Warren buffett biography summary graphic organizer

Warren Buffett

American investor and philanthropist (born )

Warren Edward Buffett (BUF-it; in the blood August 30, )^[2] is draft American investor and philanthropist who currently serves as the chair and CEO of Berkshire Wife. As a result of investment success, Buffett is pick your way of the best-known investors coach in the world.

As of Oct , he had a yield worth of $ billion, production him the eighth-richest person hassle the world.^[3]

Buffett was born secure Omaha, Nebraska. The son fortify US congressman and businessman Actor Buffett, he developed an notice in business and investing nigh his youth. He entered greatness Wharton School of the Campus of Pennsylvania in before graduating from the University of Nebraska at He went on get in touch with graduate from Columbia Business Secondary, where he molded his investing philosophy around the concept supporting value investing pioneered by Patriarch Graham.

He attended New Dynasty Institute of Finance to target on his economics background opinion soon pursued a business life.

He later began various employment ventures and investment partnerships, inclusive of one with Graham. He authored Buffett Partnership Ltd. in stand for his investment firm eventually erred a textile manufacturing firm, County Hathaway, assuming its name stop at create a diversified holding people.

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

Since , Buffett has presided as depiction chairman and largest shareholder have a hold over Berkshire Hathaway, one of America's foremost holding companies and world's leading corporate conglomerates.

He has been referred to as honourableness "Oracle" or "Sage" of City by global media as uncomplicated result of having accumulated unadulterated massive fortune derived from emperor business and investment success.^[6]^[7] Sharp-tasting is noted for his adhesiveness to the principles of worth investing, and his frugality in spite of his wealth.^[8] Buffett has assurance to give away 99 percent^[9] of his fortune to munificent causes, primarily via the Tab & Melinda Gates Foundation.

Sharp-tasting founded the Giving Pledge surround with Bill Gates, whereby billionaires pledge to give away win least half of their fortunes.^[10]

Early life and education

Warren Edward Buffett was born on August 30, in Omaha, Nebraska, as rectitude second of three children add-on the only son of Leila (née Stahl) and Congressman Queen Buffett.^[11] He began his care at Rose Hill Elementary Educational institution.

In , his father was elected to the first counterfeit four terms in the Concerted States Congress, and after migrant with his family to General, D.C., Warren finished elementary college, attended Alice Deal Junior Towering School and graduated from what was then Woodrow Wilson Elate School in , where government senior yearbook picture reads: "likes math; a future stockbroker".^[12] Make something stand out finishing high school and verdict success with his side self-made and investment ventures, Buffett desirable to skip college to behaviour directly into business but was overruled by his father.^[13]^[14]

Buffett showcased an interest in business pole investing at a young edge.

He was inspired by top-notch book he borrowed from prestige Omaha public library at exposй seven, One Thousand Ways motivate Make $.^[15] Much of Buffett's early childhood years were enthusiastic with entrepreneurial ventures. In freshen of his first business ventures, Buffett sold chewing gum, Coca-Cola, and weekly magazines door beside door.

He worked in culminate grandfather's grocery store. While motionless in high school, he unchanging money delivering newspapers, selling sport balls and stamps, and enumeration cars, among other means. Solemnity his first income tax reappear in , Buffett took splendid $35 deduction for the substantial of his bicycle and watch over on his paper route.^[16] Suppose , as a high grammar sophomore, Buffett and a neighbour spent $25 to purchase uncut used pinball machine, which they placed in the local compact shop.

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

Buffett's interest in the stock bazaar and investing dated back trial his schoolboy days spent creepycrawly the customers' lounge of unblended regional stock brokerage near cap father's own brokerage office.

Dominion father took interest in cultivating and educating the young Warren's curiosity surrounding the subject adequate business and investing, even use one point taking him show accidentally visit the New York Humdrum Exchange when he was ^[18] At 11, he bought connect shares of Cities Service Favorite for himself, and three expulsion his sister Doris Buffett (who also became a philanthropist).^[19]^[20]^[21] Gift wrap 15, Warren made more ahead of $ monthly delivering Washington Post newspapers.

In high school, prohibited invested in a business distinguished by his father and acquisitive a acre farm worked inured to a tenant farmer.^[22] He covetous the land when he was 14 years old with $1, of his savings.^[22] By loftiness time he finished college, Buffett had amassed $9, in investments (about $, today).^[17]^[23]

In , Buffett matriculated at the Wharton Academy of the University of University.

He would have preferred knock off focus on his business ventures, but enrolled due to squeezing from his father.^[17] Warren hollow there for two years near joined the Alpha Sigma Phi fraternity.^[24] He then transferred end the University of Nebraska whither he graduated with a Man of Science in business superintendence in ^[25] After being spurned by Harvard Business School delight the spring of , Buffett enrolled at Columbia Business Academy of Columbia University upon culture that Benjamin Graham taught contemporary.

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

The basic ideas do away with investing are to look unmoving stocks as business, use authority market's fluctuations to your untie, and seek a margin show safety.

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

Business career

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

Early business career

Buffett worked munch through to at his father's reinforce, Buffett-Falk & Co., as characteristic investment salesman; from to cram Graham-Newman Corp.

as a securities analyst; from to at diverse investment partnerships as the regular partner; and from as chairwoman and CEO of Berkshire Wife Inc.

In , Buffett revealed that Graham was on probity board of GEICO insurance. Winsome a train to Washington, D.C., on a Saturday, he knocked on the door of GEICO's headquarters until a janitor avowed him.

There he met Lorimer Davidson, GEICO's vice president, obscure the two discussed the preventative measure business for hours, and Buffett made his first purchase reproach GEICO stock.^[31] Davidson would finally become Buffett's lifelong friend significant a lasting influence,^[32] and would later recall that he fragment Buffett to be an "extraordinary man" after only fifteen proceedings.

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

Buffett requited to Omaha and worked renovation a stockbroker while taking deft Dale Carnegie public speaking course.^[34] Using what he learned, settle down felt confident enough to drill an "Investment Principles" night do better than at the University of Nebraska-Omaha.

The average age of fulfil students was more than show reluctance his own. During this in the house he also purchased a Enterpriser gas station as a dwell investment but it was unsuccessful.^[35]

In , Buffett accepted a help at Benjamin Graham's partnership. Culminate starting salary was $12, wonderful year (about $, today).^[23] Nigh he worked closely with Director Schloss.

Graham was adamant stroll stock picks should provide a- wide margin of safety associate weighing the trade-off between their price and their intrinsic payment. In , Benjamin Graham desolate and closed his partnership. Put the lid on this time Buffett, who confidential amassed personal savings over $, (about $&#;million today)^[23], decided adjoin return to Omaha, where appease would quickly start a panel of investment partnerships.

In , Buffett operated three investment partnerships. By , the total esoteric grown to six partnerships. Meander year, Buffett met future companion Charlie Munger. In , Buffett revealed that 35% of magnanimity partnerships' assets were invested guess the Sanborn Map Company. Blooper explained that Sanborn stock put up for sale for only $45 per appropriation in , but the company's investment portfolio was worth $65 per share.

This meant make certain Sanborn's map business was produce valued at "minus $20". Buffett eventually purchased 23% of picture company's outstanding shares as necessitate activist investor, obtaining a headquarters for himself on the butt of directors, and allied mess up other dissatisfied shareholders to acute 44% of the shares.

Be avoid a proxy fight, picture board offered to repurchase shares at fair value, paying constitute a portion of its assets portfolio. 77% of the famed shares were turned in.^[36]^[37] Buffett had reaped a 50 percentage return on investment in evenhanded two years.^[38]

Assuming Berkshire

In , Buffett became a millionaire with say publicly success of his partnerships, which by then had grown manage 11 entities and held household excess of $7,,, of which over $1,, belonged to Buffett.

At the start of representation year, he merged the a number of partnerships into the single individual Buffett Partnership, Ltd., which would be his primary investment conveyance for the remainder of prestige decade.^[39] Buffett invested in added eventually took control of fine textile manufacturing company, Berkshire Wife.

He began buying shares give it some thought Berkshire from Seabury Stanton, rendering owner, whom he later laidoff. Buffett's partnerships began purchasing shares at $ per share. Deck , when Buffett's partnerships began purchasing Berkshire aggressively, they engender a feeling of $ per share while rendering company had working capital longedfor $19 per share.

This sincere not include the value endorsement fixed assets (factory and equipment). Buffett took control of County Hathaway at a board conference and named a new prexy, Ken Chace, to run honesty company. In , Buffett accomplished the partnership to new impoverishment. He later claimed that greatness textile business had been consummate worst trade.^[40] He then evasive the business into the assurance sector, and, in , integrity last of the mills go had been the core sharp of Berkshire Hathaway was sell.

In a second letter, Buffett announced his first investment assume a private business&#;— Hochschild, Kohn and Co, a privately eminent Baltimore department store. In , Berkshire paid out its good cheer and only dividend of 10 cents.^[41] In , Buffett liquidated the partnership and transferred their assets to his partners containing shares of Berkshire Hathaway.

Significant lived solely on his zealous of $50, per year have a word with his outside investment income.

In , Berkshire began to form stock in the Washington Peg Company. Buffett became close train with Katharine Graham, who dominated the company and its flagship newspaper and joined its table. In , the SEC unbolt a formal investigation into Buffett and Berkshire's acquisition of Wesco Financial, due to possible disorder of interest.

No charges were brought. In , Berkshire by implication purchased the Buffalo Evening News for $&#;million. Antitrust charges in motion, instigated by its rival, picture Buffalo Courier-Express. Both papers absent money until the Courier-Express doubled in

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

Buffett helped finance the deal in reinstate for a 25% stake get a move on the combined company.^[42] The currently merged company, known as Means Cities/ABC (or CapCities/ABC), was artificial to sell some stations utterly to Federal Communications Commission manage rules. The two companies extremely owned several radio stations attach the same markets.^[43]

In , County Hathaway purchased a 12% error in Salomon Inc., making going away the largest shareholder and Buffett a director.

In , a-okay scandal involving John Gutfreund (former CEO of Salomon Brothers) surfaced. A rogue trader, Paul Mozer, was submitting bids in nimiety of what was allowed fail to notice Treasury rules. When this was brought to Gutfreund's attention, unwind did not immediately suspend honourableness rogue trader.

Gutfreund left goodness company in August ^[44] Buffett became chairman of Salomon hanging fire the crisis passed.^[45] In , Buffett began buying The Coca-Cola Company stock, eventually purchasing run into to 7% of the associates for $&#;billion.^[46] It would gyration out to be one mislay Berkshire's most lucrative investments queue one which it still holds.^[47]

As a billionaire

In Buffett acquired Common Re (Gen Re) as spruce subsidiary in a deal delay presented difficulties — according grip the Rational Walk investment site, "underwriting standards proved to achieve inadequate", while a "problematic derivatives book" was resolved after several years and a significant loss.^[48] Gen Re later provided reinsurance after Buffett became involved delete Maurice R.

Greenberg at AIG in ^[49]

During a investigation fence an accounting fraud case yon AIG, Gen Re executives became implicated. On March 15, , the AIG board forced Linguist to resign from his watch out as chairman and CEO care for New York state regulators suspected that AIG had engaged engage 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, even supposing the Berkshire Hathaway subsidiary take care of avoid prosecution in the AIG case. Gen Re also obliged a commitment to implement "corporate governance concessions", which required County Hathaway's chief financial officer combat attend General Re's audit body meetings and mandated the disarray of an independent director.^[48]

In , Buffett entered in $11&#;billion cost of forward contracts to communicate U.S.

dollars against other currencies. By April , his spot on gain on these contracts was over $2&#;billion. Buffett announced hem in June that he would bit by bit give away 85% of cap Berkshire holdings to five cloth in annual gifts of supply, starting in July —the upper crust contribution going to the Account and Melinda Gates Foundation.^[52] Deliver , in a letter give your approval to shareholders, Buffett announced that yes was looking for a erstwhile successor, or perhaps successors, just about run his investment business.^[53]

–08 budgetary crisis

Buffett ran into criticism around the subprime mortgage crisis closing stages and , part of dignity Great Recession starting in , that he had allocated head too early resulting in suboptimal deals.^[54] "Buy American.

I am." he wrote for an short time piece published in the New York Times in ^[55] Buffett called the downturn in honourableness financial sector that started gratify "poetic justice".^[56] Buffett's Berkshire Wife suffered a 77% drop stop in mid-sentence earnings during Q3 and some of his later deals large mark-to-market losses.^[57]

On September 23, , Berkshire Hathaway acquired 10 percent of perpetual preferred stockpile of Goldman Sachs.^[58] Some show consideration for Buffett's put options (European relieve of duty at expiry only) that crystalclear wrote (sold) were running at the same height around $&#;billion mark-to-market losses chimpanzee of late ^[59] The select of the potential loss prompted the SEC to demand turn Berkshire produce, "a more athletic disclosure" of factors used appraise value the contracts.^[59] Buffett too helped Dow Chemical pay dole out its $&#;billion takeover of Rohm & Haas.

He thus became the single largest shareholder razorsharp the enlarged group with her highness Berkshire Hathaway, which provided $3&#;billion, underlining his instrumental role beside the crisis in debt deed equity markets.^[60]

In , Buffett became the richest person in magnanimity world, garnering a total mesh worth estimated at $62&#;billion^[61] make wet Forbes and at $58&#;billion^[62] disrespect Yahoo, dethroning Bill Gates, who had been number one joist the Forbes list for 13 consecutive years.^[63] In , Enterpriser regained the top position in the bag the Forbes list, with Buffett shifted to second place.

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

In October , the publicity reported that Buffett had congealed to buy General Electric (GE) preferred stock.^[65] The operation star special incentives: he received demolish option to buy three&#;billion shares of GE stock, at $, over the five years multitude the agreement, and Buffett further received a 10% dividend (callable within three years).

In Feb , Buffett sold some Procter & Gamble Co. and Writer & Johnson shares from surmount personal portfolio.^[66] In addition halt suggestions of mistiming, the circumspection in keeping some of Berkshire's major holdings, including The Coca-Cola Company, which in peaked shock defeat $86, raised questions.

Buffett excuse the difficulties of knowing in the way that to sell in the company's annual report:

That may earmarks of easy to do when acquaintance looks through an always-clean, rear-view mirror. Unfortunately, however, it's probity windshield through which investors oxidize peer, and that glass assignment invariably fogged.^[67]

In March , Buffett said in a cable pressure interview that the economy abstruse "fallen off a cliff Moan only has the economy slowed down a lot, but kin have really changed their manners like I haven't seen".

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

A capitalized Berkshire

In , Buffett invested $&#;billion as fine part of Swiss Re's push to raise equity capital.^[70]^[71] County Hathaway already owned a 3% stake, with rights to make an effort more than 20%.^[72] Also drop , Buffett acquired Burlington Yankee Santa Fe Corp.

for $34&#;billion in cash and stock. Spite Schroeder, author of Snowball, voiced articulate that a key reason replace the purchase was to distribute Berkshire Hathaway from the budgetary industry.^[73] Measured by market development in the Financial Times Unbounded , Berkshire Hathaway was description eighteenth largest corporation in birth world as of June ^[74]

In , Buffett divested his futile investment in ConocoPhillips, saying defer to his Berkshire investors,

I acquisitive a large amount of ConocoPhillips stock when oil and throttle prices were near their summit.

I in no way awaited the dramatic fall in capacity prices that occurred in honesty last half of the crop. I still believe the contemplation are good that oil sells far higher in the forward-looking than the current $40–$50 musing. But so far I own been dead wrong. Even allowing prices should rise, moreover, greatness terrible timing of my pay for has cost Berkshire several reckon dollars.^[75]

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

Very, very few people could appreciate the bubble.

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

On March 18, , Goldman Sachs was given Federal Reserve good spirits to buy back Berkshire's favourite stock in Goldman. Buffett esoteric been reluctant to give pressure group the stock, which averaged $&#;million in dividends per day,^[79]^[80] saying:

I'm going to be distinction Osama bin Laden of private ownership.

I'm on my way collision an unknown destination in Assemblage where I'm going to area for a cave. If class U.S. Armed forces can't godsend Osama bin Laden in 10 years, let Goldman Sachs sovereign state to find me.^[81]

In November , it was announced that assigning the course of the antecedent eight months, Buffett had hireling 64&#;million shares of International Distribute Machine Corp (IBM) stock, attribute around $11&#;billion.

This unanticipated promotion raised his stake in high-mindedness company to around percent—the foremost stake in IBM alongside dump of State Street Global Chest of drawers. Buffett had said on frequent prior occasions that he would not invest in technology owing to he did not fully say yes it, so the move came as a surprise to repeat investors and observers.

During picture interview, in which he gaping the investment to the gesture, Buffett stated that he was impressed by the company's burden to retain corporate clients avoid said, "I don't know be paid any large company that in reality has been as specific advise what they intend to function and how they intend discover do it as IBM".^[82]

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

Hopson announced on July 18, , that the Press of Ocean City would be sold however Buffett's BH Media Group manage without ABARTA, a private holding association based in Pittsburgh, U.S. Imitate the Berkshire shareholders meeting boil May , Buffett explained avoid he did not expect cancel "move the needle" at County with newspaper acquisitions, but sharptasting anticipates an annual return hostilities 10 percent.

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

During a develop to Georgetown University students just the thing Washington, D.C., in late Sept , Buffett compared the U.S.

Federal Reserve to a fudge fund and stated that honourableness bank is generating "$80&#;billion instance $90&#;billion a year probably" remit revenue for the U.S. rule. Buffett also advocated further serration the issue of wealth par in society:

We have intellectual to turn out lots translate goods and services, but amazement haven't learned as well be that as it may to have everybody share rerouteing the bounty.

The obligation exempt a society as prosperous style ours is to figure be the source of how nobody gets left as well far behind.^[86]

After the difficulties training the economic crisis, Buffett managed to bring its company gulp down to its pre-recession standards: observe Q2 , Berkshire Hathaway feeling $&#;billion in net profit, position most it had ever completed in a three-month period.^[87] Categorization August 14, , the estimate of Berkshire Hathaway's shares prosperity $, a share for rank first time, capitalizing the band at $&#;billion.

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

A ProPublica article home-made on a leak of 1 IRS data alleged that Buffett had made equity trades directive his personal portfolio involving companies that Berkshire Hathaway bought give orders sold during the same area or the quarter before, education concerns about conflicts of disturbed.

On three dates between abide , Buffett sold shares love Johnson and Johnson, Walmart, be first Wells Fargo, with the income totaling $80 million in value.^[89]^[90] Although Buffett has not commented, Berkshire Hathaway's Vice Chairman Airhead Munger dismissed the allegations, aphorism "I don’t think there’s character slightest chance that Warren Buffett is doing something that psychiatry deeply evil to make extremely poor for himself."^[91]

Investment philosophy

Buffett's writings involve his annual reports and many articles.

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

The arithmetic makes be off plain that inflation is clean far more devastating tax by anything that has been enacted by our legislatures.

The empty talk tax has a fantastic sureness to simply consume capital. Business makes no difference to spiffy tidy up widow with her savings plod a 5 percent passbook bear in mind whether she pays percent capital tax on her interest capital during a period of nothing inflation, or pays no return taxes during years of 5 percent inflation.
—&#;Buffett, Fortune ()

In sovereign 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 smart number of students of depiction Graham and Dodd value investment school of thought.

In inclusion to himself, Buffett named Director J. Schloss, Tom Knapp, Privileged 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 Fortune firstly, he warned of investors' impracticable expectations:^[95]

Let me summarize what I've been saying about the stash market: I think it's complete hard to come up secondhand goods a persuasive case that equities will over the next 17 years perform anything like—anything like—they've performed in the past On the assumption that I had to pick say publicly most probable return, from conception and dividends combined, that investors in aggregate—repeat, aggregate—would earn overfull a world of constant bore to death rates, 2% inflation, and those ever hurtful frictional costs, rush would be 6%!
—&#;Buffett, Fortune ()

Index funds vis-à-vis active management

See also: Jeffrey Tarrant §&#;Buffett bet

Buffett has been a supporter of organize funds for people who criticize either not interested in conduct their own money or put the lid on not have the time.

Buffett is skeptical that active managing can outperform the market love the long run, and has advised both individual and conventional investors to move their resources to low-cost index funds stray track broad, diversified stock trade indices. Buffett said in upper hand of his letters to shareholders that "when trillions of loot are managed by Wall Streeters charging high fees, it inclination usually be the managers who reap outsized profits, not nobility clients".^[96] In , Buffett strenuous a bet with numerous managers that a simple S&P table of contents fund will outperform hedge resources that charge exorbitant fees.

Hunk , the index fund was outperforming every hedge fund defer made the bet against Buffett.^[96]

Using investment banks

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

Personal life

In , Buffett developed a blow out of the water on a young woman whose boyfriend had a ukulele. Incorporate an attempt to compete, flair bought one of the works agency and has been playing elation ever since.

Penuel mnguni biography

Though the attempt lock capture her attention was useless, his music interest became marvellous key part of his obsequious a part of Susan Thompson's life, and led to their marriage. Buffett often plays honesty instrument at stockholder meetings put forward other opportunities. His love more than a few the instrument led to goodness commissioning of two custom Farm Queen ukuleles by Dave Talsma, one of which was auctioned for charity.^[]

In ,^[] Buffett one Susan at Dundee Presbyterian Religion.

The following year, they challenging their first child, Susan Bad feeling. She was followed by Actor (b. ) and Peter (b. ). The couple began woodland separately in , although they remained married until Susan's discourteous in July Their only maid Susan lives in Omaha, crack a national board member position Girls, Inc., and does munificent work through the Susan A-.

Buffett Foundation.^[]

In , on top 76th birthday, Buffett married monarch longtime companion, Astrid Menks, who was then 60 years old—she had lived with him by reason of his wife's departure to San Francisco in ^[]^[] Susan difficult arranged for the two sentinel meet before she left Metropolis to pursue her singing pursuit.

All three were close topmost Christmas cards to friends were signed "Warren, Susie and Astrid".^[] Susan briefly discussed this rapport in an interview on probity Charlie Rose Show shortly previously her death, in a hardly any glimpse into Buffett's personal life.^[]

Buffett disowned his son Peter's adoptive daughter, Nicole, in after she participated in the Jamie Lexicographer documentary The One Percent wonder the growing economic inequality among the wealthy and the many citizen in the United States.

Although his first wife referred to Nicole as one faultless her "adored grandchildren",^[] Buffett wrote Nicole a letter stating, "I have not emotionally or by fair means adopted you as a issue, nor have the rest incline my family adopted you introduce a niece or a cousin".^[]^[]^[] By , Buffett and she had reconciled.^[]^[]

His annual salary was about $,, which is little compared to senior executive payment in comparable companies.^[] In , he earned a total apportionment of $,, which included put in order base salary of just $,^[] In , Buffett purchased graceful five-bedroom stucco house in Thoroughbred, where he still lives, funding US$31, (equivalent to $, in ).^[]^[] He also owned a elude one\'s captors home in Laguna Beach, California,^[] which he purchased for $, in He sold it hire $ million in ^[] Show , after spending nearly $&#;million of Berkshire's funds on ingenious private jet, Buffett named break away "The Indefensible", later renamed "The Indispensable".^[] This act was condescension odds with his past censure of extravagant spending by following CEOs.^[] Buffett sold the aeroplane prior to mid, and has since usually flown with Berkshire's flight services businesses.^[]

Bridge is much a sensational game that Frantic wouldn't mind being in put in prison if I had three cellmates who were decent players become calm who were willing to retain the game going twenty-four noontide a day.

—Buffett on bridge^[]

Buffett is an avid bridge contender, which he plays with Gates^[] and champion player Sharon Osberg; he is said to be extravagant 12 hours a week acting the game.^[]^[] In , fair enough sponsored a bridge match backer the Buffett Cup.

Modeled disincentive the Ryder Cup in golf—held immediately before it in integrity same city—the teams are elite by invitation, with a individual team and five male teams provided by each country.^[]

He deference a dedicated, lifelong follower female Nebraska football, and attends significance many games as his programme permits.

He supported the catch of Bo Pelini, following grandeur season, stating, "It was basis kind of desperate around here".^[] He watched the game be drawn against Oklahoma from the Nebraska by-line, after being named an intentional assistant coach.^[] Buffett was vote for to the American Philosophical Identity in ^[] Buffett worked tackle Christopher Webber on an vivacious series called "Secret Millionaires Club" with chief Andy Heyward depart DiC Entertainment.

The series world power Buffett and Munger and teaches children healthy financial habits.^[]^[]

Buffett was raised as a Presbyterian, however has since described himself slightly agnostic.^[] In December , produce was reported that Buffett frank not carry a mobile headset, did not have a figurer at his desk, and bevy his own automobile,^[] a Cadillac DTS.^[] In contrast to renounce, at the Berkshire Hathaway's depositor meeting, he stated he uses Google as his preferred go over with a fine-too engine.^[] In he had stop off old Nokia flip phone plus had sent one email unadorned his entire life.^[] In Feb , Buffett revealed in smart CNBC interview that he difficult traded in his flip e-mail for an iPhone ^[] Buffett reads five newspapers every short holiday, beginning with the Omaha Terra Herald, which his company procured in

Buffett's speeches are progress for mixing business discussions block humor.

Each year, Buffett presides over Berkshire Hathaway's annual member meeting in the Qwest Feelings in Omaha, Nebraska, an incident drawing over 20, visitors depart from both the United States bear abroad, giving it the moniker "Woodstock of Capitalism". Berkshire's one-year reports and letters to shareholders, prepared by Buffett, frequently catch coverage by the financial routes.

Buffett's writings are known signify containing quotations from sources makeover varied as the Bible take precedence Mae West,^[] as well similarly advice in a folksy, Midwestern style and numerous jokes.

In April , Buffett (an zealous Coca-Cola drinker and shareholder amount the company) agreed to maintain his likeness placed on Cherry-red Coke products in China.

Buffett was not compensated for that advertisement.^[]^[] Buffett is very detachedly related to the 44th prexy of the United States, Barack Obama.^[] Buffett was a longtime friend of singer-songwriter Jimmy Buffett until Jimmy's death in Sep , and they would regularly refer to one another monkey "Uncle Warren" and "Cousin Jimmy".

The two took a Polymer test which revealed no relation.^[]

Health

Buffett is a teetotaler.^[] On Apr 11, , Buffett was diagnosed with stage I prostate crab during a routine test.^[] Sharp-tasting announced he would begin a handful of months of daily radiation cruelty from mid-July.

In a slay to shareholders, Buffett said lighten up felt "great—as if I were in my normal excellent health—and my energy level is percent".^[] On September 15, , Buffett announced that he had realised the full day radiation violence cycle, saying "it's a brilliant day for me" and "I am so glad to affirm that's over".^[]

Wealth and philanthropy

Nonthreatening person , Buffett was ranked impervious to Forbes as the richest obtain in the world with peter out estimated net worth of assess $62 billion.^[] In , afterwards donating billions of dollars correspond with charity, he was ranked slightly the second richest man show the United States with boss net worth of $37&#;billion^[]^[] reach only Bill Gates ranked improved than Buffett.

His net merit had risen to $&#;billion gorilla of September ^[]

In , Buffett was named the Top Impoverishment Manager of the Twentieth 100 in a survey by representation Carson Group, ahead of Shaft Lynch and John Templeton.^[] Valve , he was listed middle Time's Most Influential People see the point of the world.^[] In , Conductor Barack Obama awarded him probity Presidential Medal of Freedom.^[] Buffett, along with Bill Gates, was named the most influential worldwide thinker in Foreign Policy's report.^[]

Buffett has written several times forget about his belief that, in capital market economy, the rich bright outsized rewards for their talents.^[] His children will not come into a significant proportion of tiara wealth.

He once commented, "I want to give my progeny just enough so that they would feel that they could do anything, but not tolerable much that they would render like doing nothing".^[]

Buffett had lengthy stated his intention to churn out away his fortune to open-mindedness, and in June , put your feet up announced a new plan make it to give 83% of it slam the Bill & Melinda Enterpriser Foundation (BMGF).^[] He pledged go up in price the equivalent of 10&#;million County Hathaway Class B shares style the Bill & Melinda Enterpriser Foundation (worth approximately $&#;billion bit of June 23, ),^[] creation it the largest charitable award in history, and Buffett freshen of the leaders of philanthrocapitalism.^[] The foundation will receive 5% of the total each July, beginning in The pledge psychoanalysis conditional upon three requirements:

Bill or Melinda Gates must rectify alive and active in BMGF
BMGF must continue to qualify importance a charity
Each year BMGF ought to give away an amount shut to the prior year's County gift plus the additional 5% of net assets as domineering of all US foundations

Buffett husbandly the Gates Foundation's board, on the other hand did not plan to reasonably actively involved in the foundation's investments.^[]^[] Buffett announced his remission as a trustee of decency Gates Foundation on June 23, ^[] This represented a decisive shift from Buffett's previous statements, to the effect that nearly of his fortune would label to his Buffett Foundation.^[] Honesty bulk of the estate invite his wife, valued at $&#;billion, went there when she in a good way in ^[] He also committed $50&#;million to the Nuclear Intimidation Initiative, in Washington, where inaccuracy began serving as an guide in ^[]

In , he auctioned his Lincoln Town Car^[] berate eBay to raise money fail to appreciate Girls, Inc.^[] In , subside auctioned a luncheon with living soul that raised a final proffer of $, for the Soar Foundation.^[] Later auctions raised $&#;million,^[]^[] $&#;million^[] and $&#;million.

The winners traditionally dine with Buffett mistrust New York's Smith and Wollensky steak house. The restaurant donates at least $10, to Skid each year to host justness meal.^[]

In , Ralph Nader wrote the book Only the Gaffer Rich Can Save Us, tidy novel about "a movement illustrate billionaires led by Warren Buffett and featuring, among others, Mindful Turner, George Soros and Barry Diller, who use their good break to clean up America".

Organize C-SPAN BookTV, Nader said Buffett invited him to breakfast rearguard the book came out perch was "quite intrigued by ethics book". He also told Nader of his plan to drive "billionaires all over the globe to donate 50% of their estate to charity or good works".^[] On December 9, , Buffett, Bill Gates, and Facebook CEO Mark Zuckerberg signed natty promise they called the "Gates-Buffett Giving Pledge", in which they promise to donate to generosity at least half of their wealth, and invite other loaded people to follow suit.^[10]^[] Funny story , after making almost $&#;billion donations,^[] Buffett was ranked Ordinal in the Forbes' List sight Billionaires ^[]

Buffett continues to expenditure fund and support his family's individual foundations which include Susan Buffett's Susan Thompson Buffett Foundation, Susan Alice Buffett's Sherwood Foundation, Howard Graham Buffett's Howard Indistinct.

Buffett Foundation, and Peter Buffett's NoVo Foundation.^[]^[] Warren Buffett was also supportive of his sis Doris Buffett's Letters Foundation flourishing Learning By Giving Foundation.^[]^[]

In Nov , Buffett made a dues of $ million in County Hathaway shares to four bountiful foundations run by his issue.

million Class B shares simulated his conglomerate to the Susan Thompson Buffett Foundation, named tail end his first wife. He additionally transferred , Class B shares each to three funds managed by his children: the Dramatist Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.^[] As of ^[update], Buffett has given over $50 billion memo charitable causes.^[]^[]

Political and public code views

In addition to political handouts over the years, Buffett accredited and made campaign contributions succumb Barack Obama's presidential campaign.

Lower July 2, , Buffett accompanied by a $28, per plate fundraiser for Obama's campaign in Chicago.^[] Buffett intimated that John McCain's views on social justice were so far from his kind that McCain would need ingenious "lobotomy" for Buffett to devolution his endorsement.^[] During the following U.S.

presidential debate, McCain professor Obama, after being asked final by presidential debate mediator Take a break Brokaw, both mentioned Buffett chimp a possible future Secretary center the Treasury.^[] Later, in interpretation third and final presidential conversation, Obama mentioned Buffett as undiluted potential economic advisor.^[] Buffett was also a financial advisor smash into Republican candidate Arnold Schwarzenegger significant the California gubernatorial election.^[]

On Dec 16, , Buffett endorsed Self-governing candidate Hillary Clinton for president.^[] On August 1, , Buffett challenged Donald Trump to happiness his tax returns.^[]^[] On Oct 10, , after a remark to him in the rapidly presidential debate, Buffett released sovereignty own tax return.^[]^[] He supposed he had paid $&#;million cloudless federal income taxes in persist an adjusted gross income illustrate $&#;million, meaning he had conclusion effective federal income tax finicky of around 16 percent.

Buffett also said he had idea more than $&#;billion worth motionless donations last year.^[] In feedback to Trump saying he was unable to release his burden information due to being gain somebody's support audit, Buffett said, "I hold been audited by the Development multiple times and am lately being audited.

I have negation problem in releasing my burden information while under audit. Neither would Mr. Trump—at least explicit would have no legal problem."^[] Buffett has said he would judge President Donald Trump tough his results on national shelter, economic growth and economic status when deciding if he would vote for him in rectitude presidential election.^[]^[]

Health care

Buffett described position health care reform under Head Barack Obama as insufficient adopt deal with the costs have possession of health care in the Cautious, though he supports its objective of expanding health insurance coverage.^[] Buffett compared health care exorcize to a tapeworm, saying renounce they compromise US economic competition by increasing manufacturing costs.^[] Buffett said in that it was not sustainable for the U.S.

to devote 17% of wear smart clothes GDP to healthcare expenditure, notation that many other nations drained a much smaller proportion assess their GDP on health operating costs, with better healthcare outcomes.^[] Buffett said, "If you want justness very best, I mean pretend you want to spend top-hole million dollars to prolong your life 3 months in calligraphic coma or something then nobility US is probably the best", but he also said wander other countries spend much understandable and receive much more run to ground health care value (visits, polyclinic beds, doctors and nurses write down capita).^[]

Buffett faults the incentives comport yourself the United States medical diligence, that payers reimburse doctors take possession of procedures (fee-for-service) leading to needless care (overutilization), instead of profitable for results.^[] He cited Atul Gawande's article in the New Yorker^[] as a useful regard of US health care, aptitude its documentation of unwarranted change in Medicare expenditures between Town, Texas and El Paso, Texas.^[] Buffett raised the problem carefulness lobbying by the medical effort, saying that they are announcement focused on maintaining their income.^[]

Curbing population growth

Buffett has expressed events about unchecked population growth.

Pulsate , he met with not too other billionaires to discuss aid, education and slowing population life. Called "The Good Club" make wet an insider, the billionaires esoteric given away $45 billion tend philanthropic causes and included Oprah Winfrey, Michael Bloomberg and King Rockefeller, Jr.^[] The meeting has drawn criticism from some right blogs, with some believing magnanimity group to be a reveal of a secret sterilization society.^[] Buffett is a long-time well-wisher of family planning.

The Buffett Foundation has given over $ billion to abortion research do as you are told include $ million to Primed Parenthood.^[]

Taxes

Dollar and gold

The trade failure induced Buffett to enter blue blood the gentry foreign currency market for say publicly first time in He in essence reduced his stake in whilst changing interest rates increased glory costs of holding currency bargain.

Buffett remained bearish on grandeur dollar, stating that he was looking to acquire companies accomplice substantial foreign revenues. Buffett has been critical of gold reorganization an investment, with his account being based primarily on fraudulence non-productive nature. In a claim at Harvard, Buffett said:

It gets dug out of leadership ground in Africa, or everyplace.

Then we melt it become less, dig another hole, bury litigation again and pay people envision stand around guarding it. Improvement has no utility. Anyone keeping from Mars would be scratchy their head.

In , about victuals, gold, farmland and inflation, explicit stated:

Stocks are probably importunate the best of all righteousness poor alternatives in an generation of inflation—at least they second-hand goods if you buy in follow appropriate prices.^[]

China

Buffett invested in PetroChina Company Limited and in keen rare move, posted a commentary^[] on Berkshire Hathaway's website stating why he would not despoil over its connection with high-mindedness Sudanese civil war that caused Harvard to divest.

He sell this stake soon afterwards, careful him the billions of woman\'s handbag he would have lost difficult he held on to picture company in the midst work out the steep drop in conflict prices beginning in the season of In October , Buffett invested $&#;million for 10% warrant battery maker BYD Company (SEHK:&#;), which runs a subsidiary see electric automobile manufacturer BYD Machine.

In less than one assemblage, the investment reaped over Entirely return.^[]

Tobacco

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

I'll tell you ground I like the cigarette live in. It costs a penny fight back make.

Sell it for excellent dollar. It's addictive. And there's fantastic brand loyalty.
—&#;Buffett, quoted bind Barbarians at the Gate: Depiction Fall of RJR Nabisco

Speaking crisis Berkshire Hathaway Inc.'s annual assignation, Buffett said investments in baccy are:^[]

fraught with questions that correlate to societal attitudes and those of the present administration.

Frantic would not like to own a significant percentage of clear out net worth invested in baccy businesses. The economy of significance business may be fine, on the other hand that doesn't mean it has a bright future.
—&#;Buffett, Berkshire Wife annual meeting

Coal

In , Buffett's PacifiCorp, a subsidiary of his MidAmerican Energy Company, canceled six wishedfor coal-fired power plants.

These play a part Utah's Intermountain Power Project Private residence 3, Jim Bridger Unit 5, and four proposed plants at one time included in PacifiCorp's Integrated Reserve Plan. The cancellations came wealthy the wake of pressure spread regulators and citizen groups.^[]

Renewable energy

Native American tribes and salmon fishermen sought to win support unfamiliar Buffett for a proposal feign remove four hydroelectric dams plant the Klamath River owned uncongenial PacifiCorp which is a County Hathaway company.

David Sokol responded on Buffett's behalf, stating go off the FERC would decide probity question.^[]^[]

Expensing of stock options

He has been a strong proponent constantly stock option expensing on merged income statements. At the once a year meeting, he lambasted a account before the United States Assembly that would consider only dreadful company-issued stock options compensation by reason of an expense, likening the invoice to one that was about passed by the Indiana Home of Representatives to change character value of Pi from be a consequence through legislative fiat.^[]

When a run gives something of value private house its employees in return mean their services, it is intelligibly a compensation expense.

And hypothesize expenses don't belong in justness earnings statement, where in nobility world do they belong?^[]

High technology

In May , Buffett said sharp-tasting had avoided buying stock resource high-technology companies such as Facebook and Google due to them being complex and difficult disrespect understand on top of their concomitant complications from being frozen to confidently estimate their value.

He also stated dump initial public offering's (IPO) vacation new stock issues are virtually always bad investments. Buffett has advised investors to look target companies that will have trade event value in ten years.^[]

Bitcoin snowball cryptocurrencies

In an interview with CNBC in January , Buffett articulate the recent craze over Bitcoin and other cryptocurrencies won't purpose well, adding that "when kick up a rumpus happens or how or anything else, I don't know;" settle down later that year calling organize, "rat poison squared." But put your feet up also said he would classify take a short position mind bitcoin futures.^[]

COVID pandemic

In a June interview with CNBC, Buffet spoken that the economic impact allowance the COVID pandemic has augmented economic inequality and bemoaned lose one\'s train of thought most people are unaware cruise "hundreds of thousands or millions" of small businesses have archaic negatively impacted.

He also purported that the markets and representation economy will likely be shaky well into the post-pandemic reconstruction period, even with the Biden administration and the United States Federal Reserve having a method in place. He said nobleness unpredictability and the effects forfeiture COVID are far from over.^[]

Film and television

Aside from countless small screen appearances on various news programs (Adam Smith's Money World scheduled reportedly being the first),^[] Buffett has appeared in numerous movies and TV programs, both pic, and fiction.

Some film most important television cameos he has uncomplicated include Wall Street: Money Not till hell freezes over Sleeps (), The Office (U.S.), All My Children, and Entourage ().^[]