so long was a mistake . However he donated most of his money for charity to be managed by Bill and Melinda gates. Buffett . From his young age Buffet was a determined person. Warren Buffett had not. forgotten what he had learned under Graham. giving his original investors the chance to invest. where his presence is comparatively minuscule and includes recent tie-up with Bajaj Allianz for distribution of motor insurance products. The business of insurance is a hard one but under Buffett. He also earned money. Geico corporation. Despite his great regards for the business acumen of Bill gates Buffett never owns any stock of Microshoft. Speaking to Business school students of India Buffet mentioned that to be a successful investor terrific IQ is not necessary. Ajit Jain has most intelligent Business Mind much better than his own. Berkshire Hathaway has become an investment giant that wholly owns a number of successful companies that include. He never overspent. Graham eventually retired and Buffet started a limited partnership in Omaha. not only a successful share investor. Warren dabbled in several part time businesses but his destiny was chartered early in the piece when. created vast wealth but used very little out of that and felt happy. however. The most important requirement for an investor is sensible temperament and robust common sense. Sooner or later the mistake would be surely rectified but no time frame has been fixed yet. having capable and honest management with a difference. sincerity of purpose and compassion has won respect throughout the world. Imbued with a determination to make good and an entrepreneurial nature. This attitude reflected Buffet’s sincerity towards his friends and colleagues. a stock that has made him a lot of money and which he vows never to sell. His humility. Warren Buffet has become a legend and is generally ranked. infrastructure. Buffet is loved and respected not only because he is one of the richest persons of the world but for his humanitarian attitude towards life. he declared in a meeting in India. He preferred Insurance. The company was in an industry facing real challenges from exports and high manufacturing costs. decided to wind up the partnership. Graham who shaped up his foresight. His philosophy of life was money earned by him was not meant for him alone. About India. Media. and arranged for the company to buy out two Nebraska insurance companies that changed his business fortune. however. first in a stellar cast of investors that includes Peter Lynch. using capital contributed by family and friends. A successful investor must learn to value business. he studied business at the Columbia Graduate Business School . Like many legend his first attempt to get a job ended in failure. His favourites enterprises are mostly large value based companies with service orientation and mass based. struck up a friendship with Charles T Munger. He did . USA was returning back to normalcy and was getting ready to jump to prosperity. Buffet always look for shares of solid companies with tremendous future prospect. Benjamin Graham. It is to be shared with the society. he added.. after several years. He tried to get a position with Graham’s firm and was at first unsuccessful. Buffett. Buffet was born and raised during the time of great depression. along with his mentor.
He earned his billions and. He has come here to study the environment and to request his fellow Indian rich persons to spare at least fifty percent of their personal wealth for the cause of poverty. Many of his share holders expressed reservation for his aloofness from the tech world. He excelled his Master for his philosophy towards life.not keep his enormous wealth for himself or for his family . . During great Dot Com boom he kept himself away from tech companies . But later on when the boom was burst they heave the sigh of relief understanding his vision well. His investing advice to people is to select value stock and value mutual fund and keep it for decade to get benefit. Buffet advised not to buy share of any enterprise unless investors understand the dynamics of that business. another richest person of the world. Warren Buffet is not going to invest in India immediately. in his life time. he distributed it to the people wo need it most. He wanted investors to make money not only for their personal gain but for the gain of the world economy and to eradicated poverty. He donated his wealth to a Charitable Trust to be managed by Melinda Gates and Bill Gates . donated most of it for charity. The greatest thing is Buffet is bullish in US economy followed by India and China. Perhaps Buffet would start investment in India in future after he understand business philosophy of Indian businessmen and Government’s attitude towards business enterprise.
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