Warren Buffett
Businessman; Billionaire
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely considered the most successful investor of the 20th century. Buffet is the primary shareholder, chairman and CEO of Berkshire Hathaway and consistently ranked among the world's wealthiest people. He was ranked as the world's wealthiest person in 2008 and as the third wealthiest person in 2011. In 2012, American magazine Time named Buffett one of the most influential people in the world.
Biography
Warren Buffett's personal information overview.
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News
News abour Warren Buffett from around the web
Warren Buffett Lists Longtime Laguna Beach Home for $11 Million
Wall Street Journal - 3 days
The billionaire investor said he used the California home, purchased in 1971 for $150,000, as a family retreat.
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Wall Street Journal article
Airline Shares Reach Record as Buffett's Berkshire Extends Bet - Bloomberg
Google News - 5 days
Bloomberg Airline Shares Reach Record as Buffett's Berkshire Extends Bet Bloomberg Airline shares reached a record after Warren Buffett's Berkshire Hathaway Inc. increased its stakes in the four biggest U.S. carriers, adding to a bet that industry consolidation will end the boom-and-bust cycles the billionaire long shunned. Berkshire ... Does Warren Buffett Still Matter to Value Investors?Zacks.com Why Warren Buffet Quadrupled His Position In AppleSeeking Alpha Stock pickers beware: Charlie Munger thinks you're in big troubleCNBC The Mercury News -24/7 Wall St. -Nasdaq -TheStreet.com all 163 news articles »
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Berkshire takes huge bite of Apple, boosts airline stakes
Yahoo News - 6 days
Warren Buffett's Berkshire Hathaway Inc was an aggressive buyer of stocks in last year's fourth quarter, nearly quadrupling its stake in Apple Inc and increasing its stake sevenfold in the four biggest U.S. airlines. In a regulatory filing, Berkshire reported owning 57.4 million shares of Apple as of Dec. 31, which would now be worth $7.74 billion, up from just from 15.2 million shares in the iPhone maker three months earlier. Berkshire also reported a $9.3 billion airline stake, with investments topping $2.1 billion in each of American Airlines Group Inc , Delta Air Lines Inc , Southwest Airlines Co and United Continental Holdings Inc .
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Warren Buffett’s Best Investment
Huffington Post - 6 days
Our 2017 annual letter is addressed to our dear friend Warren Buffett, who in 2006 donated the bulk of his fortune to our foundation to fight disease and reduce inequity. A few months ago, Warren asked us to reflect on what impact his gift has had on the world. What follows is our answer to him. It’s a story about the stunning gains the poorest people in the world have made over the last 25 years. This incredible progress has been made possible not only by the generosity of Warren and other philanthropists, the charitable giving of individuals across the world, and the efforts of the poor on their own behalf—but also by the huge contributions made by donor nations, which account for the vast majority of global health and development funding. Our letter is being released amid dramatic political transitions in these countries, including new leadership in the United States and the United Kingdom. We hope this story will remind everyone why foreign aid should remain a priority— ...
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Huffington Post article
El hombre detrás de la gran apuesta de Warren Buffett en los seguros especializados
Wall Street Journal - 7 days
En 2013, Warren Buffette contrató a Peter Eastwood y otros tres ejecutivos de AIG con el propósito de crear una aseguradora contra accidentes de propiedad. El nuevo protegido del legendario inversionista no demoró mucho en hacerse merecedor de elogios. La filial que creó ya registraba ganancias en apenas 15 meses y sus primas alcanzaron US$1.300 millones en 2016.
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The Man Behind Warren Buffett's Big Insurance Bet
Wall Street Journal - 9 days
By Nicole Friedman Peter Eastwood likes to say that a new insurance company he started is “not entitled to anybody’s business.” He also has an advantage that most don't: the backing of Warren Buffett.The billionaire hired Mr. Eastwood and three other American International Group Inc. executives in 2013 to create a new property-casualty insurer. It marked Berkshire Hathaway’s foray into some types of commercial insurance and put the conglomerate into direct competition with giants like AIG, shocking many in the tightknit specialty-insurance industry.It didn’t take long for the 50-year-old Mr. Eastwood to win Mr. Buffett’s praise. Berkshire Hathaway Specialty Insurance turned a profit within 15 months and wrote $1.3 billion in premiums last year, making it a notable but not massive player in the industry. It has 805 employees in 10 countries.“I would have expected us to lose money for a couple of years, but instead we’ve had a very good underwriting profit,” Mr. Buffett said. “You’ve got ...
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Wall Street Journal article
10 Bad Habits You Must Eliminate from Your Daily Routine
Huffington Post - 15 days
You are the sum of your habits. When you allow bad habits to take over, they dramatically impede your path to success. The challenge is bad habits are insidious, creeping up on you slowly until you don't even notice the damage they're causing. "Chains of habit are too light to be felt until they are too heavy to be broken." - Warren Buffett Breaking bad habits requires self-control--and lots of it. Research indicates that it's worth the effort, as self-control has huge implications for success. University of Pennsylvania psychologists Angela Duckworth and Martin Seligman conducted a study where they measured college students' IQ scores and levels of self-control upon entering university. Four years later, they looked at the students' grade point averages (GPA) and found that self-control was twice as important as IQ in earning a high GPA. The self-control required to develop good habits (and stop bad ones) also serves as the foundation for a strong work ethic and high ...
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Huffington Post article
Buffett Betting Big That Airline Stocks Will Fly
Wall Street Journal - 17 days
In November, Warren Buffett loaded up on the sector but an overdone selloff offers a second chance to buy.
Article Link:
Wall Street Journal article
Frank Pellegrino Sr., 72, Is Dead; Proudly Rebuffed Would-Be Diners at Rao’s
NYTimes - 19 days
Mr. Pellegrino is said to have denied Warren Buffett entry to the East Harlem restaurant by crooning, “I’ve got all the riches, baby, one man can claim.”
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NYTimes article
Warren Buffett: I bought $12 billion of stock after Trump won
Yahoo News - 20 days
Buffett revealed that he has bought $12 billion of stock for his company Berkshire Hathaway Inc since the Republican Donald Trump beat Democrat Hillary Clinton in the Nov. 8 U.S. presidential election. In an interview with talk show host Charlie Rose that aired on Friday night, Buffett suggested that Berkshire's post-election stock purchases overall were even higher, reflecting stocks that his deputies Todd Combs and Ted Weschler bought. "We've, net, bought $12 billion of common stocks since the election," Buffett said.
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Yahoo News article
'The Race Underground,' 'Drive Share,' 'Becoming Warren Buffett,' 'Witness for the Prosecution'
LATimes - 21 days
"American Experience: The Race Underground" (PBS, Tuesday). Fun for engineering fans and old-photo buffs, this documentary from Michael Rossi "partially adapts" Doug Most's 2014 study, "The Race Underground: Boston, New York, and the Incredible Rivalry That Built America's First Subway." The inter-city...
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LATimes article
Timeline
Learn about memorable moments in the evolution of Warren Buffett
    LATE_ADULTHOOD
  • 2016
    Age 85
    On August 1, 2016, Buffett challenged Donald Trump to release his tax returns.
    More Details Hide Details Warren Buffett's writings include his annual reports and various articles. Buffett is recognized by communicators as a great story-teller, as evidenced by his annual letters to shareholders. He warned about the pernicious effects of inflation: In his article "The Superinvestors of Graham-and-Doddsville", Buffett rebutted the academic efficient-market hypothesis, that beating the S&P 500 was "pure chance", by highlighting the results achieved by 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.), William J. Ruane (Sequoia Fund, Inc.), Charles Munger (Buffett's own business partner at Berkshire), Rick Guerin (Pacific Partners, Ltd.), and Stan Perlmeter (Perlmeter Investments). In his November 1999 Fortune article, he warned of investors' unrealistic expectations: Buffett's speeches are known for mixing business discussions with attempts at humor. Each year, Buffett presides over Berkshire Hathaway's annual shareholder 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". 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 quotations from sources as varied as the Bible and Mae West, as well as advice in a folksy Midwestern style and numerous jokes.
    Buffett is also active in contributing to political causes, having endorsed Democratic candidate Hillary Clinton for president during the 2016 campaign season.
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  • 2015
    Age 84
    On December 16, 2015, Buffett endorsed Democratic candidate Hillary Clinton for president.
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  • 2014
    Age 83
    A September 2014 Fast Company article featured Buffett's “avoid at all cost” practice, used to prioritize personal goals.
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    After the difficulties of the economic crisis, Buffett managed to bring its company back to its pre-recession standards: in Q2 2014, Berkshire Hathaway made $6.4 billion in net profit, the most it had ever made in a three-month period.
    More Details Hide Details In 1949, Buffett was infatuated by a young woman whose current boyfriend had a ukulele. In an attempt to compete, he bought one of the diminutive instruments and has been playing it ever since. Though the attempt was unsuccessful, his music interest was a key part of his becoming a part of Susan Thompson's life and led to their marriage. Buffett often plays the instrument at stock holder meetings and other opportunities. His love of the instrument led to the commissioning of two custom Dairy Queen ukuleles by Dave Talsma, one of which was auctioned for charity.
  • 2013
    Age 82
    In 2013 he had an old Nokia flip phone and had sent one email in his entire life.
    More Details Hide Details Buffett reads five newspapers every day, beginning with the Omaha World Herald, which his company acquired in 2011.
    During a presentation to Georgetown University students in Washington, D.C. in late September 2013, Buffett compared the U.S. Federal Reserve to a hedge fund and stated that the bank is generating "$80 billion or $90 billion a year probably" in revenue for the U.S. government.
    More Details Hide Details Buffett also advocated further on the issue of wealth equality in society: We have learned to turn out lots of goods and services, but we haven’t learned as well how to have everybody share in the bounty. The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.
    Interim publisher James W. Hopson announced on July 18, 2013 that the Press of Atlantic City would be sold to Buffett’s BH Media Group by ABARTA, a private holding company based in Pittsburgh, U.S. At the Berkshire shareholders meeting in May 2013, Buffett explained that he did not expect to "move the needle" at Berkshire with newspaper acquisitions, but he anticipates an annual return of 10 percent.
    More Details Hide Details The Press of Atlantic City became Berkshire's 30th daily newspaper, following other purchases such as Virginia, U.S.' Roanoke Times and The Tulsa World in Oklahoma, U.S.
  • 2012
    Age 81
    In May 2012, Buffett's acquisition of Media General, consisting of 63 newspapers in the south-eastern U.S., was announced.
    More Details Hide Details The company was the second news print purchase made by Buffett in one year.
  • 2011
    Age 80
    In 2011, President Barack Obama awarded him the Presidential Medal of Freedom.
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    In November 2011, it was announced that over the course of the previous eight months, Buffett had bought 64 million shares of International Business Machine Corp (IBM) stock, worth around $11 billion.
    More Details Hide Details This unanticipated investment raised his stake in the company to around 5.5 percent—the largest stake in IBM alongside that of State Street Global Advisors. Buffett had said on numerous prior occasions that he would not invest in technology because he did not fully understand it, so the move came as a surprise to many investors and observers. During the interview, in which he revealed the investment to the public, Buffett stated that he was impressed by the company's ability to retain corporate clients and said, "I don't know of any large company that really has been as specific on what they intend to do and how they intend to do it as IBM."
  • 2010
    Age 79
    In June 2010, Buffett defended the credit-rating agencies for their role in the US financial crisis, claiming: Very, very few people could appreciate the bubble.
    More Details Hide Details That's the nature of bubbles – they're mass delusions. On March 18, 2011, Goldman Sachs was given Federal Reserve approval to buy back Berkshire's preferred stock in Goldman. Buffett had been reluctant to give up the stock, which averaged $1.4 million in dividends per day, saying: I'm going to be the Osama bin Laden of capitalism. I'm on my way to an unknown destination in Asia where I'm going to look for a cave. If the U.S. Armed forces can't find Osama bin Laden in 10 years, let Goldman Sachs try to find me.
  • 2009
    Age 78
    In 2009, Buffett divested his failed investment in ConocoPhillips, saying to his Berkshire investors, I bought a large amount of ConocoPhillips stock when oil and gas prices were near their peak.
    More Details Hide Details I in no way anticipated the dramatic fall in energy prices that occurred in the last half of the year. I still believe the odds are good that oil sells far higher in the future than the current $40–$50 price. But so far I have been dead wrong. Even if prices should rise, moreover, the terrible timing of my purchase has cost Berkshire several billion dollars. The merger with the Burlington Northern Santa Fe Railway (BNSF) closed upon BNSF shareholder approval in 1Q2010. This deal was valued at approximately $34 billion and represented an increase of the previously existing stake of 22%.
    Also in 2009, Buffett acquired Burlington Northern Santa Fe Corp. for $34 billion in cash and stock.
    More Details Hide Details Alice Schroeder, author of Snowball, said that a key reason for the purchase was to diversify Berkshire Hathaway from the financial industry. Measured by market capitalization in the Financial Times Global 500, Berkshire Hathaway was the eighteenth largest corporation in the world as of June 2009.
    In 2009, Buffett invested $2.6 billion as a part of Swiss Re's campaign to raise equity capital.
    More Details Hide Details Berkshire Hathaway already owned a 3% stake, with rights to own more than 20%.
    In March 2009, Buffett said in a cable television interview that the economy had "fallen off a cliff...
    More Details Hide Details Not only has the economy slowed down a lot, but people have really changed their habits like I haven't seen". Additionally, Buffett feared that inflation levels that occurred in the 1970s—which led to years of painful stagflation—might re-emerge.
    In February 2009, Buffett sold some Procter & Gamble Co. and Johnson & Johnson shares from his personal portfolio.
    More Details Hide Details In addition to suggestions of mistiming, the wisdom in keeping some of Berkshire's major holdings, including The Coca-Cola Company, which in 1998 peaked at $86, raised questions. 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, rear-view mirror. Unfortunately, however, it's the windshield through which investors must peer, and that glass is invariably fogged.
  • 2008
    Age 77
    During the second 2008 U.S. presidential debate, McCain and Obama, after being asked first by presidential debate mediator Tom Brokaw, both mentioned Buffett as a possible future Secretary of the Treasury.
    More Details Hide Details Later, in the third and final presidential debate, Obama mentioned Buffett as a potential economic advisor. Buffett was also finance advisor to California Republican Governor Arnold Schwarzenegger during his 2003 election campaign.
    In October 2008, the media reported that Buffett had agreed to buy General Electric (GE) preferred stock.
    More Details Hide Details The operation included special incentives: He received an option to buy three billion shares of GE stock, at $22.25, over the five years following the agreement, and Buffett also received a 10% dividend (callable within three years).
    Both of the men's values dropped, to $40 billion and $37 billion respectively—according to Forbes, Buffett lost $25 billion over a 12-month period during 2008/2009.
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    In 2008, Buffett became the richest person in the world, with a total net worth estimated at $62 billion by Forbes and at $58 billion by Yahoo, overtaking Bill Gates, who had been number one on the Forbes list for 13 consecutive years.
    More Details Hide Details In 2009, Gates regained the top position on the Forbes list, with Buffett shifted to second place.
    Some of Buffett's put options (European exercise at expiry only) that he wrote (sold) were running at around $6.73 billion mark-to-market losses as of late 2008.
    More Details Hide Details The scale of the potential loss prompted the SEC to demand that Berkshire produce, "a more robust disclosure" of factors used to value the contracts. Buffett also helped Dow Chemical pay for its $18.8 billion takeover of Rohm & Haas. He thus became the single largest shareholder in the enlarged group with his Berkshire Hathaway, which provided $3 billion, underlining his instrumental role during the crisis in debt and equity markets.
    Buffett's Berkshire Hathaway suffered a 77% drop in earnings during Q3 2008 and several of his later deals suffered large mark-to-market losses.
    More Details Hide Details Berkshire Hathaway acquired 10% perpetual preferred stock of Goldman Sachs.
  • 2007
    Age 76
    Buffett called the downturn in the financial sector that started in 2007 "poetic justice".
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    Buffett ran into criticism during the subprime crisis of 2007–2008, part of the recession that started in 2007, that he had allocated capital too early resulting in suboptimal deals. "Buy American.
    More Details Hide Details I am." he wrote for an opinion piece published in the New York Times in 2008.
    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.
    More Details Hide Details Buffett had previously selected Lou Simpson, who runs investments at Geico, to fill the role; however, Simpson is only six years younger than Buffett. On August 14, 2014, the price of Berkshire Hathaway's shares hit US$200,000 a share for the first time, capitalizing the company at US$328 billion. While Buffett had given away much of his stock to charities by this time, he still held 321,000 shares worth US$64.2 billion. On August 20, 2014, Berkshire Hathaway was fined $896,000 for failing to report December 9, 2013 purchase of shares in USG Corporation as required.
  • 2006
    Age 75
    In 2006, on his 76th birthday, Buffett married his longtime companion, Astrid Menks, who was then 60 years old—she had lived with him since his wife's departure to San Francisco in 1977.
    More Details Hide Details Susan had arranged for the two to meet before she left Omaha to pursue her singing career. All three were close and Christmas cards to friends were signed "Warren, Susie and Astrid". Susan 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. Buffett disowned his son Peter's adopted daughter, Nicole, in 2006 after she participated in the Jamie Johnson documentary The One Percent. Although his first wife referred to Nicole as one of her "adored grandchildren", Buffett wrote her a letter stating, "I have not emotionally or legally adopted you as a grandchild, nor have the rest of my family adopted you as a niece or a cousin." His 2006 annual salary was about US$100,000, which is small compared to senior executive remuneration in comparable companies. In 2007 and 2008, he earned a total compensation of $175,000, which included a base salary of just $100,000. He continued to live in the same house in the central Dundee neighborhood of Omaha that he bought in 1958 for $31,500, a fraction of today's value. He also owns a $4 million house in Laguna Beach, California. In 1989, after spending nearly $6.7 million of Berkshire's funds on a private jet, Buffett named it "The Indefensible". This act was a break from his past condemnation of extravagant purchases by other CEOs and his history of using more public transportation.
    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.
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    By April 2006, his total gain on these contracts was over US$2 billion.
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  • 2005
    Age 74
    On March 15, 2005, the AIG board forced Greenberg to resign from his post as Chairman and CEO after New York state regulators claimed that AIG had engaged in questionable transactions and improper accounting.
    More Details Hide Details On February 9, 2006, AIG agreed to pay a US$1.6 billion fine. In 2010 the U.S. government agreed to a US$92 million settlement with Gen Re, allowing the Berkshire Hathaway subsidiary to avoid prosecution in the AIG case. Gen Re also made a commitment to implement "corporate governance concessions," which required Berkshire Hathaway’s Chief Financial Officer to attend General Re’s audit committee meetings and mandated the appointment of an independent director.
  • 2002
    Age 71
    In 2002, Buffett entered in US$11 billion worth of forward contracts to deliver U.S. dollars against other currencies.
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    Gen Re later provided reinsurance after Buffett became involved with Maurice R. Greenberg at AIG in 2002.
    More Details Hide Details During a 2005 investigation of an accounting fraud case involving AIG, Gen Re executives became implicated.
  • 1998
    Age 67
    In 1998 he acquired General Re (Gen Re) as a subsidiary in a deal that presented difficulties—according to the Rational Walk investment website, "underwriting standards proved to be inadequate," while a "problematic derivatives book" was resolved after numerous years and a significant loss.
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  • FIFTIES
  • 1990
    Age 59
    Buffett became a paper billionaire when Berkshire Hathaway began selling class A shares on May 29, 1990, with the market closing at US$7,175 a share.
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  • 1988
    Age 57
    In 1988, Buffett began buying The Coca-Cola Company stock, eventually purchasing up to 7% of the company for $1.02 billion.
    More Details Hide Details It would turn out to be one of Berkshire's most lucrative investments, and one which it still holds.
  • 1987
    Age 56
    In 1987, Berkshire Hathaway purchased a 12% stake in Salomon Inc., making it the largest shareholder and Buffett a director. In 1990, a scandal involving John Gutfreund (former CEO of Salomon Brothers) surfaced.
    More Details Hide Details A rogue trader, Paul Mozer, was submitting bids in excess of what was allowed by Treasury rules. When this was brought to Gutfreund's attention, he did not immediately suspend the rogue trader. Gutfreund left the company in August 1991. Buffett became Chairman of Salomon until the crisis passed.
  • FORTIES
  • 1977
    Age 46
    The couple began living separately in 1977, although they remained married until Susan Buffett's death in July 2004.
    More Details Hide Details Their daughter, Susie, lives in Omaha, is a national board member of Girls, Inc., and does charitable work through the Susan A. Buffett Foundation.
  • 1974
    Age 43
    In 1974, the SEC opened a formal investigation into Buffett and Berkshire's acquisition of WESCO, due to possible conflict of interest.
    More Details Hide Details 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 a $3.5 billion purchase of ABC on March 18, 1985 surprising the media industry, as ABC was four times bigger than Capital Cities at the time. 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 some stations due to U.S. Federal Communications Commission ownership rules. The two companies also owned several radio stations in the same markets.
  • THIRTIES
  • 1970
    Age 39
    In 1970, Buffett began writing his now-famous annual letters to shareholders.
    More Details Hide Details 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. 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 joined its board.
  • 1969
    Age 38
    In 1969, following his most successful year, Buffett liquidated the partnership and transferred their assets to his partners.
    More Details Hide Details Among the assets paid out were shares of Berkshire Hathaway.
  • 1966
    Age 35
    In 1966, Buffett closed the partnership to new money.
    More Details Hide Details He later claimed that the textile business had been his worst trade. He then moved the business into the insurance sector, and, in 1985, the last of the mills that had been the core business of Berkshire Hathaway was sold. 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.
  • 1965
    Age 34
    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.
    More Details Hide Details This did not include the value of fixed assets (factory and equipment). Buffett took control of Berkshire Hathaway at a board meeting and named a new president, Ken Chace, to run the company.
  • 1962
    Age 31
    In 1962, Buffett became a millionaire because of his partnerships, which in January 1962 had an excess of $7,178,500, of which over $1,025,000 belonged to Buffett.
    More Details Hide Details He merged these partnerships into one. Buffett invested in and eventually took control of a textile manufacturing firm, Berkshire Hathaway. He began buying shares in Berkshire from Seabury Stanton, the owner, whom he later fired. Buffett's partnerships began purchasing shares at $7.60 per share.
  • 1961
    Age 30
    In 1961, Buffett revealed that Sanborn Map Company accounted for 35% of the partnership's assets.
    More Details Hide Details 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. 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 which earned him a spot on Sanborn's board.
  • TWENTIES
  • 1960
    Age 29
    By 1960, Buffett operated seven partnerships.
    More Details Hide Details He asked one of his partners, a doctor, to find ten other doctors willing to invest $10,000 each in his partnership. Eventually eleven agreed, and Buffett pooled their money with a mere $100 original investment of his own.
  • 1959
    Age 28
    In 1959, the company grew to six partnerships and Buffett met future partner Charlie Munger.
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  • 1958
    Age 27
    In 1958 the Buffetts' third child, Peter Andrew, was born.
    More Details Hide Details Buffett operated five partnerships that year.
  • 1957
    Age 26
    In 1957, Buffett operated three partnerships.
    More Details Hide Details He purchased a five-bedroom stucco house in Omaha, where he still lives, for $31,500.
  • 1956
    Age 25
    In 1956, Benjamin Graham retired and closed his partnership.
    More Details Hide Details At this time Buffett's personal savings were over $174,000 ($1.47 million 2012 USD) and he started Buffett Partnership Ltd..
  • 1954
    Age 23
    In 1954, Buffett accepted a job at Benjamin Graham's partnership.
    More Details Hide Details His starting salary was $12,000 a year (approximately $105,000 inflation adjusted for the 2012 USD). There he worked closely with Walter Schloss. Graham was a tough boss. He was adamant that stocks provide a wide margin of safety after weighing the trade-off between their price and their intrinsic value. 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 other appealing features. That same year the Buffetts had their second child, Howard Graham.
  • 1952
    Age 21
    Buffett married Susan Buffett (née Thompson) in 1952.
    More Details Hide Details They had three children, Susie, Howard and Peter.
    In 1952, Buffett married Susan Thompson at Dundee Presbyterian Church.
    More Details Hide Details The next year they had their first child, Susan Alice.
    In April 1952, Buffett discovered that Graham was on the board of GEICO insurance.
    More Details Hide Details Taking a train to Washington, D.C. on a Saturday, he knocked on the door of GEICO's headquarters until a janitor admitted him. There he met Lorimer Davidson, Geico's Vice President, and the two discussed the insurance business for hours. Davidson would eventually become Buffett's lifelong friend and a lasting influence, and would later recall that he found Buffett to be an "extraordinary man" after only fifteen minutes. Buffett wanted to work on Wall Street; however, both his father and Ben Graham urged him not to. He offered to work for Graham for free, but Graham refused. Buffett returned to Omaha and worked as a stockbroker while taking a Dale Carnegie public speaking course. Using what he learned, he felt confident enough to teach an "Investment Principles" night class at the University of Nebraska-Omaha. The average age of his students was more than twice his own. During this time he also purchased a Sinclair Texaco gas station as a side investment. However, this was not successful.
  • 1951
    Age 20
    Buffett worked from 1951 to 1954 at Buffett-Falk & Co. as an investment salesman; from 1954 to 1956 at Graham-Newman Corp. as a securities analyst; from 1956 to 1969 at Buffett Partnership, Ltd. as a general partner and from 1970, as Chairman and CEO of Berkshire Hathaway Inc.
    More Details Hide Details By 1950, at 20, Buffett had made and saved $9,800 (over $96,000 inflation adjusted for the 2014 USD).
    He earned a Master of Science in Economics from Columbia in 1951.
    More Details Hide Details Buffett also attended the New York Institute of Finance.
  • TEENAGE
  • 1947
    Age 16
    In 1947, Buffett entered the Wharton School of the University of Pennsylvania.
    More Details Hide Details He would have preferred to focus on his business ventures; however, he enrolled due to pressure from his father. Warren studied there for two years and joined the Alpha Sigma Phi fraternity. He then transferred to the University of Nebraska–Lincoln where at 19, he graduated with a Bachelor of Science in Business Administration. After being rejected by Harvard Business School, Buffett enrolled at Columbia Business School upon learning that Benjamin Graham taught there.
  • 1945
    Age 14
    In 1945, as a high school sophomore, Buffett and a friend spent $25 to purchase a used pinball machine, which they placed in the local barber shop.
    More Details Hide Details Within months, they owned several machines in three different barber shops across Omaha. The business was sold later in the year for $1,200 to a war veteran. Buffett's interest in the stock market and investing dated to schoolboy days he spent in the customers' lounge of a regional stock brokerage near his father's own brokerage office. On a trip to New York City at age ten, he made a point to visit the New York Stock Exchange. At 11, he bought three shares of Cities Service Preferred for himself, and three for his sister Doris Buffett (founder of The Sunshine Lady Foundation). At the age of 15, Warren made more than $175 monthly delivering Washington Post newspapers. In high school, he invested in a business owned by his father and bought a 40-acre farm worked by a tenant farmer. He bought the land when he was 14 years old with $1,200 of his savings. By the time he finished college, Buffett had accumulated more than $90,000 in savings measured in 2009 dollars.
  • 1944
    Age 13
    On his first income tax return in 1944, Buffett took a $35 deduction for the use of his bicycle and watch on his paper route.
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  • 1942
    Age 11
    In 1942, his father was elected to the first of four terms in the United States Congress, and after moving with his family to Washington, D.C., Warren finished elementary school, attended Alice Deal Junior High School and graduated from Woodrow Wilson High School in 1947, where his senior yearbook picture reads: "likes math; a future stockbroker."
    More Details Hide Details After finishing high school and finding success with his side entrepreneurial and investment ventures, Buffett wanted to skip college to go directly into business but was overruled by his father. Buffett displayed an interest in business and investing at a young age. Much of Buffett's early childhood years were enlivened with entrepreneurial ventures. One of his first business ventures, Buffett sold chewing gum, Coca-Cola bottles, or weekly magazines door to door. He worked in his grandfather's grocery store. While still in high school, he made money delivering newspapers, selling golf balls and stamps, and detailing cars, among other means.
  • CHILDHOOD
  • 1930
    Born
    Buffett was born in 1930 in Omaha, Nebraska.
    More Details Hide Details He was the second of three children and the only son of Leila (née Stahl) and Congressman Howard Buffett, Buffett began his education at Rose Hill Elementary School.
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