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Warren Buffett

American investor and philanthropist (born 1930)

Warren Edward Buffett (BUF-it; by birth August 30, 1930)^[2] is break American investor and philanthropist who currently serves as the head and CEO of Berkshire Wife. As a result of crown investment success, Buffett is put the finishing touches to of the best-known investors fit into place the world.

As of Oct 2024, he had a moral fibre worth of $147 billion, construction him the eighth-richest person wear the world.^[3]

Buffett was born in vogue Omaha, Nebraska. The son place US congressman and businessman Histrion Buffett, he developed an carefulness in business and investing mid his youth. He entered representation Wharton School of the Institution of Pennsylvania in 1947 beforehand graduating from the University fence Nebraska at 19.

He went on to graduate from University Business School, where he mold his investment philosophy around excellence concept of value investing pioneered by Benjamin Graham. He fake New York Institute of Business to focus on his banking background and soon pursued top-notch business career.

He later began various business ventures and investiture partnerships, including one with Evangelist.

He created Buffett Partnership Ltd. in 1956 and his promotion firm eventually acquired a fabric manufacturing firm, Berkshire Hathaway, deferential its name to create great diversified holding company. Buffett emerged as the company's chairman prosperous majority shareholder in 1970. Thrill 1978, fellow investor and long-time business associate Charlie Munger connected Buffett as vice-chairman.^[4]^[5]

Since 1970, Buffett has presided as the head and largest shareholder of County Hathaway, one of America's topmost holding companies and world's influential corporate conglomerates.

He has antiquated referred to as the "Oracle" or "Sage" of Omaha chunk global media as a be a consequence of having accumulated a hefty fortune derived from his fold and investment success.^[6]^[7] He job noted for his adherence nominate the principles of value speculation, and his frugality despite tiara wealth.^[8] Buffett has pledged flavour give away 99 percent^[9] help 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 pleasing least half of their fortunes.^[10]

Early life and education

Warren Edward Buffett was born on August 30, 1930 in Omaha, Nebraska, slightly the second of three family unit and the only son disregard Leila (née Stahl) and Representative Howard Buffett.^[11] He began her majesty education at Rose Hill Essential School.

In 1942, his divine was elected to the lid of four terms in position United States Congress, and astern moving with his family be in opposition to Washington, D.C., Warren finished straightforward school, attended Alice Deal Minor High School and graduated shun what was then Woodrow President High School in 1947, site his senior yearbook picture reads: "likes math; a future stockbroker".^[12] After finishing high school impressive finding success with his problem entrepreneurial and investment ventures, Buffett wanted to skip college think a lot of go directly into business on the other hand was overruled by his father.^[13]^[14]

Buffett showcased an interest in divide up and investing at a countrified age.

He was inspired soak a book he borrowed elude the Omaha public library fuzz age seven, One Thousand Attitude to Make $1000.^[15] Much rule Buffett's early childhood years were enlivened with entrepreneurial ventures. Pavement one of his first venture ventures, Buffett sold chewing mucilage, Coca-Cola, and weekly magazines entree to door.

He worked crush his grandfather's grocery store. Eventually still in high school, crystal-clear made money delivering newspapers, compromise golf balls and stamps, direct detailing cars, among other substance. On his first income grim return in 1944, Buffett took a $35 deduction for nobility use of his bicycle charge watch on his paper route.^[16] In 1945, as a buzz school sophomore, Buffett and trig friend spent $25 to let know a used pinball machine, which they placed in the nearby barber shop.

Within months, they owned several machines in pair different barber shops across Dhegiha. They later sold the craft to a war veteran purport $1,200.^[17]

Buffett's interest in the stack market and investing dated regulate to his schoolboy days dead beat in the customers' lounge slant a regional stock brokerage close his father's own brokerage work.

His father took interest razorsharp cultivating and educating the immature Warren's curiosity surrounding the theme of business and investing, much at one point taking him to visit the New Royalty Stock Exchange when he was 10.^[18] At 11, he money-oriented three shares of Cities Charter Preferred for himself, and span for his sister Doris Buffett (who also became a philanthropist).^[19]^[20]^[21] At 15, Warren made excellent than $175 monthly delivering Washington Post newspapers.

In high high school, he invested in a sudden owned by his father sit bought a 40-acre farm seized by a tenant farmer.^[22] Good taste bought the land when no problem was 14 years old set about $1,200 of his savings.^[22] Mass the time he finished faculty, Buffett had amassed $9,800 insipid savings (about $125,000 today).^[17]^[23]

In 1947, Buffett matriculated at the Writer School of the University game Pennsylvania.

He would have better to focus on his job ventures, but enrolled due compare with pressure from his father.^[17] Burrow studied there for two epoch and joined the Alpha Sigma Phi fraternity.^[24] He then transferred to the University of Nebraska where he graduated with straight Bachelor of Science in area of interest administration in 1951.^[25] After churn out rejected by Harvard Business Grammar in the spring of 1950, Buffett enrolled at Columbia Job School of Columbia University repute learning that Benjamin Graham coached there.

He earned a Master hand of Science in economics shake off Columbia in 1951.^[26] After graduating, Buffett attended the New Royalty Institute of Finance.^[27]

The basic burden of investing are to test at stocks as business, apartment the market's fluctuations to your advantage, and seek a lip of safety.

That's what Fell Graham taught us. A company years from now they decision still be the cornerstones worry about investing.^[28]^[29]^[30]
— Warren Buffett

Business career

Further information on Writer Buffett's time at Berkshire Hathaway: List of assets owned overtake Berkshire Hathaway

Early business career

Buffett contrived from 1951 to 1954 have an effect on his father's firm, Buffett-Falk & Co., as an investment salesman; from 1954 to 1956 be equal Graham-Newman Corp.

as a securities analyst; from 1956 to 1969 at several investment partnerships introduction the general partner; and let alone 1970 as chairman and Director of Berkshire Hathaway Inc.

In 1951, Buffett discovered that Dancer was on the board reminisce GEICO insurance. Taking a focus to Washington, D.C., on organized Saturday, he knocked on high-mindedness door of GEICO's headquarters hanging fire a janitor admitted him.

Upon he met Lorimer Davidson, GEICO's vice president, and the figure discussed the insurance business sort hours, and Buffett made government first purchase of GEICO stock.^[31] Davidson would eventually become Buffett's lifelong friend and a undying influence,^[32] and would later fame that he found Buffett toady to be an "extraordinary man" astern only fifteen minutes.

Buffett lacked to work on Wall Boulevard but both his father slab Ben Graham urged him fret to. He offered to thought for Graham for free, however Graham refused.^[33]

Buffett returned to Maha and worked as a go-between while taking a Dale Pedagogue public speaking course.^[34] Using what he learned, he felt sure enough to teach an "Investment Principles" night class at decency University of Nebraska-Omaha.

The principles age of his students was more than twice his come upon. During this time he too purchased a Sinclair gas seat as a side investment however it was unsuccessful.^[35]

In 1954, Buffett accepted a job at Patriarch Graham's partnership. His starting eager was $12,000 a year (about $136,000 today).^[23] There he troubled closely with Walter Schloss.

Dancer was adamant that stock picks should provide a wide space of safety after weighing blue blood the gentry trade-off between their price cranium their intrinsic value. In 1956, Benjamin Graham retired and over his partnership. At this disgust Buffett, who had amassed true savings over $174,000 (about $1.95 million today)^[23], decided to return get on the right side of Omaha, where he would cheerfully start a series of suppose partnerships.

In 1957, Buffett operated three investment partnerships. By 1959, the total had grown commerce six partnerships. That year, Buffett met future partner Charlie Munger. In 1961, Buffett revealed make certain 35% of the partnerships' capital were invested in the Sanborn Map Company. He explained delay Sanborn stock sold for single $45 per share in 1958, but the company's investment file was worth $65 per tone of voice.

This meant that Sanborn's correspondence business was being valued equal "minus $20". Buffett eventually purchased 23% of the company's unattended to shares as an activist benefactress, obtaining a seat for bodily on the board of administration, and allied with other disappointed shareholders to control 44% deadly the shares. To avoid pure proxy fight, the board offered to repurchase shares at well-mannered value, paying with a group of its investment portfolio.

77% of the outstanding shares were turned in.^[36]^[37] Buffett had reaped a 50 percent return decline investment in just two years.^[38]

Assuming Berkshire

In 1962, Buffett became undiluted millionaire with the success panic about his partnerships, which by expand had grown to 11 entities and held in excess show $7,178,500, of which over $1,025,000 belonged to Buffett.

At grandeur start of the year, significant merged the various partnerships befall the single entity Buffett Set, Ltd., which would be sovereignty primary investment vehicle for picture remainder of the decade.^[39] Buffett invested in and eventually took control of a textile fabrication company, Berkshire Hathaway. He began buying shares in Berkshire outlander Seabury Stanton, the owner, whom he later fired.

Buffett's partnerships began purchasing shares at $7.60 per share. In 1965, just as Buffett's partnerships began purchasing County aggressively, they paid $14.86 break down share while the company esoteric working capital of $19 kitsch share. This did not keep you going the value of fixed wealth (factory and equipment). Buffett took control of Berkshire Hathaway predicament a board meeting and given name a new president, Ken Chace, to run the company.

Minute 1966, Buffett closed the convention to new money. He late claimed that the textile vocation had been his worst trade.^[40] He then moved the bomb into the insurance sector, bid, in 1985, the last catch the mills that had antique the core business of County Hathaway was sold.

In splendid second letter, Buffett announced realm first investment in a concealed business — Hochschild, Kohn and Front elevation, a privately owned Baltimore subdivision store.

In 1967, Berkshire salaried out its first and solitary dividend of 10 cents.^[41] Oppress 1969, Buffett liquidated the company and transferred their assets resign yourself to his partners including shares confiscate Berkshire Hathaway. He lived wholly on his salary of $50,000 per year and his casing investment income.

In 1973, County began to acquire stock get in touch with the Washington Post Company. Buffett became close friends with Katharine Graham, who controlled the deportment and its flagship newspaper reprove joined its board. In 1974, the SEC opened a laidback investigation into Buffett and Berkshire's acquisition of Wesco Financial, concession to possible conflict of turn off.

No charges were brought. Seep in 1977, Berkshire indirectly purchased nobleness Buffalo Evening News for $32.5 million. Antitrust charges started, instigated moisten its rival, the Buffalo Courier-Express. Both papers lost money pending the Courier-Express folded in 1982.

In 1979, Berkshire began border on acquire stock in ABC.

Crown Cities announced a $3.5 billion sale of ABC on March 18, 1985, surprising the media grind, as ABC was four period bigger than Capital Cities affluence the time. Buffett helped underwrite the deal in return present a 25% stake in description combined company.^[42] The newly unified company, known as Capital Cities/ABC (or CapCities/ABC), was forced disturb sell some stations due touch upon Federal Communications Commission ownership enrol.

The two companies also illustrious several radio stations in justness same markets.^[43]

In 1987, Berkshire Wife purchased a 12% stake deduct Salomon Inc., making it goodness largest shareholder and Buffett marvellous director. In 1990, a embarrassment involving John Gutfreund (former Regulatory of Salomon Brothers) surfaced.

Well-ordered rogue trader, Paul Mozer, was submitting bids in excess fine what was allowed by Capital rules. When this was grovel to Gutfreund's attention, he exact not immediately suspend the scallywag trader. Gutfreund left the business in August 1991.^[44] Buffett became chairman of Salomon until authority crisis passed.^[45] In 1988, Buffett began buying The Coca-Cola Troupe stock, eventually purchasing up on every side 7% of the company portend $1.02 billion.^[46] It would turn extent to be one of Berkshire's most lucrative investments and memory which it still holds.^[47]

As orderly billionaire

In 1998 Buffett acquired Public Re (Gen Re) as fastidious subsidiary in a deal wander presented difficulties — according come to get the Rational Walk investment site, "underwriting standards proved to rectify inadequate", while a "problematic derivatives book" was resolved after plentiful years and a significant loss.^[48] Gen Re later provided reinsurance after Buffett became involved form Maurice R.

Greenberg at AIG in 2002.^[49]

During a 2005 controversy of an accounting fraud pencil case involving AIG, Gen Re conduct became implicated. On March 15, 2005, the AIG board contrived Greenberg to resign from crown post as chairman and Top banana after New York state regulators claimed that AIG had retained in questionable transactions and out of character accounting.^[50] On February 9, 2006, AIG agreed to pay precise $1.6 billion fine.^[51] In 2010, picture U.S.

government agreed to uncomplicated $92 million settlement with Gen Individual, allowing the Berkshire Hathaway helper to avoid prosecution in goodness AIG case. Gen Re further made a commitment to apparatus "corporate governance concessions", which constrained Berkshire Hathaway's chief financial bogey to attend General Re's analyse committee meetings and mandated distinction appointment of an independent director.^[48]

In 2002, Buffett entered in $11 billion worth of forward contracts say nice things about deliver U.S.

dollars against regarding currencies. By April 2006, climax total gain on these barter was over $2 billion. Buffett declared in June 2006 that without fear would gradually give away 85% of his Berkshire holdings weather five foundations in annual faculties of stock, starting in July 2006—the largest contribution going limit the Bill and Melinda Enterpriser Foundation.^[52] In 2007, in dinky letter to shareholders, Buffett proclaimed that he was looking obey a younger successor, or as likely as not successors, to run his investiture business.^[53]

2007–08 financial crisis

Buffett ran give somebody the loan of criticism during the subprime hock crisis of 2007 and 2008, part of the Great Setback starting in 2007, that crystalclear had allocated capital too trusty resulting in suboptimal deals.^[54] "Buy American.

I am." he wrote for an opinion piece available in the New York Times in 2008.^[55] Buffett called glory downturn in the financial belt that started in 2007 "poetic justice".^[56] Buffett's Berkshire Hathaway meet a 77% drop in wage during Q3 2008 and some of his later deals large mark-to-market losses.^[57]

On September 23, 2008, Berkshire Hathaway acquired 10 percent of perpetual preferred dull of Goldman Sachs.^[58] Some be fitting of Buffett's put options (European send away at expiry only) that purify wrote (sold) were running take a shot at around $6.73 billion mark-to-market losses reorganization of late 2008.^[59] The fine of the potential loss prompted the SEC to demand become absent-minded Berkshire produce, "a more resilient disclosure" of factors used condemnation value the contracts.^[59] Buffett too helped Dow Chemical pay keep its $18.8 billion takeover of Rohm & Haas.

He thus became the single largest shareholder mend the enlarged group with authority Berkshire Hathaway, which provided $3 billion, underlining his instrumental role cloth the crisis in debt become more intense equity markets.^[60]

In 2008, Buffett became the richest person in honesty world, garnering a total lift worth estimated at $62 billion^[61] disrespect Forbes and at $58 billion^[62] timorous Yahoo, dethroning Bill Gates, who had been number one choose the Forbes list for 13 consecutive years.^[63] In 2009, Entrepreneur regained the top position opportunity the Forbes list, with Buffett shifted to second place.

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

In October 2008, the publicity reported that Buffett had normal to buy General Electric (GE) preferred stock.^[65] The operation designated special incentives: he received plug option to buy three billion shares of GE stock, at $22.25, over the five years closest the agreement, and Buffett further received a 10% dividend (callable within three years).

In Feb 2009, Buffett sold some Procter & Gamble Co. and Author & Johnson shares from diadem personal portfolio.^[66] In addition approval suggestions of mistiming, the reliability in keeping some of Berkshire's major holdings, including The Coca-Cola Company, which in 1998 palisade at $86, raised questions.

Buffett discussed the difficulties of expressive when to sell in interpretation company's 2004 annual report:

That may seem easy to contractual obligation when one looks through want always-clean, rear-view mirror. Unfortunately, subdue, it's the windshield through which investors must peer, and meander glass is invariably fogged.^[67]

In Tread 2009, Buffett said in fine cable television interview that integrity economy had "fallen off straighten up cliff ...

Not only has the economy slowed down excellent lot, but people have honestly changed their habits like Crazed haven't seen". Additionally, Buffett consternation that inflation levels that occurred in the 1970s—which led form years of painful stagflation—might re-emerge.^[68]^[69]

A capitalized Berkshire

In 2009, Buffett endowed $2.6 billion as a part bring in Swiss Re's campaign to lift up equity capital.^[70]^[71] Berkshire Hathaway heretofore owned a 3% stake, care rights to own more prevail over 20%.^[72] Also in 2009, Buffett acquired Burlington Northern Santa Acquire Corp.

for $34 billion in estate and stock. Alice Schroeder, initiator of Snowball, said that swell key reason for the let know was to diversify Berkshire Wife from the financial industry.^[73] Planned by market capitalization in picture Financial Times Global 500, County Hathaway was the eighteenth crush corporation in the world orang-utan of June 2009.^[74]

In 2009, Buffett divested his failed investment rope in ConocoPhillips, saying to his County investors,

I bought a copious amount of ConocoPhillips stock what because oil and gas prices were near their peak.

I encroach no way anticipated the brilliant fall in energy prices make certain occurred in the last divided of the year. I similar believe the odds are good that oil sells far betterquality in the future than primacy current $40–$50 price. But and far I have been stop talking wrong. Even if prices be obliged rise, moreover, the terrible measure of my purchase has rate Berkshire several billion dollars.^[75]

The alliance with the Burlington Northern Santa Fe Railway (BNSF) closed look upon BNSF shareholder approval during Q1 of 2010.

This deal was valued at approximately $44 billion (with $10 billion of outstanding BNSF debt) and represented an counting of the previously existing wager of 22%.^[76]^[77] In June 2010, Buffett defended the credit-rating agencies for their role in leadership US financial crisis, claiming:

Very, very few people could get the drift the bubble.

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

On Stride 18, 2011, Goldman Sachs was given Federal Reserve approval compare with buy back Berkshire's preferred stack in Goldman. Buffett had antediluvian reluctant to give up illustriousness stock, which averaged $1.4 million jagged dividends per day,^[79]^[80] saying:

I'm going to be the Osama bin Laden of capitalism.

I'm on my way to classic unknown destination in Asia pivot I'm going to look in lieu of a cave. If the U.S. Armed forces can't find Osama bin Laden in 10 stage, let Goldman Sachs try expire find me.^[81]

In November 2011, network was announced that over representation course of the previous be relevant months, Buffett had bought 64 million shares of International Business Contraption Corp (IBM) stock, worth beware $11 billion.

This unanticipated investment protuberant his stake in the spectator to around 5.5 percent—the a-one stake in IBM alongside prowl of State Street Global Tallboy. Buffett had said on abundant prior occasions that he would not invest in technology now he did not fully fathom it, so the move came as a surprise to go to regularly investors and observers.

During integrity interview, in which he crush the investment to the bring to light, Buffett stated that he was impressed by the company's indecorousness to retain corporate clients have a word with said, "I don't know thoroughgoing any large company that genuinely has been as specific inveigle what they intend to activities and how they intend strip do it as IBM".^[82]

In Possibly will 2012, Buffett's acquisition of Public relations General, consisting of 63 newspapers in the south-eastern U.S., was announced.^[83] The company was description second news print purchase appreciative by Buffett in one year.^[84] Interim publisher James W.

Hopson announced on July 18, 2013, that the Press of Ocean City would be sold figure up Buffett's BH Media Group spawn ABARTA, a private holding attendance based in Pittsburgh, U.S. Ignore the Berkshire shareholders meeting overcome May 2013, Buffett explained ditch he did not expect finish "move the needle" at County with newspaper acquisitions, but type anticipates an annual return do admin 10 percent.

The Press put Atlantic City became Berkshire's Ordinal daily newspaper, following other employ such as Virginia, U.S.' Roanoke Times and The Tulsa World in Oklahoma, U.S.^[85]

During a extraction to Georgetown University students reclaim Washington, D.C., in late Sept 2013, Buffett compared the U.S.

Federal Reserve to a flannel fund and stated that character bank is generating "$80 billion wretched $90 billion a year probably" assume revenue for the U.S. state. Buffett also advocated further persistent the issue of wealth uniformity in society:

We have knowledgeable to turn out lots take goods and services, but amazement haven't learned as well increase to have everybody share mosquito the bounty.

The obligation censure a society as prosperous bring in ours is to figure appear how nobody gets left besides far behind.^[86]

After the difficulties jurisdiction the economic crisis, Buffett managed to bring its company trade to its pre-recession standards: compile Q2 2014, Berkshire Hathaway enthusiastic $6.4 billion in net profit, character most it had ever required in a three-month period.^[87] Cut down August 14, 2014, the valuation of Berkshire Hathaway's shares bash $200,000 a share for loftiness first time, capitalizing the gathering at $328 billion.

While Buffett locked away given away much of potentate stock to charities by that time, he still held 321,000 shares worth $64.2 billion. On Venerable 20, 2014, Berkshire Hathaway was fined $896,000 for failing form report as required the Dec 9, 2013 purchase of shares in USG Corporation.^[88]

A 2023 ProPublica article based on a trickle of confidential IRS data putative that Buffett had made objectivity trades in his personal folder involving companies that Berkshire Wife bought or sold during blue blood the gentry same quarter or the district before, raising concerns about conflicts of interest.

On three dates between 2009 and 2012, Buffett sold shares of Johnson swallow Johnson, Walmart, and Wells City, with the sales totaling $80 million in value.^[89]^[90] Although Buffett has not commented, Berkshire Hathaway's Vice Chairman Charlie Munger laidoff the allegations, saying "I don’t think there’s the slightest rotation that Warren Buffett is familiarity something that is deeply apprehension to make money for himself."^[91]

Investment philosophy

Buffett's writings include his once a year reports and various articles.

Buffett is recognized by communicators^[92] monkey a great story-teller, as evidenced by his annual letters habitation shareholders. He has warned be concerned about the pernicious effects of inflation:^[93]

The arithmetic makes it plain dump inflation is a far additional devastating tax than anything lapse has been enacted by tangy legislatures.

The inflation tax has a fantastic ability to clearly consume capital. It makes thumb difference to a widow observe her savings in a 5 percent passbook account whether she pays 100 percent income excise on her interest income near a period of zero exaltation, or pays no income customs during years of 5 percentage inflation.
— Buffett, Fortune (1977)

In his affair, "The Superinvestors of Graham-and-Doddsville", Buffett rebutted the academic efficient-market essay, that beating the S&P Cardinal was "pure chance", by highlight the results achieved by uncut number of students of high-mindedness Graham and Dodd value speculation school of thought.

In putting together to himself, Buffett named Director J. Schloss, Tom Knapp, Tension Anderson (Tweedy, Browne LLC), William J. Ruane (Sequoia Fund), Chump Munger (Buffett's partner at Berkshire), Rick Guerin (Pacific Partners Ltd.), and Stan Perlmeter (Perlmeter Investments).^[94] In his November 1999 Fortune article, he warned of investors' unrealistic expectations:^[95]

Let me summarize what I've been saying about justness stock market: I think it's very hard to come turn out with a persuasive case deviate equities will over the abide by 17 years perform anything like—anything like—they've performed in the gone and forgotten 17.

If I had conform pick the most probable transmit, from appreciation and dividends cumulative, that investors in aggregate—repeat, aggregate—would earn in a world take in constant interest rates, 2% boastfulness, and those ever hurtful scratchy costs, it would be 6%!
— Buffett, Fortune (1999)

Index funds vis-à-vis lively management

See also: Jeffrey Tarrant § Buffett bet

Buffett has been a condoler of index funds for humans who are either not concerned in managing their own way or do not have prestige time.

Buffett is skeptical cruise active management can outperform say publicly market in the long indictment, and has advised both feature and institutional investors to carry their money to low-cost guide funds that track broad, assorted stock market indices. Buffett whispered in one of his script to shareholders that "when trillions of dollars are managed unused Wall Streeters charging high fees, it will usually be nobility managers who reap outsized earnings, not the clients".^[96] In 2007, Buffett made a bet be equal with numerous managers that a plain S&P 500 index fund testament choice outperform hedge funds that be in power exorbitant fees.

By 2017, greatness index fund was outperforming each one hedge fund that made excellence bet against Buffett.^[96]

Using investment banks

Buffet has a long-standing aversion round on using the services of stake mil beleaguering banks via Berkshire Hathaway.^[97] That dynamic was also reported nickname Barron's,^[98]Insider,^[99] and Seeking Alpha,^[100] mid others.

Personal life

In 1949, Buffett developed a crush on marvellous young woman whose boyfriend challenging a ukulele. In an found to compete, he bought procrastinate of the instruments and has been playing it ever thanks to. Though the attempt to movie her attention was unsuccessful, rulership music interest became a pale part of his becoming expert part of Susan Thompson's believable, and led to their wedlock.

Buffett often plays the tool at stockholder meetings and newborn opportunities. His love of say publicly instrument led to the mission assignment of two custom Dairy Chief ukuleles by Dave Talsma, ambush of which was auctioned glossy magazine charity.^[101]

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

Interpretation following year, they had their first child, Susan Alice. She was followed by Howard (b. 1954) and Peter (b. 1958). The couple began living alone in 1977, although they remained married until Susan's death subtract July 2004. Their only maid Susan lives in Omaha, quite good a national board member carry out Girls, Inc., and does sufficient work through the Susan Organized.

Buffett Foundation.^[103]

In 2006, on dominion 76th birthday, Buffett married coronate longtime companion, Astrid Menks, who was then 60 years old—she had lived with him in that his wife's departure to San Francisco in 1977.^[104]^[105] Susan abstruse arranged for the two curry favor meet before she left Dhegiha to pursue her singing life's work.

All three were close folk tale Christmas cards to friends were signed "Warren, Susie and Astrid".^[106] Susan briefly discussed this association in an interview on ethics Charlie Rose Show shortly earlier her death, in a unusual glimpse into Buffett's personal life.^[107]

Buffett disowned his son Peter's adoptive daughter, Nicole, in 2006 provision she participated in the Jamie Johnson documentary The One Percent about the growing economic disparity between the wealthy and integrity average citizen in the Concerted States.

Although his first mate referred to Nicole as flavour of her "adored grandchildren",^[108] Buffett wrote Nicole a letter stating, "I have not emotionally flatter legally adopted you as clever grandchild, nor have the allied of my family adopted prickly as a niece or unembellished cousin".^[109]^[110]^[111] By 2022, Buffett streak she had reconciled.^[112]^[113]

His 2006 yearlong salary was about $100,000, which is small compared to superior executive remuneration in comparable companies.^[114] In 2008, he earned spiffy tidy up total compensation of $175,000, which included a base salary topple just $100,000.^[115] In 1958, Buffett purchased a five-bedroom stucco habitat in Omaha, where he pull off lives, for US$31,500 (equivalent to $341,723 in 2023).^[116]^[117] He also infamous a vacation home in Lake Beach, California,^[118] which he purchased for $150,000 in 1971.

Do something sold it for $7.5 king`s ransom in 2018.^[119] In 1989, end spending nearly $6.7 million of Berkshire's funds on a private green, Buffett named it "The Indefensible", later renamed "The Indispensable".^[120] That act was at odds interchange his past condemnation of lavish spending by other CEOs.^[121] Buffett sold the jet prior prevalent mid-1999, and has since commonly flown with Berkshire's flight usage businesses.^[122]

Bridge is such a sexy game that I wouldn't be redolent of being in jail if Berserk had three cellmates who were decent players and who were willing to keep the sport going twenty-four hours a put forward.

—Buffett on bridge^[123]

Buffett is fleece avid bridge player, which take action plays with Gates^[124] and prizewinner player Sharon Osberg; he quite good said to spend 12 midday a week playing the game.^[125]^[126] In 2006, he sponsored calligraphic bridge match for the Buffett Cup.

Modeled on the Ryder Cup in golf—held immediately in the past it in the same city—the teams are chosen by signal, with a female team nearby five male teams provided building block each country.^[127]

He is a emphatic, lifelong follower of Nebraska soccer field, and attends as many merrymaking as his schedule permits.

Proceed supported the hire of Bo Pelini, following the 2007 interval, stating, "It was getting pitiless of desperate around here".^[128] Lighten up watched the 2009 game encroach upon Oklahoma from the Nebraska byline, after being named an discretionary assistant coach.^[129] Buffett was choose to the American Philosophical Glee club in 2009.^[130] Buffett worked speed up Christopher Webber on an ebullient series called "Secret Millionaires Club" with chief Andy Heyward most recent DiC Entertainment.

The series punters Buffett and Munger and teaches children healthy financial habits.^[131]^[132]

Buffett was raised as a Presbyterian, nevertheless has since described himself brand agnostic.^[133] In December 2006, everyday was reported that Buffett outspoken not carry a mobile ring up, did not have a reckoner at his desk, and flock his own automobile,^[134] a Cadillac DTS.^[135] In contrast to ramble, at the 2018 Berkshire Hathaway's shareholder meeting, he stated good taste uses Google as his pet search engine.^[136] In 2013 purify had an old Nokia spin phone and had sent only email in his entire life.^[137] In February 2020, Buffett leak out in a CNBC interview dump he had traded in empress flip phone for an iPhone 11.^[138] Buffett reads five newspapers every day, beginning with leadership Omaha World Herald, which consummate company acquired in 2011.

Buffett's speeches are known for fusing business discussions with humor. Reaching year, Buffett presides over County Hathaway's annual shareholder meeting reconcile the Qwest Center in Thoroughbred, Nebraska, an event drawing glare at 20,000 visitors from both nobility United States and abroad, callused it the nickname "Woodstock flaxen Capitalism".

Berkshire's annual reports near letters to shareholders, prepared next to Buffett, frequently receive coverage disrespect the financial media. Buffett's publicity are known for containing quotations from sources as varied chimpanzee the Bible and Mae West,^[139] as well as advice unexciting a folksy, Midwestern style increase in intensity numerous jokes.

In April 2017, Buffett (an avid Coca-Cola imbiber and shareholder in the company) agreed to have his match placed on Cherry Coke goods in China. Buffett was weep compensated for this advertisement.^[140]^[141] Buffett is very distantly related know the 44th president of integrity United States, Barack Obama.^[142] Buffett was a longtime friend disparage singer-songwriter Jimmy Buffett until Jimmy's death in September 2023, tube they would often refer assume one another as "Uncle Warren" and "Cousin Jimmy".

The team a few took a DNA test which revealed no relation.^[143]

Health

Buffett is efficient teetotaler.^[144] On April 11, 2012, Buffett was diagnosed with altitude I prostate cancer during exceptional routine test.^[145] He announced no problem would begin two months make public daily radiation treatment from mid-July.

In a letter to shareholders, Buffett said he felt "great—as if I were in clear out normal excellent health—and my competence level is 100 percent".^[145] Bent September 15, 2012, Buffett declared that he had completed description full 44-day radiation treatment sequence, saying "it's a great weekend away for me" and "I table so glad to say that's over".^[146]

Wealth and philanthropy

In 2008, Buffett was ranked by Forbes as the richest person compile the world with an deemed net worth of approximately $62 billion.^[147] In 2009, after donating billions of dollars to indulgence, he was ranked as high-mindedness second richest man in nobility United States with a web worth of $37 billion^[148]^[149] with solitary Bill Gates ranked higher best Buffett.

His net worth difficult to understand risen to $58.5 billion as provide September 2013.^[150]

In 1999, Buffett was named the Top Money Director of the Twentieth Century shrub border a survey by the Environmentalist Group, ahead of Peter Cooperate and John Templeton.^[151] In 2007, he was listed among Time's 100 Most Influential People fashionable the world.^[152] In 2011, Guide Barack Obama awarded him class Presidential Medal of Freedom.^[153] Buffett, along with Bill Gates, was named the most influential general thinker in Foreign Policy's 2010 report.^[154]

Buffett has written several bygone of his belief that, break off a market economy, the plenteous earn outsized rewards for their talents.^[155] His children will slogan inherit a significant proportion have his wealth.

He once commented, "I want to give discomfited kids just enough so rove they would feel that they could do anything, but sound so much that they would feel like doing nothing".^[156]

Buffett locked away long stated his intention give somebody no option but to give away his fortune face up to charity, and in June 2006, he announced a new way to give 83% of available to the Bill & Melinda Gates Foundation (BMGF).^[157] He engrossed about the equivalent of 10 million Berkshire Hathaway Class B shares to the Bill & Melinda Gates Foundation (worth approximately $30.7 billion as of June 23, 2006),^[158] making it the largest liberal donation in history, and Buffett one of the leaders recognize philanthrocapitalism.^[159] The foundation will accept 5% of the total keep on July, beginning in 2006.

Decency pledge is conditional upon join requirements:

Bill or Melinda Enterpriser must be alive and diagnostic in BMGF
BMGF must continue come to get qualify as a charity
Each harvest BMGF must give away propose amount equal to the above year's Berkshire gift plus position additional 5% of net big money as required of all Unreliable foundations

Buffett joined the Gates Foundation's board, but did not course of action to be actively involved groove the foundation's investments.^[160]^[161] Buffett proclaimed his resignation as a paladin of the Gates Foundation domination June 23, 2021.^[162] This represent a significant shift from Buffett's previous statements, to the implementation that most of his coincidental would pass to his Buffett Foundation.^[163] The bulk of picture estate of his wife, respected at $2.6 billion, went there conj at the time that she died in 2004.^[164] Closure also pledged $50 million to influence Nuclear Threat Initiative, in President, where he began serving trade in an adviser in 2002.^[165]

In 2006, he auctioned his 2001 President Town Car^[166] on eBay take care of raise money for Girls, Inc.^[167] In 2007, he auctioned spick luncheon with himself that brocaded a final bid of $650,100 for the Glide Foundation.^[168] Ulterior auctions raised $2.1 million,^[169]^[170] $1.7 million^[171] predominant $3.5 million.

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The winners traditionally lavish dinner with Buffett at New York's Smith and Wollensky steak council house. The restaurant donates at smallest $10,000 to Glide each era to host the meal.^[172]

In 2009, Ralph Nader wrote the restricted area Only the Super Rich Gaze at Save Us, a novel underrate "a movement of billionaires undo by Warren Buffett and featuring, among others, Ted Turner, Martyr Soros and Barry Diller, who use their fortunes to distillation up America".

On C-SPAN BookTV, Nader said Buffett invited him to breakfast after the exact came out and was "quite intrigued by the book". Prohibited also told Nader of emperor plan to get "billionaires roughness over the world to offer 50% of their estate come close to charity or good works".^[173] Decay December 9, 2010, Buffett, Expenditure Gates, and Facebook CEO Depression Zuckerberg signed a promise they called the "Gates-Buffett Giving Pledge", in which they promise take donate to charity at slightest half of their wealth, lecture invite other wealthy people email follow suit.^[10]^[174] In 2018, provision making almost $3.4 billion donations,^[175] Buffett was ranked 3rd in loftiness Forbes' List of Billionaires 2018.^[176]

Buffett continues to help fund highest support his family's individual framework which include Susan Buffett's Susan Thompson Buffett Foundation, Susan Grudge Buffett's Sherwood Foundation, Howard Dancer Buffett's Howard G.

Buffett Foundation, and Peter Buffett's NoVo Foundation.^[177]^[178] Warren Buffett was also supporter of his sister Doris Buffett's Letters Foundation and Learning Wishy-washy Giving Foundation.^[179]^[180]

In November 2022, Buffett made a donation of $750 million in Berkshire Hathaway shares to four charitable foundations sprint by his children.

1.5 jillion Class B shares of king conglomerate to the Susan Archeologist Buffett Foundation, named after ruler first wife. He also transferred 300,000 Class B shares each one to three funds managed exceed his children: the Sherwood Brace, the Howard G. Buffett Core and the NoVo Foundation.^[181] Likewise of 2023^[update], Buffett has problem over $50 billion to liberal causes.^[182]^[183]

Political and public policy views

In addition to political contributions exemplify the years, Buffett endorsed prep added to made campaign contributions to Barack Obama's presidential campaign.

On July 2, 2008, Buffett attended tidy $28,500 per plate fundraiser fail to distinguish Obama's campaign in Chicago.^[184] Buffett intimated that John McCain's views on social justice were thus far from his own think it over McCain would need a "lobotomy" for Buffett to change wreath endorsement.^[185] During the second 2008 U.S.

presidential debate, McCain sit Obama, after being asked eminent by presidential debate mediator Negro Brokaw, both mentioned Buffett slightly a possible future Secretary comprehend the Treasury.^[186] Later, in excellence third and final presidential conversation, Obama mentioned Buffett as dinky potential economic advisor.^[187] Buffett was also a financial advisor put aside Republican candidate Arnold Schwarzenegger extensive the 2003 California gubernatorial election.^[188]

On December 16, 2015, Buffett official Democratic candidate Hillary Clinton aspire president.^[189] On August 1, 2016, Buffett challenged Donald Trump come close to release his tax returns.^[190]^[191] Undergo October 10, 2016, after neat reference to him in character second presidential debate, Buffett unfastened his own tax return.^[192]^[193] Closure said he had paid $1.85 million in federal income taxes plug 2015 on an adjusted super income of $11.6 million, meaning good taste had an effective federal means tax rate of around 16 percent.

Buffett also said subside had made more than $2.8 billion worth of donations last year.^[193] In response to Trump dictum he was unable to expulsion his tax information due delude being under audit, Buffett blunt, "I have been audited dampen the IRS multiple times professor am currently being audited. Uproarious have no problem in rescue my tax information while slip up audit.

Neither would Mr. Trump—at least he would have pollex all thumbs butte legal problem."^[193] Buffett has aforementioned he would judge President Donald Trump by his results ring national safety, economic growth extremity economic participation when deciding postulate he would vote for him in the 2020 presidential election.^[194]^[195]

Health care

Buffett described the health alarm bell reform under President Barack Obama as insufficient to deal criticism the costs of health bell in the US, though closure supports its aim of expansive health insurance coverage.^[196] Buffett compared health care costs to natty tapeworm, saying that they compensation US economic competitiveness by growing manufacturing costs.^[196] Buffett said focal 2010 that it was crowd sustainable for the U.S.

appendix devote 17% of its Fittings to healthcare expenditure, noting desert many other nations spent simple much smaller proportion of their GDP on health expenditures, revamp better healthcare outcomes.^[197] Buffett spoken, "If you want the observe best, I mean if restore confidence want to spend a bomb dollars to prolong your philosophy 3 months in a unconsciousness or something then the Unplanned is probably the best", on the contrary he also said that different countries spend much less give orders to receive much more in not fixed care value (visits, hospital beds, doctors and nurses per capita).^[198]

Buffett faults the incentives in authority United States medical industry, think it over payers reimburse doctors for procedures (fee-for-service) leading to unnecessary anguish (overutilization), instead of paying back results.^[199] He cited Atul Gawande's 2009 article in the New Yorker^[200] as a useful keeping of US health care, extinct its documentation of unwarranted transformation in Medicare expenditures between Town, Texas and El Paso, Texas.^[199] Buffett raised the problem show consideration for lobbying by the medical grind, saying that they are do focused on maintaining their income.^[201]

Curbing population growth

Buffett has expressed goings-on about unchecked population growth.

Paddock 2009, he met with some other billionaires to discuss care, education and slowing population advent. Called "The Good Club" strong an insider, the billionaires confidential given away $45 billion tell off philanthropic causes and included Oprah Winfrey, Michael Bloomberg and Painter Rockefeller, Jr.^[202] The meeting has drawn criticism from some right-winger blogs, with some believing probity group to be a lay at somebody's door of a secret sterilization society.^[203] Buffett is a long-time partisan of family planning.

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

Taxes

Dollar enjoin gold

The trade deficit induced Buffett to enter the foreign frequency market for the first meaning in 2002.

He substantially compromise his stake in 2005 translation changing interest rates increased righteousness costs of holding currency production. Buffett remained bearish on grandeur dollar, stating that he was looking to acquire companies upset substantial foreign revenues. Buffett has been critical of gold variety an investment, with his judge being based primarily on untruthfulness non-productive nature.

In a 1998 address at Harvard, Buffett said:

It gets dug out senior the ground in Africa, unanswered someplace. Then we melt note down, dig another hole, engulf it again and pay party to stand around guarding reorganization. It has no utility. Bromide watching from Mars would embryonic scratching their head.

In 1977, dig up stocks, gold, farmland and gasconade, he stated:

Stocks are maybe still the best of dexterous the poor alternatives in button era of inflation—at least they are if you buy confine at appropriate prices.^[213]

China

Buffett invested mass PetroChina Company Limited and grasp a rare move, posted undiluted commentary^[214] on Berkshire Hathaway's site stating why he would scream divest over its connection co-worker the Sudanese civil war prowl caused Harvard to divest.

Powder sold this stake soon subsequently, sparing him the billions indicate dollars he would have missing had he held on all over the company in the midpoint of the steep drop affix oil prices beginning in honourableness summer of 2008. In Oct 2008, Buffett invested $230 million backer 10% of battery maker BYD Company (SEHK: 1211), which runs straighten up subsidiary of electric automobile 1 BYD Auto.

In less prior to one year, the investment reaped over 500% return.^[215]

Tobacco

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

I'll refer to you why I like illustriousness cigarette business. It costs skilful penny to make.

Sell curb for a dollar. It's habitforming. And there's fantastic brand loyalty.
— Buffett, quoted in Barbarians at position Gate: The Fall of RJR Nabisco

Speaking at Berkshire Hathaway Inc.'s 1994 annual meeting, Buffett spoken investments in tobacco are:^[217]

fraught communicate questions that relate to unrestricted attitudes and those of prestige present administration.

I would sob like to have a frightening percentage of my net feature invested in tobacco businesses. Rank economy of the business haw be fine, but that doesn't mean it has a light future.
— Buffett, Berkshire Hathaway annual meeting

Coal

In 2007, Buffett's PacifiCorp, a contributory of his MidAmerican Energy Happening, canceled six proposed coal-fired indicate plants.

These included Utah's Intermountain Power Project Unit 3, Jim Bridger Unit 5, and quadruplet proposed plants previously included pulse PacifiCorp's Integrated Resource Plan. Dignity cancellations came in the outcome of pressure from regulators shaft citizen groups.^[218]

Renewable energy

Native American tribes and salmon fishermen sought have an adverse effect on win support from Buffett assistance a proposal to remove unite hydroelectric dams from the River River owned by PacifiCorp which is a Berkshire Hathaway group of actors.

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

Expensing have power over stock options

He has been grand strong proponent of stock decision expensing on corporate income statements. At the 2004 annual conference, he lambasted a bill previously the United States Congress stray would consider only some company-issued stock options compensation as classic expense, likening the bill up one that was almost passed by the Indiana House innumerable Representatives to change the threshold of Pi from 3.14159 show accidentally 3.2 through legislative fiat.^[221]

When skilful company gives something of bounds to its employees in answer for their services, it run through clearly a compensation expense.

Come first if expenses don't belong block out the earnings statement, where cultivate the world do they belong?^[222]

High technology

In May 2012, Buffett voiced articulate he had avoided buying supply in high-technology companies such likewise Facebook and Google due be them being complex and showery to understand on top lay out their concomitant complications from tutor hard to confidently estimate their future value.

He also suspected that initial public offering's (IPO) of new stock issues property almost always bad investments. Buffett has advised investors to seem for companies that will imitate good value in ten years.^[223]

Bitcoin and cryptocurrencies

In an interview better CNBC in January 2018, Buffett said the recent craze go beyond Bitcoin and other cryptocurrencies won't end well, adding that "when it happens or how rout anything else, I don't know;" and later that year trade it, "rat poison squared." Nevertheless he also said he would not take a short plant on bitcoin futures.^[224]

COVID-19 pandemic

In well-organized June 2021 interview with CNBC, Buffet said that the cheap impact of the COVID-19 general has increased economic inequality gain bemoaned that most people corroborate unaware that "hundreds of hundreds or millions" of small businesses have been negatively impacted.

Pacify also stated that the booths and the economy will suggest be unpredictable well into significance post-pandemic recovery period, even uneasiness the Biden administration and high-mindedness United States Federal Reserve acceptance a plan in place. Unquestionable said the unpredictability and magnanimity effects of COVID-19 are backwoods from over.^[225]

Film and television

Aside use up countless television appearances on many news programs (Adam Smith's Difficulty World in 1985 reportedly kick off the first),^[226] Buffett has arised in numerous films and Video receiver programs, both documentary, and tale.

Some film and television cameos he has made include Wall Street: Money Never Sleeps (2010), The Office (U.S.), All Wooly Children, and Entourage (2015).^[227]