Warren Buffett

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Warren Buffett

Buffett speaking to students from the University of Kansas
School of Business, May 6, 2005
Warren Edward Buffett
Born

August 30, 1930 (age 80)
Omaha, Nebraska, U.S.

Nationality

American
University of Pennsylvania

Alma mater

University of Nebraska–Lincoln
Columbia University

Occupation

Salary

Chairman & CEO of Berkshire Hathaway,
Investor
US$100,000[1]

Net worth

Spouse(s)

▲US$47 billion (2010)[2]
Susan Thompson Buffett (1952–2004)
Astrid Menks (2006–present)[3]
Susan Alice Buffett

Children

Howard Graham Buffett
Peter Andrew Buffett
Signature

Warren Edward Buffett (pronounced /ˈbʌfɨt/; born August 30, 1930) is an American investor,
industrialist, and philanthropist. He is one of the most successful investors in the world. Often
called the "legendary investor Warren Buffett",[4][5] he is the primary shareholder, chairman and
CEO of Berkshire Hathaway.[6] He is consistently ranked among the world's wealthiest people,
he was ranked as the world's second wealthiest person in 2009 and is currently the third
wealthiest person in the world as of 2010.[7]
Buffett is called the "Oracle of Omaha"[8] or the "Sage of Omaha"[9] and is noted for his
adherence to the value investing philosophy and for his personal frugality despite his immense
wealth.[10] Buffett is also a notable philanthropist, having pledged to give away 99 percent[11] of
his fortune to philanthropic causes, primarily via the Gates Foundation. He also serves as a
member of the board of trustees at Grinnell College.[12]

Contents
[hide]

1 Early life

2 Career
o 2.1 As a millionaire
o 2.2 As a billionaire
o 2.3 Late 2000s recession

3 Personal life
o 3.1 Lineage
o 3.2 Recognition
o 3.3 Politics
o 3.4 Writings
o 3.5 Wealth
o 3.6 Philanthropy

4 Public positions
o 4.1 Buffett and tobacco
o 4.2 Buffett and coal
o 4.3 Klamath river
o 4.4 Trade deficit
o 4.5 Dollar and gold
o 4.6 Taxes
o 4.7 Expensing of stock options
o 4.8 Investing in China

5 Books about Buffett

6 Bibliography

7 See also

8 References

9 External links

in Economics. selling golfballs and stamps. he carried out several successful moneymaking ideas: delivering newspapers. Nebraska. On a trip to New York City at the age of ten. at the age of nineteen.[edit] Early life Buffett was born in 1930 in Omaha. In 1942.. which they placed in the local barber shop. Buffett took a $35 deduction for the use of his bicycle and watch on his paper route. In Buffett’s own words: . in Economics from Columbia Business School in 1951. Benjamin Graham (1894–1976) Phil Fisher (1907–2004) Buffett entered college in 1947 at the Wharton School of the University of Pennsylvania (1947– 49). Filing his first income tax return in 1944. to the days he spent in the customers' lounge of a regional stock brokerage near the office of his father's own brokerage company.S. Buffett's interest in the stock market and investing also dated to his childhood. And about this same time he purchased[citation needed] shares of Cities Service for himself and his sister. Buffett began his education at Rose Hill Elementary School in Omaha. they owned several machines in different barber shops. attended Alice Deal Junior High School. Warren finished elementary school. Coca-Cola.[14] Even as a child.[16] Buffett enrolled at Columbia Business School after learning that Benjamin Graham (author of "The Intelligent Investor" . the second of three children and only son of businessman & politician Howard Buffett.one of his favorite books on investing) and David Dodd. or weekly magazines. and after moving with his family to Washington. and detailing cars. he finished his studies for a B. in his sophomore year of high school. Buffett and a friend spent $25 to purchase a used pinball machine. he made a point to visit the New York Stock Exchange. For a while. two well-known securities analysts. Buffett displayed an interest in making and saving money. After two years he transferred to the University of Nebraska–Lincoln.[13] and his wife Leila (née Stahl). taught there. By the time he finished college. While still in high school.C. Within months. D. He went door to door selling chewing gum. Buffett had accumulated more than $90.S. Buffet also attended the New York Institute of Finance. While in high school he invested in a business owned by his father and bought a farm worked by a tenant farmer. and graduated from Woodrow Wilson High School. He received a M.[15] In 1945. among them. he worked in his grandfather's grocery store.000 in savings measured in 2009 dollars. where in 1950. his father was elected to the first of four terms in the United States Congress.

Benjamin Graham retired and closed his partnership. Buffett accepted a job at Benjamin Graham's partnership. The argument made sense to Buffett but he questioned whether the criteria were too stringent and caused the company to miss out on big winners that had more qualitative values. Omaha as a General Partner and from 1970 – Present at Berkshire Hathaway Inc.. He offered to work for Graham for free. In April 1952. this did not turn out to be a successful business venture. from 1956–1969 at Buffett Partnership.. In 1952[21] Buffett married Susan Thompson and the next year they had their first child. In 1954.000 adjusted to 2008 dollars). There he worked closely with Walter Schloss. he felt confident enough to teach an "Investment Principles" night class at the University of Nebraska-Omaha.[citation needed] Using what he learned. New York as a Securities Analyst.. He was adamant that stocks provide a wide margin of safety after weighting the trade-off between their price and their intrinsic value. but Graham refused. he knocked on the door of GEICO's headquarters until a janitor allowed him in. His starting salary was $12. both his father and Ben Graham urged him not to. . Buffett graduated from Columbia and wanted to work on Wall Street. Buffett discovered Graham was on the board of GEICO insurance.[citation needed] That same year the Buffetts had their second child.C. During this time he also purchased a Sinclair Texaco gas station as a side investment.800. use the market's [edit] Career See also: List of assets owned by Berkshire Hathaway Buffett was employed from 1951–54 at Buffett-Falk & Co. The average age of his students was more than twice his own.[17] The basic ideas of investing are to look at stocks as business. However. Susan Alice Buffett. In 1956.. and the two discussed the insurance business for hours. Howard Graham Buffett.2 million inflation adjusted to 2009 dollars) and he started Buffett Partnership Ltd. on a Saturday.“ I’m 15 percent Fisher and 85 percent Benjamin Graham. Ltd. Davidson would eventually become Buffett's life-long friend and a lasting influence [19] and later recall that he found Buffett to be an "extraordinary man" after only fifteen minutes. Taking a train to Washington. Omaha as an Investment Salesman. In 1950 (20 years old) Buffett had made and saved $9. D. Omaha as its Chairman. however.000 a year (approximately $97. Graham was a tough man to work for.000 ($1. CEO. from 1954–1956 at Graham-Newman Corp. [20] Buffett returned to Omaha and worked as a stockbroker while taking a Dale Carnegie public speaking course. At this time Buffett's personal savings were over $174. an investment partnership in Omaha. Geico's Vice President. There he met Lorimer Davidson.

This meant that buyers valued Sanborn stock at "minus $20" per share and were unwilling to pay more than 70 cents on the dollar for an investment portfolio with a map business thrown in for nothing. He asked one of his partners. and Buffett pooled their money with a mere $100 original investment of his own.House in Omaha's Dundee neighborhood often identified as Buffett's In 1957. In 1967. a doctor. Buffett merged all partnerships into one partnership. Kohn and Co. Mo-Buff and Underwood. Buffett had seven partnerships operating: Buffett Associates. Dacee.. Buffett's partnerships began purchasing shares at $7. Glenoff. the company grew to six partnerships operating the entire year and Buffett was introduced to Charlie Munger. which in January 1962 had an excess of $7. In 1965. they paid $14. Buffett wrote in his letter: ". By 1960. Buffett revealed that Sanborn Map Company accounted for 35% of the partnership's assets." In a second letter. Buffett closed the partnership to new money. [edit] As a millionaire In 1962. Buffett liquidated the partnership and transferred their assets to his partners.86 per share while the company had working capital of $19 per share. In 1966. In 1958 the Buffett's third child. In 1959. He explained that in 1958 Sanborn stock sold at only $45 per share when the value of the Sanborn investment portfolio was $65 per share.000 each in his partnership. Buffett announced his first investment in a private business — Hochschild. I intend to admit no additional partners to BPL. Buffett invested in and eventually took control of a textile manufacturing firm. 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. Buffett operated five partnerships the entire year. He purchased a five-bedroom stucco house in Omaha. Emdee. Berkshire paid out its first and only dividend of 10 cents. In 1969. to run the company.178. This earned him a spot on the board of Sanborn. of which over $1. was born. Buffett took control of Berkshire Hathaway at the board meeting and named a new president. Among the assets paid out were shares of .60 per share. Eventually eleven agreed. for $31.500. Ken Chace. This did not include the value of fixed assets (factory and equipment). a privately owned Baltimore department store. when Buffett's partnerships aggressively began purchasing Berkshire.000 belonged to Buffett. following his most successful year. Buffett Fund. where he still lives. Buffett had three partnerships operating the entire year.. Berkshire Hathaway.025. because of his partnerships. Peter Andrew Buffett.500. to find ten other doctors willing to invest $10. In 1961. Buffett became a millionaire.

.[22] The newly merged company. due to possible conflict of interest. (in a rare move. and became a member of its board of directors. AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1. Also. and one which it still holds. when the market closed at $7. In 1970.000 per year. Paul Mozer. as ABC was some four times bigger than Capital Cities was at the time.[27] In 2010. he did not immediately suspend the rogue trader.02 billion. It would turn out to be one of Berkshire's most lucrative investments. In 1979. the SEC opened a formal investigation into Warren Buffett and Berkshire's acquisition of WESCO. 2006. On March 15. as chairman of Berkshire Hathaway. Buffett began buying stock in Coca-Cola Company. Buffett became close friends with Katharine Graham. he lived solely on his salary of $50. In 1974. Berkshire indirectly purchased the Buffalo Evening News for $32. and undergoing 'corporate governance concessions'. Buffett became involved with Maurice R. Berkshire Hathaway purchased 12% stake in Salomon Inc. 1990. the Buffalo Courier-Express. former attorney general of the state of New York. he acquired General Re (Gen Re).[26] In 1998. on September 4. Berkshire began to acquire stock in ABC. Berkshire began to acquire stock in the Washington Post Company. In 1990. Berkshire began the year trading at $775 per share. When this was discovered and brought to the attention of Gutfreund. until the Courier-Express folded in 1982. the two companies owned several radio stations in the same markets.5 billion purchase of ABC on March 18. AIG's board forced Greenberg to resign from his post as Chairman and CEO under the shadow of criticism from Eliot Spitzer. with General Re providing reinsurance. placing him on the Forbes 400 for the first time. Greenberg at AIG. a scandal involving John Gutfreund (former CEO of Salomon Brothers) surfaced. In 1977.175 a share. In 1973. Gutfreund left the company in August 1991. However.Berkshire Hathaway. Both papers lost money.[28] . and ended at $1.[23] In 1987. Buffett began writing his now-famous annual letters to shareholders. On February 9. A rogue trader. who controlled the company and its flagship newspaper. No charges were brought. 1985 surprised the media industry. was forced to sell off some stations due to FCC ownership rules. was submitting bids in excess of what was allowed by the Treasury rules.5 million. [edit] As a billionaire Buffett became a billionaire on paper when Berkshire Hathaway began selling class A shares on May 29.[25] In 1988.6 billion. In 1979. Capital Cities' announced $3. for stock). and his outside investment income. 1991. the federal government settled with Berkshire Hathaway for $92 million in return for the firm avoiding prosecution in an AIG fraud scheme. 2005. instigated by its rival. Buffett's net worth reached $620 million. making it the largest shareholder and Buffett the director. Antitrust charges started. Berkshire Hathaway chairman Warren Buffett helped finance the deal in return for a 25 percent stake in the combined company. In 2002.[24] Buffett became Chairman of Salomon until the crisis passed. eventually purchasing up to 7 percent of the company for $1. he testified before Congress.310. known as Capital Cities/ABC (or CapCities/ABC).

to fill that role. The largest contribution would go to the Bill and Melinda Gates Foundation.[37] In 2008.73 billion mark-to-market losses. Buffett announced that he was looking for a younger successor.8 billion takeover of Rohm & Haas. [edit] Late 2000s recession Buffett ran into criticism[31] during the subprime crisis of 2007–2008.[42] The operation included extra special incentives: he received an option to buy 3 billion GE at $22. that he had allocated capital too early resulting in suboptimal deals.[36] Buffett also helped Dow Chemical pay for its $18.[32] Buffett has called the 2007—present downturn in the financial sector "poetic justice". In 2006. Buffett having (according to Forbes) lost $25 billion in 12 months during 2008/2009. underlining his instrumental role during the current crisis in debt and equity markets. Buffett stated in a cable television interview . part of the late 2000s recession. "a more robust disclosure" of factors used to value the contracts. to run his investment business. In February 2009.[41] In October 2008. which provided $3 billion. “Buy American. and also received a 10% dividend (callable within three years).25 in the next five years. Their values have dropped to $40 billion and $37 billion respectively. the media reported that Warren Buffett had agreed to buy General Electric (GE) preferred stock. starting in July 2006. questions have been raised as to the wisdom in keeping some of Berkshire's major holdings.[33] Buffett's Berkshire Hathaway suffered a 77% drop in earnings during Q3 2008 and several of his recent deals appear to be running into large mark-to-market losses. however. who runs investments at Geico. By April 2006. it’s the windshield through which investors must peer. with Buffett second. However. Buffett entered in $11 billion worth of forward contracts to deliver U.[40] In 2009.In 2002.[39] Bill Gates had been number one on the Forbes list for 13 consecutive years. He thus became the single largest shareholder in the enlarged group with his Berkshire Hathaway. Buffett announced in June that he gradually would give away 85% of his Berkshire holdings to five foundations in annual gifts of stock. Unfortunately.[30] Buffett had previously selected Lou Simpson. I am.S.[43] In addition to suggestions of mistiming. including The Coca-Cola Company (NYSE:KO) which in 1998 peaked at $86.[38] and $58 billion according to Yahoo. Bill Gates regained number one of the list according to Forbes magazine. rearview mirror. Buffett became the richest man in the world dethroning Bill Gates.” he wrote for an opinion piece published recently in the New York Times. and Johnson & Johnson shares from his portfolio. Simpson is only six years younger than Buffett. or perhaps successors. his total gain on these contracts was over $2 billion. Warren Buffett sold part of Procter & Gamble Co. in a letter to shareholders.[34] Berkshire Hathaway acquired 10% perpetual preferred stock of Goldman Sachs. and that glass is invariably fogged". Buffett discussed the difficulties of knowing when to sell in the company's 2004 annual report: "That may seem easy to do when one looks through an always-clean.[29] In 2007.[36] The scale of the potential loss prompted the SEC to demand that Berkshire produce.[35] Some of Buffett's Index put options (European exercise at expiry only) that he wrote (sold) are currently running around $6.[44] In March 2009. worth $62 billion according to Forbes. dollars against other currencies.

6 billion as a part of Swiss Re's raising equity capital. When Verisk went public in May 2009. That's the nature of bubbles – they're mass delusions. in 2006 after she participated in the Jamie Johnson documentary. in a rare glimpse into Buffett's personal life." [53] [edit] Personal life Buffett married Susan Buffett née Thompson in 1952. on his seventy-sixth birthday. Astrid Menks. She had lived with him since his wife's departure in 1977 to San Francisco.. Nicole.[45][46] In 2009. They had three children. which led to a painful stagflation that lasted many years.[52] 2009 .[49] In 2009. and Peter. Buffett divested his failed investment in ConocoPhillips.. who was then sixty years old. The couple began living separately in 1977. Not only has the economy slowed down a lot. 2009 Verisk stock acquisitionbefore Verisk (ISO [Insurance Services Office]) went public. Buffett purchased 6% more of Verisk. All three were close and holiday cards to friends were signed "Warren. This deal is valued at approximately $34 billion and reflects an increase of a previously existing stake of about 22%. Buffett Foundation and is a national board member of Girls. Their daughter. In 2009. very few people could appreciate the bubble. Alice Schroeder author of Snowball stated that a reason for the purchase was to diversify Berkshire Hathaway from the financial industry.[56] Warren Buffett disowned his son Peter's adopted daughter. Susie. Although his first wife had referred to Nicole as one of her "adored grandchildren".[51]. In 2006. Additionally. saying to his Berkshire investors "I bought a large amount of ConocoPhillips stock when oil and gas prices were near their peak. Buffett fears we may revisit a 1970s level of inflation. Howard. to close upon BNSF shareholder approval in 1Q2010.that the economy had "fallen off a cliff. although they remained married until her death in July 2004. Warren Buffett acquired Burlington Northern Santa Fe Corp. Susie. In June 2010. I in no way anticipated the dramatic fall in energy prices that occurred in the last half of the year.[57] Buffett wrote her a letter stating. Inc. But so far I have been dead wrong. but people have really changed their habits like I haven't seen". "I have not .[50] Measured by market capitalization in the Financial Times Global 500 Berkshire Hathaway as of June 2009 was the eighteenth largest corporation on earth. I still believe the odds are good that oil sells far higher in the future than the current $40-$50 price. moreover.[54] It was Susan Buffett who arranged for the two to meet before she left Omaha to pursue her singing career. Warren married his never-married longtime-companion. with rights to own more than 20%.[55] Susan Buffett briefly discussed this relationship in an interview on the Charlie Rose Show shortly before her death. Buffett owned about 5%. Buffett defended the credit rating agencies for their role in the US finicial crisis. claiming that: “Very. The One Percent. Even if prices should rise. Warren Buffett invested $2. lives in Omaha and does charitable work through the Susan A.[47][48] Berkshire Hathaway already owns a 3% stake. the terrible timing of my purchase has cost Berkshire several billion dollars". Susie and Astrid". for $34 billion in cash and stocks.Proposed merger with the Burlington Northern Santa Fe Railway (BNSF).

and teaches children healthy financial habits for life.[80] [edit] Politics . today valued at around $700.[62][63] He lives in the same house in the central Dundee neighborhood of Omaha that he bought in 1958 for $31. which included a base salary of just $100.[77] On his mother's side he is a distant cousin of singer Harry Chapin[78] Despite widespread suggestions to the contrary. and 2008. of DiC Entertainment.[71][72] Buffett was raised Presbyterian but has since described himself as agnostic [73] when it comes to religious beliefs. which he learned from Sharon Osberg.000. nor have the rest of my family adopted you as a niece or a cousin.[76] [edit] Lineage Buffett's DNA report revealed that his paternal ancestors hail from northern Scandinavia. This act was a break from his past condemnation of extravagant purchases by other CEOs and his history of using more public transportation. He supported the hire of Bo Pelini following the 2007 season stating. ahead of Peter Lynch and John Templeton. and in the same city.000. He is a dedicated.000 (although he also does have a $4 million house in Laguna Beach.[70] Warren Buffett worked with Christopher Webber on an animated series with chief Andy Heyward. and attends as many games as his schedule permits. lifelong follower of Nebraska football. does not have a computer at his desk.[67] He spends twelve hours a week playing the game.[69] He watched the 2009 game against Oklahoma from the Nebraska sideline after being named an honorary assistant coach.emotionally or legally adopted you as a grandchild. he was listed among Time's 100 Most Influential People in the world.[79] In 2007." He signed the letter "Warren. Buffett has no clear relation to the well-known singer Jimmy Buffett.[66] He remains an avid player of the card game bridge. Modeled on the Ryder Cup in golf. which is small compared to senior executive remuneration in comparable companies.[74] a Cadillac DTS. and plays with her and Bill Gates. held immediately before it. Buffett was named the top money manager of the twentieth century in a survey by the Carson Group.[64] In 1989 after having spent nearly 10 million dollars[65] of Berkshire's funds on a private jet. and then A Squared Entertainment. and drives his own automobile. while his maternal ancestors most likely have roots in Iberia or Estonia. earlier he wore Ermenegildo Zegna." [58][59][60] His 2006 annual salary was about $100.[61] In 2007. California).500. he earned a total compensation of $175. a team of twelve bridge players from the United States took on twelve Europeans in the event. "It was getting kind of desperate around here". In December 2006 it was reported that Buffett does not carry a cell phone.[68] In 2006. The series features Buffett and Munger. Buffett sheepishly named it "The Indefensible".[75] Buffett wears tailormade suits from the Chinese label Trands. [edit] Recognition In 1999. and the casual friendship which has developed between their families.000. he sponsored a bridge match for the Buffett Cup.

after being asked first by presidential debate mediator Tom Brokaw. July 14. 2008. that beating the S&P 500 was "pure chance".[84] Buffett was also finance advisor to California Republican Governor Arnold Schwarzenegger during his 2003 election campaign.). Buffett is recognized by communicators[86] as one of the great story-tellers. Buffett named Walter J. Bill Ruane (Sequoia Fund. both mentioned Buffett as a possible future Secretary of the Treasury.).[81] Buffett backed Obama for president. On July 2. 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.). in the third and final presidential debate. Tom Knapp. Buffett refuted the academic Efficient-market hypothesis. and Stan Perlmeter (Perlmeter Investments). as well as Obama advisor Valerie Jarrett.Buffett and President Obama at the Oval Office. by highlighting a number of students of the Graham and Dodd value investing school of thought. Inc. Penny Pritzker and her husband. Rick Guerin (Pacific Partners. Charles Munger (Buffett's own business partner at Berkshire).[83] Later.[88] In his November.[85] [edit] Writings Warren Buffett's writings include his annual reports and various articles. 2010 In addition to other political contributions over the years. candidates John McCain and Barack Obama.500 per plate fundraiser for Obama's campaign in Chicago hosted by Obama's National Finance Chair. Buffett has formally endorsed and made campaign contributions to Barack Obama's presidential campaign. Ltd. Buffett attended a $28. he warned of investors' unrealistic expectations: . In addition to himself. Obama mentioned Buffett as a potential economic advisor. Schloss. Ed Anderson (Tweedy.[82] During the second 2008 U. as evidenced by his annual letters to shareholders. presidential debate.S. Brown Inc. He warned about the pernicious effects of inflation: “ The arithmetic makes it plain that inflation is a far more devastating tax than In his article The Superinvestors of Graham-and-Doddsville. 1999 Fortune article.

Buffett was ranked as the second richest man in the United States with a net worth of US$37 billion[91][92] with only Bill Gates ranked higher than Buffett. His net worth is up to $47 billion in past 12 months. "I want to give my kids just enough so that they would feel that they could do anything.[90] In 2009. but not so much that they would feel like doing nothing".[96] Buffett once commented. 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. The right en equitable world as to risk Divine Intervention. and . after donating billions of dollars to charity.[95] His children will not inherit a significant proportion of his wealth. he announced a plan to give away his fortune to charity.[94] Buffett has written several times of his belief that. calling those who grow up in wealthy circumstances "members of the lucky sperm club". [93] [edit] 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. The way I see it is that my mo I'm going to give virtually all of those claim checks to charity when my wife From a NY Times article: "I don't believe in dynastic wealth". with 83% of it going to the Bill & Melinda Gates Foundation.[99] making it the largest charitable donation in history. the rich earn outsized rewards for their talents: “ A market economy creates some lopsided payoffs to participants.[97] In June 2006. in a market economy.7 billion as of 23 June 2006).[98] He pledged about the equivalent of 10 million Berkshire Hathaway Class B shares to the Bill & Melinda Gates Foundation (worth approximately US$30. Warren Buffett said.“ Let me summarize what I've been saying about the stock market: I think it's v [edit] Wealth In 2008 he was ranked by Forbes as the richest person in the world with an estimated net worth of approximately US$62 billion.

[109][110] The following year. beginning in 2006.[101][102][citation needed] This is a significant shift from previous statements Buffett has made. the pledge is conditional upon the foundation's giving away each year. although he does not plan to be actively involved in the foundation's investments.[111] 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 pr . he auctioned a luncheon with himself that raised a final bid of $650. Buffett's writings are known for containing literary quotes ranging from the Bible to Mae West. Nebraska.[100] The foundation will receive 5% of the total donation on an annualised basis each July. Buffett and Gates spearheaded The Giving Pledge.100 for a charity.[108] On 27 June 2008. an amount that is at least equal to the value of the entire previous year's gift from Buffett. (Significantly.[113] Berkshire's annual reports and letters to shareholders. in addition to 5% of the foundation's net assets. [edit] Buffett and tobacco . in Washington. in August 2010. frequently receive coverage by the financial media. prepared by Buffett. Inc.6 billion. inviting the wealthy to donate 50% or more of their wealth to charity.100. Buffett presides over Berkshire Hathaway's annual shareholder meeting in the Qwest Center in Omaha. (Buffett Says ‘Capricious’ Economy Requires Charity (Update1) by Hugh S 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.[104] He also pledged $50-million to the Nuclear Threat Initiative. beginning in 2009. giving it the nickname "Woodstock of Capitalism". an event drawing over 20. Zhao Danyang.[112] [edit] Public positions Buffett's speeches are known for mixing business discussions with humor. having stated that most of his fortune would pass to his Buffett Foundation. and numerous jokes.110. executives from Toronto-based Salida Capital paid US$1. went to that foundation when she died in 2004. valued at $2.Buffett one of the leaders in the philanthrocapitalism revolution. a general manager at Pure Heart China Growth Investment Fund.[103] The bulk of the estate of his wife.[114] as well as Midwestern advice. won the 2008 5-day online "Power Lunch with Warren Buffett" charity auction with a bid of $2.68 million to dine with Buffett. Each year. Auction proceeds benefit the San Francisco Glide Foundation.) Buffett also will join the board of directors of the Gates Foundation.[107] In 2007. he auctioned his 2001 Lincoln Town Car[106] on eBay to raise money for Girls. where he has served as an adviser since 2002.[105] In 2006. however.000 visitors from both United States and abroad.

hostile takeover fight in 1987. He believes that the US dollar will lose value in the long run. He had David Sokol respond that the FERC would decide the question.[118][119] [edit] Trade deficit Buffett views the United States' expanding trade deficit as a trend that will devalue the US dollar and US assets. compromising our recent gains in income and property values". In his letter to shareholders . Buffett said investments in tobacco are: “ fraught with questions that relate to societal attitudes and those of the present [edit] Buffett and coal In 2007. It costs a penny to make. service professionals.. a subsidiary of his MidAmerican Energy Company. The cancellations came in the wake of pressure from regulators and citizen groups.600 petitioners.'s 1994 annual meeting. Buffett was quoted as telling John Gutfreund: “ I’ll tell you why I like the cigarette business. including a petition drive organized by Salt Lake City commercial real estate broker Alexander Lofft and directed at Buffett personally. Sell it Speaking at Berkshire Hathaway Inc. and organization representatives . and thin out our most beloved snow pack. shrink and contaminate our watersheds. Buffett's PacifiCorp. as a result of putting a larger portion of ownership of US assets in the hands of foreigners.During the RJR Nabisco.. any further expansion of coal generation in Utah would "compromise our health. Jim Bridger Unit 5. in their view. who described themselves in a letter to Buffett as "a collection of citizens. and four proposed plants previously included in PacifiCorp's Integrated Resource Plan. Inc. The 1." explained that. public servants. business owners and managers. your friends and new customers here in Utah. obscure our viewsheds. These included Utah's Intermountain Power Project Unit 3.[117] [edit] Klamath river American Indian tribes and salmon fisherman sought to win support from Warren Buffett for a proposal to remove four hydroelectric dams from the Klamath River." concluding that "our attractiveness as a place to live and work is also threatened. canceled six proposed coal-fired power plants. and so is our economic competitiveness as a major metro area and a state.

by outsiders would amount to $11 trillion. would chafe at the idea of perpetually paying tribute to their creditors and owners abroad. gold.1 million) in total federal taxes (due to their being from dividends & capital gains). but of a 'sharecropper society. calling it a tax on ignorance. A country that is now aspiring to an ‘ownership society’ will not find happiness in — and I’ll use hyperbole here for emphasis — a 'sharecropping society’. Author Ann Pettifor has adopted the image in her writings and has stated: "He is right..[120] [edit] Dollar and gold This induced Buffett to enter the foreign currency market for the first time in 2002. Anyone watching from Mars would be scratching their head. or of the international financial architecture. he substantially reduced his stake in 2005 as changing interest rates increased the costs of holding currency contracts. And so the thing we must fear most now.[121] [edit] Taxes Buffett stated that he only paid 19% of his income for 2006 ($48.[124] In 2007. despite making much less money. Buffett testified before the Senate and urged them to preserve the estate tax so as to avoid a plutocracy. and inflation: Stocks are probably still the best of all the poor alternatives in an era of inflation — at least they are if you buy in at appropriate prices.9 billion in federal corporate income taxes on $7.[122] On the other hand in 2008 Berkshire Hathaway paid $1. However. bury it again and pay people to stand around guarding it. since Berkshire Hathaway has benefited from the estate tax in past business dealings and had developed and marketed insurance policies to protect policy holders against future estate tax payments.[126] Buffett believes government should not be in the business of gambling. is not just the collapse of banks and investment funds. 2005. Buffett emphasized the non-productive aspect of a gold standard for the USD in 1998 at Harvard: It gets dug out of the ground in Africa. Then we melt it down. or someplace.. while his employees paid 33% of theirs.5 billion in earnings (more than 26% in federal taxes alone). Americans . and says he is looking to make acquisitions of companies which derive a substantial portion of their revenues from outside the United States. or legalizing casinos. Buffett continues to be bearish on the dollar.in March. angry at its downfall". dig another hole. Warren Buffett predicted that in another ten years’ time the net ownership of the U. 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". In 1977 Buffett was also quoted as saying about stocks.[125] Some critics have argued that Buffett (through Berkshire Hathaway) has a personal interest in the continuation of the estate tax.[123] Buffett favors the inheritance tax. It has no utility.S.[127] [edit] Expensing of stock options . farmland.

14159 to 3. Buffett. however. and the Dalai Lama.[132] Some best-selling.He has been a strong proponent of stock option expensing. The article quoted the CEO of Borders Books. He did. on the Income Statement.)[136]  Mary Buffett and David Clark. books about Buffett:  Roger Lowenstein. it is clearly a compensation expense.)[132] . major world political figures. posted a commentary[130] on Berkshire Hathaway's website stating why he would not divest from the company despite calls from some activists to do so. sparing him the billions of dollars he would have lost had he held on to the company in the midst of the steep drop in oil prices beginning in the summer of 2008. In less than one year. or otherwise notable.2 through legislative fiat.S. he lambasted a bill before the United States Congress that would consider only some company-issued stock options compensation as an expense. Making of an American Capitalist  Robert Hagstrom. the investment has reaped him over 500% return of profit.[135] (Written with Buffett's cooperation. At the 2004 annual meeting. (Combined sales of more than 1. due to its connection with the Sudanese civil war that caused Harvard to divest from the company in 2005.[133] which he described as "a coherent rearrangement of ideas from my annual report letters" as edited by Larry Cunningham.[128] When a company gives something of value to its employees in return for their services.5 million copies. Buffett invested in new energy automobile business by paying $230 million for 10% of BYD Company (SEHK: 1211). In October 2008. The Snowball: Warren Buffett and the Business of Life. George Jones. sell this stake soon afterwards. likening the bill to one that was almost passed by the Indiana House of Representatives to change the value of Pi from 3.[134][132]  Alice Schroeder. presidents. And if expenses don't belong in the earnings statement. Buffettology[137] and four subsequent books. USA Today reported that there were at least 47 books in print with Buffett's name in the title.[131] [edit] Books about Buffett Numerous books have been written about Warren Buffett and his investment strategies. as saying that the only other living persons named in as many book titles were U.[132] Buffett said that his own personal favorite is a collection of his essays called The Essays of Warren Buffett. In October 2008. The Warren Buffett Way. which runs a subsidiary of electric automobile manufacturer BYD Auto. where in the world do they belong?[129] [edit] Investing in China Buffett invested in PetroChina Company Limited and in a rare move.

Warren Buffett and Lawrence A. Tavakoli. 2.[142] (Includes step-by-step stock-picking method based on Buffett's approach)  Janet M.400 photos. Cunningham.269 miles from Wall Street.)[132]  Warren Buffett. Second Edition.html. Retrieved 2009-02-23. Lawrence Cunningham (editor). 2nd edition (April 14. Buffett and Lawrence A. ISBN 978-0966446111  The Essays of Warren Buffett: Lessons for Corporate America. Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor.forbes. Reese. ISBN 9780470406786[143] [edit] Bibliography  The Essays of Warren Buffett : Lessons for Corporate America.[141] (A rearrangement of the Chairman's letters by topic.com". Forbes. http://billionaires. ISBN 978-0966446128 [edit] See also  Forbes list of billionaires [edit] References 1. Cunningham. ^ "Warren Buffett news.[139]  Andrew Kilpatrick.)  John P. The Essays of Warren Buffett. with 330 chapters. 2001). 1. photos. The Cunningham Group.[140] (The longest of the books about Buffett. Billionaires. John Wiley and Sons. Retrieved 2010-05-23. Dear Mr. video and topics from Forbes. "The Guru Investor: How to Beat the Market Using History's Best Investment Strategies". 2006-03-30.forbes.com. weighing 10. 2008). 2008. [138]  John Train. Janet Lowe.com/lists/2006/12/C0R3.874 pages and 1.2 pounds.com. The Midas Touch: The Strategies That Have Made Warren Buffett 'America's Preeminent Investor'. CEO Compensation". Warren E. . The Cunningham Group. ^ "Warren E Buffett. revised edition (April 11.forbes. Buffett: what an investor learns 1. Of Permanent Value: The Story of Warren Buffett. http://www.com/topic/Warren_Buffett.

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Lilla (2008-06-28). ^ "Chairman's Letter—1993". ^ Zuill. Retrieved 2008-05-20.ucsf. John (1990). 116. Retrieved 2010-05-23. CBS News.110. ^ Josh Funk (5/3/2008). "uk. Bloomberg news.11 mln".org.berkshirehathaway.com/stories/2007/07/01/business/main3002551. 112. ^ Funk. ^ "cnbc.php. http://news. http://www. Gristmill. Retrieved 2010-06-07.reuters. 2010-08-04. Uk. Berkshire Hathaway. 114.reuters. Retrieved 2009-0223.cbsnews. 108. Retrieved 2008-05-20.com/letters. Indybay.com/letters/1993.cnbc. http://www.com.library.com/money/topstories/2008-05-033055404993_x.100".107. http://www. eBay. 117.ebay. http://legacy. http://members. Jenell Wallace.ucsf.com. New York: Harper & Row. Retrieved 2010-05-23. Archived from the original on 2007-03-22.com. Retrieved 2008-05-20.html.co.com/id/25421046.org/web/20070322071600/http://www. Cnbc.org/newsitems/2009/05/01/18592169. Barbarians at the Gate: The Fall of RJR Nabisco. ^ "''Warren Buffett Cools on His Attraction to Tobacco Business''. http://web. 113. University of California San Diego Library". ISBN 0-060-16172-8. http://www. ^ "US billionaires pledge 50% of their wealth to charity". 119. Dan (2009-05-01). Josh (2010-06-06).uk/news/world-us-canada-10870361. ^ "The Education of Warren Buffett: Why did the guru cancel six coal plants?" Ted Nace. Apr/25/94. Warren Buffett lunch sells for record $2.bbc. "Indybay. Charity Auction Winner Bids Big Money For Steak Lunch With Billionaire Buffett". Warren Buffett Charity Lunch Auction Ends with High Bid of $2.htm. ^ "girls-inc". http://uk.edu/tid/whg85e00/pdf. "Buffett again rebuffs advocates who want Klamath dams out".library. Retrieved 2009-02-23. ^ Lindsay Goldwert (2007-07-01). Retrieved 2010-09-06.reuters. http://www.org". Legacy Tobacco Documents Library. Helyar. Bryan. 115.dll? ViewUserPage&userid=girls-inc. "Buffett hopes lunch auction again draws big bids".com/s/ap/20100606/ap_on_bi_ge/us_buffett_lunch. Legacy.indybay.edu.yahoo. 2008 118.berkshirehathaway.com/ws/eBayISAPI.archive. Berkshire Hathaway.com/article/rbssFinancialServicesAndRealEstateNews/idUKN264648342008062 8. 111. ^ Burrough.usatoday. April 15.100. 109. USA Today (USA Today). BBC. Retrieved 2009-02-23. 110. "Lunch With Warren Buffett? $650. ^ Bacher. .com. Associated Press. http://www.shtml. ^ "Warren Buffett's Letters to Shareholders".

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The Cunningham Group. Mary. Andy Kilpatrick Publishing Empire (AKPE). 256. Dynamically Updated  Buffett Partnership Letters  Berkshire Hathaway SEC 13F Filings  Warren Buffett news at The Guardian . Bantam Dell Pub Group 2008. ISBN 978-1-57864-455-1. The midas touch: the strategies that have made Warren Buffett America's pre-eminent investor. ISBN 978-0-553-80509-3.135. Lawrence Cunningham. 142. ISBN 978-0470406786. Buffett: What An Investor Learns 1. David. ^ Reese. 136. [edit] External links Wikiquote has a collection of quotations related to: Warren Buffett Wikimedia Commons has media related to: Warren Buffett  Berkshire Hathaway official website  Latest Holdings In Berkshire Hathaway Portfolio. The Guru Investor: How to Beat the Market Using History's Best Investment Strategies. John P. p. Wiley. 137. 2001). Scribner. Warren (April 11. 140. Too). ^ Janet Maslin. Andrew. Jack Forehand (2009). ISBN 978-0-68484821-1. ^ Buffett. Buffettology: The Previously Unexplained Techniques That Have Made Warren Buffett The World's Most Famous Investor.269 Miles From Wall Street. 138. ISBN 978-0-470-37709-3. 139." New York Times. 141. Wiley. The Essays of Warren Buffett. ^ Lowe. 2009). Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor. Of Permanent Value: The Story of Warren Buffett/2008 Cosmic Edition/2 volumes. John (1987). 143. 304. ^ Schroeder. 2008. New York: Harper & Row. Dear Mr. p. ^ Kilpatrick. September 28. The Snowball: Warren Buffett and the Business of Life. Wiley. Janet] (January 9. Clark. ^ Buffett. Janet. Alice. ISBN 978-0966446111. ^ Train. "Books of The Times: The Richest Man and How He Grew (and Grew His Company. ISBN 978-0-470-15262-1. ed... ISBN 978-0-06-015643-5. ^ [|Tavakoli.

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