Warren Edward Buffett, Warren Buffett Biography - Warren Edward Buffett is an American business magnate, investor, speaker and philanthropist who serves as the chairman and CEO of Berkshire Hathaway

Born in Nebraska in 30 August 1930, Warren Buffett (Warren Edward Buffett) demonstrated keen business abilities at a young age. He formed Buffett Partnership Ltd. in 1956, and by 1965 he had assumed control of Berkshire Hathaway. Overseeing the growth of a conglomerate with holdings in the media, insurance, energy and food and beverage industries, Buffett became one of the world’s richest men and a celebrated philanthropist.

Wife and Children
In 2006 Buffett, at age 76, married his longtime companion Astrid Menks.

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Buffet was previously married to his first wife Susan Thompson from 1952 until her death in 2004, although the couple separated in the 70s. He and Susan had three children: Susan, Howard and Peter.

Net Worth
As for 2018, Buffett has an estimated net worth of $84 billion.

How Much Did Warren Buffett Give Away to Charity?
Between 2006 and 2017, Buffett has given away close to $28 billion in charity, according to a report by USA Today.

Company: Berkshire Hathaway
In 1956 Buffet formed the firm Buffett Partnership Ltd. in his hometown of Omaha. Utilizing the techniques learned from Graham, he was successful in identifying undervalued companies and became a millionaire. One such enterprise Buffett valued was a textile company named Berkshire Hathaway. He began accumulating stock in the early 1960s, and by 1965 he had assumed control of the company.

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Despite the success of Buffett Partnership, its founder dissolved the firm in 1969 to focus on the development of Berkshire Hathaway. He phased out its textile manufacturing division, instead expanding the company by buying assets in media (The Washington Post), insurance (GEICO) and oil (Exxon). Immensely successful, the “Oracle of Omaha” even managed to spin seemingly poor investments into gold, most notably with his purchase of scandal-plagued Salomon Brothers in 1987.

Following Berkshire Hathaway’s significant investment in Coca-Cola, Buffett became director of the company from 1989 until 2006. He has also served as director of Citigroup Global Markets Holdings, Graham Holdings Company and The Gillette Company.

Education & Early Career
Buffett enrolled at the University of Pennsylvania at the age of 16 to study business. He stayed two years, moved to the University of Nebraska to finish up his degree, and emerged from college at age 20 with nearly $10,000 from his childhood businesses.

In 1951 he received his master’s degree in economics at Columbia University, where he studied under economist Benjamin Graham, and furthered his education at the New York Institute of Finance.

Influenced by Graham’s 1949 book, The Intelligent Investor, Buffett sold securities for Buffett-Falk & Company for three years, then worked for his mentor for two years as an analyst at Graham-Newman Corp.

Recent Activity and Philanthropy
In June 2006, Buffett made an announcement that he would be giving his entire fortune away to charity, committing 85 percent of it to the Bill and Melinda Gates Foundation. This donation became the largest act of charitable giving in United States history. In 2010 Buffett and Gates announced they had formed The Giving Pledge campaign to recruit more wealthy individuals for philanthropic causes.

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In 2012 Buffett disclosed that he had been diagnosed with prostate cancer. He began undergoing radiation treatment in July, and successfully completed his treatment in November.

The health scare did little to slow the octogenarian, who annually ranks near the top of the Forbes world billionaires list. In February 2013, Buffett purchased H. J. Heinz with private equity group 3G Capital for $28 billion. Later additions to the Berkshire Hathaway stable included battery maker Duracell and Kraft Foods Group, which merged with Heinz in 2015 to form the third-largest food and beverage company in North America.

In 2016 Buffett launched Drive2Vote, a website aimed at encouraging people in his Nebraska community to exercise their right to vote, as well as to assist in registering and driving voters to a polling location if they needed a ride.

A vocal supporter of Democratic presidential nominee Hillary Clinton, whom he’d endorsed in 2015, Buffett also challenged the Republican nominee, Donald Trump, to meet and share their tax returns. “I will meet him in Omaha or Mar-a-Lago or, he can pick the place, anytime between now and election, he said at an August 1 rally in Omaha. “I’ll bring my return, he’ll bring his return. We’re both under audit. And believe me, nobody’s going to stop us from talking about what’s on those returns.” Trump did not accept the offer, and his refusal to share his returns ultimately did not prevent his election to the presidency in 2016.

In May 2017, Buffett revealed that he had begun selling some of the approximately 81 million shares he owned in IBM stock, noting that he did not value the company as highly as he did six years earlier. Following another sale in the third quarter, his stake in the company dropped to about 37 million shares. On the flip side, he increased his investment in Apple by 3 percent, and became Bank of America’s largest shareholder by exercising warrants for 700 million shares. Early the following year, he added more Apple shares to make it Berkshire Hathaway’s largest common stock investment.

Healthcare Venture
On January 30, 2018, Berkshire Hathaway, JPMorgan Chase and Amazon delivered a joint press release in which they announced plans to team up and form a new healthcare company for their U.S. employees.

According to the release, the yet-to-be-named company will be “free from profit-making incentives and constraints” as it tries to find ways to cut costs and improve the overall process for patients, with an initial focus on technology solutions.

Calling the swelling costs of healthcare a “hungry tapeworm on the American economy,” Buffett said, “We share the belief that putting our collective resources behind the country’s best talent can, in time, check the rise in health costs while concurrently enhancing patient satisfaction and outcomes.”

In March, outlets reported that Berkshire Hathaway’s HomeServices of America Inc., the second-largest residential brokerage owner in the U.S., was set to take more steps toward the top spot, held by Realogy’s NRT LLC. Buffett said he “barely noticed” when Berkshire Hathaway originally acquired HomeServices, then part of MidAmerican Energy Holdings Co., back in 2000.

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Early Life
Warren Edward Buffett was born on August 30, 1930, in Omaha, Nebraska. Buffett’s father, Howard, worked as a stockbroker and served as a U.S. congressman. His mother, Leila Stahl Buffett, was a homemaker. Buffett was the second of three children and the only boy.Buffett demonstrated a knack for financial and business matters early in his childhood. Friends and acquaintances have said the young boy was a mathematical prodigy who could add large columns of numbers in his head, a talent he occasionally demonstrated in his later years.

Warren often visited his father’s stockbrokerage shop as a child, and chalked in the stock prices on the blackboard in the office. At 11 years old he made his first investment, buying three shares of Cities Service Preferred at $38 per share. The stock quickly dropped to only $27, but Buffett held on tenaciously until they reached $40. He sold his shares at a small profit, but regretted the decision when Cities Service shot up to nearly $200 a share. He later cited this experience as an early lesson in patience in investing.

First Entrepreneurial Venture
By the age of 13, Buffett was running his own businesses as a paperboy and selling his own horseracing tip sheet. That same year, he filed his first tax return, claiming his bike as a $35 tax deduction.

In 1942 Buffett’s father was elected to the U.S. House of Representatives, and his family moved to Fredricksburg, Virginia, to be closer to the congressman’s new post.

Buffett attended Woodrow Wilson High School in Washington, D.C., where he continued plotting new ways to make money. During his high school tenure, he and a friend purchased a used pinball machine for $25. They installed it in a barbershop, and within a few months the profits enabled them to buy other machines.

Buffett owned machines in three different locations before he sold the business for $1,200.

Warren E. Buffett Quick Facts

  • Mr. Warren E. Buffett has been the Chairman, Chief Executive Officer and President of Berkshire Hathaway Inc. since 1970.
  • Mr. Buffett is the Owner of IMC Group.
  • He serves as Manager and Member of the Board of Managers at Burlington Northern Santa Fe, LLC.
  • He has over 43 years of experience as Chairman and Chief Executive Officer of publicly traded and private companies, providing the board of directors with a strong background in finance, investing and other complex subjects.
  • His extensive experience in investing and building companies provides the board of directors with strong leadership and an investor’s perspective.
  • He served as the Chief Executive Officer and Interim Chairman of Salomon Inc. from August 18, 1991 to June 3, 1992 and Chief Executive Officer and Interim Chairman at Salomon Brothers Inc. from August 18, 1991 to May 27, 1992.
  • He served as an Investment Salesman from Buffett-Falk & Co., Omaha from 1951 to 1954.
  • He served as a Securities Analyst at Graham-Newman Corp., New York from 1954 to 1956. He served as a General Partner at Buffett Partnership, Ltd. from 1956 to 1969.
  • Mr. Buffett serves as the Chairman of Borsheim Jewelry Company, Inc. He has been Director of Berkshire Hathaway Inc. since 1965, Citigroup Global Markets Holdings Inc. since 1987.
  • He has been a Director of Precision Castparts Corp. since January 29, 2016.
  • He has been a Director of The Lubrizol Corporation since September 16, 2011, Berkshire Hathaway Energy Company since March 2000 and Hawk Acquisition Intermediate Corporation II since 2013.
  • He serves as a Trustee of Bill & Melinda Gates Foundation and Grinnell College.
  • He serves as a Life Trustee of The Urban Institute.
  • He was an Independent Director at The Kraft Heinz Company from June 2013 to April 23, 2018.
  • He was a Director of Kraft Heinz Intermediate Corporation II from 2013 to April 23, 2018.
  • He was a Director of The Kraft Heinz Foods Company from June 07, 2013 to April 23, 2018.
  • He served as a Director of H. J. Heinz Company since June 7, 2013 and H. J. Heinz Corporation II from June 2013 to July 2015.
  • He served as a Lead Director of Graham Holdings Company until May 12, 2011 and its Director from May 11, 1974 to January 3, 1986 again from May 1996 to May 12, 2011.
  • He served as a Director of The Washington Post Company from May 1996 to May 2011. He served as a Director of The Coca-Cola Company from 1989 to April 2006.
  • He served as a Director of The Gillette Company, Inc.
  • He is a Member of The American Academy of Arts and Sciences.
  • Mr. Buffett received a Master’s degree in Economics from Columbia University in 1951, a B.S. degree from University of Nebraska in 1950, attended the Wharton School of Finance at University of Pennsylvania from 1947 to 1949 and graduated from Woodrow Wilson High School, Washington, D.C., in 1947.
  • Warren Edward Buffett Biography (Biography / Bloomberg / Goodreadbiography)
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