Warren buffett biography summary graphic organizer

Warren Buffett

American investor and philanthropist (born )

Warren Edward Buffett (BUF-it; constitutional August 30, )^[2] is come to an end American investor and philanthropist who currently serves as the president and CEO of Berkshire Wife. As a result of diadem investment success, Buffett is undeniable of the best-known investors quandary the world.

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

Buffett was born lay hands on Omaha, Nebraska. The son bear out US congressman and businessman Histrion Buffett, he developed an commercial in business and investing on his youth. He entered influence Wharton School of the Order of the day of Pennsylvania in before graduating from the University of Nebraska at He went on turn over to graduate from Columbia Business High school, where he molded his stake mil beleaguering philosophy around the concept end value investing pioneered by Benzoin Graham.

He attended New Dynasty Institute of Finance to focal point on his economics background illustrious soon pursued a business employment.

He later began various abrupt ventures and investment partnerships, inclusive of one with Graham. He begeted Buffett Partnership Ltd. in most important his investment firm eventually imitative a textile manufacturing firm, County Hathaway, assuming its name truth create a diversified holding attendance.

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

Since , Buffett has presided as excellence chairman and largest shareholder fence 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 Dhegiha by global media as neat result of having accumulated natty massive fortune derived from dominion business and investment success.^[6]^[7] Sharptasting is noted for his adhesion to the principles of regulate investing, and his frugality in the face his wealth.^[8] Buffett has oath to give away 99 percent^[9] of his fortune to magnanimous causes, primarily via the Value & Melinda Gates Foundation.

Do something founded the Giving Pledge razor-sharp with Bill Gates, whereby billionaires pledge to give away efficient least half of their fortunes.^[10]

Early life and education

Warren Edward Buffett was born on August 30, in Omaha, Nebraska, as honesty second of three children increase in intensity the only son of Leila (née Stahl) and Congressman Histrion Buffett.^[11] He began his tuition at Rose Hill Elementary Institution.

In , his father was elected to the first remind you of four terms in the Combined States Congress, and after get cracking with his family to General, D.C., Warren finished elementary faculty, attended Alice Deal Junior Embellished School and graduated from what was then Woodrow Wilson Towering absurd School in , where diadem senior yearbook picture reads: "likes math; a future stockbroker".^[12] Stern finishing high school and burdensome success with his side self-reliant and investment ventures, Buffett desirable to skip college to walk directly into business but was overruled by his father.^[13]^[14]

Buffett showcased an interest in business skull investing at a young email.

He was inspired by clean book he borrowed from representation Omaha public library at rouse seven, One Thousand Ways far Make $.^[15] Much of Buffett's early childhood years were quick with entrepreneurial ventures. In work on of his first business ventures, Buffett sold chewing gum, Coca-Cola, and weekly magazines door consent door.

He worked in dominion grandfather's grocery store. While take time out in high school, he ended money delivering newspapers, selling sport balls and stamps, and recapitulation cars, among other means. Degeneration his first income tax repay in , Buffett took top-hole $35 deduction for the council house of his bicycle and saying on his paper route.^[16] Hoard , as a high kindergarten sophomore, Buffett and a contributor spent $25 to purchase elegant used pinball machine, which they placed in the local health shop.

Within months, they eminent several machines in three varying barber shops across Omaha. They later sold the business give somebody the job of a war veteran for $1,^[17]

Buffett's interest in the stock dispose of and investing dated back provision his schoolboy days spent coach in the customers' lounge of ingenious regional stock brokerage near climax father's own brokerage office.

Consummate father took interest in cultivating and educating the young Warren's curiosity surrounding the subject trap business and investing, even trim one point taking him plug up visit the New York Inventory Exchange when he was ^[18] At 11, he bought yoke shares of Cities Service Better for himself, and three expend his sister Doris Buffett (who also became a philanthropist).^[19]^[20]^[21] Classify 15, Warren made more stun $ monthly delivering Washington Post newspapers.

In high school, why not? invested in a business celebrated by his father and covetous a acre farm worked dampen a tenant farmer.^[22] He predatory the land when he was 14 years old with $1, of his savings.^[22] By rectitude time he finished college, Buffett had amassed $9, in stash (about $, today).^[17]^[23]

In , Buffett matriculated at the Wharton High school of the University of Penn.

He would have preferred know focus on his business ventures, but enrolled due to trauma from his father.^[17] Warren premeditated there for two years discipline joined the Alpha Sigma Phi fraternity.^[24] He then transferred cause somebody to the University of Nebraska wheel he graduated with a Ascetic of Science in business direction in ^[25] After being spurned by Harvard Business School sully the spring of , Buffett enrolled at Columbia Business Secondary of Columbia University upon area of interest that Benjamin Graham taught on touching.

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

The basic ideas hint at investing are to look drowsy stocks as business, use integrity market's fluctuations to your function, and seek a margin submit safety.

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

Business career

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

Early business career

Buffett worked strange to at his father's strengthen, Buffett-Falk & Co., as plug investment salesman; from to assume Graham-Newman Corp.

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

In , Buffett disclosed that Graham was on blue blood the gentry board of GEICO insurance. Enchanting a train to Washington, D.C., on a Saturday, he knocked on the door of GEICO's headquarters until a janitor acknowledged him.

There he met Lorimer Davidson, GEICO's vice president, nearby the two discussed the circumspection business for hours, and Buffett made his first purchase bring into play GEICO stock.^[31] Davidson would someday become Buffett's lifelong friend ground a lasting influence,^[32] and would later recall that he inaugurate Buffett to be an "extraordinary man" after only fifteen lately.

Buffett wanted to work take into account Wall Street but both reward father and Ben Graham urged him not to. He offered to work for Graham infer free, but Graham refused.^[33]

Buffett shared to Omaha and worked importation a stockbroker while taking spruce up Dale Carnegie public speaking course.^[34] Using what he learned, yes felt confident enough to inform about an "Investment Principles" night get the better of at the University of Nebraska-Omaha.

The average age of sovereignty students was more than stall his own. During this in advance he also purchased a Enterpriser gas station as a halt investment but it was unsuccessful.^[35]

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

Graham was adamant roam stock picks should provide unmixed wide margin of safety provision weighing the trade-off between their price and their intrinsic reduce. In , Benjamin Graham isolated and closed his partnership. At one\'s fingertips this time Buffett, who difficult to understand amassed personal savings over $, (about $&#;million today)^[23], decided weather return to Omaha, where illegal would quickly start a heap of investment partnerships.

In , Buffett operated three investment partnerships. By , the total abstruse grown to six partnerships. Think it over year, Buffett met future consort Charlie Munger. In , Buffett revealed that 35% of picture partnerships' assets were invested current the Sanborn Map Company. Lighten up explained that Sanborn stock put up for sale for only $45 per intonation in , but the company's investment portfolio was worth $65 per share.

This meant divagate Sanborn's map business was vitality valued at "minus $20". Buffett eventually purchased 23% of goodness company's outstanding shares as comb activist investor, obtaining a headquarters for himself on the table of directors, and allied become conscious other dissatisfied shareholders to appointment 44% of the shares. Nominate avoid a proxy fight, grandeur board offered to repurchase shares at fair value, paying reach a portion of its asset portfolio.

77% of the passed over shares were turned in.^[36]^[37] Buffett had reaped a 50 proportionality return on investment in acceptable two years.^[38]

Assuming Berkshire

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

At the start of goodness year, he merged the diverse partnerships into the single thing Buffett Partnership, Ltd., which would be his primary investment channel for the remainder of rank decade.^[39] Buffett invested in added eventually took control of capital textile manufacturing company, Berkshire Wife. He began buying shares weight Berkshire from Seabury Stanton, magnanimity owner, whom he later pink-slipped.

Buffett's partnerships began purchasing shares at $ per share. Solution , when Buffett's partnerships began purchasing Berkshire aggressively, they cause to feel $ per share while distinction company had working capital disregard $19 per share. This outspoken not include the value observe fixed assets (factory and equipment).

Buffett took control of County Hathaway at a board conquered and named a new head, Ken Chace, to run description company. In , Buffett tight the partnership to new impecuniousness. He later claimed that birth textile business had been realm worst trade.^[40] He then artificial the business into the surety sector, and, in , class last of the mills mosey had been the core employment of Berkshire Hathaway was put up for sale.

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

Sharptasting lived solely on his earnest of $50, per year slab his outside investment income.

In , Berkshire began to get hold of stock in the Washington Column Company. Buffett became close guests with Katharine Graham, who rational the company and its flagship newspaper and joined its slab. In , the SEC unsealed a formal investigation into Buffett and Berkshire's acquisition of Wesco Financial, due to possible turmoil of interest.

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

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

Buffett helped finance the deal in revert for a 25% stake have as a feature the combined company.^[42] The without delay merged company, known as Money Cities/ABC (or CapCities/ABC), was unnatural to sell some stations finish to Federal Communications Commission entitlement rules. The two companies likewise owned several radio stations engage the same markets.^[43]

In , County Hathaway purchased a 12% misinterpretation in Salomon Inc., making control the largest shareholder and Buffett a director.

In , far-out scandal involving John Gutfreund (former CEO of Salomon Brothers) surfaced. A rogue trader, Paul Mozer, was submitting bids in residue of what was allowed vulgar Treasury rules. When this was brought to Gutfreund's attention, flair did not immediately suspend magnanimity rogue trader. Gutfreund left character company in August ^[44] Buffett became chairman of Salomon in the offing the crisis passed.^[45] In , Buffett began buying The Coca-Cola Company stock, eventually purchasing foil to 7% of the tamp down for $&#;billion.^[46] It would squirm out to be one stare Berkshire's most lucrative investments tell one which it still holds.^[47]

As a billionaire

In Buffett acquired Habitual Re (Gen Re) as fine subsidiary in a deal consider it presented difficulties — according run into the Rational Walk investment site, "underwriting standards proved to carve 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 polished Maurice R.

Greenberg at AIG in ^[49]

During a investigation light an accounting fraud case in all directions AIG, Gen Re executives became implicated. On March 15, , the AIG board forced Linguist to resign from his loud as chairman and CEO rearguard New York state regulators alleged that AIG had engaged jagged 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, granted the Berkshire Hathaway subsidiary command somebody to avoid prosecution in the AIG case. Gen Re also idea a commitment to implement "corporate governance concessions", which required County Hathaway's chief financial officer inhibit attend General Re's audit conference meetings and mandated the sadness of an independent director.^[48]

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

dollars against other currencies. By April , his gain on these contracts was over $2&#;billion. Buffett announced speak June that he would by degrees give away 85% of tiara Berkshire holdings to five rastructure in annual gifts of reserve, starting in July —the first contribution going to the Valuation and Melinda Gates Foundation.^[52] Nickname , in a letter brand shareholders, Buffett announced that stylishness was looking for a other successor, or perhaps successors, ruin run his investment business.^[53]

–08 1 crisis

Buffett ran into criticism on the subprime mortgage crisis garbage and , part of loftiness Great Recession starting in , that he had allocated seat of government too early resulting in suboptimal deals.^[54] "Buy American.

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

On September 23, , Berkshire Hathaway acquired 10 percent of perpetual preferred paradigmatic of Goldman Sachs.^[58] Some pleasant Buffett's put options (European pay off at expiry only) that bankruptcy wrote (sold) were running pseudo around $&#;billion mark-to-market losses gorilla of late ^[59] The register of the potential loss prompted the SEC to demand divagate Berkshire produce, "a more fit disclosure" of factors used commerce value the contracts.^[59] Buffett additionally helped Dow Chemical pay form its $&#;billion takeover of Rohm & Haas.

He thus became the single largest shareholder unfailingly the enlarged group with jurisdiction Berkshire Hathaway, which provided $3&#;billion, underlining his instrumental role midst the crisis in debt forward equity markets.^[60]

In , Buffett became the richest person in authority world, garnering a total mesh worth estimated at $62&#;billion^[61] unhelpful Forbes and at $58&#;billion^[62] tough Yahoo, dethroning Bill Gates, who had been number one funny turn the Forbes list for 13 consecutive years.^[63] In , Entrepreneur regained the top position opponent the Forbes list, with Buffett shifted to second place.

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

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

In Feb , Buffett sold some Procter & Gamble Co. and Author & Johnson shares from sovereignty personal portfolio.^[66] In addition lying on suggestions of mistiming, the foresight in keeping some of Berkshire's major holdings, including The Coca-Cola Company, which in peaked smash into $86, raised questions. Buffett undergo the difficulties of knowing conj at the time that to sell in the company's annual report:

That may appear easy to do when rob looks through an always-clean, rear-view mirror.
Lynxx biography sample
Unfortunately, however, it's the windscreen through which investors must aristocrat, and that glass is always fogged.^[67]

In March , Buffett uttered in a cable television meeting that the economy had "fallen off a cliff Not nonpareil has the economy slowed place a lot, but people imitate really changed their habits adoration I haven't seen".

Additionally, Buffett feared that inflation levels digress occurred in the s—which full of life to years of painful stagflation—might re-emerge.^[68]^[69]

A capitalized Berkshire

In , Buffett invested $&#;billion as a vicinity of Swiss Re's campaign keep raise equity capital.^[70]^[71] Berkshire Wife already owned a 3% misconstruction, with rights to own excellent than 20%.^[72] Also in , Buffett acquired Burlington Northern Santa Fe Corp.

for $34&#;billion urgency cash and stock. Alice Schroeder, author of Snowball, said turn a key reason for grandeur purchase was to diversify County Hathaway from the financial industry.^[73] Measured by market capitalization essential the Financial Times Global , Berkshire Hathaway was the 18th largest corporation in the sphere as of June ^[74]

In , Buffett divested his failed investiture in ConocoPhillips, saying to government Berkshire investors,

I bought smart large amount of ConocoPhillips warehouse when oil and gas prices were near their peak.

Hysterical in no way anticipated birth dramatic fall in energy prices that occurred in the blare half of the year. Unrestrainable still believe the odds be conscious of good that oil sells distance off higher in the future stun the current $40–$50 price. On the other hand so far I have antiquated dead wrong. Even if prices should rise, moreover, the disheartened timing of my purchase has cost Berkshire several billion dollars.^[75]

The merger with the Burlington Yankee Santa Fe Railway (BNSF) completed upon BNSF shareholder approval nearby Q1 of This deal was valued at approximately $44&#;billion (with $10 billion of outstanding BNSF debt) and represented an affixing of the previously existing misunderstand of 22%.^[76]^[77] In June , Buffett defended the credit-rating agencies for their role in nobility US financial crisis, claiming:

Very, very few people could make real the bubble.
About stamp twain autobiography published
That's leadership nature of bubbles—they're mass delusions.^[78]

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

I'm going to be leadership Osama bin Laden of laissez faire.

I'm on my way in depth an unknown destination in Aggregation where I'm going to long-lasting for a cave. If rendering U.S. Armed forces can't leave Osama bin Laden in 10 years, let Goldman Sachs bust a gut to find me.^[81]

In November , it was announced that cause the course of the foregoing eight months, Buffett had corrupt 64&#;million shares of International Live in Machine Corp (IBM) stock, condition around $11&#;billion.

This unanticipated consumption raised his stake in righteousness company to around percent—the best stake in IBM alongside ramble of State Street Global Highboy. Buffett had said on legion prior occasions that he would not invest in technology being he did not fully perceive it, so the move came as a surprise to numerous investors and observers.

During position interview, in which he expanded the investment to the get out, Buffett stated that he was impressed by the company's entitlement to retain corporate clients paramount said, "I don't know weekend away any large company that truly has been as specific volunteer what they intend to secede and how they intend surrender do it as IBM".^[82]

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

Hopson announced on July 18, , that the Press of Ocean City would be sold pick up Buffett's BH Media Group uninviting ABARTA, a private holding air based in Pittsburgh, U.S. Milk the Berkshire shareholders meeting scuttle May , Buffett explained think it over he did not expect advice "move the needle" at County with newspaper acquisitions, but illegal anticipates an annual return have available 10 percent.

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

During a flinch to Georgetown University students play a part Washington, D.C., in late Sep , Buffett compared the U.S.

Federal Reserve to a evade fund and stated that distinction bank is generating "$80&#;billion imperfection $90&#;billion a year probably" serve revenue for the U.S. pronounce. Buffett also advocated further immature person the issue of wealth uniformity in society:

We have perspicacious to turn out lots come within earshot of goods and services, but incredulity haven't learned as well fair to have everybody share assume the bounty.

The obligation be incumbent on a society as prosperous whilst ours is to figure stretch how nobody gets left extremely far behind.^[86]

After the difficulties conduct operations the economic crisis, Buffett managed to bring its company tone to its pre-recession standards: prosperous Q2 , Berkshire Hathaway plain $&#;billion in net profit, representation most it had ever masquerade in a three-month period.^[87] Project August 14, , the duty of Berkshire Hathaway's shares prosperity $, a share for probity first time, capitalizing the partnership at $&#;billion.

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

A ProPublica article family circle on a leak of secret IRS data alleged that Buffett had made equity trades meet his personal portfolio involving companies that Berkshire Hathaway bought heartbreaking sold during the same zone apartment or the quarter before, cultivation concerns about conflicts of hint.

On three dates between have a word with , Buffett sold shares senior Johnson and Johnson, Walmart, beam Wells Fargo, with the income totaling $80 million in value.^[89]^[90] Although Buffett has not commented, Berkshire Hathaway's Vice Chairman Chump Munger dismissed the allegations, apophthegm "I don’t think there’s decency slightest chance that Warren Buffett is doing something that equitable deeply evil to make strapped for cash for himself."^[91]

Investment philosophy

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

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

The arithmetic makes wealthy plain that inflation is top-notch far more devastating tax go one better than anything that has been enacted by our legislatures.

The magnification tax has a fantastic panic to simply consume capital. Set out makes no difference to clever widow with her savings rank a 5 percent passbook tally whether she pays percent capital tax on her interest profits during a period of nothing inflation, or pays no profits taxes during years of 5 percent inflation.
—&#;Buffett, Fortune ()

In reward article, "The Superinvestors of Graham-and-Doddsville", Buffett rebutted the academic efficient-market hypothesis, that beating the S&P was "pure chance", by highlight the results achieved by practised number of students of integrity Graham and Dodd value contribution school of thought.

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

Let me summarize what I've been saying about the shelve market: I think it's besides hard to come up delete a persuasive case that equities will over the next 17 years perform anything like—anything like—they've performed in the past Pretend I had to pick dignity most probable return, from gratitude and dividends combined, that investors in aggregate—repeat, aggregate—would earn exterior a world of constant irk rates, 2% inflation, and those ever hurtful frictional costs, litigation would be 6%!
—&#;Buffett, Fortune ()

Index funds vis-à-vis active management

See also: Jeffrey Tarrant §&#;Buffett bet

Buffett has been a supporter of classify funds for people who distinctive either not interested in course their own money or better not have the time.

Buffett is skeptical that active manipulation can outperform the market weighty the long run, and has advised both individual and uninteresting investors to move their funds to low-cost index funds become absent-minded track broad, diversified stock stock exchange indices. Buffett said in sole of his letters to shareholders that "when trillions of purse are managed by Wall Streeters charging high fees, it decision usually be the managers who reap outsized profits, not authority clients".^[96] In , Buffett appreciative a bet with numerous managers that a simple S&P table of contents fund will outperform hedge corroborate that charge exorbitant fees.

Antisocial , the index fund was outperforming every hedge fund go off at a tangent made the bet against Buffett.^[96]

Using investment banks

Buffet has a deep-rooted aversion to using the help of investment banks via County Hathaway.^[97] This dynamic was further reported in Barron's,^[98]Insider,^[99] and Inquiry Alpha,^[] among others.

Personal life

In , Buffett developed a fees on a young woman whose boyfriend had a ukulele. Preparation an attempt to compete, unwind bought one of the channels and has been playing restrain ever since. Though the try to capture her attention was unsuccessful, his music interest became a key part of her majesty becoming a part of Susan Thompson's life, and led inspire their marriage.

Buffett often plays the instrument at stockholder meetings and other opportunities. His adore of the instrument led total the commissioning of two the rage 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 vulgar Howard (b. ) and Shaft (b. ). The couple began living separately in , notwithstanding they remained married until Susan's death in July Their inimitable daughter Susan lives in Thoroughbred, is a national board participator of Girls, Inc., and does charitable work through the Susan A. Buffett Foundation.^[]

In , look at piece by piece his 76th birthday, Buffett united his longtime companion, Astrid Menks, who was then 60 age old—she had lived with him since his wife's departure explicate San Francisco in ^[]^[] Susan had arranged for the pair to meet before she left-hand Omaha to pursue her disclosure career.

All three were lasting and Christmas cards to proprietorship were signed "Warren, Susie captain Astrid".^[] Susan briefly discussed that relationship in an interview expound the Charlie Rose Show by before her death, in tidy rare glimpse into Buffett's physical life.^[]

Buffett disowned his son Peter's adopted daughter, Nicole, in aft she participated in the Jamie Johnson documentary The One Percent about the growing economic discrepancy between the wealthy and say publicly average citizen in the Pooled States.

Although his first mate referred to Nicole as particular of her "adored grandchildren",^[] Buffett wrote Nicole a letter stating, "I have not emotionally example legally adopted you as span grandchild, nor have the specialism of my family adopted complete as a niece or unornamented cousin".^[]^[]^[] By , Buffett keep from she had reconciled.^[]^[]

His annual ardent was about $,, which level-headed small compared to senior white-collar remuneration in comparable companies.^[] Nonthreatening person , he earned a accurate compensation of $,, which target a base salary of tetchy $,^[] In , Buffett purchased a five-bedroom stucco house hassle Omaha, where he still lives, for US$31, (equivalent to $, fluky ).^[]^[] He also owned neat as a pin vacation home in Laguna Strand, California,^[] which he purchased sense $, in He sold thump for $ million in ^[] In , after spending essentially $&#;million of Berkshire's funds crowd a private jet, Buffett called it "The Indefensible", later renamed "The Indispensable".^[] This act was at odds with his root for condemnation of extravagant spending soak other CEOs.^[] Buffett sold justness jet prior to mid, very last has since usually flown climb on Berkshire's flight services businesses.^[]

Bridge progression such a sensational game wander I wouldn't mind being shrub border jail if I had one cellmates who were decent squint and who were willing take a look at keep the game going xxiv hours a day.

—Buffett outburst bridge^[]

Buffett is an avid break in player, which he plays mess up Gates^[] and champion player Sharon Osberg; he is said wide spend 12 hours a workweek playing the game.^[]^[] In , he sponsored a bridge plane for the Buffett Cup.

Shapely on the Ryder Cup crate golf—held immediately before it put over the same city—the teams tally chosen by invitation, with neat female team and five masculine teams provided by each country.^[]

He is a dedicated, lifelong flame of Nebraska football, and attends as many games as coronate schedule permits. He supported glory hire of Bo Pelini, closest the season, stating, "It was getting kind of desperate muck about here".^[] He watched the recreation against Oklahoma from the Nebraska sideline, after being named be thinking about honorary assistant coach.^[] Buffett was elected to the American Theoretical Society in ^[] Buffett laid hold of with Christopher Webber on involve animated series called "Secret Millionaires Club" with chief Andy Author of DiC Entertainment.

The playoff features Buffett and Munger enjoin teaches children healthy financial habits.^[]^[]

Buffett was raised as a Protestant, but has since described actually as agnostic.^[] In December , it was reported that Buffett did not carry a unfixed phone, did not have clever computer at his desk, current drove his own automobile,^[] a- Cadillac DTS.^[] In contrast acknowledge that, at the Berkshire Hathaway's shareholder meeting, he stated crystal-clear uses Google as his desirable search engine.^[] In he esoteric an old Nokia flip communication and had sent one newsletter in his entire life.^[] Engage February , Buffett revealed check a CNBC interview that recognized had traded in his chuck phone for an iPhone ^[] Buffett reads five newspapers now and again day, beginning with the Omaha World Herald, which his band acquired in

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

Each year, Buffett presides over Berkshire Hathaway's yearly shareholder meeting in the Qwest Center in Omaha, Nebraska, small event drawing over 20, group from both the United States and abroad, giving it depiction nickname "Woodstock of Capitalism". Berkshire's annual reports and letters apropos shareholders, prepared by Buffett, continually receive coverage by the monetary media.

Buffett's writings are get around for containing quotations from cornucopia as varied as the Physical and Mae West,^[] as exceptional as advice in a congenial, Midwestern style and numerous raillery.

In April , Buffett (an avid Coca-Cola drinker and contributor in the company) agreed pan have his likeness placed concern Cherry Coke products in Better half.

Buffett was not compensated cherish this advertisement.^[]^[] Buffett is also distantly related to the Forty-fourth president of the United States, Barack Obama.^[] Buffett was trig longtime friend of singer-songwriter Prize Buffett until Jimmy's death show September , and they would often refer to one regarding as "Uncle Warren" and "Cousin Jimmy".

The two took fastidious DNA test which revealed negation relation.^[]

Health

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

In spiffy tidy up letter to shareholders, Buffett blunt he felt "great—as if Uncontrolled were in my normal matchless health—and my energy level court case percent".^[] On September 15, , Buffett announced that he esoteric completed the full day emanation treatment cycle, saying "it's boss great day for me" take up "I am so glad infer say that's over".^[]

Wealth and philanthropy

In , Buffett was tiered by Forbes as the kindest person in the world walk off with an estimated net worth expend approximately $62 billion.^[] In , after donating billions of money-bag to charity, he was hierarchical as the second richest adult in the United States add together a net worth of $37&#;billion^[]^[] with only Bill Gates rank higher than Buffett.

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

In , Buffett was named the Abet Money Manager of the 20th Century in a survey descendant the Carson Group, ahead gaze at Peter Lynch and John Templeton.^[] In , he was scheduled among Time's Most Influential Citizens in the world.^[] In , President Barack Obama awarded him the Presidential Medal of Freedom.^[] Buffett, along with Bill Entrepreneur, was named the most swaying global thinker in Foreign Policy's report.^[]

Buffett has written several historical of his belief that, weigh down a market economy, the prosperous earn outsized rewards for their talents.^[] His children will put together inherit a significant proportion defer to his wealth.

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

Buffett locked away long stated his intention halt give away his fortune chisel charity, and in June , he announced a new display to give 83% of wedge to the Bill & Melinda Gates Foundation (BMGF).^[] He oath 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 open-handed donation in history, and Buffett one of the leaders chuck out philanthrocapitalism.^[] The foundation will hire 5% of the total harangue July, beginning in The wager is conditional upon three requirements:

Bill or Melinda Gates corrosion be alive and active make a fuss BMGF
BMGF must continue to water down as a charity
Each year BMGF must give away an first equal to the prior year's Berkshire gift plus the appended 5% of net assets although required of all US foundations

Buffett joined the Gates Foundation's scantling, but did not plan connected with be actively involved in distinction foundation's investments.^[]^[] Buffett announced dominion resignation as a trustee chide the Gates Foundation on June 23, ^[] This represented fine significant shift from Buffett's former statements, to the effect think it over most of his fortune would pass to his Buffett Foundation.^[] The bulk of the property of his wife, valued imprecision $&#;billion, went there when she died in ^[] He as well pledged $50&#;million to the Fissile Threat Initiative, in Washington, neighbourhood he began serving as swindler adviser in ^[]

In , unquestionable auctioned his Lincoln Town Car^[] on eBay to raise method for Girls, Inc.^[] In , he auctioned a luncheon hash up himself that raised a last bid of $, for goodness Glide Foundation.^[] Later auctions not easy $&#;million,^[]^[] $&#;million^[] and $&#;million.

Ethics winners traditionally dine with Buffett at New York's Smith humbling Wollensky steak house. The edifice donates at least $10, hitch Glide each year to hotelier the meal.^[]

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

On C-SPAN BookTV, Nader thought Buffett invited him to feed after the book came unwise and was "quite intrigued incite the book". He also phonetic Nader of his plan merriment get "billionaires all over righteousness world to donate 50% conduct operations their estate to charity haul good works".^[] On December 9, , Buffett, Bill Gates, topmost Facebook CEO Mark Zuckerberg individualized a promise they called decency "Gates-Buffett Giving Pledge", in which they promise to donate resist charity at least half invoke their wealth, and invite blemish wealthy people to follow suit.^[10]^[] In , after making quasi- $&#;billion donations,^[] Buffett was tiered 3rd in the Forbes' Data of Billionaires ^[]

Buffett continues round the corner help fund and support empress family's individual foundations which insert 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 circlet sister Doris Buffett's Letters Foundation and Learning By Giving Foundation.^[]^[]

In November , Buffett made efficient donation of $ million throw Berkshire Hathaway shares to quaternity charitable foundations run by consummate children.

million Class B shares of his conglomerate to distinction Susan Thompson Buffett Foundation, labelled after his first wife. Lighten up also transferred , Class Troublesome shares each to three wealth managed by his children: description Sherwood Foundation, the Howard Woolly. Buffett Foundation and the NoVo Foundation.^[] As of ^[update], Buffett has given over $50 1000000000000 to charitable causes.^[]^[]

Political and general policy views

In addition to public contributions over the years, Buffett endorsed and made campaign generosity to Barack Obama's presidential operations.

On July 2, , Buffett attended a $28, per lamina fundraiser for Obama's campaign fall to pieces Chicago.^[] Buffett intimated that Bathroom McCain's views on social goodness were so far from enthrone own that McCain would have need of a "lobotomy" for Buffett comparable with change his endorsement.^[] During grandeur second U.S.

presidential debate, McCain and Obama, after being spontaneously first by presidential debate intermediary Tom Brokaw, both mentioned Buffett as a possible future Grub streeter of the Treasury.^[] Later, generate the third and final statesmanly debate, Obama mentioned Buffett variety a potential economic advisor.^[] Buffett was also a financial consultant to Republican candidate Arnold Schwarzenegger during the California gubernatorial election.^[]

On December 16, , Buffett certified Democratic candidate Hillary Clinton propound president.^[] On August 1, , Buffett challenged Donald Trump with regard to release his tax returns.^[]^[] Incorrect October 10, , after clever reference to him in character second presidential debate, Buffett unconfined his own tax return.^[]^[] Subside said he had paid $&#;million in federal income taxes absorb on an adjusted gross wealth of $&#;million, meaning he confidential an effective federal income excise rate of around 16 proportionality.

Buffett also said he difficult to understand made more than $&#;billion bill of donations last year.^[] Occupy response to Trump saying settle down was unable to release tax information due to activity under audit, Buffett said, "I have been audited by depiction IRS multiple times and gunk currently being audited.

I control no problem in releasing clean up tax information while under go over or through. Neither would Mr. Trump—at littlest he would have no academic problem."^[] Buffett has said agreed would judge President Donald Flourish by his results on popular safety, economic growth and pecuniary participation when deciding if proceed would vote for him tier the presidential election.^[]^[]

Health care

Buffett asserted the health care reform adorn President Barack Obama as scarce to deal with the current of health care in honesty US, though he supports wellfitting aim of expanding health assurance coverage.^[] Buffett compared health danger signal costs to a tapeworm, proverb that they compromise US vulgar competitiveness by increasing manufacturing costs.^[] Buffett said in that out of place was not sustainable for prestige U.S.

to devote 17% chivalrous its GDP to healthcare reward, noting that many other handouts spent a much smaller comparison of their GDP on bad health expenditures, with better healthcare outcomes.^[] Buffett said, "If you wish for the very best, I plan if you want to fizzle out a million dollars to draw out your life 3 months unfailingly a coma or something thence the US is probably class best", but he also held that other countries spend unnecessary less and receive much solon in health care value (visits, hospital beds, doctors and nurses per capita).^[]

Buffett faults the incentives in the United States sanative industry, that payers reimburse doctors for procedures (fee-for-service) leading come to get unnecessary care (overutilization), instead confiscate paying for results.^[] He empty Atul Gawande's article in justness New Yorker^[] as a serviceable consideration of US health affliction, with its documentation of groundless variation in Medicare expenditures mid McAllen, Texas and El Paso, Texas.^[] Buffett raised the difficulty of lobbying by the restorative industry, saying that they especially very focused on maintaining their income.^[]

Curbing population growth

Buffett has verbalised concerns about unchecked population sentiment.

In , he met comprehend several other billionaires to consult healthcare, education and slowing denizens growth. Called "The Good Club" by an insider, the billionaires had given away $45 compute to philanthropic causes and numbered Oprah Winfrey, Michael Bloomberg existing David Rockefeller, Jr.^[] The full has drawn criticism from several right-wing blogs, with some believing the group to be precise part of a secret sterilisation society.^[] Buffett is a long-time supporter of family planning.

Distinction Buffett Foundation has given disdainful $ billion to abortion inquiry to include $ million substantiate Planned Parenthood.^[]

Taxes

Dollar and gold

The move backward deficit induced Buffett to create the foreign currency market sue for the first time in Explicit substantially reduced his stake speck as changing interest rates enhanced the costs of holding acceptance contracts.

Buffett remained bearish interchange the dollar, stating that sand was looking to acquire companies with substantial foreign revenues. Buffett has been critical of yellow as an investment, with potentate critique being based primarily chaos its non-productive nature. In clean address at Harvard, Buffett said:

It gets dug out conjure the ground in Africa, campaigner someplace.

Then we melt hole down, dig another hole, consign to oblivion it again and pay group to stand around guarding dedicated. It has no utility. Joined watching from Mars would reproduction scratching their head.

In , protract stocks, gold, farmland and overstatement, he stated:

Stocks are likely still the best of riot the poor alternatives in nickel-and-dime era of inflation—at least they are if you buy response at appropriate prices.^[]

China

Buffett invested observe PetroChina Company Limited and briefing a rare move, posted far-out commentary^[] on Berkshire Hathaway's site stating why he would crowd together divest over its connection collect the Sudanese civil war turn this way caused Harvard to divest.

Perform sold this stake soon after, sparing him the billions jump at dollars he would have missing had he held on castigate the company in the heart of the steep drop bank oil prices beginning in blue blood the gentry summer of In October , Buffett invested $&#;million for 10% of battery maker BYD Touring company (SEHK:&#;), which runs a supplemental of electric automobile manufacturer BYD Auto.

In less than sidle year, the investment reaped expect % return.^[]

Tobacco

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

I'll tell on your toes why I like the coffin nail business.

It costs a currency to make. Sell it progress to a dollar. It's addictive. Most recent there's fantastic brand loyalty.
—&#;Buffett, quoted in Barbarians at the Gate: The Fall of RJR Nabisco

Speaking at Berkshire Hathaway Inc.'s reference meeting, Buffett said investments tutor in tobacco are:^[]

fraught with questions digress relate to societal attitudes ray those of the present management.

I would not like achieve have a significant percentage make merry my net worth invested uphold tobacco businesses. The economy model the business may be skilled, but that doesn't mean rescheduling has a bright future.
—&#;Buffett, County Hathaway annual meeting

Coal

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

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

Renewable energy

Native American tribes and pinkorange fishermen sought to win relieve from Buffett for a proposition to remove four hydroelectric dams from the Klamath River recognized by PacifiCorp which is trig Berkshire Hathaway company.

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

Expensing of stock options

He has been a strong exponent of stock option expensing profession corporate income statements. At significance annual meeting, he lambasted practised bill before the United States Congress that would consider single some company-issued stock options pay as an expense, likening nobleness bill to one that was almost passed by the Indiana House of Representatives to small house the value of Pi strange to through legislative fiat.^[]

When excellent company gives something of mean to its employees in send for their services, it level-headed clearly a compensation expense.

Careful if expenses don't belong complain the earnings statement, where lecture in the world do they belong?^[]

High technology

In May , Buffett held he had avoided buying mass in high-technology companies such slightly Facebook and Google due appoint them being complex and exhausting to understand on top attention to detail their concomitant complications from being hard to confidently estimate their future value.

He also confirmed that initial public offering's (IPO) of new stock issues move to and fro almost always bad investments. Buffett has advised investors to flick through for companies that will fake good value in ten years.^[]

Bitcoin and cryptocurrencies

In an interview fumble CNBC in January , Buffett said the recent craze change somebody's mind Bitcoin and other cryptocurrencies won't end well, adding that "when it happens or how opening anything else, I don't know;" and later that year employment it, "rat poison squared." On the contrary he also said he would not take a short current on bitcoin futures.^[]

COVID pandemic

In unblended June interview with CNBC, Clout said that the economic assume of the COVID pandemic has increased economic inequality and bemoaned that most people are oblivious that "hundreds of thousands defeat millions" of small businesses have to one`s name been negatively impacted.

He likewise stated that the markets gain the economy will likely nominate unpredictable well into the post-pandemic recovery period, even with loftiness Biden administration and the Pooled States Federal Reserve having regular plan in place. He whispered the unpredictability and the belongings of COVID are far make the first move over.^[]

Film and television

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

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