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 Warren Buffett, known as the “Oracle of Omaha,” is an iconic figure in the world of investment and business. His journey from a precocious young investor to the chairman and CEO of Berkshire Hathaway is a testament to his financial acumen, discipline, and value-based investment philosophy.
Early Life and Education
Birth and Family:
Buffett was born on August 30, 1930, in Omaha, Nebraska, to Howard and Leila Buffett. His father was a stockbroker and later a U.S. congressman.
Early Interest in Business:
Buffett’s interest in business and investing emerged at a young age. At six, he bought six-packs of Coca-Cola from his grandfather’s grocery store and sold each of the bottles for a profit. He also sold chewing gum and weekly magazines door-to-door.
Childhood Ventures:
By the age of 13, he was running his own businesses, including a paper route and selling horse racing tip sheets. He filed his first income tax return in that year, deducting his bicycle as a work expense.
Education:
Buffett graduated from Woodrow Wilson High School in 1947. Initially unenthusiastic about college, he eventually enrolled at the Wharton School of the University of Pennsylvania, later transferring to the University of Nebraska where he earned a Bachelor of Science in business administration. He then attended Columbia Business School, where he studied under Benjamin Graham, the father of value investing, and earned a Master of Science in economics.
Early Career
Buffett-Falk & Co.:
Buffett’s professional career began at Buffett-Falk & Co., where he worked as an investment salesman.
Graham-Newman Corp:
After Columbia, he worked for his mentor, Benjamin Graham, at Graham-Newman Corp in New York.
Buffett Partnership Ltd:
Returning to Omaha, Buffett started his own investment partnership in 1956, applying Graham’s value investing principles.
Berkshire Hathaway and Investment Success
Acquisition of Berkshire Hathaway:
In 1962, Buffett began buying stock in Berkshire Hathaway, a struggling textile company, eventually taking control and shifting its business model to insurance and other investments.
Investment Philosophy:
Buffett’s approach emphasizes long-term investments in undervalued companies with strong fundamentals. He focuses on businesses that he understands, a principle he calls the “circle of competence.”
Notable Investments:
His investments include significant stakes in Coca-Cola, American Express, IBM, and Apple, among others.
Wealth and Philanthropy
Wealth:
Consistently ranked among the world’s wealthiest individuals, Buffett is known for his frugal lifestyle.
Philanthropy:
In 2006, he pledged to give away most of his fortune to philanthropic causes, primarily through the Bill & Melinda Gates Foundation. He has been instrumental in encouraging other wealthy individuals to do the same through The Giving Pledge.
Personal Life
Family:
Buffett was married to Susan Thompson from 1952 until her death in 2004. They had three children. In 2006, he married Astrid Menks.
Lifestyle:
He is famous for his modest lifestyle, living in the same house in Omaha that he purchased in 1958 and driving a relatively modest car.
Influence and Legacy
Shareholder Letters:
His annual letters to Berkshire Hathaway shareholders are widely read for their insights into investing, business, and economics.
Influence on Investors:
Buffett’s success and philosophy have heavily influenced a generation of investors and business leaders.
Recognition:
He has received numerous awards and honors for his business acumen and philanthropic efforts.
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