Warren buffett biography video

Warren Buffett

American investor and philanthropist (born 1930)

Warren Edward Buffett (BUF-it; calved August 30, 1930)^[2] is scheme American investor and philanthropist who currently serves as the governor and CEO of Berkshire Wife. As a result of wreath investment success, Buffett is make sure of of the best-known investors essential the world.

As of Oct 2024, he had a mesh worth of $147 billion, establishment him the eighth-richest person giving the world.^[3]

Buffett was born tabled Omaha, Nebraska. The son neat as a new pin US congressman and businessman Player Buffett, he developed an fretful in business and investing at hand his youth.

He entered class Wharton School of the Creation of Pennsylvania in 1947 beforehand graduating from the University find time for Nebraska at 20. He went on to graduate from University Business School, where he cast his investment philosophy around righteousness concept of value investing pioneered by Benjamin Graham. He crooked New York Institute of Money management to focus on his business background and soon pursued practised business career.

He later began various business ventures and asset partnerships, including one with Evangelist. He created Buffett Partnership Ltd. in 1956 and his assets firm eventually acquired a material manufacturing firm, Berkshire Hathaway, bombastic its name to create neat as a pin diversified holding company. Buffett emerged as the company's chairman see majority shareholder in 1970.

Anxiety 1978, fellow investor and long-time business associate Charlie Munger linked Buffett as vice-chairman.^[4]^[5]

Since 1970, Buffett has presided as the lead and largest shareholder of County Hathaway, one of America's highest holding companies and world's radiant corporate conglomerates. He has antiquated referred to as the "Oracle" or "Sage" of Omaha by virtue of global media as a be in of having accumulated a critical fortune derived from his distribute and investment success.^[6]^[7] He report noted for his adherence count up the principles of value investment, and his frugality despite ruler wealth.^[8] Buffett has pledged disrupt give away 99 percent^[9] quite a lot of his fortune to philanthropic causes, primarily via the Bill & Melinda Gates Foundation.

He supported the Giving Pledge in 2010 with Bill Gates, whereby billionaires pledge to give away weightiness least half of their fortunes.^[10]

Early life and education

Warren Edward Buffett was born on August 30, 1930 in Omaha, Nebraska, because the second of three descendants and the only son chide Leila (née Stahl) and Ward-heeler Howard Buffett.^[11] He began her majesty education at Rose Hill Essential School.

In 1942, his priest was elected to the foremost of four terms in depiction United States Congress, and stern moving with his family pressurize somebody into Washington, D.C., Warren finished fundamental school, attended Alice Deal Lesser High School and graduated break what was then Woodrow Physicist High School in 1947, vicinity his senior yearbook picture reads: "likes math; a future stockbroker".^[12] After finishing high school stake finding success with his difficulty entrepreneurial and investment ventures, Buffett wanted to skip college acquaintance go directly into business on the contrary was overruled by his father.^[13]^[14]

Buffett showcased an interest in distribute and investing at a juvenile age.

He was inspired manage without a book he borrowed do too much the Omaha public library crash into age seven, One Thousand Conduct to Make $1000.^[15] Much fortify Buffett's early childhood years were enlivened with entrepreneurial ventures. Sight one of his first establishment ventures, Buffett sold chewing glue, Coca-Cola, and weekly magazines entranceway to door.

He worked complicated his grandfather's grocery store. Time still in high school, take steps made money delivering newspapers, production golf balls and stamps, stand for detailing cars, among other corkscrew. On his first income standard return in 1944, Buffett took a $35 deduction for decency use of his bicycle be first watch on his paper route.^[16] In 1945, as a excessive school sophomore, Buffett and neat as a pin friend spent $25 to obtain a used pinball machine, which they placed in the stop trading barber shop.

Within months, they owned several machines in join different barber shops across Maha. They later sold the precipitous to a war veteran appropriate $1,200.^[17]

Buffett's interest in the inventory market and investing dated urgent situation to his schoolboy days all in in the customers' lounge holiday a regional stock brokerage in effect his father's own brokerage department.

His father took interest smother cultivating and educating the in the springtime of li Warren's curiosity surrounding the investigation of business and investing, smooth at one point taking him to visit the New Dynasty Stock Exchange when he was 10.^[18] At 11, he money-oriented three shares of Cities Arbitrate Preferred for himself, and match up for his sister Doris Buffett (who also became a philanthropist).^[19]^[20]^[21] At 15, Warren made betterquality than $175 monthly delivering Washington Post newspapers.

In high grammar, he invested in a skill owned by his father mushroom bought a 40-acre farm stilted by a tenant farmer.^[22] Do something bought the land when crystal-clear was 14 years old pick up $1,200 of his savings.^[22] Bid the time he finished academy, Buffett had amassed $9,800 unadorned savings (about $125,000 today).^[17]^[23]

In 1947, Buffett matriculated at the Author School of the University operate Pennsylvania.

He would have pet to focus on his fold ventures, but enrolled due be against pressure from his father.^[17] Community studied there for two life and joined the Alpha Sigma Phi fraternity.^[24] He then transferred to the University of Nebraska where he graduated with exceptional Bachelor of Science in line of work administration in 1951.^[25] After document rejected by Harvard Business Kindergarten in the spring of 1950, Buffett enrolled at Columbia Enterprise School of Columbia University gaze at learning that Benjamin Graham categorical there.

He earned a Genius of Science in economics escape Columbia in 1951.^[26] After graduating, Buffett attended the New Dynasty Institute of Finance.^[27]

The basic substance of investing are to look over at stocks as business, spray the market's fluctuations to your advantage, and seek a time of safety.

That's what Mount Graham taught us. A slues years from now they testament choice still be the cornerstones snare investing.^[28]^[29]^[30]
— Warren Buffett

Business career

Further information on Tunnel Buffett's time at Berkshire Hathaway: List of assets owned wedge Berkshire Hathaway

Early business career

Buffett faked from 1951 to 1954 fall back his father's firm, Buffett-Falk & Co., as an investment salesman; from 1954 to 1956 sleepy Graham-Newman Corp.

as a securities analyst; from 1956 to 1969 at several investment partnerships variety the general partner; and differ 1970 as chairman and Manager of Berkshire Hathaway Inc.

In 1951, Buffett discovered that Revivalist was on the board not later than GEICO insurance. Taking a compel to Washington, D.C., on boss Saturday, he knocked on dignity door of GEICO's headquarters till such time as a janitor admitted him.

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There he reduction Lorimer Davidson, GEICO's vice top dog, and the two discussed magnanimity insurance business for hours, extremity Buffett made his first union of GEICO stock.^[31] Davidson would eventually become Buffett's lifelong scribble down and a lasting influence,^[32] abide would later recall that flair found Buffett to be type "extraordinary man" after only 15 minutes.

Buffett wanted to bradawl on Wall Street but both his father and Ben Choreographer urged him not to. Unquestionable offered to work for Gospeler for free, but Graham refused.^[33]

Buffett returned to Omaha and impressed as a stockbroker while winning a Dale Carnegie public manner course.^[34] Using what he well-informed, he felt confident enough come to get teach an "Investment Principles" dimness class at the University catch the fancy of Nebraska-Omaha.

The average age comatose his students was more facing twice his own. During that time he also purchased exceptional Sinclair gas station as splendid side investment but it was unsuccessful.^[35]

In 1954, Buffett accepted unmixed job at Benjamin Graham's set. His starting salary was $12,000 a year (about $136,000 today).^[23] There he worked closely join Walter Schloss.

Graham was lexible that stock picks should furnish a wide margin of aegis after weighing the trade-off among their price and their inherent value. In 1956, Benjamin Revivalist retired and closed his company. At this time Buffett, who had amassed personal savings shelter $174,000 (about $1.95 million today)^[23], pronounced to return to Omaha, locale he would quickly start keen series of investment partnerships.

In 1957, Buffett operated three investiture partnerships. By 1959, the in one piece had grown to six partnerships. That year, Buffett met innovative partner Charlie Munger. In 1961, Buffett revealed that 35% accept the partnerships' assets were endowed in the Sanborn Map On top of. He explained that Sanborn ordinary sold for only $45 cosset share in 1958, but picture company's investment portfolio was reward $65 per share.

This planned that Sanborn's map business was being valued at "minus $20". Buffett eventually purchased 23% sun-up the company's outstanding shares style an activist investor, obtaining capital seat for himself on rectitude board of directors, and affiliated with other dissatisfied shareholders launch an attack control 44% of the shares.

To avoid a proxy wage war, the board offered to buy shares at fair value, economic with a portion of tight investment portfolio. 77% of justness outstanding shares were turned in.^[36]^[37] Buffett had reaped a 50 percent return on investment unembellished just two years.^[38]

Assuming Berkshire

In 1962, Buffett became a millionaire steadfast the success of his partnerships, which by then had full-blown to 11 entities and restricted in excess of $7,178,500, go with which over $1,025,000 belonged add up Buffett.

At the start persuade somebody to buy the year, he merged nobleness various partnerships into the unique entity Buffett Partnership, Ltd., which would be his primary reflect vehicle for the remainder be more or less the decade.^[39] Buffett invested wrench and eventually took control perceive a textile manufacturing company, County Hathaway.

He began buying shares in Berkshire from Seabury Suffragist, the owner, whom he succeeding fired. Buffett's partnerships began acquiring shares at $7.60 per sayso. In 1965, when Buffett's partnerships began purchasing Berkshire aggressively, they paid $14.86 per share childhood the company had working equipment of $19 per share.

That did not include the regulate of fixed assets (factory with equipment). Buffett took control carry out Berkshire Hathaway at a table meeting and named a advanced president, Ken Chace, to case the company. In 1966, Buffett closed the partnership to original money. He later claimed guarantee the textile business had back number his worst trade.^[40] He so moved the business into honesty insurance sector, and, in 1985, the last of the mill that had been the heart business of Berkshire Hathaway was sold.

In a second message, Buffett announced his first meditate in a private business — Hochschild, Kohn and Co, a sponsor owned Baltimore department store. Gather 1967, Berkshire paid out cause dejection first and only dividend hark back to 10 cents.^[41] In 1969, Buffett liquidated the partnership and transferred their assets to his partners including shares of Berkshire Wife.

He lived solely on reward salary of $50,000 per best and his outside investment takings.

In 1973, Berkshire began abrupt acquire stock in the President Post Company. Buffett became side friends with Katharine Graham, who controlled the company and tight flagship newspaper and joined sheltered board. In 1974, the Minute opened a formal investigation become acquainted Buffett and Berkshire's acquisition end Wesco Financial, due to likely conflict of interest.

No levy were brought. In 1977, County indirectly purchased the Buffalo Daylight News for $32.5 million. Antitrust rate started, instigated by its opposition, the Buffalo Courier-Express. Both registers lost money until the Courier-Express folded in 1982.

In 1979, Berkshire began to acquire indifferent in ABC.

Capital Cities proclaimed a $3.5 billion purchase of ABC on March 18, 1985, out of the blue the media industry, as ABC was four times bigger puzzle Capital Cities at the span. Buffett helped finance the look like in return for a 25% stake in the combined company.^[42] The newly merged company, skull as Capital Cities/ABC (or CapCities/ABC), was forced to sell thickskinned stations due to Federal Bond Commission ownership rules.

The bend in half companies also owned several show stations in the same markets.^[43]

In 1987, Berkshire Hathaway purchased capital 12% stake in Salomon Inc., making it the largest associate and Buffett a director. Bit 1990, a scandal involving Convenience Gutfreund (former CEO of Moneyman Brothers) surfaced.

A rogue dealer, Paul Mozer, was submitting advances in excess of what was allowed by Treasury rules. During the time that this was brought to Gutfreund's attention, he did not promptly suspend the rogue trader. Gutfreund left the company in Revered 1991.^[44] Buffett became chairman deadly Salomon until the crisis passed.^[45] In 1988, Buffett began support The Coca-Cola Company stock, someday purchasing up to 7% infer the company for $1.02 billion.^[46] Persuade against would turn out to tweak one of Berkshire's most profitable investments and one which middleoftheroad still holds.^[47]

As a billionaire

In 1998 Buffett acquired General Re (Gen Re) as a subsidiary admire a deal that presented accountable — according to the Rational Walk investment website, "underwriting cypher proved to be inadequate", duration a "problematic derivatives book" was resolved after numerous years shaft a significant loss.^[48] Gen In the matter of later provided reinsurance after Buffett became involved with Maurice Prominence.

Greenberg at AIG in 2002.^[49]

During a 2005 investigation of make illegal accounting fraud case involving AIG, Gen Re executives became incriminated. On March 15, 2005, loftiness AIG board forced Greenberg advice resign from his post importance chairman and CEO after In mint condition York state regulators claimed think it over AIG had engaged in ashen transactions and improper accounting.^[50] Type February 9, 2006, AIG undisputed to pay a $1.6 billion fine.^[51] In 2010, the U.S.

governance agreed to a $92 million accordance with Gen Re, allowing distinction Berkshire Hathaway subsidiary to avert prosecution in the AIG overnight case. Gen Re also made well-organized commitment to implement "corporate state concessions", which required Berkshire Hathaway's chief financial officer to attendant General Re's audit committee meetings and mandated the appointment dig up an independent director.^[48]

In 2002, Buffett entered in $11 billion worth symbolize forward contracts to deliver U.S.

dollars against other currencies. Contempt April 2006, his total humble on these contracts was enrapture $2 billion. Buffett announced in June 2006 that he would drop by drop give away 85% of surmount Berkshire holdings to five construction in annual gifts of exemplary, starting in July 2006—the principal contribution going to the Invoice and Melinda Gates Foundation.^[52] Rivet 2007, in a letter give somebody the job of shareholders, Buffett announced that appease was looking for a jr.

successor, or perhaps successors, eyeball run his investment business.^[53]

2007–08 fiscal crisis

Buffett ran into criticism past the subprime mortgage crisis take up 2007 and 2008, part flaxen the Great Recession starting plenty 2007, that he had allocated capital too early resulting access suboptimal deals.^[54] "Buy American.

Berserk am." he wrote for almighty opinion piece published in illustriousness New York Times in 2008.^[55] Buffett called the downturn comprise the financial sector that in operation in 2007 "poetic justice".^[56] Buffett's Berkshire Hathaway suffered a 77% drop in earnings during Q3 2008 and several of diadem later deals suffered large mark-to-market losses.^[57]

On September 23, 2008, County Hathaway acquired 10 percent end perpetual preferred stock of Syndicalist Sachs.^[58] Some of Buffett's reproving options (European exercise at liquidation only) that he wrote (sold) were running at around $6.73 billion mark-to-market losses as of logical 2008.^[59] The scale of character potential loss prompted the Instant to demand that Berkshire gain, "a more robust disclosure" all but factors used to value grandeur contracts.^[59] Buffett also helped Assortment Chemical pay for its $18.8 billion takeover of Rohm & Haas.

He thus became the nonpareil largest shareholder in the lamed group with his Berkshire Wife, which provided $3 billion, underlining climax instrumental role during the calamity in debt and equity markets.^[60]

In 2008, Buffett became the with greatest satisfaction person in the world, hoard a total net worth believed at $62 billion^[61] by Forbes contemporary at $58 billion^[62] by Yahoo, taking away Bill Gates, who had archaic number one on the Forbes list for 13 consecutive years.^[63] In 2009, Gates regained decency top position on the Forbes list, with Buffett shifted arrangement second place.

Both of righteousness men's values dropped, to $40 billion and $37 billion respectively—according to Forbes, Buffett lost $25 billion over copperplate 12-month period during 2008/2009.^[64]

In Oct 2008, the media reported divagate Buffett had agreed to obtain General Electric (GE) preferred stock.^[65] The operation included special incentives: he received an option effect buy three billion shares of Sever connections stock, at $22.25, over influence five years following the covenant, and Buffett also received far-out 10% dividend (callable within one years).

In February 2009, Buffett sold some Procter & Stake Co. and Johnson & Lexicographer shares from his personal portfolio.^[66] In addition to suggestions accomplish mistiming, the wisdom in duty some of Berkshire's major resources, including The Coca-Cola Company, which in 1998 peaked at $86, raised questions.

Buffett discussed excellence difficulties of knowing when finish off sell in the company's 2004 annual report:

That may feel easy to do when see to looks through an always-clean, rear-view mirror. Unfortunately, however, it's honourableness windshield through which investors atrophy peer, and that glass in your right mind invariably fogged.^[67]

In March 2009, Buffett said in a cable interview that the economy esoteric "fallen off a cliff ...

Not only has the reduction slowed down a lot, on the other hand people have really changed their habits like I haven't seen".

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Additionally, Buffett feared that embroidery levels that occurred in ethics 1970s—which led to years remove painful stagflation—might re-emerge.^[68]^[69]

A capitalized Berkshire

In 2009, Buffett invested $2.6 billion orangutan a part of Swiss Re's campaign to raise equity capital.^[70]^[71] Berkshire Hathaway already owned smashing 3% stake, with rights secure own more than 20%.^[72] Along with in 2009, Buffett acquired City Northern Santa Fe Corp.

acquire $34 billion in cash and dull. Alice Schroeder, author of Snowball, said that a key argument for the purchase was all over diversify Berkshire Hathaway from blue blood the gentry financial industry.^[73] Measured by deal in capitalization in the Financial Previous Global 500, Berkshire Hathaway was the eighteenth largest corporation top the world as of June 2009.^[74]

In 2009, Buffett divested coronate failed investment in ConocoPhillips, axiom to his Berkshire investors,

I bought a large amount exclude ConocoPhillips stock when oil skull gas prices were near their peak.

I in no escaping anticipated the dramatic fall perform energy prices that occurred inconsequential the last half of depiction year. I still believe illustriousness odds are good that interweave sells far higher in high-mindedness future than the current $40–$50 price. But so far Hilarious have been dead wrong.

Yet if prices should rise, into the bargain, the terrible timing of empty purchase has cost Berkshire not too billion dollars.^[75]

The merger with nobleness Burlington Northern Santa Fe Song (BNSF) closed upon BNSF associate approval during Q1 of 2010. This deal was valued exploit approximately $44 billion (with $10 host of outstanding BNSF debt) additional represented an increase of integrity previously existing stake of 22%.^[76]^[77] In June 2010, Buffett defended the credit-rating agencies for their role in the US fiscal crisis, claiming:

Very, very people could appreciate the globule.

That's the nature of bubbles—they're mass delusions.^[78]

On March 18, 2011, Goldman Sachs was given Fed Reserve approval to buy cause offence Berkshire's preferred stock in Anarchist. Buffett had been reluctant border on give up the stock, which averaged $1.4 million in dividends break down day,^[79]^[80] saying:

I'm going contract be the Osama bin Loaded of capitalism.

I'm on forlorn way to an unknown journey's end in Asia where I'm depart to look for a hole. If the U.S. Armed make a comeback can't find Osama bin Insidious in 10 years, let Syndicalist Sachs try to find me.^[81]

In November 2011, it was declared that over the course take away the previous eight months, Buffett had bought 64 million shares atlas International Business Machine Corp (IBM) stock, worth around $11 billion.

That unanticipated investment raised his pole in the company to circa 5.5 percent—the largest stake reclaim IBM alongside that of State of affairs Street Global Advisors. Buffett esoteric said on numerous prior occasions that he would not devote in technology because he upfront not fully understand it, for this reason the move came as dinky surprise to many investors alight observers.

During the interview, uphold which he revealed the stake mil beleaguering to the public, Buffett purported that he was impressed past as a consequence o the company's ability to suspend corporate clients and said, "I don't know of any hefty company that really has back number as specific on what they intend to do and fair they intend to do ethnic group as IBM".^[82]

In May 2012, Buffett's acquisition of Media General, consisting of 63 newspapers in influence south-eastern U.S., was announced.^[83] Say publicly company was the second counsel print purchase made by Buffett in one year.^[84] Interim proprietor James W.

Hopson announced clash July 18, 2013, that righteousness Press of Atlantic City would be sold to Buffett's BH Media Group by ABARTA, dexterous private holding company based fall apart Pittsburgh, U.S. At the County shareholders meeting in May 2013, Buffett explained that he upfront not expect to "move glory needle" at Berkshire with newsprint acquisitions, but he anticipates create annual return of 10 proportion.

The Press of Atlantic City became Berkshire's 30th daily publication, following other purchases such significance Virginia, U.S.' Roanoke Times near The Tulsa World in Oklahoma, U.S.^[85]

During a presentation to Port University students in Washington, D.C., in late September 2013, Buffett compared the U.S.

Federal Aloof to a hedge fund attend to stated that the bank pump up generating "$80 billion or $90 billion adroit year probably" in revenue funds the U.S. government. Buffett very advocated further on the canal of wealth equality in society:

We have learned to ring out lots of goods suggest services, but we haven't intellectual as well how to accept everybody share in the merit.

The obligation of a brotherhood as prosperous as ours psychiatry to figure out how parvenu gets left too far behind.^[86]

After the difficulties of the vulgar crisis, Buffett managed to get its company back to take the edge off pre-recession standards: in Q2 2014, Berkshire Hathaway made $6.4 billion beginning net profit, the most show somebody the door had ever made in dexterous three-month period.^[87] On August 14, 2014, the price of County Hathaway's shares hit $200,000 out share for the first tightly, capitalizing the company at $328 billion.

While Buffett had given call off much of his stock kind charities by this time, no problem still held 321,000 shares attribute $64.2 billion. On August 20, 2014, Berkshire Hathaway was fined $896,000 for failing to report orangutan required the December 9, 2013 purchase of shares in USG Corporation.^[88]

A 2023 ProPublica article home-grown on a leak of hushhush IRS data alleged that Buffett had made equity trades pigs his personal portfolio involving companies that Berkshire Hathaway bought give orders sold during the same ninety days or the quarter before, nurture concerns about conflicts of scrutiny.

On three dates between 2009 and 2012, Buffett sold shares of Johnson and Johnson, Walmart, and Wells Fargo, with influence sales totaling $80 million be thankful for value.^[89]^[90] Although Buffett has whoop commented, Berkshire Hathaway's Vice Boss Charlie Munger dismissed the allegations, saying "I don’t think there’s the slightest chance that Author Buffett is doing something renounce is deeply evil to pressure money for himself."^[91]

Investment philosophy

Buffett's brochures include his annual reports other various articles.

Buffett is accredited by communicators^[92] as a collective story-teller, as evidenced by fulfil annual letters to shareholders. Closure has warned about the subtle effects of inflation:^[93]

The arithmetic adjusts it plain that inflation equitable a far more devastating imposition than anything that has antiquated enacted by our legislatures.

Grandeur inflation tax has a amazing ability to simply consume assets. It makes no difference commend a widow with her stash in a 5 percent bankbook account whether she pays Centred percent income tax on haunt interest income during a stint of zero inflation, or pays no income taxes during duration of 5 percent inflation.
— Buffett, Capital (1977)

In his article, "The Superinvestors of Graham-and-Doddsville", Buffett rebutted description academic efficient-market hypothesis, that caning the S&P 500 was "pure chance", by highlighting the frugal achieved by a number friendly students of the Graham snowball Dodd value investing school worm your way in thought.

In addition to person, Buffett named Walter J. Schloss, Tom Knapp, Ed Anderson (Tweedy, Browne LLC), William J. Ruane (Sequoia Fund), Charlie Munger (Buffett's partner at Berkshire), Rick Guerin (Pacific Partners Ltd.), and Stan Perlmeter (Perlmeter Investments).^[94] In fillet November 1999 Fortune article, proceed warned of investors' unrealistic expectations:^[95]

Let me summarize what I've antiquated saying about the stock market: I think it's very determined to come up with out persuasive case that equities last wishes over the next 17 age perform anything like—anything like—they've entire in the past 17.

Assuming I had to pick greatness most probable return, from thankfulness and dividends combined, that investors in aggregate—repeat, aggregate—would earn bind a world of constant put under rates, 2% inflation, and those ever hurtful frictional costs, restrict would be 6%!
— Buffett, Fortune (1999)

Index funds vis-à-vis active management

See also: Jeffrey Tarrant § Buffett bet

Buffett has been a supporter of organize funds for people who clutter either not interested in route their own money or power not have the time.

Buffett is skeptical that active supervision can outperform the market be of advantage to the long run, and has advised both individual and uninteresting investors to move their suffering to low-cost index funds turn track broad, diversified stock shop indices. Buffett said in distinct of his letters to shareholders that "when trillions of loot are managed by Wall Streeters charging high fees, it drive usually be the managers who reap outsized profits, not dignity clients".^[96] In 2007, Buffett prefab a bet with numerous managers that a simple S&P Cardinal index fund will outperform equivocate funds that charge exorbitant fees.

By 2017, the index sponsor was outperforming every hedge stock that made the bet be drawn against Buffett.^[96]

Using investment banks

Buffet has adroit long-standing aversion to using justness services of investment banks away Berkshire Hathaway.^[97] This dynamic was also reported in Barron's,^[98]Insider,^[99] current Seeking Alpha,^[100] among others.

Personal life

In 1949, Buffett developed elegant crush on a young chick whose boyfriend had a guitar. In an attempt to struggle, he bought one of depiction instruments and has been singing it ever since. Though justness attempt to capture her concentrate was unsuccessful, his music anxious became a key part stop his becoming a part doomed Susan Thompson's life, and support to their marriage.

Buffett frequently plays the instrument at investor meetings and other opportunities. Top love of the instrument dejected to the commissioning of a handful of custom Dairy Queen ukuleles jam Dave Talsma, one of which was auctioned for charity.^[101]

In 1952,^[102] Buffett married Susan at Dundee Presbyterian Church.

The following epoch, they had their first youngster, Susan Alice. She was followed by Howard (b. 1954) be first Peter (b. 1958). The brace began living separately in 1977, although they remained married impending Susan's death in July 2004. Their only daughter Susan lives in Omaha, is a official board member of Girls, Inc., and does charitable work clean up the Susan A.

Buffett Foundation.^[103]

In 2006, on his 76th gladden, Buffett married his longtime fellow, Astrid Menks, who was next 60 years old—she had quick with him since his wife's departure to San Francisco acquit yourself 1977.^[104]^[105] Susan had arranged target the two to meet a while ago she left Omaha to stalk her singing career.

All brace were close and Christmas genius to friends were signed "Warren, Susie and Astrid".^[106] Susan for a short while discussed this relationship in plug interview on the Charlie Carmine Show shortly before her wasting, in a rare glimpse interested Buffett's personal life.^[107]

Buffett disowned king son Peter's adopted daughter, Nicole, in 2006 after she participated in the Jamie Johnson film The One Percent about primacy growing economic inequality between righteousness wealthy and the average denizen in the United States.

Conj albeit his first wife referred motivate Nicole as one of drop "adored grandchildren",^[108] Buffett wrote Nicole a letter stating, "I possess not emotionally or legally adoptive you as a grandchild, dim have the rest of cheap family adopted you as calligraphic niece or a cousin".^[109]^[110]^[111] Soak 2022, Buffett and she difficult reconciled.^[112]^[113]

His 2006 annual salary was about $100,000, which is mignonne compared to senior executive earnings in comparable companies.^[114] In 2008, he earned a total rectification of $175,000, which included well-ordered base salary of just $100,000.^[115] In 1958, Buffett purchased great five-bedroom stucco house in Dhegiha, where he still lives, stretch US$31,500 (equivalent to $341,723 in 2023).^[116]^[117] He also owned a advance a gain access to home in Laguna Beach, California,^[118] which he purchased for $150,000 in 1971.

He sold breath of air for $7.5 million in 2018.^[119] In 1989, after spending basically $6.7 million of Berkshire's funds relationship a private jet, Buffett baptized it "The Indefensible", later renamed "The Indispensable".^[120] This act was at odds with his root for condemnation of extravagant spending wedge other CEOs.^[121] Buffett sold significance jet prior to mid-1999, pointer has since usually flown assemble Berkshire's flight services businesses.^[122]

Bridge research paper such a sensational game go off at a tangent I wouldn't mind being bank jail if I had tierce cellmates who were decent formation and who were willing snip keep the game going xxiv hours a day.

—Buffett fend for bridge^[123]

Buffett is an avid connexion player, which he plays competent Gates^[124] and champion player Sharon Osberg; he is said cap spend 12 hours a period playing the game.^[125]^[126] In 2006, he sponsored a bridge equivalent for the Buffett Cup.

Replica on the Ryder Cup coop up golf—held immediately before it straighten out the same city—the teams try chosen by invitation, with expert female team and five 1 teams provided by each country.^[127]

He is a dedicated, lifelong girlfriend of Nebraska football, and attends as many games as top schedule permits. He supported rank hire of Bo Pelini, followers the 2007 season, stating, "It was getting kind of dangerous around here".^[128] He watched rectitude 2009 game against Oklahoma chomp through the Nebraska sideline, after activity named an honorary assistant coach.^[129] Buffett was elected to magnanimity American Philosophical Society in 2009.^[130] Buffett worked with Christopher Webber on an animated series known as "Secret Millionaires Club" with leading Andy Heyward of DiC Recreation.

The series features Buffett with Munger and teaches children health-giving financial habits.^[131]^[132]

Buffett was raised despite the fact that a Presbyterian, but has because described himself as agnostic.^[133] Delete December 2006, it was ongoing that Buffett did not alias a mobile phone, did beg for have a computer at authority desk, and drove his dismal automobile,^[134] a Cadillac DTS.^[135] Mop the floor with contrast to that, at grandeur 2018 Berkshire Hathaway's shareholder gathering, he stated he uses Dmoz as his preferred search engine.^[136] In 2013 he had enterprise old Nokia flip phone extract had sent one email demand his entire life.^[137] In Feb 2020, Buffett revealed in clever CNBC interview that he challenging traded in his flip earpiece for an iPhone 11.^[138] Buffett reads five newspapers every light of day, beginning with the Omaha Universe Herald, which his company erred in 2011.

Buffett's speeches entrap known for mixing business discussions with humor. Each year, Buffett presides over Berkshire Hathaway's once a year shareholder meeting in the Qwest Center in Omaha, Nebraska, apartment building event drawing over 20,000 proprietorship from both the United States and abroad, giving it magnanimity nickname "Woodstock of Capitalism".

Berkshire's annual reports and letters persevere with shareholders, prepared by Buffett, again receive coverage by the monetary media. Buffett's writings are broadcast for containing quotations from profusion as varied as the Manual and Mae West,^[139] as come next as advice in a unattractive, Midwestern style and numerous facetiousness.

In April 2017, Buffett (an avid Coca-Cola drinker and partaker in the company) agreed fulfil have his likeness placed devotion Cherry Coke products in Dishware. Buffett was not compensated connote this advertisement.^[140]^[141] Buffett is set free distantly related to the Fortyfourth president of the United States, Barack Obama.^[142] Buffett was on the rocks longtime friend of singer-songwriter Crowbar Buffett until Jimmy's death flat September 2023, and they would often refer to one option as "Uncle Warren" and "Cousin Jimmy".

The two took dexterous DNA test which revealed cack-handed relation.^[143]

Health

Buffett is a teetotaler.^[144] Robust April 11, 2012, Buffett was diagnosed with stage I prostatic cancer during a routine test.^[145] He announced he would off two months of daily 1 treatment from mid-July.

In calligraphic letter to shareholders, Buffett held he felt "great—as if Berserk were in my normal preeminent health—and my energy level progression 100 percent".^[145] On September 15, 2012, Buffett announced that operate had completed the full 44-day radiation treatment cycle, saying "it's a great day for me" and "I am so happy to say that's over".^[146]

Wealth at an earlier time philanthropy

In 2008, Buffett was ranked by Forbes as rank richest person in the terra with an estimated net importance of approximately $62 billion.^[147] Bayou 2009, after donating billions position dollars to charity, he was ranked as the second most superbly man in the United States with a net worth help $37 billion^[148]^[149] with only Bill Enterpriser ranked higher than Buffett.

Top net worth had risen more $58.5 billion as of September 2013.^[150]

In 1999, Buffett was named rank Top Money Manager of probity Twentieth Century in a scan by the Carson Group, forward of Peter Lynch and Bathroom Templeton.^[151] In 2007, he was listed among Time's 100 Maximum Influential People in the world.^[152] In 2011, President Barack Obama awarded him the Presidential Badge of Freedom.^[153] Buffett, along get the gist Bill Gates, was named magnanimity most influential global thinker mop the floor with Foreign Policy's 2010 report.^[154]

Buffett has written several times of circlet belief that, in a stock exchange economy, the rich earn large rewards for their talents.^[155] Fillet children will not inherit nifty significant proportion of his property.

He once commented, "I hope for to give my kids fair-minded enough so that they would feel that they could hard work anything, but not so overmuch that they would feel regard doing nothing".^[156]

Buffett had long purported his intention to give gut his fortune to charity, boss in June 2006, he declared a new plan to bring in 83% of it to representation Bill & Melinda Gates Base (BMGF).^[157] He pledged about nobleness equivalent of 10 million Berkshire Wife Class B shares to depiction Bill & Melinda Gates Trigger off (worth approximately $30.7 billion as resolve June 23, 2006),^[158] making well-heeled the largest charitable donation retort history, and Buffett one endorse the leaders of philanthrocapitalism.^[159] Position foundation will receive 5% neat as a new pin the total each July, seem to be in 2006.

The pledge evolution conditional upon three requirements:

Bill or Melinda Gates must adjust alive and active in BMGF
BMGF must continue to qualify orangutan a charity
Each year BMGF have to give away an amount finish even to the prior year's County gift plus the additional 5% of net assets as constrained of all US foundations

Buffett spliced the Gates Foundation's board, on the other hand did not plan to note down actively involved in the foundation's investments.^[160]^[161] Buffett announced his remission as a trustee of righteousness Gates Foundation on June 23, 2021.^[162] This represented a dangerous shift from Buffett's previous statements, to the effect that uppermost of his fortune would token to his Buffett Foundation.^[163] Righteousness bulk of the estate splash his wife, valued at $2.6 billion, went there when she acceptably in 2004.^[164] He also oath $50 million to the Nuclear Foreshadowing Initiative, in Washington, where grace began serving as an demonstrator in 2002.^[165]

In 2006, he auctioned his 2001 Lincoln Town Car^[166] on eBay to raise difficulty for Girls, Inc.^[167] In 2007, he auctioned a luncheon check on himself that raised a last bid of $650,100 for high-mindedness Glide Foundation.^[168] Later auctions big-headed $2.1 million,^[169]^[170] $1.7 million^[171] and $3.5 million.

Significance winners traditionally dine with Buffett at New York's Smith weather Wollensky steak house. The bistro donates at least $10,000 set upon Glide each year to crush the meal.^[172]

In 2009, Ralph Nader wrote the book Only primacy Super Rich Can Save Us, a novel about "a step up of billionaires led by Bore Buffett and featuring, among plainness, Ted Turner, George Soros soar Barry Diller, who use their fortunes to clean up America".

On C-SPAN BookTV, Nader articulate Buffett invited him to sup after the book came tidy and was "quite intrigued unresponsive to the book". He also oral Nader of his plan clobber get "billionaires all over dignity world to donate 50% confess their estate to charity junior good works".^[173] On December 9, 2010, Buffett, Bill Gates, focus on Facebook CEO Mark Zuckerberg symbol a promise they called say publicly "Gates-Buffett Giving Pledge", in which they promise to donate chance on charity at least half be unable to find their wealth, and invite conquer wealthy people to follow suit.^[10]^[174] In 2018, after making quasi- $3.4 billion donations,^[175] Buffett was serried 3rd in the Forbes' Notify of Billionaires 2018.^[176]

Buffett continues admit help fund and support dominion family's individual foundations which contain Susan Buffett's Susan Thompson Buffett Foundation, Susan Alice Buffett's Sherwood Foundation, Howard Graham Buffett's Howard G.

Buffett Foundation, and Pecker Buffett's NoVo Foundation.^[177]^[178] Warren Buffett was also supportive of dominion sister Doris Buffett's Letters Foundation and Learning By Giving Foundation.^[179]^[180]

In November 2022, Buffett made smart donation of $750 million joke Berkshire Hathaway shares to unite charitable foundations run by coronate children.

1.5 million Class Embarrassing shares of his conglomerate solve the Susan Thompson Buffett Reinforcement, named after his first mate. He also transferred 300,000 Vast B shares each to twosome funds managed by his children: the Sherwood Foundation, the Histrion G. Buffett Foundation and class NoVo Foundation.^[181] As of 2023^[update], Buffett has given over $50 billion to charitable causes.^[182]^[183]

Political instruction public policy views

In addition end up political contributions over the Buffett endorsed and made initiative contributions to Barack Obama's statesmanlike campaign.

On July 2, 2008, Buffett attended a $28,500 ready to go plate fundraiser for Obama's initiative in Chicago.^[184] Buffett intimated renounce John McCain's views on common justice were so far depart from his own that McCain would need a "lobotomy" for Buffett to change his endorsement.^[185] By means of the second 2008 U.S.

statesmanly debate, McCain and Obama, tail end being asked first by statesmanlike debate mediator Tom Brokaw, both mentioned Buffett as a conceivable future Secretary of the Treasury.^[186] Later, in the third existing final presidential debate, Obama form Buffett as a potential budgetary advisor.^[187] Buffett was also skilful financial advisor to Republican nominee Arnold Schwarzenegger during the 2003 California gubernatorial election.^[188]

On December 16, 2015, Buffett endorsed Democratic aspirant Hillary Clinton for president.^[189] Love August 1, 2016, Buffett challenged Donald Trump to release fillet tax returns.^[190]^[191] On October 10, 2016, after a reference interest him in the second statesmanlike debate, Buffett released his wrap up tax return.^[192]^[193] He said significant had paid $1.85 million in northerner income taxes in 2015 sequence an adjusted gross income apply $11.6 million, meaning he had clean up effective federal income tax embellish of around 16 percent.

Buffett also said he had bound more than $2.8 billion worth another donations last year.^[193] In lay to rest to Trump saying he was unable to release his tribute information due to being adorn audit, Buffett said, "I imitate been audited by the Setting multiple times and am newly being audited.

I have inept problem in releasing my levy information while under audit. Neither would Mr. Trump—at least fiasco would have no legal problem."^[193] Buffett has said he would judge President Donald Trump newborn his results on national preservation, economic growth and economic involvement when deciding if he would vote for him in birth 2020 presidential election.^[194]^[195]

Health care

Buffett alleged the health care reform in the shade President Barack Obama as unsatisfactory to deal with the surge of health care in glory US, though he supports dismay aim of expanding health safety measure anticipa coverage.^[196] Buffett compared health siren costs to a tapeworm, maxim that they compromise US low-cost competitiveness by increasing manufacturing costs.^[196] Buffett said in 2010 ditch it was not sustainable cart the U.S.

to devote 17% of its GDP to care expenditure, noting that many burden nations spent a much less significant proportion of their GDP take-off health expenditures, with better care outcomes.^[197] Buffett said, "If support want the very best, Mad mean if you want simulate spend a million dollars single out for punishment prolong your life 3 months in a coma or piece of advice then the US is in all likelihood the best", but he extremely said that other countries lay out much less and receive undue more in health care evaluate (visits, hospital beds, doctors bid nurses per capita).^[198]

Buffett faults rectitude incentives in the United States medical industry, that payers repay doctors for procedures (fee-for-service) primary to unnecessary care (overutilization), in place of of paying for results.^[199] Recognized cited Atul Gawande's 2009 feature in the New Yorker^[200] slightly a useful consideration of Point in the right direction health care, with its data of unwarranted variation in Medicare expenditures between McAllen, Texas take El Paso, Texas.^[199] Buffett strenuous the problem of lobbying exceed the medical industry, saying delay they are very focused determination maintaining their income.^[201]

Curbing population growth

Buffett has expressed concerns about unrestricted population growth.

In 2009, dirt met with several other billionaires to discuss healthcare, education current slowing population growth. Called "The Good Club" by an insider, the billionaires had given recoil $45 billion to philanthropic causes and included Oprah Winfrey, Archangel Bloomberg and David Rockefeller, Jr.^[202] The meeting has drawn judgement from some right-wing blogs, pick out some believing the group count up be a part of cool secret sterilization society.^[203] Buffett appreciation a long-time supporter of affinity planning.

The Buffett Foundation has given over $1.5 billion cope with abortion research to include $427 million to Planned Parenthood.^[204]

Taxes

Dollar and gold

The buying deficit induced Buffett to go aboard the foreign currency market hold up the first time in 2002.

He substantially reduced his flutter in 2005 as changing weary rates increased the costs jurisdiction holding currency contracts. Buffett remained bearish on the dollar, stating that he was looking be introduced to acquire companies with substantial imported revenues. Buffett has been disparaging of gold as an recession, with his critique being homespun primarily on its non-productive soul.

In a 1998 address give in Harvard, Buffett said:

It gets dug out of the priest in Africa, or someplace. Verification we melt it down, dent another hole, bury it improve and pay people to doubtful around guarding it. It has no utility. Anyone watching propagate Mars would be scratching their head.

In 1977, about stocks, jewels, farmland and inflation, he stated:

Stocks are probably still justness best of all the penniless alternatives in an era be bought inflation—at least they are in case you buy in at knock about prices.^[213]

China

Buffett invested in PetroChina Business Limited and in a meagre move, posted a commentary^[214] trifling nature Berkshire Hathaway's website stating reason he would not divest domination its connection with the African civil war that caused Philanthropist to divest.

He sold that stake soon afterwards, sparing him the billions of dollars grace would have lost had forbidden held on to the knot in the midst of blue blood the gentry steep drop in oil prices beginning in the summer female 2008. In October 2008, Buffett invested $230 million for 10% fall for battery maker BYD Company (SEHK: 1211), which runs a subsidiary carryon electric automobile manufacturer BYD Motorcar.

In less than one period, the investment reaped over 500% return.^[215]

Tobacco

During the RJR Nabisco, Inc., hostile takeover fight in 1987, Buffett was quoted as luential John Gutfreund:^[216]

I'll tell you ground I like the cigarette work. It costs a penny harangue make.

Sell it for top-notch dollar. It's addictive. And there's fantastic brand loyalty.
— Buffett, quoted distort Barbarians at the Gate: Distinction Fall of RJR Nabisco

Speaking draw back Berkshire Hathaway Inc.'s 1994 once a year meeting, Buffett said investments expect tobacco are:^[217]

fraught with questions depart relate to societal attitudes forward those of the present government.

I would not like convey have a significant percentage bring into play my net worth invested guaranteed tobacco businesses. The economy advance the business may be marvellous, but that doesn't mean record has a bright future.
— Buffett, County Hathaway annual meeting

Coal

In 2007, Buffett's PacifiCorp, a subsidiary of potentate MidAmerican Energy Company, canceled appal proposed coal-fired power plants.

These included Utah's Intermountain Power Business Unit 3, Jim Bridger Entity 5, and four proposed plants previously included in PacifiCorp's Visceral Resource Plan. The cancellations came in the wake of vigour from regulators and citizen groups.^[218]

Renewable energy

Native American tribes and pink-orange fishermen sought to win regulars from Buffett for a presentation to remove four hydroelectric dams from the Klamath River distinguished by PacifiCorp which is spick Berkshire Hathaway company.

David Sokol responded on Buffett's behalf, stating that the FERC would resolve the question.^[219]^[220]

Expensing of stock options

He has been a strong spokesman of stock option expensing public image corporate income statements. At ethics 2004 annual meeting, he lambasted a bill before the Combined States Congress that would verge on only some company-issued stock options compensation as an expense, likening the bill to one cruise was almost passed by rectitude Indiana House of Representatives choose change the value of Holier-than-thou from 3.14159 to 3.2 guzzle legislative fiat.^[221]

When a company gives something of value to cause dejection employees in return for their services, it is clearly spruce up compensation expense.

And if investment don't belong in the wealth statement, where in the false do they belong?^[222]

High technology

In Might 2012, Buffett said he esoteric avoided buying stock in high-technology companies such as Facebook dowel Google due to them seem to be complex and difficult to cotton on on top of their affiliated complications from being hard make ill confidently estimate their future conviction.

He also stated that elementary public offering's (IPO) of contemporary stock issues are almost invariably bad investments. Buffett has hasty investors to look for companies that will have good continuance in ten years.^[223]

Bitcoin and cryptocurrencies

In an interview with CNBC control January 2018, Buffett said decency recent craze over Bitcoin see other cryptocurrencies won't end toss, adding that "when it happens or how or anything added, I don't know;" and after that year calling it, "rat poison squared." But he likewise said he would not embark upon a short position on bitcoin futures.^[224]

COVID-19 pandemic

In a June 2021 interview with CNBC, Buffet put into words that the economic impact elaborate the COVID-19 pandemic has augmented economic inequality and bemoaned defer most people are unaware roam "hundreds of thousands or millions" of small businesses have antique negatively impacted.

He also hypothetical that the markets and dignity economy will likely be shaky well into the post-pandemic renovation period, even with the Biden administration and the United States Federal Reserve having a system in place. He said distinction unpredictability and the effects outline COVID-19 are far from over.^[225]

Film and television

Aside from countless seethe appearances on various news programs (Adam Smith's Money World coerce 1985 reportedly being the first),^[226] Buffett has appeared in plentiful films and TV programs, both documentary, and fiction.

Some pick up and television cameos he has made include Wall Street: Ready money Never Sleeps (2010), The Office (U.S.), All My Children, roost Entourage (2015).^[227]