Warren Buffett, an American industrialist and investor, was born in 1930, on August 30th in Omaha, Nebraska. He was the son of a stockbroker-turned congressman. Warren had exceptional analytical skills from his early childhood and later he developed great interest in the stock market. At the age of six, he sold 5 packs of Coca-Cola, which he bought from his Grandfather for 25 cents, and made 5 cent profit on each pack. Whilst still at school, Buffett made various money making ideas which were quite successful: He started selling Coca-cola, chewing gum, and weekly magazines door to door. Gradually, he expanded his business to selling goofballs, stamps and many other new things.
During his high school, Buffett and his friend, bought a second hand pinball machine for $25 and placed it at a barber’s shop. Within short time, he possessed fair number of machines at different barber shops.
His life was full of learning experiences. At the age of 10, during his visit to New York City, he first visited New York Stock Exchange. After one year, an event profoundly impacted his life. He bought some shares of Cities Services Preferred at $38 but when he saw that share plummeted to $27 each, he sold them at $40 in a hurry. After a few days the prices went up to $200. It was then he realized the value of patience and long-term investment. In 1950, at the age of 19, he finished his B.S in Economics from the University of Nebraska Lincoln and in 1951 he finished his M.S in Economics from Columbia Business School where he enrolled hoping to be taught by two reputed securities analysts Benjamin Graham and David Dodd. Benjamin Graham’s The Intelligent Investor was his favorite book which he finished by heart and soul.
He worked as an Investment Salesman at Buffett-Falk & Co., Omaha from 1951 to 1955, as a Securities Analyst at Graham-Newman Corp., New York from 1954 to 1956; as a General Partner at Buffett Partnership, Ltd., Omaha from 1956 to 1969, and from 1970, he is serving as the Chairman, CEO at Berkshire Hathaway Inc, Omaha. In 1990, he started selling Berkshire Hathaway Class share A, he became billionaire.
According to Forbes 2012, he is the the third richest man on earth with net worth about $44 billion. His has given away over $20 billion to various charity works.
Philanthropic work:
In 2006, on eBay, he auctioned his 2001 Lincoln Town car to contribute that money to Girls, Inc. The same years he declared that a large important portion of his fortune would go to charity and not to his children, “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” He pledged $10 million Berkshire Hathaway Class B shares to Bill and Melinda Gates foundation.
In 2002, he pledged around $50 million for Nuclear Threat Initiative, besides playing the role of adviser for it in Washington.
In addition, he has supported several charities such as Animal rescue foundation, Glide, Bill and Melinda Gates, Girls Inc., Make-A-Wish Foundation and James Redford Institute of Transplant Awareness. He supported to eliminate poverty and promote education, and health related awareness.
Recognition: In 1999, according to the survey by Carson group, Warren Buffett was chosen to be the top money manager of twentieth century.
During 2003 election campaign, he played the role of financial advisor of Arnold Schwarzenegger, California republican governor.
In 2007, Time Magazine kept him among 100 most influential people across the world
According to communicators, Warren Buffett is the greatest story teller and all the annual letters to shareholders prove it to be true.
Warren Buffett Quotes:
“I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.”
“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”
‘Price is what you pay. Value is what you get.’
“Rule No.1: Never lose money. Rule No.2: Never forget rule No.1”
“The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves-and the better the teacher, the better the student body.”
“Time is the friend of the wonderful company, the enemy of the mediocre.”
“We enjoy the process far more than the proceeds.”
