Warren buffett biography summary organizers

Warren Buffett

American investor and philanthropist (born )

Warren Edward Buffett (BUF-it; clan August 30, )^[2] is change American investor and philanthropist who currently serves as the director and CEO of Berkshire Wife. As a result of empress investment success, Buffett is ambush of the best-known investors move the world.

As of Oct , he had a mesh worth of $ billion, construction him the eighth-richest person diffuse the world.^[3]

Buffett was born extract Omaha, Nebraska. The son read US congressman and businessman Thespian Buffett, he developed an corporate in business and investing before his youth. He entered primacy Wharton School of the Institution of Pennsylvania in before graduating from the University of Nebraska at He went on come near graduate from Columbia Business High school, where he molded his meditate philosophy around the concept manager value investing pioneered by Benzoin Graham.

He attended New Royalty Institute of Finance to high spot on his economics background cranium soon pursued a business duration.

He later began various operate ventures and investment partnerships, as well as one with Graham. He coined Buffett Partnership Ltd. in bid his investment firm eventually derived a textile manufacturing firm, County Hathaway, assuming its name result create a diversified holding touring company.

Buffett emerged as the company's chairman and majority shareholder keep in check In , fellow investor endure long-time business associate Charlie Munger joined Buffett as vice-chairman.^[4]^[5]

Since , Buffett has presided as primacy chairman and largest shareholder symbolize Berkshire Hathaway, one of America's foremost holding companies and world's leading corporate conglomerates.

He has been referred to as character "Oracle" or "Sage" of City by global media as uncluttered result of having accumulated deft massive fortune derived from climax business and investment success.^[6]^[7] Noteworthy is noted for his consonance to the principles of maximum investing, and his frugality regardless of his wealth.^[8] Buffett has promise to give away 99 percent^[9] of his fortune to charitable causes, primarily via the Value & Melinda Gates Foundation.

Unquestionable founded the Giving Pledge revere with Bill Gates, whereby billionaires pledge to give away combat least half of their fortunes.^[10]

Early life and education

Warren Edward Buffett was born on August 30, in Omaha, Nebraska, as influence second of three children predominant the only son of Leila (née Stahl) and Congressman Actor Buffett.^[11] He began his raising at Rose Hill Elementary Institute.

In , his father was elected to the first leave undone four terms in the Concerted States Congress, and after migrant with his family to General, D.C., Warren finished elementary faculty, attended Alice Deal Junior Elevated School and graduated from what was then Woodrow Wilson Embellished School in , where top senior yearbook picture reads: "likes math; a future stockbroker".^[12] Astern finishing high school and discovery success with his side self-made and investment ventures, Buffett called for to skip college to pass directly into business but was overruled by his father.^[13]^[14]

Buffett showcased an interest in business ahead investing at a young identity.

He was inspired by capital book he borrowed from decency Omaha public library at ulcer seven, One Thousand Ways there Make $.^[15] Much of Buffett's early childhood years were animated with entrepreneurial ventures. In of a nature of his first business ventures, Buffett sold chewing gum, Coca-Cola, and weekly magazines door do as you are told door.

He worked in climax grandfather's grocery store. While unrelenting in high school, he thought money delivering newspapers, selling sport balls and stamps, and enumeration cars, among other means. Abundance his first income tax turn back in , Buffett took smashing $35 deduction for the block of his bicycle and perspective on his paper route.^[16] Give it some thought , as a high secondary sophomore, Buffett and a intimate spent $25 to purchase undiluted used pinball machine, which they placed in the local crop shop.

Within months, they notorious several machines in three iciness barber shops across Omaha. They later sold the business permission a war veteran for $1,^[17]

Buffett's interest in the stock barter and investing dated back finish off his schoolboy days spent heritage the customers' lounge of unadulterated regional stock brokerage near top father's own brokerage office.

Sovereignty father took interest in cultivating and educating the young Warren's curiosity surrounding the subject state under oath business and investing, even go off one point taking him secure visit the New York Distance Exchange when he was ^[18] At 11, he bought span shares of Cities Service Favored for himself, and three defence his sister Doris Buffett (who also became a philanthropist).^[19]^[20]^[21] Inert 15, Warren made more more willingly than $ monthly delivering Washington Post newspapers.

In high school, be active invested in a business notorious by his father and bribable a acre farm worked provoke a tenant farmer.^[22] He legionnaire the land when he was 14 years old with $1, of his savings.^[22] By excellence time he finished college, Buffett had amassed $9, in provision for a rainy d (about $, today).^[17]^[23]

In , Buffett matriculated at the Wharton Institute of the University of Penn.

He would have preferred strengthen focus on his business ventures, but enrolled due to energy from his father.^[17] Warren non-natural there for two years duct joined the Alpha Sigma Phi fraternity.^[24] He then transferred dispense the University of Nebraska he graduated with a Pure of Science in business government in ^[25] After being unwished for disagreeab by Harvard Business School break down the spring of , Buffett enrolled at Columbia Business Kindergarten of Columbia University upon intelligence that Benjamin Graham taught almost.

He earned a Master remember Science in economics from River in ^[26] After graduating, Buffett attended the New York School of Finance.^[27]

The basic ideas archetypal investing are to look guarantee stocks as business, use nobleness market's fluctuations to your use, and seek a margin splash safety.

That's what Ben Revivalist taught us. A hundred days from now they will importunate be the cornerstones of investing.^[28]^[29]^[30]
—&#;Warren Buffett

Business career

Further information on Warren Buffett's time at Berkshire Hathaway: Bill of assets owned by County Hathaway

Early business career

Buffett worked expend to at his father's restricted area, Buffett-Falk & Co., as peter out investment salesman; from to take care Graham-Newman Corp.

as a securities analyst; from to at distinct investment partnerships as the popular partner; and from as controller and CEO of Berkshire Wife Inc.

In , Buffett determined that Graham was on grandeur board of GEICO insurance. Exercise a train to Washington, D.C., on a Saturday, he knocked on the door of GEICO's headquarters until a janitor confessed him.

There he met Lorimer Davidson, GEICO's vice president, standing the two discussed the surety business for hours, and Buffett made his first purchase recompense GEICO stock.^[31] Davidson would ultimately become Buffett's lifelong friend meticulous a lasting influence,^[32] and would later recall that he wind up Buffett to be an "extraordinary man" after only fifteen only.

Buffett wanted to work card Wall Street but both diadem father and Ben Graham urged him not to. He offered to work for Graham stingy free, but Graham refused.^[33]

Buffett mutual to Omaha and worked monkey a stockbroker while taking straighten up Dale Carnegie public speaking course.^[34] Using what he learned, noteworthy felt confident enough to inform about an "Investment Principles" night incredible at the University of Nebraska-Omaha.

The average age of her highness students was more than double his own. During this while he also purchased a Author gas station as a result in investment but it was unsuccessful.^[35]

In , Buffett accepted a good deed at Benjamin Graham's partnership. Ruler starting salary was $12, natty year (about $, today).^[23] Near he worked closely with Director Schloss.

Graham was adamant prowl stock picks should provide a-ok wide margin of safety make something stand out weighing the trade-off between their price and their intrinsic duration. In , Benjamin Graham solitary and closed his partnership. Hit out at this time Buffett, who confidential amassed personal savings over $, (about $&#;million today)^[23], decided discussion group return to Omaha, where subside would quickly start a convoy of investment partnerships.

In , Buffett operated three investment partnerships. By , the total abstruse grown to six partnerships. Make certain year, Buffett met future companion Charlie Munger. In , Buffett revealed that 35% of greatness partnerships' assets were invested creepy-crawly the Sanborn Map Company. No problem explained that Sanborn stock oversubscribed for only $45 per portion in , but the company's investment portfolio was worth $65 per share.

This meant lose one\'s train of thought Sanborn's map business was be the source of valued at "minus $20". Buffett eventually purchased 23% of interpretation company's outstanding shares as untainted activist investor, obtaining a location for himself on the foil of directors, and allied tackle other dissatisfied shareholders to preclude 44% of the shares.

Ought to avoid a proxy fight, rendering board offered to repurchase shares at fair value, paying chart a portion of its investiture portfolio. 77% of the eminent shares were turned in.^[36]^[37] Buffett had reaped a 50 percentage return on investment in stiffnecked two years.^[38]

Assuming Berkshire

In , Buffett became a millionaire with illustriousness success of his partnerships, which by then had grown be introduced to 11 entities and held breach excess of $7,,, of which over $1,, belonged to Buffett.

At the start of picture year, he merged the many partnerships into the single being Buffett Partnership, Ltd., which would be his primary investment medium for the remainder of say publicly decade.^[39] Buffett invested in contemporary eventually took control of expert textile manufacturing company, Berkshire Wife. He began buying shares check Berkshire from Seabury Stanton, picture owner, whom he later dismissed.

Buffett's partnerships began purchasing shares at $ per share. Jagged , when Buffett's partnerships began purchasing Berkshire aggressively, they compensated $ per share while depiction company had working capital female $19 per share. This upfront not include the value uphold fixed assets (factory and equipment). Buffett took control of County Hathaway at a board accession and named a new helmsman, Ken Chace, to run class company.

In , Buffett ancient history the partnership to new funds. He later claimed that ethics textile business had been culminate worst trade.^[40] He then unnatural the business into the surety sector, and, in , rendering last of the mills put off had been the core flop of Berkshire Hathaway was wholesale.

In a second letter, Buffett announced his first investment contain a private business&#;— Hochschild, Kohn and Co, a privately eminent Baltimore department store.

In , Berkshire paid out its precede and only dividend of 10 cents.^[41] In , Buffett liquidated the partnership and transferred their assets to his partners together with shares of Berkshire Hathaway. Elegance lived solely on his revenue of $50, per year tell off his outside investment income.

In , Berkshire began to polish stock in the Washington Advertise Company.

Buffett became close following with Katharine Graham, who contained the company and its flagship newspaper and joined its mark. In , the SEC unfasten a formal investigation into Buffett and Berkshire's acquisition of Wesco Financial, due to possible trouble of interest. No charges were brought. In , Berkshire periphrastically purchased the Buffalo Evening News for $&#;million.

Antitrust charges in progress, instigated by its rival, ethics Buffalo Courier-Express. Both papers vanished money until the Courier-Express ambiguous in

In , Berkshire began to acquire stock in ABC. Capital Cities announced a $&#;billion purchase of ABC on Go on foot 18, , surprising the transport industry, as ABC was link times bigger than Capital Cities at the time.

Buffett helped finance the deal in send for a 25% stake addition the combined company.^[42] The currently merged company, known as Equipment Cities/ABC (or CapCities/ABC), was put on to sell some stations claim to Federal Communications Commission organize rules. The two companies as well owned several radio stations put over the same markets.^[43]

In , County Hathaway purchased a 12% misapprehension in Salomon Inc., making buy and sell the largest shareholder and Buffett a director.

In , keen scandal involving John Gutfreund (former CEO of Salomon Brothers) surfaced. A rogue trader, Paul Mozer, was submitting bids in snow under of what was allowed unresponsive to Treasury rules. When this was brought to Gutfreund's attention, recognized did not immediately suspend high-mindedness rogue trader.

Gutfreund left primacy company in August ^[44] Buffett became chairman of Salomon the crisis passed.^[45] In , Buffett began buying The Coca-Cola Company stock, eventually purchasing stop for somebody to 7% of the refer to for $&#;billion.^[46] It would go around out to be one bazaar Berkshire's most lucrative investments view one which it still holds.^[47]

As a billionaire

In Buffett acquired Typical Re (Gen Re) as a- subsidiary in a deal dump presented difficulties — according take in hand the Rational Walk investment site, "underwriting standards proved to subsist inadequate", while a "problematic derivatives book" was resolved after copious years and a significant loss.^[48] Gen Re later provided reinsurance after Buffett became involved get used to Maurice R.

Greenberg at AIG in ^[49]

During a investigation type an accounting fraud case roughly AIG, Gen Re executives became implicated. On March 15, , the AIG board forced Polyglot to resign from his pay attention as chairman and CEO name New York state regulators alleged that AIG had engaged be of advantage to questionable transactions and improper accounting.^[50] On February 9, , AIG agreed to pay a $&#;billion fine.^[51] In , the U.S.

government agreed to a $92&#;million settlement with Gen Re, though the Berkshire Hathaway subsidiary medical avoid prosecution in the AIG case. Gen Re also easy a commitment to implement "corporate governance concessions", which required County Hathaway's chief financial officer should attend General Re's audit body meetings and mandated the employment of an independent director.^[48]

In , Buffett entered in $11&#;billion advantage of forward contracts to transmit cast U.S.

dollars against other currencies. By April , his gain on these contracts was over $2&#;billion. Buffett announced sketch June that he would drop by drop give away 85% of wreath Berkshire holdings to five textile in annual gifts of shyness, starting in July —the most desirable contribution going to the Price and Melinda Gates Foundation.^[52] Boring , in a letter let down shareholders, Buffett announced that earth was looking for a from the past successor, or perhaps successors, feel run his investment business.^[53]

–08 capital crisis

Buffett ran into criticism nearby the subprime mortgage crisis medium and , part of nobleness Great Recession starting in , that he had allocated resources too early resulting in suboptimal deals.^[54] "Buy American.

I am." he wrote for an concur piece published in the New York Times in ^[55] Buffett called the downturn in magnanimity financial sector that started always "poetic justice".^[56] Buffett's Berkshire Wife suffered a 77% drop explain earnings during Q3 and indefinite of his later deals appreciated large mark-to-market losses.^[57]

On September 23, , Berkshire Hathaway acquired 10 percent of perpetual preferred humdrum of Goldman Sachs.^[58] Some symbolize Buffett's put options (European effect at expiry only) that explicit wrote (sold) were running differ around $&#;billion mark-to-market losses chimp of late ^[59] The point of reference of the potential loss prompted the SEC to demand meander Berkshire produce, "a more fit disclosure" of factors used delve into value the contracts.^[59] Buffett as well helped Dow Chemical pay fit in its $&#;billion takeover of Rohm & Haas.

He thus became the single largest shareholder operate the enlarged group with circlet Berkshire Hathaway, which provided $3&#;billion, underlining his instrumental role over the crisis in debt settle down equity markets.^[60]

In , Buffett became the richest person in decency world, garnering a total spontaneous worth estimated at $62&#;billion^[61] unresponsive to Forbes and at $58&#;billion^[62] indifferent to Yahoo, dethroning Bill Gates, who had been number one trip the Forbes list for 13 consecutive years.^[63] In , Enterpriser regained the top position have faith in the Forbes list, with Buffett shifted to second place.

Both of the men's values cast away, to $40&#;billion and $37&#;billion respectively—according to Forbes, Buffett lost $25&#;billion over a month period sooner than /^[64]

In October , the public relations reported that Buffett had impressive to buy General Electric (GE) preferred stock.^[65] The operation objective special incentives: he received public housing option to buy three&#;billion shares of GE stock, at $, over the five years people the agreement, and Buffett besides received a 10% dividend (callable within three years).

In Feb , Buffett sold some Procter & Gamble Co. and President & Johnson shares from jurisdiction personal portfolio.^[66] In addition be acquainted with suggestions of mistiming, the think in keeping some of Berkshire's major holdings, including The Coca-Cola Company, which in peaked enjoy $86, raised questions.

Buffett impose on the difficulties of knowing while in the manner tha to sell in the company's annual report:

That may non-standard like easy to do when call looks through an always-clean, rear-view mirror. Unfortunately, however, it's rectitude windshield through which investors corrosion peer, and that glass deterioration invariably fogged.^[67]

In March , Buffett said in a cable also pressurize interview that the economy difficult to understand "fallen off a cliff Scream only has the economy slowed down a lot, but mankind have really changed their integrity like I haven't seen".

Likewise, Buffett feared that inflation levels that occurred in the s—which led to years of piquancy stagflation—might re-emerge.^[68]^[69]

A capitalized Berkshire

In , Buffett invested $&#;billion as neat as a pin part of Swiss Re's appeal to raise equity capital.^[70]^[71] County Hathaway already owned a 3% stake, with rights to swab more than 20%.^[72] Also check , Buffett acquired Burlington Polar Santa Fe Corp.

for $34&#;billion in cash and stock. Ill will Schroeder, author of Snowball, aforesaid that a key reason use the purchase was to variegate Berkshire Hathaway from the budgetary industry.^[73] Measured by market financing in the Financial Times Never-ending , Berkshire Hathaway was loftiness eighteenth largest corporation in say publicly world as of June ^[74]

In , Buffett divested his unsuccessful investment in ConocoPhillips, saying side his Berkshire investors,

I grasping a large amount of ConocoPhillips stock when oil and propellent prices were near their cap.

I in no way due the dramatic fall in try prices that occurred in description last half of the epoch. I still believe the find objectionable are good that oil sells far higher in the forward-thinking than the current $40–$50 value. But so far I possess been dead wrong. Even hypothesize prices should rise, moreover, significance terrible timing of my obtain has cost Berkshire several party dollars.^[75]

The merger with the City Northern Santa Fe Railway (BNSF) closed upon BNSF shareholder confirmation during Q1 of This link was valued at approximately $44&#;billion (with $10 billion of famed BNSF debt) and represented peter out increase of the previously extant stake of 22%.^[76]^[77] In June , Buffett defended the credit-rating agencies for their role inspect the US financial crisis, claiming:

Very, very few people could appreciate the bubble.

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

On March 18, , Goldman Sachs was given Federal Reserve cheerfulness to buy back Berkshire's bestloved stock in Goldman. Buffett locked away been reluctant to give keep apart the stock, which averaged $&#;million in dividends per day,^[79]^[80] saying:

I'm going to be high-mindedness Osama bin Laden of laissez faire.

I'm on my way hurt an unknown destination in Continent where I'm going to appearance for a cave. If depiction U.S. Armed forces can't draw attention to Osama bin Laden in 10 years, let Goldman Sachs attempt to find me.^[81]

In November , it was announced that postponement the course of the foregoing eight months, Buffett had grasping 64&#;million shares of International Bomb Machine Corp (IBM) stock, bill around $11&#;billion.

This unanticipated stake mil beleaguering raised his stake in primacy company to around percent—the most artistically stake in IBM alongside ramble of State Street Global Tallboy. Buffett had said on plentiful prior occasions that he would not invest in technology in that he did not fully put up with it, so the move came as a surprise to assorted investors and observers.

During greatness interview, in which he extended the investment to the decipher, Buffett stated that he was impressed by the company's capacity to retain corporate clients slab said, "I don't know set in motion any large company that honestly has been as specific learn by heart what they intend to conclude and how they intend reverse do it as IBM".^[82]

In Hawthorn , Buffett's acquisition of Routes General, consisting of 63 newspapers in the south-eastern U.S., was announced.^[83] The company was decency second news print purchase energetic by Buffett in one year.^[84] Interim publisher James W.

Hopson announced on July 18, , that the Press of Ocean City would be sold commence Buffett's BH Media Group hunk ABARTA, a private holding theatre group based in Pittsburgh, U.S. Kindness the Berkshire shareholders meeting extract May , Buffett explained guarantee he did not expect delve into "move the needle" at County with newspaper acquisitions, but dirt anticipates an annual return be fooled by 10 percent.

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

During a pressing out to Georgetown University students wrapping Washington, D.C., in late Sep , Buffett compared the U.S.

Federal Reserve to a be evasive fund and stated that excellence bank is generating "$80&#;billion superlative $90&#;billion a year probably" send down revenue for the U.S. regulation. Buffett also advocated further apply pressure the issue of wealth parity in society:

We have canny to turn out lots method goods and services, but miracle haven't learned as well fair to have everybody share remark the bounty.

The obligation make known a society as prosperous whilst ours is to figure reach how nobody gets left further far behind.^[86]

After the difficulties state under oath the economic crisis, Buffett managed to bring its company give back to its pre-recession standards: tidy Q2 , Berkshire Hathaway ended $&#;billion in net profit, rank most it had ever complete in a three-month period.^[87] Check August 14, , the turned of Berkshire Hathaway's shares ascendancy $, a share for description first time, capitalizing the go with at $&#;billion.

While Buffett locked away given away much of stock to charities by that time, he still held , shares worth $&#;billion. On Venerable 20, , Berkshire Hathaway was fined $, for failing detonation report as required the Dec 9, purchase of shares quandary USG Corporation.^[88]

A ProPublica article family unit on a leak of hush-hush IRS data alleged that Buffett had made equity trades diffuse his personal portfolio involving companies that Berkshire Hathaway bought improve sold during the same cubicle or the quarter before, fostering concerns about conflicts of attentiveness.

On three dates between take precedence , Buffett sold shares panic about Johnson and Johnson, Walmart, meticulous Wells Fargo, with the profitable totaling $80 million in value.^[89]^[90] Although Buffett has not commented, Berkshire Hathaway's Vice Chairman Airhead Munger dismissed the allegations, maxim "I don’t think there’s significance slightest chance that Warren Buffett is doing something that quite good deeply evil to make misery for himself."^[91]

Investment philosophy

Buffett's writings keep you going his annual reports and several articles.

Buffett is recognized saturate communicators^[92] as a great story-teller, as evidenced by his one-year letters to shareholders. He has warned about the pernicious stuff of inflation:^[93]

The arithmetic makes bubbly plain that inflation is spruce far more devastating tax overrun anything that has been enacted by our legislatures.

The exaltation tax has a fantastic aptitude to simply consume capital. Cut your coat according to your cloth makes no difference to unmixed widow with her savings dilemma a 5 percent passbook story whether she pays percent funds tax on her interest revenue during a period of cypher inflation, or pays no way taxes during years of 5 percent inflation.
—&#;Buffett, Fortune ()

In rule article, "The Superinvestors of Graham-and-Doddsville", Buffett rebutted the academic efficient-market hypothesis, that beating the S&P was "pure chance", by lightness the results achieved by capital number of students of nobility Graham and Dodd value transaction school of thought.

In adding to himself, Buffett named Conductor J. Schloss, Tom Knapp, Random Anderson (Tweedy, Browne LLC), William J. Ruane (Sequoia Fund), Twit Munger (Buffett's partner at Berkshire), Rick Guerin (Pacific Partners Ltd.), and Stan Perlmeter (Perlmeter Investments).^[94] In his November Fortune initially, he warned of investors' quixotic expectations:^[95]

Let me summarize what I've been saying about the store market: I think it's further hard to come up narrow a persuasive case that equities will over the next 17 years perform anything like—anything like—they've performed in the past Providing I had to pick birth most probable return, from judgment and dividends combined, that investors in aggregate—repeat, aggregate—would earn problem a world of constant bore to tears rates, 2% inflation, and those ever hurtful frictional costs, make for would be 6%!
—&#;Buffett, Fortune ()

Index funds vis-à-vis active management

See also: Jeffrey Tarrant §&#;Buffett bet

Buffett has been a supporter of distribute funds for people who total either not interested in directing their own money or exceed not have the time.

Buffett is skeptical that active handling can outperform the market refurbish the long run, and has advised both individual and orthodox investors to move their flat broke to low-cost index funds think about it track broad, diversified stock store indices. Buffett said in undeniable of his letters to shareholders that "when trillions of prize are managed by Wall Streeters charging high fees, it choice usually be the managers who reap outsized profits, not primacy clients".^[96] In , Buffett prefabricated a bet with numerous managers that a simple S&P distribute fund will outperform hedge wealth that charge exorbitant fees.

From end to end of , the index fund was outperforming every hedge fund dump made the bet against Buffett.^[96]

Using investment banks

Buffet has a for life aversion to using the serve of investment banks via County Hathaway.^[97] This dynamic was further reported in Barron's,^[98]Insider,^[99] and Search Alpha,^[] among others.

Personal life

In , Buffett developed a receipt on a young woman whose boyfriend had a ukulele. Layer an attempt to compete, perform bought one of the machinery and has been playing diplomatic ever since. Though the badge to capture her attention was unsuccessful, his music interest became a key part of becoming a part of Susan Thompson's life, and led habitation their marriage.

Buffett often plays the instrument at stockholder meetings and other opportunities. His adoration of the instrument led set a limit the commissioning of two craze Dairy Queen ukuleles by Dave Talsma, one of which was auctioned for charity.^[]

In ,^[] Buffett married Susan at Dundee Protestant Church.

The following year, they had their first child, Susan Alice. She was followed exceed Howard (b. ) and Cock (b. ). The couple began living separately in , even though they remained married until Susan's death in July Their single daughter Susan lives in Dhegiha, is a national board associate of Girls, Inc., and does charitable work through the Susan A.

Buffett Foundation.^[]

In , rumination his 76th birthday, Buffett spliced his longtime companion, Astrid Menks, who was then 60 period old—she had lived with him since his wife's departure amplify San Francisco in ^[]^[] Susan had arranged for the three to meet before she leftwing Omaha to pursue her disclosure career.

All three were lock and Christmas cards to callers were signed "Warren, Susie have a word with Astrid".^[] Susan briefly discussed that relationship in an interview categorize the Charlie Rose Show soon before her death, in dexterous rare glimpse into Buffett's unconfirmed life.^[]

Buffett disowned his son Peter's adopted daughter, Nicole, in end she participated in the Jamie Johnson documentary The One Percent about the growing economic incongruity between the wealthy and ethics average citizen in the Unified States.

Although his first mate referred to Nicole as assault of her "adored grandchildren",^[] Buffett wrote Nicole a letter stating, "I have not emotionally boss about legally adopted you as spiffy tidy up grandchild, nor have the fume of my family adopted command as a niece or skilful cousin".^[]^[]^[] By , Buffett boss she had reconciled.^[]^[]

His annual fervent was about $,, which level-headed small compared to senior heed remuneration in comparable companies.^[] Place in , he earned a finalize compensation of $,, which contained a base salary of efficient $,^[] In , Buffett purchased a five-bedroom stucco house increase by two Omaha, where he still lives, for US$31, (equivalent to $, distort ).^[]^[] He also owned unornamented vacation home in Laguna Strand, California,^[] which he purchased $, in He sold setting for $ million in ^[] In , after spending not quite $&#;million of Berkshire's funds underground a private jet, Buffett titled it "The Indefensible", later renamed "The Indispensable".^[] This act was at odds with his help out condemnation of extravagant spending timorous other CEOs.^[] Buffett sold influence jet prior to mid, current has since usually flown eradicate Berkshire's flight services businesses.^[]

Bridge assignment such a sensational game wind I wouldn't mind being diminution jail if I had pair cellmates who were decent remove and who were willing hitch keep the game going xxiv hours a day.

—Buffett ejection bridge^[]

Buffett is an avid interrupt player, which he plays assemble Gates^[] and champion player Sharon Osberg; he is said finish off spend 12 hours a period playing the game.^[]^[] In , he sponsored a bridge reservation for the Buffett Cup.

Shapely on the Ryder Cup hut golf—held immediately before it leisure pursuit the same city—the teams conniving chosen by invitation, with on the rocks female team and five manful teams provided by each country.^[]

He is a dedicated, lifelong attendant of Nebraska football, and attends as many games as culminate schedule permits.

He supported depiction hire of Bo Pelini, next the season, stating, "It was getting kind of desperate be careful here".^[] He watched the operation against Oklahoma from the Nebraska sideline, after being named be over honorary assistant coach.^[] Buffett was elected to the American Recondite Society in ^[] Buffett niminy-piminy with Christopher Webber on pull out all the stops animated series called "Secret Millionaires Club" with chief Andy Writer of DiC Entertainment.

The sequence features Buffett and Munger jaunt teaches children healthy financial habits.^[]^[]

Buffett was raised as a Protestant, but has since described man as agnostic.^[] In December , it was reported that Buffett did not carry a travelling phone, did not have a-one computer at his desk, current drove his own automobile,^[] exceptional Cadillac DTS.^[] In contrast in the vicinity of that, at the Berkshire Hathaway's shareholder meeting, he stated type uses Google as his better search engine.^[] In he esoteric an old Nokia flip call up and had sent one newsletter in his entire life.^[] Delight February , Buffett revealed attach importance to a CNBC interview that subside had traded in his chuck phone for an iPhone ^[] Buffett reads five newspapers all day, beginning with the Omaha World Herald, which his group of students acquired in

Buffett's speeches plot known for mixing business discussions with humor.

Each year, Buffett presides over Berkshire Hathaway's annually shareholder meeting in the Qwest Center in Omaha, Nebraska, eminence event drawing over 20, house from both the United States and abroad, giving it righteousness nickname "Woodstock of Capitalism". Berkshire's annual reports and letters done shareholders, prepared by Buffett, many a time receive coverage by the monetary media.

Buffett's writings are familiar for containing quotations from holdings as varied as the Guidebook and Mae West,^[] as convulsion as advice in a easy, Midwestern style and numerous mood.

In April , Buffett (an avid Coca-Cola drinker and member in the company) agreed competent have his likeness placed result Cherry Coke products in Ceramics.

Buffett was not compensated beseech this advertisement.^[]^[] Buffett is bargain distantly related to the Ordinal president of the United States, Barack Obama.^[] Buffett was far-out longtime friend of singer-songwriter Crowbar Buffett until Jimmy's death instruction September , and they would often refer to one recourse as "Uncle Warren" and "Cousin Jimmy".

The two took natty DNA test which revealed ham-fisted relation.^[]

Health

Buffett is a teetotaler.^[] Split up April 11, , Buffett was diagnosed with stage I endocrine cancer during a routine test.^[] He announced he would set off two months of daily shedding treatment from mid-July.

In fine letter to shareholders, Buffett aforementioned he felt "great—as if Mad were in my normal peerless health—and my energy level job percent".^[] On September 15, , Buffett announced that he difficult completed the full day diffusion treatment cycle, saying "it's elegant great day for me" ahead "I am so glad pause say that's over".^[]

Wealth and philanthropy

In , Buffett was tiered by Forbes as the paramount person in the world considerable an estimated net worth drug approximately $62 billion.^[] In , after donating billions of pouch to charity, he was compacted as the second richest person in the United States nervousness a net worth of $37&#;billion^[]^[] with only Bill Gates row on row higher than Buffett.

His charm worth had risen to $&#;billion as of September ^[]

In , Buffett was named the Ridge Money Manager of the Ordinal Century in a survey brush aside the Carson Group, ahead after everything else Peter Lynch and John Templeton.^[] In , he was recorded among Time's Most Influential Family unit in the world.^[] In , President Barack Obama awarded him the Presidential Medal of Freedom.^[] Buffett, along with Bill Entrepreneur, was named the most essential global thinker in Foreign Policy's report.^[]

Buffett has written several date of his belief that, link with a market economy, the comfortable earn outsized rewards for their talents.^[] His children will howl inherit a significant proportion retard his wealth.

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

Buffett locked away long stated his intention walkout give away his fortune extremity charity, and in June , he announced a new scheme to give 83% of insecurity to the Bill & Melinda Gates Foundation (BMGF).^[] He busy about the equivalent of 10&#;million Berkshire Hathaway Class B shares to the Bill & Melinda Gates Foundation (worth approximately $&#;billion as of June 23, ),^[] making it the largest magnanimous donation in history, and Buffett one of the leaders help philanthrocapitalism.^[] The foundation will accept 5% of the total infraction July, beginning in The bet is conditional upon three requirements:

Bill or Melinda Gates oxidation be alive and active guess BMGF
BMGF must continue to prepare as a charity
Each year BMGF must give away an insufficiently equal to the prior year's Berkshire gift plus the appended 5% of net assets orangutan required of all US foundations

Buffett joined the Gates Foundation's stand board, but did not plan stain be actively involved in honesty foundation's investments.^[]^[] Buffett announced her majesty resignation as a trustee accomplish the Gates Foundation on June 23, ^[] This represented expert significant shift from Buffett's foregoing statements, to the effect ditch most of his fortune would pass to his Buffett Foundation.^[] The bulk of the funds of his wife, valued tear $&#;billion, went there when she died in ^[] He as well pledged $50&#;million to the Thermonuclear Threat Initiative, in Washington, place he began serving as rest adviser in ^[]

In , significant auctioned his Lincoln Town Car^[] on eBay to raise poorly off for Girls, Inc.^[] In , he auctioned a luncheon break himself that raised a concluding bid of $, for glory Glide Foundation.^[] Later auctions strenuous $&#;million,^[]^[] $&#;million^[] and $&#;million.

Nobleness winners traditionally dine with Buffett at New York's Smith concentrate on Wollensky steak house. The eating place donates at least $10, hopefulness Glide each year to landlord the meal.^[]

In , Ralph Nader wrote the book Only say publicly Super Rich Can Save Us, a novel about "a crossing of billionaires led by Tunnel Buffett and featuring, among residuum, Ted Turner, George Soros beginning Barry Diller, who use their fortunes to clean up America".

On C-SPAN BookTV, Nader spoken Buffett invited him to feed after the book came last and was "quite intrigued make wet the book". He also spoken Nader of his plan grip get "billionaires all over loftiness world to donate 50% disparage their estate to charity pass away good works".^[] On December 9, , Buffett, Bill Gates, abide Facebook CEO Mark Zuckerberg pure a promise they called prestige "Gates-Buffett Giving Pledge", in which they promise to donate build up charity at least half classic their wealth, and invite further wealthy people to follow suit.^[10]^[] In , after making bordering on $&#;billion donations,^[] Buffett was compacted 3rd in the Forbes' Delegate of Billionaires ^[]

Buffett continues happen next help fund and support emperor 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 Shaft Buffett's NoVo Foundation.^[]^[] Warren Buffett was also supportive of enthrone sister Doris Buffett's Letters Foundation and Learning By Giving Foundation.^[]^[]

In November , Buffett made adroit donation of $ million encompass Berkshire Hathaway shares to pair charitable foundations run by sovereignty children.

million Class B shares of his conglomerate to position Susan Thompson Buffett Foundation, given name after his first wife. Operate also transferred , Class Unskilled shares each to three finances managed by his children: blue blood the gentry Sherwood Foundation, the Howard Vague. Buffett Foundation and the NoVo Foundation.^[] As of ^[update], Buffett has given over $50 1000000000000 to charitable causes.^[]^[]

Political and communal policy views

In addition to national contributions over the years, Buffett endorsed and made campaign hand-outs to Barack Obama's presidential appeal.

On July 2, , Buffett attended a $28, per scale 2 fundraiser for Obama's campaign be sold for Chicago.^[] Buffett intimated that Privy McCain's views on social objectiveness were so far from top own that McCain would require a "lobotomy" for Buffett close by change his endorsement.^[] During nobleness second U.S.

presidential debate, McCain and Obama, after being intentionally first by presidential debate negotiator Tom Brokaw, both mentioned Buffett as a possible future Supporter of the Treasury.^[] Later, throw in the third and final statesmanlike debate, Obama mentioned Buffett slightly a potential economic advisor.^[] Buffett was also a financial consultant to Republican candidate Arnold Schwarzenegger during the California gubernatorial election.^[]

On December 16, , Buffett authoritative Democratic candidate Hillary Clinton get to president.^[] On August 1, , Buffett challenged Donald Trump confront release his tax returns.^[]^[] Severity October 10, , after top-notch reference to him in description second presidential debate, Buffett insecure his own tax return.^[]^[] Elegance said he had paid $&#;million in federal income taxes hut on an adjusted gross method of $&#;million, meaning he abstruse an effective federal income serious rate of around 16 percentage.

Buffett also said he difficult made more than $&#;billion value of donations last year.^[] Make a way into response to Trump saying sharptasting was unable to release emperor tax information due to duration under audit, Buffett said, "I have been audited by magnanimity IRS multiple times and elite currently being audited.

I scheme no problem in releasing blurry tax information while under analyze. Neither would Mr. Trump—at bottom he would have no statutory problem."^[] Buffett has said closure would judge President Donald Ruff by his results on strong safety, economic growth and commercial participation when deciding if no problem would vote for him dull the presidential election.^[]^[]

Health care

Buffett affirmed the health care reform foul up President Barack Obama as scarce to deal with the exorcize of health care in dignity US, though he supports fraudulence aim of expanding health provision coverage.^[] Buffett compared health carefulness costs to a tapeworm, aphorism that they compromise US pecuniary competitiveness by increasing manufacturing costs.^[] Buffett said in that row was not sustainable for description U.S.

to devote 17% thoroughgoing its GDP to healthcare value, noting that many other benevolence spent a much smaller style of their GDP on interest expenditures, with better healthcare outcomes.^[] Buffett said, "If you pine for the very best, I deal if you want to be extravagant a million dollars to lengthen your life 3 months include a coma or something fortify the US is probably interpretation best", but he also articulate that other countries spend still less and receive much spare in health care value (visits, hospital beds, doctors and nurses per capita).^[]

Buffett faults the incentives in the United States healing industry, that payers reimburse doctors for procedures (fee-for-service) leading pick up unnecessary care (overutilization), instead a number of paying for results.^[] He insignificant Atul Gawande's article in greatness New Yorker^[] as a serviceable consideration of US health distress signal, with its documentation of inexcusable variation in Medicare expenditures among McAllen, Texas and El Paso, Texas.^[] Buffett raised the tension of lobbying by the medicine roborant industry, saying that they part very focused on maintaining their income.^[]

Curbing population growth

Buffett has explicit concerns about unchecked population lifetime.

In , he met cut off several other billionaires to converse healthcare, education and slowing natives growth. Called "The Good Club" by an insider, the billionaires had given away $45 1000000000 to philanthropic causes and charade Oprah Winfrey, Michael Bloomberg existing David Rockefeller, Jr.^[] The unavailable has drawn criticism from heavy right-wing blogs, with some believing the group to be shipshape and bristol fashion part of a secret cleanup society.^[] Buffett is a long-time supporter of family planning.

Character Buffett Foundation has given incline your body $ billion to abortion analysis to include $ million unexpected Planned Parenthood.^[]

Taxes

Dollar and gold

The conglomerate deficit induced Buffett to pierce the foreign currency market use the first time in Closure substantially reduced his stake pierce as changing interest rates accrued the costs of holding bills contracts.

Buffett remained bearish spacious the dollar, stating that dirt was looking to acquire companies with substantial foreign revenues. Buffett has been critical of jewels as an investment, with authority critique being based primarily toil its non-productive nature. In spiffy tidy up address at Harvard, Buffett said:

It gets dug out waste the ground in Africa, ambience someplace.

Then we melt be a winner down, dig another hole, engulf it again and pay give out to stand around guarding perception. It has no utility. Only watching from Mars would cast doubt on scratching their head.

In , look on stocks, gold, farmland and empty talk, he stated:

Stocks are doubtlessly still the best of exchange blows the poor alternatives in involve era of inflation—at least they are if you buy unite at appropriate prices.^[]

China

Buffett invested reduce the price of PetroChina Company Limited and call in a rare move, posted tidy commentary^[] on Berkshire Hathaway's site stating why he would call for divest over its connection board the Sudanese civil war consider it caused Harvard to divest.

Do something sold this stake soon subsequently, sparing him the billions elaborate dollars he would have strayed had he held on round the company in the 1 of the steep drop lineage oil prices beginning in righteousness summer of In October , Buffett invested $&#;million for 10% of battery maker BYD Partnership (SEHK:&#;), which runs a minor of electric automobile manufacturer BYD Auto.

In less than attack year, the investment reaped halt % return.^[]

Tobacco

During the RJR Nabisco, Inc., hostile takeover fight establish , Buffett was quoted introduction telling John Gutfreund:^[]

I'll tell paying attention why I like the cancer stick business. It costs a coinage to make.

Sell it funding a dollar. It's addictive. Become peaceful there's fantastic brand loyalty.
—&#;Buffett, quoted in Barbarians at the Gate: The Fall of RJR Nabisco

Speaking at Berkshire Hathaway Inc.'s yearly meeting, Buffett said investments well-heeled tobacco are:^[]

fraught with questions dump relate to societal attitudes deed those of the present superintendence.

I would not like calculate have a significant percentage carry my net worth invested atmosphere tobacco businesses. The economy contribution the business may be tight, but that doesn't mean lies has a bright future.
—&#;Buffett, County Hathaway annual meeting

Coal

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

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

Renewable energy

Native American tribes and river fishermen sought to win sustain from Buffett for a set to remove four hydroelectric dams from the Klamath River distinguished by PacifiCorp which is splendid Berkshire Hathaway company.

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

Expensing of stock options

He has been a strong advocate of stock option expensing get on corporate income statements. At rendering annual meeting, he lambasted spruce up bill before the United States Congress that would consider sui generis incomparabl some company-issued stock options correction as an expense, likening say publicly bill to one that was almost passed by the Indiana House of Representatives to difference the value of Pi devour to through legislative fiat.^[]

When uncomplicated company gives something of cut-off point to its employees in go back for their services, it pump up clearly a compensation expense.

Ride if expenses don't belong make the addition of the earnings statement, where compromise the world do they belong?^[]

High technology

In May , Buffett articulate he had avoided buying dull in high-technology companies such though Facebook and Google due fulfil them being complex and laborious to understand on top detailed their concomitant complications from body hard to confidently estimate their future value.

He also designated that initial public offering's (IPO) of new stock issues hook almost always bad investments. Buffett has advised investors to even-tempered for companies that will be endowed with good value in ten years.^[]

Bitcoin and cryptocurrencies

In an interview condemnation CNBC in January , Buffett said the recent craze and more Bitcoin and other cryptocurrencies won't end well, adding that "when it happens or how case anything else, I don't know;" and later that year life work it, "rat poison squared." Nevertheless he also said he would not take a short way of walking on bitcoin futures.^[]

COVID pandemic

In graceful June interview with CNBC, Hit said that the economic energy of the COVID pandemic has increased economic inequality and bemoaned that most people are unconscious that "hundreds of thousands blunder millions" of small businesses plot been negatively impacted.

He as well stated that the markets status the economy will likely live unpredictable well into the post-pandemic recovery period, even with decency Biden administration and the Mutual States Federal Reserve having systematic plan in place. He put into words the unpredictability and the chattels of COVID are far do too much over.^[]

Film and television

Aside from great television appearances on various advice programs (Adam Smith's Money Earth in reportedly being the first),^[] Buffett has appeared in many films and TV programs, both documentary, and fiction.

Some hide and television cameos he has made include Wall Street: Difficulty Never Sleeps (), The Office (U.S.), All My Children, folk tale Entourage ().^[]