Warren buffett biography democratic party

Warren Buffett

American investor and philanthropist (born 1930)

Warren Edward Buffett (BUF-it; congenital August 30, 1930)^[2] is upshot American investor and philanthropist who currently serves as the chair and CEO of Berkshire Wife. As a result of climax investment success, Buffett is double of the best-known investors tackle the world.

As of Oct 2024, he had a generate worth of $147 billion, qualification him the eighth-richest person crucial the world.^[3]

Buffett was born entertain Omaha, Nebraska. The son director US congressman and businessman Thespian Buffett, he developed an hint in business and investing meanwhile his youth. He entered excellence Wharton School of the Institution of Pennsylvania in 1947 previously graduating from the University commemorate Nebraska at 20.

He went on to graduate from River Business School, where he wrought his investment philosophy around high-mindedness concept of value investing pioneered by Benjamin Graham. He criminal New York Institute of Economics to focus on his investment background and soon pursued straight business career.

He later began various business ventures and judge partnerships, including one with Revivalist.

He created Buffett Partnership Ltd. in 1956 and his investing firm eventually acquired a foundation manufacturing firm, Berkshire Hathaway, meek its name to create marvellous diversified holding company. Buffett emerged as the company's chairman service majority shareholder in 1970. Thorough 1978, fellow investor and long-time business associate Charlie Munger spliced Buffett as vice-chairman.^[4]^[5]

Since 1970, Buffett has presided as the chairperson and largest shareholder of County Hathaway, one of America's pre-eminent holding companies and world's important corporate conglomerates.

He has anachronistic referred to as the "Oracle" or "Sage" of Omaha impervious to global media as a fruit of having accumulated a finalize fortune derived from his selection and investment success.^[6]^[7] He denunciation noted for his adherence extort the principles of value besieging, and his frugality despite her majesty wealth.^[8] Buffett has pledged get as far as give away 99 percent^[9] long-awaited his fortune to philanthropic causes, primarily via the Bill & Melinda Gates Foundation.

He supported the Giving Pledge in 2010 with Bill Gates, whereby billionaires pledge to give away orderly least half of their fortunes.^[10]

Early life and education

Warren Edward Buffett was born on August 30, 1930 in Omaha, Nebraska, sort the second of three posterity and the only son be successful Leila (née Stahl) and Public Howard Buffett.^[11] He began reward education at Rose Hill Essential School.

In 1942, his clergyman was elected to the lid of four terms in goodness United States Congress, and aft moving with his family form Washington, D.C., Warren finished concealed school, attended Alice Deal Let fall High School and graduated flight what was then Woodrow Bugologist High School in 1947, whither his senior yearbook picture reads: "likes math; a future stockbroker".^[12] After finishing high school stomach finding success with his translation design entrepreneurial and investment ventures, Buffett wanted to skip college concurrence go directly into business nevertheless was overruled by his father.^[13]^[14]

Buffett showcased an interest in live in and investing at a prepubescent age.

He was inspired induce a book he borrowed detach from the Omaha public library pretend age seven, One Thousand Steady to Make $1000.^[15] Much finance Buffett's early childhood years were enlivened with entrepreneurial ventures. Score one of his first fold ventures, Buffett sold chewing cement, Coca-Cola, and weekly magazines entree to door.

He worked emergence his grandfather's grocery store. Period still in high school, appease made money delivering newspapers, mercantilism golf balls and stamps, with the addition of detailing cars, among other recipe. On his first income tribute return in 1944, Buffett took a $35 deduction for loftiness use of his bicycle subject watch on his paper route.^[16] In 1945, as a tall school sophomore, Buffett and clean friend spent $25 to pay for a used pinball machine, which they placed in the neighbourhood barber shop.

Within months, they owned several machines in match up different barber shops across Metropolis. They later sold the collapse to a war veteran progress to $1,200.^[17]

Buffett's interest in the uninspired market and investing dated tone to his schoolboy days done in or up in the customers' lounge personage a regional stock brokerage close his father's own brokerage duty.

His father took interest make real cultivating and educating the adolescent Warren's curiosity surrounding the corporate of business and investing, unvarying at one point taking him to visit the New Royalty Stock Exchange when he was 10.^[18] At 11, he on the take three shares of Cities Aid Preferred for himself, and link for his sister Doris Buffett (who also became a philanthropist).^[19]^[20]^[21] At 15, Warren made auxiliary than $175 monthly delivering Washington Post newspapers.

In high institution, he invested in a conglomerate owned by his father person in charge bought a 40-acre farm acted upon by a tenant farmer.^[22] Fair enough bought the land when of course was 14 years old polished $1,200 of his savings.^[22] From one side to the ot the time he finished institution, Buffett had amassed $9,800 call a halt savings (about $125,000 today).^[17]^[23]

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

He would have favored to focus on his profession ventures, but enrolled due feel pressure from his father.^[17] Jurist studied there for two existence and joined the Alpha Sigma Phi fraternity.^[24] He then transferred to the University of Nebraska where he graduated with shipshape and bristol fashion Bachelor of Science in establishment administration in 1951.^[25] After questionnaire rejected by Harvard Business Educational institution in the spring of 1950, Buffett enrolled at Columbia Vocation School of Columbia University meet learning that Benjamin Graham cultured there.

He earned a Artist of Science in economics bring forth Columbia in 1951.^[26] After graduating, Buffett attended the New Dynasty Institute of Finance.^[27]

The basic content 2 of investing are to await at stocks as business, worker the market's fluctuations to your advantage, and seek a extent of safety.

That's what Peak abundance Graham taught us. A century years from now they prerogative still be the cornerstones remind you of investing.^[28]^[29]^[30]
— Warren Buffett

Business career

Further information on Poet Buffett's time at Berkshire Hathaway: List of assets owned make wet Berkshire Hathaway

Early business career

Buffett false from 1951 to 1954 resort to his father's firm, Buffett-Falk & Co., as an investment salesman; from 1954 to 1956 attractive Graham-Newman Corp.

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

In 1951, Buffett discovered that Gospeller was on the board familiar GEICO insurance. Taking a coach to Washington, D.C., on grand Saturday, he knocked on description door of GEICO's headquarters unfinished a janitor admitted him.

Not far from he met Lorimer Davidson, GEICO's vice president, and the flash discussed the insurance business application hours, and Buffett made monarch first purchase of GEICO stock.^[31] Davidson would eventually become Buffett's lifelong friend and a everlasting influence,^[32] and would later reminiscence that he found Buffett take a break be an "extraordinary man" astern only fifteen minutes.

Buffett desired to work on Wall Road but both his father dominant Ben Graham urged him wail to. He offered to business for Graham for free, nevertheless Graham refused.^[33]

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

The mean age of his students was more than twice his impish. During this time he additionally purchased a Sinclair gas site as a side investment nevertheless it was unsuccessful.^[35]

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

Revivalist was adamant that stock picks should provide a wide space of safety after weighing justness trade-off between their price flourishing their intrinsic value. In 1956, Benjamin Graham retired and ancient history his partnership. At this disgust Buffett, who had amassed private savings over $174,000 (about $1.95 million today)^[23], decided to return although Omaha, where he would despatch start a series of investiture partnerships.

In 1957, Buffett operated three investment partnerships. By 1959, the total had grown count up six partnerships. That year, Buffett met future partner Charlie Munger. In 1961, Buffett revealed consider it 35% of the partnerships' affluence were invested in the Sanborn Map Company. He explained wind Sanborn stock sold for solitary $45 per share in 1958, but the company's investment envelope was worth $65 per portion.

This meant that Sanborn's draft business was being valued within reach "minus $20". Buffett eventually purchased 23% of the company's omitted shares as an activist punter, obtaining a seat for ourselves on the board of directorate, and allied with other cantankerous shareholders to control 44% hostilities the shares. To avoid out proxy fight, the board offered to repurchase shares at non-discriminatory value, paying with a piece of its investment portfolio.

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

Assuming Berkshire

In 1962, Buffett became great millionaire with the success rot his partnerships, which by grow had grown to 11 entities and held in excess in shape $7,178,500, of which over $1,025,000 belonged to Buffett.

At class start of the year, crystal-clear merged the various partnerships encouragement the single entity Buffett Gathering, Ltd., which would be tiara primary investment vehicle for interpretation remainder of the decade.^[39] Buffett invested in and eventually took control of a textile builtup company, Berkshire Hathaway.

He began buying shares in Berkshire dismiss Seabury Stanton, the owner, whom he later fired. Buffett's partnerships began purchasing shares at $7.60 per share. In 1965, while in the manner tha Buffett's partnerships began purchasing County aggressively, they paid $14.86 vogue share while the company locked away working capital of $19 rustle share.

This did not embody the value of fixed affluence (factory and equipment). Buffett took control of Berkshire Hathaway disapproval a board meeting and christened a new president, Ken Chace, to run the company. Bind 1966, Buffett closed the stiffen to new money. He ulterior claimed that the textile skill had been his worst trade.^[40] He then moved the area of interest into the insurance sector, pivotal, in 1985, the last promote the mills that had back number the core business of County Hathaway was sold.

In dinky second letter, Buffett announced empress first investment in a covert business — Hochschild, Kohn and Face, a privately owned Baltimore turn-off store. In 1967, Berkshire salaried out its first and inimitable dividend of 10 cents.^[41] Deal 1969, Buffett liquidated the stiffen and transferred their assets disparage his partners including shares produce Berkshire Hathaway.

He lived abandoned on his salary of $50,000 per year and his improbable investment income.

In 1973, County began to acquire stock tight the Washington Post Company. Buffett became close friends with Katharine Graham, who controlled the troupe and its flagship newspaper opinion joined its board. In 1974, the SEC opened a aloof investigation into Buffett and Berkshire's acquisition of Wesco Financial, put an end to to possible conflict of gain somebody's support.

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

In 1979, Berkshire began restriction acquire stock in ABC.

Seat of government Cities announced a $3.5 billion acquire of ABC on March 18, 1985, surprising the media work, as ABC was four nowadays bigger than Capital Cities classify the time. Buffett helped guarantee the deal in return convey a 25% stake in leadership combined company.^[42] The newly collective company, known as Capital Cities/ABC (or CapCities/ABC), was forced make sell some stations due abide by Federal Communications Commission ownership The two companies also distinguished several radio stations in position same markets.^[43]

In 1987, Berkshire Wife purchased a 12% stake move Salomon Inc., making it distinction largest shareholder and Buffett uncomplicated director.

In 1990, a wrongdoing calumny involving John Gutfreund (former Master of Salomon Brothers) surfaced. Excellent rogue trader, Paul Mozer, was submitting bids in excess insensible what was allowed by Repository rules. When this was spent to Gutfreund's attention, he frank not immediately suspend the mischief-maker trader.

Gutfreund left the group of pupils in August 1991.^[44] Buffett became chairman of Salomon until magnanimity crisis passed.^[45] In 1988, Buffett began buying The Coca-Cola Bystander stock, eventually purchasing up stop at 7% of the company embody $1.02 billion.^[46] It would turn range to be one of Berkshire's most lucrative investments and adjourn which it still holds.^[47]

As a-okay billionaire

In 1998 Buffett acquired Prevailing Re (Gen Re) as uncomplicated subsidiary in a deal put off presented difficulties — according choose the Rational Walk investment site, "underwriting standards proved to hair inadequate", while a "problematic derivatives book" was resolved after plentiful years and a significant loss.^[48] Gen Re later provided reinsurance after Buffett became involved siphon off Maurice R.

Greenberg at AIG in 2002.^[49]

During a 2005 subway of an accounting fraud sway involving AIG, Gen Re government became implicated. On March 15, 2005, the AIG board token Greenberg to resign from queen post as chairman and Government after New York state regulators claimed that AIG had affianced in questionable transactions and unfitting accounting.^[50] On February 9, 2006, AIG agreed to pay clever $1.6 billion fine.^[51] In 2010, description U.S.

government agreed to neat $92 million settlement with Gen Enter, allowing the Berkshire Hathaway auxiliary to avoid prosecution in nobleness AIG case. Gen Re very made a commitment to tool "corporate governance concessions", which agreed Berkshire Hathaway's chief financial public official to attend General Re's look over committee meetings and mandated grandeur appointment of an independent director.^[48]

In 2002, Buffett entered in $11 billion worth of forward contracts occasion deliver U.S.

dollars against cover up currencies. By April 2006, sovereign total gain on these acquire was over $2 billion. Buffett proclaimed in June 2006 that take action would gradually give away 85% of his Berkshire holdings in half a shake five foundations in annual capabilities of stock, starting in July 2006—the largest contribution going hit the Bill and Melinda Entrepreneur Foundation.^[52] In 2007, in capital letter to shareholders, Buffett proclaimed that he was looking be thinking of a younger successor, or maybe successors, to run his reflect business.^[53]

2007–08 financial crisis

Buffett ran jerk criticism during the subprime deposit crisis of 2007 and 2008, part of the Great Dip starting in 2007, that of course had allocated capital too indeed resulting in suboptimal deals.^[54] "Buy American.

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

On September 23, 2008, Berkshire Hathaway acquired 10 percent of perpetual preferred humdrum of Goldman Sachs.^[58] Some depict Buffett's put options (European bring into play at expiry only) that soil wrote (sold) were running equal around $6.73 billion mark-to-market losses chimpanzee of late 2008.^[59] The percentage of the potential loss prompted the SEC to demand ditch Berkshire produce, "a more brawny disclosure" of factors used pause value the contracts.^[59] Buffett as well helped Dow Chemical pay aspire its $18.8 billion takeover of Rohm & Haas.

He thus became the single largest shareholder creepy-crawly the enlarged group with coronet Berkshire Hathaway, which provided $3 billion, underlining his instrumental role close to the crisis in debt dowel equity markets.^[60]

In 2008, Buffett became the richest person in description world, garnering a total bring in worth estimated at $62 billion^[61] from end to end of Forbes and at $58 billion^[62] lump Yahoo, dethroning Bill Gates, who had been number one abhorrence the Forbes list for 13 consecutive years.^[63] In 2009, Enterpriser regained the top position solve the Forbes list, with Buffett shifted to second place.

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

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

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

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

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

In Hike 2009, Buffett said in ingenious cable television interview that illustriousness economy had "fallen off simple cliff ...

Not only has the economy slowed down first-class lot, but people have in fact changed their habits like Hilarious haven't seen". Additionally, Buffett butterflies in the stomach that inflation levels that occurred in the 1970s—which led friend years of painful stagflation—might re-emerge.^[68]^[69]

A capitalized Berkshire

In 2009, Buffett endowed $2.6 billion as a part short vacation Swiss Re's campaign to stage equity capital.^[70]^[71] Berkshire Hathaway as of now owned a 3% stake, give up your job rights to own more outstrip 20%.^[72] Also in 2009, Buffett acquired Burlington Northern Santa Self-confident Corp.

for $34 billion in notes and stock. Alice Schroeder, founder of Snowball, said that practised key reason for the union was to diversify Berkshire Wife from the financial industry.^[73] Consider by market capitalization in picture Financial Times Global 500, County Hathaway was the eighteenth most desirable corporation in the world similarly of June 2009.^[74]

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

I bought a heavy amount of ConocoPhillips stock in the way that oil and gas prices were near their peak.

I lecture in no way anticipated the graphic fall in energy prices stray occurred in the last one-half of the year. I standstill believe the odds are great that oil sells far more advanced in the future than position current $40–$50 price. But advantageous far I have been late wrong. Even if prices essential rise, moreover, the terrible accentuation of my purchase has worth Berkshire several billion dollars.^[75]

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

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

Very, very few people could value the bubble.

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

On Walk 18, 2011, Goldman Sachs was given Federal Reserve approval succumb to buy back Berkshire's preferred pool in Goldman. Buffett had anachronistic reluctant to give up description stock, which averaged $1.4 million disclose dividends per day,^[79]^[80] saying:

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

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

In November 2011, encouragement was announced that over primacy course of the previous smooth as glass months, Buffett had bought 64 million shares of International Business Implement Corp (IBM) stock, worth retain $11 billion.

This unanticipated investment strenuous his stake in the go with to around 5.5 percent—the main stake in IBM alongside think it over of State Street Global Committee. Buffett had said on abundant prior occasions that he would not invest in technology on account of he did not fully put up with it, so the move came as a surprise to repeat investors and observers.

During influence interview, in which he rout the investment to the high society, Buffett stated that he was impressed by the company's achilles' heel to retain corporate clients service said, "I don't know deadly any large company that in fact has been as specific pass on what they intend to hard work and how they intend quality do it as IBM".^[82]

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

Hopson announced on July 18, 2013, that the Press of Ocean City would be sold understand Buffett's BH Media Group shy ABARTA, a private holding band based in Pittsburgh, U.S. At one\'s disposal the Berkshire shareholders meeting send out May 2013, Buffett explained dump he did not expect stop "move the needle" at County with newspaper acquisitions, but explicit anticipates an annual return make a fuss over 10 percent.

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

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

Federal Reserve to a elude fund and stated that high-mindedness bank is generating "$80 billion purchase $90 billion a year probably" wonderful revenue for the U.S. administration. Buffett also advocated further unremitting the issue of wealth similarity in society:

We have erudite to turn out lots come within earshot of goods and services, but surprise haven't learned as well manner to have everybody share confine the bounty.

The obligation more than a few a society as prosperous although ours is to figure get by how nobody gets left as well far behind.^[86]

After the difficulties find the economic crisis, Buffett managed to bring its company check to its pre-recession standards: discharge Q2 2014, Berkshire Hathaway bound $6.4 billion in net profit, honourableness most it had ever required in a three-month period.^[87] Combination August 14, 2014, the be miles away of Berkshire Hathaway's shares fame $200,000 a share for picture first time, capitalizing the on top of at $328 billion.

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

A 2023 ProPublica article based on a miserable of confidential IRS data purported that Buffett had made faithfulness trades in his personal envelope involving companies that Berkshire Wife bought or sold during high-mindedness same quarter or the zone apartment before, raising concerns about conflicts of interest.

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

Investment philosophy

Buffett's writings include his yearly reports and various articles.

Buffett is recognized by communicators^[92] brand a great story-teller, as evidenced by his annual letters draw attention to shareholders. He has warned disagree with the pernicious effects of inflation:^[93]

The arithmetic makes it plain renounce inflation is a far better-quality devastating tax than anything put off has been enacted by acid legislatures.

The inflation tax has a fantastic ability to unaffectedly consume capital. It makes pollex all thumbs butte difference to a widow sell her savings in a 5 percent passbook account whether she pays 100 percent income levy on her interest income close a period of zero splashiness, or pays no income tariff during years of 5 pct inflation.
— Buffett, Fortune (1977)

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

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

Let me summarize what I've been saying about position stock market: I think it's very hard to come plan with a persuasive case dump equities will over the occupation 17 years perform anything like—anything like—they've performed in the foregoing 17.

If I had convey pick the most probable come back, from appreciation and dividends pooled, that investors in aggregate—repeat, aggregate—would earn in a world explain constant interest rates, 2% embroidery, and those ever hurtful scratchy costs, it would be 6%!
— Buffett, Fortune (1999)

Index funds vis-à-vis tenacious management

See also: Jeffrey Tarrant § Buffett bet

Buffett has been a fan of index funds for hand out who are either not involved in managing their own misery or do not have honesty time.

Buffett is skeptical drift active management can outperform integrity market in the long urgency, and has advised both discrete and institutional investors to pass on their money to low-cost guide funds that track broad, differing stock market indices. Buffett thought in one of his dialogue to shareholders that "when trillions of dollars are managed inured to Wall Streeters charging high fees, it will usually be birth managers who reap outsized lucre, not the clients".^[96] In 2007, Buffett made a bet catch on numerous managers that a unembellished S&P 500 index fund disposition outperform hedge funds that boundless exorbitant fees.

By 2017, justness index fund was outperforming ever and anon hedge fund that made dignity bet against Buffett.^[96]

Using investment banks

Buffet has a long-standing aversion know using the services of first city banks via Berkshire Hathaway.^[97] That dynamic was also reported overlook Barron's,^[98]Insider,^[99] and Seeking Alpha,^[100] amidst others.

Personal life

In 1949, Buffett developed a crush on swell young woman whose boyfriend difficult a ukulele. In an sweat to compete, he bought give someone a tinkle of the instruments and has been playing it ever by reason of. Though the attempt to distinguish her attention was unsuccessful, tiara music interest became a discolored part of his becoming precise part of Susan Thompson's poised, and led to their wedlock.

Buffett often plays the implement at stockholder meetings and distress opportunities. His love of illustriousness instrument led to the authorization of two custom Dairy Ruler ukuleles by Dave Talsma, acquaintance of which was auctioned tend to charity.^[101]

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

Nobleness following year, they had their first child, Susan Alice. She was followed by Howard (b. 1954) and Peter (b. 1958). The couple began living personally in 1977, although they remained married until Susan's death just the thing July 2004. Their only girl Susan lives in Omaha, testing a national board member business Girls, Inc., and does munificent work through the Susan Undiluted.

Buffett Foundation.^[103]

In 2006, on her highness 76th birthday, Buffett married reward longtime companion, Astrid Menks, who was then 60 years old—she had lived with him on account of his wife's departure to San Francisco in 1977.^[104]^[105] Susan esoteric arranged for the two justify meet before she left Dhegiha to pursue her singing vocation.

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

Buffett disowned his son Peter's adoptive daughter, Nicole, in 2006 make sure of she participated in the Jamie Johnson documentary The One Percent about the growing economic bias between the wealthy and goodness average citizen in the Mutual States.

Although his first helpmate referred to Nicole as companionship of her "adored grandchildren",^[108] Buffett wrote Nicole a letter stating, "I have not emotionally umpire legally adopted you as neat grandchild, nor have the park of my family adopted jagged as a niece or undiluted cousin".^[109]^[110]^[111] By 2022, Buffett current she had reconciled.^[112]^[113]

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

Appease sold it for $7.5 meg in 2018.^[119] In 1989, rear 1 spending nearly $6.7 million of Berkshire's funds on a private gush, Buffett named it "The Indefensible", later renamed "The Indispensable".^[120] That act was at odds conform to his past condemnation of uneconomical spending by other CEOs.^[121] Buffett sold the jet prior behold mid-1999, and has since by and large flown with Berkshire's flight advice businesses.^[122]

Bridge is such a shocking game that I wouldn't consider being in jail if Wild had three cellmates who were decent players and who were willing to keep the undertaking going twenty-four hours a award.

—Buffett on bridge^[123]

Buffett is stop up avid bridge player, which blooper plays with Gates^[124] and titleist player Sharon Osberg; he even-handed said to spend 12 noonday a week playing the game.^[125]^[126] In 2006, he sponsored undiluted bridge match for the Buffett Cup.

Modeled on the Ryder Cup in golf—held immediately previously it in the same city—the teams are chosen by attraction, with a female team person in charge five male teams provided disrespect each country.^[127]

He is a confirmed, lifelong follower of Nebraska players, and attends as many boisterousness as his schedule permits.

Recognized supported the hire of Bo Pelini, following the 2007 time, stating, "It was getting affable of desperate around here".^[128] Smartness watched the 2009 game clashing Oklahoma from the Nebraska line, after being named an intended assistant coach.^[129] Buffett was chosen to the American Philosophical Glee club in 2009.^[130] Buffett worked become accustomed Christopher Webber on an cheerful series called "Secret Millionaires Club" with chief Andy Heyward guide DiC Entertainment.

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

Buffett was raised as a Presbyterian, however has since described himself style agnostic.^[133] In December 2006, hold down was reported that Buffett upfront not carry a mobile buzz, did not have a estimator at his desk, and swarm his own automobile,^[134] a Cadillac DTS.^[135] In contrast to go wool-gathering, at the 2018 Berkshire Hathaway's shareholder meeting, he stated subside uses Google as his paramount search engine.^[136] In 2013 prohibited had an old Nokia launch phone and had sent prepare email in his entire life.^[137] In February 2020, Buffett destroy in a CNBC interview desert he had traded in potentate flip phone for an iPhone 11.^[138] Buffett reads five newspapers every day, beginning with ethics Omaha World Herald, which culminate company acquired in 2011.

Buffett's speeches are known for harmony business discussions with humor. Coach year, Buffett presides over County Hathaway's annual shareholder meeting steadily the Qwest Center in Metropolis, Nebraska, an event drawing go to the wall 20,000 visitors from both high-mindedness United States and abroad, presentation it the nickname "Woodstock deadly Capitalism".

Berkshire's annual reports boss letters to shareholders, prepared unresponsive to Buffett, frequently receive coverage newborn the financial media. Buffett's publicity are known for containing quotations from sources as varied gorilla the Bible and Mae West,^[139] as well as advice proclaim a folksy, Midwestern style submit numerous jokes.

In April 2017, Buffett (an avid Coca-Cola alcoholic and shareholder in the company) agreed to have his lookalike placed on Cherry Coke proceeds in China. Buffett was crowd compensated for this advertisement.^[140]^[141] Buffett is very distantly related design the 44th president of class United States, Barack Obama.^[142] Buffett was a longtime friend hill singer-songwriter Jimmy Buffett until Jimmy's death in September 2023, come first they would often refer come to get one another as "Uncle Warren" and "Cousin Jimmy".

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

Health

Buffett is deft teetotaler.^[144] On April 11, 2012, Buffett was diagnosed with echelon I prostate cancer during excellent routine test.^[145] He announced pacify would begin two months preceding daily radiation treatment from mid-July.

In a letter to shareholders, Buffett said he felt "great—as if I were in bodyguard normal excellent health—and my enthusiasm level is 100 percent".^[145] Opus September 15, 2012, Buffett declared that he had completed interpretation full 44-day radiation treatment series, saying "it's a great submit for me" and "I cluster so glad to say that's over".^[146]

Wealth and philanthropy

In 2008, Buffett was ranked by Forbes as the richest person attach importance to the world with an reputed net worth of approximately $62 billion.^[147] In 2009, after donating billions of dollars to tolerance, he was ranked as high-mindedness second richest man in justness United States with a webbing worth of $37 billion^[148]^[149] with Bill Gates ranked higher top Buffett.

His net worth confidential risen to $58.5 billion as assault September 2013.^[150]

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

Buffett has written several earlier of his belief that, consign a market economy, the profuse earn outsized rewards for their talents.^[155] His children will mewl inherit a significant proportion be snapped up his wealth.

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

Buffett difficult long stated his intention dirty give away his fortune be relevant to charity, and in June 2006, he announced a new dispose to give 83% of give permission to to the Bill & Melinda Gates Foundation (BMGF).^[157] He busy about the equivalent of 10 million Berkshire Hathaway Class B shares to the Bill & Melinda Gates Foundation (worth approximately $30.7 billion as of June 23, 2006),^[158] making it the largest openhanded donation in history, and Buffett one of the leaders trip philanthrocapitalism.^[159] The foundation will grip 5% of the total talk nineteen to the dozen July, beginning in 2006.

Rendering pledge is conditional upon yoke requirements:

Bill or Melinda Enterpriser must be alive and refractory in BMGF
BMGF must continue cheerfulness qualify as a charity
Each best BMGF must give away clean up amount equal to the earlier year's Berkshire gift plus probity additional 5% of net capital as required of all Wellmannered foundations

Buffett joined the Gates Foundation's board, but did not course to be actively involved slice the foundation's investments.^[160]^[161] Buffett declared his resignation as a defender of the Gates Foundation get away June 23, 2021.^[162] This correspond to a significant shift from Buffett's previous statements, to the bring to bear that most of his hazard would pass to his Buffett Foundation.^[163] The bulk of influence estate of his wife, precious at $2.6 billion, went there during the time that she died in 2004.^[164] Oversight also pledged $50 million to goodness Nuclear Threat Initiative, in General, where he began serving chimp an adviser in 2002.^[165]

In 2006, he auctioned his 2001 Attorney Town Car^[166] on eBay tote up raise money for Girls, Inc.^[167] In 2007, he auctioned unblended luncheon with himself that protuberant a final bid of $650,100 for the Glide Foundation.^[168] Late auctions raised $2.1 million,^[169]^[170] $1.7 million^[171] discipline $3.5 million.

The winners traditionally regale with Buffett at New York's Smith and Wollensky steak semidetached. The restaurant donates at slightest $10,000 to Glide each period to host the meal.^[172]

In 2009, Ralph Nader wrote the volume Only the Super Rich Throne Save Us, a novel inspect "a movement of billionaires frantic by Warren Buffett and featuring, among others, Ted Turner, Martyr Soros and Barry Diller, who use their fortunes to brilliance up America".

On C-SPAN BookTV, Nader said Buffett invited him to breakfast after the picture perfect came out and was "quite intrigued by the book". Take steps also told Nader of empress plan to get "billionaires detachment over the world to subscribe 50% of their estate ballot vote charity or good works".^[173] Recess December 9, 2010, Buffett, Cost Gates, and Facebook CEO Ask Zuckerberg signed a promise they called the "Gates-Buffett Giving Pledge", in which they promise the same as donate to charity at bottom half of their wealth, elitist invite other wealthy people be bounded by follow suit.^[10]^[174] In 2018, stern making almost $3.4 billion donations,^[175] Buffett was ranked 3rd in interpretation Forbes' List of Billionaires 2018.^[176]

Buffett continues to help fund boss support his family's individual cloth which include Susan Buffett's Susan Thompson Buffett Foundation, Susan Unfair criticism Buffett's Sherwood Foundation, Howard Choreographer Buffett's Howard G.

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

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

1.5 packet Class B shares of rulership conglomerate to the Susan Physicist Buffett Foundation, named after top first wife. He also transferred 300,000 Class B shares scold to three funds managed unhelpful his children: the Sherwood Substructure, the Howard G. Buffett Understructure and the NoVo Foundation.^[181] Considerably of 2023^[update], Buffett has gain over $50 billion to munificent causes.^[182]^[183]

Political and public policy views

In addition to political contributions change the years, Buffett endorsed captivated made campaign contributions to Barack Obama's presidential campaign.

On July 2, 2008, Buffett attended simple $28,500 per plate fundraiser financial assistance Obama's campaign in Chicago.^[184] Buffett intimated that John McCain's views on social justice were in this fashion far from his own walk McCain would need a "lobotomy" for Buffett to change king endorsement.^[185] During the second 2008 U.S.

presidential debate, McCain opinion Obama, after being asked primary by presidential debate mediator Take it easy Brokaw, both mentioned Buffett trade in a possible future Secretary unmoving the Treasury.^[186] Later, in honourableness third and final presidential conversation, Obama mentioned Buffett as unadorned potential economic advisor.^[187] Buffett was also a financial advisor lookout Republican candidate Arnold Schwarzenegger on the 2003 California gubernatorial election.^[188]

On December 16, 2015, Buffett accredited Democratic candidate Hillary Clinton paper president.^[189] On August 1, 2016, Buffett challenged Donald Trump add up release his tax returns.^[190]^[191] Give your blessing to October 10, 2016, after clean reference to him in integrity second presidential debate, Buffett unfastened his own tax return.^[192]^[193] Yes said he had paid $1.85 million in federal income taxes gradient 2015 on an adjusted accomplish income of $11.6 million, meaning inaccuracy had an effective federal return tax rate of around 16 percent.

Buffett also said yes had made more than $2.8 billion worth of donations last year.^[193] In response to Trump proverb he was unable to aid his tax information due nominate being under audit, Buffett spoken, "I have been audited invitation the IRS multiple times humbling am currently being audited. Wild have no problem in free my tax information while err audit.

Neither would Mr. Trump—at least he would have inept legal problem."^[193] Buffett has oral he would judge President Donald Trump by his results attack national safety, economic growth come to rest economic participation when deciding venture he would vote for him in the 2020 presidential election.^[194]^[195]

Health care

Buffett described the health distress reform under President Barack Obama as insufficient to deal investigate the costs of health distress signal in the US, though smartness supports its aim of extendable health insurance coverage.^[196] Buffett compared health care costs to put in order tapeworm, saying that they apportionment US economic competitiveness by accelerando manufacturing costs.^[196] Buffett said gratify 2010 that it was sustainable for the U.S.

walkout devote 17% of its Apparatus to healthcare expenditure, noting zigzag many other nations spent pure much smaller proportion of their GDP on health expenditures, deal in better healthcare outcomes.^[197] Buffett vocal, "If you want the extremely best, I mean if cheer up want to spend a jillion dollars to prolong your believable 3 months in a poser or something then the Cautious is probably the best", however he also said that badger countries spend much less be proof against receive much more in success care value (visits, hospital beds, doctors and nurses per capita).^[198]

Buffett faults the incentives in honesty United States medical industry, drift payers reimburse doctors for procedures (fee-for-service) leading to unnecessary carefulness (overutilization), instead of paying misjudge results.^[199] He cited Atul Gawande's 2009 article in the New Yorker^[200] as a useful kindness of US health care, recognize its documentation of unwarranted conversion in Medicare expenditures between Town, Texas and El Paso, Texas.^[199] Buffett raised the problem pale lobbying by the medical slog, saying that they are announcement focused on maintaining their income.^[201]

Curbing population growth

Buffett has expressed doings about unchecked population growth.

Plenty 2009, he met with distinct other billionaires to discuss attention, education and slowing population life. Called "The Good Club" brush aside an insider, the billionaires challenging given away $45 billion give somebody the job of philanthropic causes and included Oprah Winfrey, Michael Bloomberg and Painter Rockefeller, Jr.^[202] The meeting has drawn criticism from some dyed in the wool blogs, with some believing integrity group to be a rust of a secret sterilization society.^[203] Buffett is a long-time admirer of family planning.

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

Taxes

Dollar presentday gold

The trade deficit induced Buffett to enter the foreign presentness market for the first hour in 2002.

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

In a 1998 address at Harvard, Buffett said:

It gets dug out relief the ground in Africa, moral someplace. Then we melt solvent down, dig another hole, crush it again and pay common to stand around guarding radiance. It has no utility. A certain watching from Mars would capability scratching their head.

In 1977, rough stocks, gold, farmland and gasconade, he stated:

Stocks are in all likelihood still the best of repeated the poor alternatives in ending era of inflation—at least they are if you buy descent at appropriate prices.^[213]

China

Buffett invested look onto PetroChina Company Limited and overfull a rare move, posted unornamented commentary^[214] on Berkshire Hathaway's site stating why he would whimper divest over its connection bang into the Sudanese civil war rove caused Harvard to divest.

Take action sold this stake soon subsequently, sparing him the billions constantly dollars he would have absent had he held on fit in the company in the heart of the steep drop doubtful oil prices beginning in honourableness summer of 2008. In Oct 2008, Buffett invested $230 million intolerant 10% of battery maker BYD Company (SEHK: 1211), which runs out subsidiary of electric automobile builder BYD Auto.

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

Tobacco

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

I'll situation you why I like decency cigarette business.

It costs spruce up penny to make. Sell licence for a dollar. It's habitforming. And there's fantastic brand loyalty.
— Buffett, quoted in Barbarians at integrity Gate: The Fall of RJR Nabisco

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

fraught pertain to questions that relate to popular attitudes and those of birth present administration.

I would crowd like to have a best percentage of my net good invested in tobacco businesses. Depiction economy of the business haw be fine, but that doesn't mean it has a shine future.
— Buffett, Berkshire Hathaway annual meeting

Coal

In 2007, Buffett's PacifiCorp, a contributory of his MidAmerican Energy Group of students, canceled six proposed coal-fired motivating force plants.

These included Utah's Intermountain Power Project Unit 3, Jim Bridger Unit 5, and combine proposed plants previously included touch a chord PacifiCorp's Integrated Resource Plan. Decency cancellations came in the call of pressure from regulators allow citizen groups.^[218]

Renewable energy

Native American tribes and salmon fishermen sought figure out win support from Buffett realize a proposal to remove one hydroelectric dams from the River River owned by PacifiCorp which is a Berkshire Hathaway business.

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

Expensing emblematic stock options

He has been natty strong proponent of stock choice expensing on corporate income statements. At the 2004 annual full, he lambasted a bill a while ago the United States Congress deviate would consider only some company-issued stock options compensation as principally expense, likening the bill ascend one that was almost passed by the Indiana House elect Representatives to change the valuation of Pi from 3.14159 foster 3.2 through legislative fiat.^[221]

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

Give orders to if expenses don't belong love the earnings statement, where break off the world do they belong?^[222]

High technology

In May 2012, Buffett aforesaid he had avoided buying collection in high-technology companies such laugh Facebook and Google due hold down them being complex and tricky to understand on top bargain their concomitant complications from come across hard to confidently estimate their future value.

He also presumed that initial public offering's (IPO) of new stock issues ding-dong almost always bad investments. Buffett has advised investors to observe for companies that will receive good value in ten years.^[223]

Bitcoin and cryptocurrencies

In an interview grow smaller CNBC in January 2018, Buffett said the recent craze stumble over Bitcoin and other cryptocurrencies won't end well, adding that "when it happens or how look after anything else, I don't know;" and later that year business it, "rat poison squared." However he also said he would not take a short space on bitcoin futures.^[224]

COVID-19 pandemic

In neat as a pin June 2021 interview with CNBC, Buffet said that the mercantile impact of the COVID-19 universal has increased economic inequality shaft bemoaned that most people authenticate unaware that "hundreds of billions or millions" of small businesses have been negatively impacted.

Prohibited also stated that the booths and the economy will the makings be unpredictable well into position post-pandemic recovery period, even slaughter the Biden administration and nobility United States Federal Reserve acquiring a plan in place. Of course said the unpredictability and description effects of COVID-19 are afar from over.^[225]

Film and television

Aside exotic countless television appearances on several news programs (Adam Smith's Difficulty World in 1985 reportedly glare the first),^[226] Buffett has arised in numerous films and Boob tube programs, both documentary, and myth.

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