Warren Edward Buffett (born August 30, 1930) is an American investor, business tycoon, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway, a multinational conglomerate holding company. Widely regarded as one of the greatest investors of all time, Buffett is often referred to as the "Oracle of Omaha" due to his remarkable success in value investing and his long-term leadership of Berkshire Hathaway. As of October 2024, he was the eighth-richest person in the world, with a net worth of $147 billion.
Early Life and Education
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| Born | Warren Edward Buffett August 30, 1930 |
| Education |
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| Occupations | Businessman ,Investor Philanthropist |
| Known for | Berkshire Hathaway |
| Spouses | Susan Thompson ​ ​(m. 1952; died 2004) Astrid Menks ​ (m. 2006) |
| Children | 3 |
| Parents |
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| Relatives |
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Buffett was born in Omaha, Nebraska, the second of three children and the only son of Howard Buffett, a U.S. congressman, and Leila Stahl Buffett. His early entrepreneurial ventures included selling chewing gum, Coca-Cola, and magazines door-to-door. At 11, Buffett made his first stock purchase, and by 14, he had saved enough money to buy a 40-acre farm.
Buffett attended the Wharton School of the University of Pennsylvania but transferred to the University of Nebraska, earning a Bachelor of Science in Business Administration at 19. After being rejected by Harvard Business School, he attended Columbia Business School, where he studied under Benjamin Graham, the father of value investing. Buffett later attended the New York Institute of Finance.
Business Career
Early Ventures
Buffett's career began as an investment salesman at his father's brokerage, Buffett-Falk & Co. He later worked for Benjamin Graham at Graham-Newman Corp. before returning to Omaha to establish Buffett Partnership Ltd. in 1956. By 1962, he had become a millionaire through his partnerships, which eventually merged into a single entity.
Acquisition of Berkshire Hathaway
Buffett took control of Berkshire Hathaway in 1965, initially a struggling textile manufacturing company. Under his leadership, Berkshire evolved into one of the largest and most successful holding companies in the world, with investments spanning industries such as insurance, utilities, manufacturing, and technology.
Notable Investments and Acquisitions
- Coca-Cola Company: Berkshire acquired 7% of Coca-Cola in 1988, one of its most successful investments.
- GEICO Insurance: Buffett’s long-standing relationship with GEICO began in 1951, leading to Berkshire’s eventual acquisition of the company.
- Burlington Northern Santa Fe Railway (BNSF): In 2010, Berkshire purchased BNSF for $44 billion, its largest acquisition to date.
Personal Life
Early Interests and Musical Talent
In 1949, Buffett developed an interest in playing the ukulele as part of an attempt to impress a young woman. While the attempt failed romantically, the instrument became an enduring part of his life. His love for the ukulele eventually brought him closer to Susan Thompson, whom he married in 1952. Buffett frequently performs with his ukulele at shareholder meetings and commissioned custom Dairy Queen-themed ukuleles, one of which was auctioned for charity.
Family Life
Buffett married Susan Thompson in 1952 at Dundee Presbyterian Church. The couple had three children: Susan Alice (b. 1953), Howard Graham (b. 1954), and Peter Andrew (b. 1958). While they began living separately in 1977, they remained married until Susan’s death in 2004. Their daughter Susan is active in charitable work, notably with the Susan A. Buffett Foundation.
On his 76th birthday in 2006, Buffett married Astrid Menks, who had been his companion since 1977. Susan had introduced the two before she left Omaha to pursue her singing career. The three shared a close relationship, often signing Christmas cards together as "Warren, Susie, and Astrid."
In 2006, Buffett disowned his adopted granddaughter Nicole after her appearance in the documentary The One Percent, but they reconciled by 2022.
Residence and Lifestyle
Buffett resides in a modest five-bedroom home in Omaha, Nebraska, purchased in 1958 for $31,500. He sold his Laguna Beach, California vacation home in 2018 for $7.5 million. Known for his frugal lifestyle, Buffett’s annual salary has remained around $100,000 for decades, even as CEO of Berkshire Hathaway.
Hobbies and Interests
Buffett is an avid bridge player, often partnering with Bill Gates and champion Sharon Osberg. He dedicates 12 hours weekly to the game and sponsors the biennial Buffett Cup, modeled after golf’s Ryder Cup. Additionally, he is a lifelong fan of Nebraska football and was named an honorary assistant coach in 2009.
Buffett also collaborated with Christopher Webber on the animated series Secret Millionaires Club, teaching children financial literacy through storytelling.
Technology Use and Daily Routine
Buffett avoided modern technology for much of his life. He didn’t own a smartphone until 2020 when he switched from a flip phone to an iPhone 11. He begins his mornings reading five newspapers, including the Omaha World-Herald, which Berkshire Hathaway acquired in 2011.
Beliefs and Public Persona
Raised Presbyterian, Buffett now identifies as agnostic. Known for his humor and conversational style, he incorporates wit and wisdom into his annual shareholder letters and meetings. Buffett’s speeches often mix financial insights with jokes and quotes from diverse sources, earning him widespread admiration.
In 2017, his likeness appeared on Cherry Coke cans in China, reflecting his enduring connection to Coca-Cola as both an investor and enthusiast. Buffett also had a close friendship with musician Jimmy Buffett, despite DNA tests disproving any familial relation.
Health
Buffett was diagnosed with stage I prostate cancer in 2012 and underwent successful radiation treatment. A lifelong teetotaler, he has maintained excellent health and energy levels into his 90s.
Political and Public Policy Views
Political Endorsements
Warren Buffett has been an active participant in U.S. political discourse, endorsing and financially supporting Democratic candidates. In 2008, Buffett endorsed Barack Obama, attending a $28,500-per-plate fundraiser for his campaign. During the second presidential debate that year, both John McCain and Barack Obama mentioned Buffett as a potential Secretary of the Treasury, with Obama later citing him as a possible economic advisor. Buffett has also supported Republican candidates, such as serving as a financial advisor to Arnold Schwarzenegger during the 2003 California gubernatorial election.
In the 2016 presidential election, Buffett endorsed Hillary Clinton and publicly challenged Donald Trump to release his tax returns. Buffett released his own tax information in response to comments made by Trump during the second presidential debate, revealing an adjusted gross income of $11.6 million and an effective tax rate of 16 percent.
Health Care
Buffett has been a vocal critic of U.S. healthcare costs, describing them as unsustainable and likening their economic impact to that of a "tapeworm." He has supported expanding insurance coverage under the Affordable Care Act but criticized the system for rewarding procedures over outcomes. Buffett has advocated for value-based healthcare models and highlighted the negative influence of lobbying by the medical industry.
Population Growth
Buffett has expressed concerns over unchecked population growth. In 2009, he participated in a meeting with several other billionaires, including Oprah Winfrey and Michael Bloomberg, to discuss global healthcare, education, and population control. The Buffett Foundation has contributed over $1.5 billion to abortion research and family planning initiatives, including donations to Planned Parenthood.
Taxation
Buffett has consistently advocated for higher taxes on the wealthy. He has criticized the U.S. tax system for allowing him to pay a lower effective tax rate than his employees, arguing for the preservation of the estate tax to prevent wealth concentration. He once described repealing the inheritance tax as akin to selecting Olympic athletes based solely on heredity.
Renewable Energy and Climate Change
Buffett has shown mixed support for renewable energy initiatives. Through his subsidiary PacifiCorp, he canceled plans for six coal-fired power plants in 2007. However, his company declined to support the removal of hydroelectric dams on the Klamath River, deferring the decision to federal
regulators.
High Technology and Cryptocurrencies
Buffett avoids investing in high-technology companies, citing difficulties in accurately valuing their future performance. He has publicly criticized Bitcoin and other cryptocurrencies, describing them as speculative assets with no intrinsic value and likening them to "rat poison squared."
Economic Inequality and COVID-19
In 2021, Buffett noted that the COVID-19 pandemic exacerbated economic inequality, highlighting the negative impact on small businesses. He expressed caution regarding the unpredictability of markets during the post-pandemic recovery period.
Bibliography and Media
Buffett has been the subject of numerous books and documentaries, including The Snowball: Warren Buffett and the Business of Life by Alice Schroeder and the HBO documentary Becoming Warren Buffett. He has made cameo appearances in films such as Wall Street: Money Never Sleeps (2010) and TV shows like The Office and Entourage.
Buffett's personal collection of essays, The Essays of Warren Buffett: Lessons for Corporate America, has been lauded as a definitive summary of his investment philosophy and corporate governance insights.
References
- (No date a) PNGEGG - exclusive sticker PNG images. Available at: https://www.pngegg.com (Accessed: 04 January 2025).
- (No date) Warren Buffett says he lives by 3 leadership rules for ... Available at: https://www.inc.com/marcel-schwantes/warren-buffett-says-he-lives-by-3-leadership-rules-for-success.html (Accessed: 04 January 2025).
- Dolan, B. (no date) Who is Warren Buffett?, Investopedia. Available at: https://investopedia.com/articles/financial-theory/08/buffetts-road-to-riches.asp (Accessed: 04 January 2025).
- Warren Buffett (no date) Forbes. Available at: https://www.forbes.com/profile/warren-buffett/ (Accessed: 04 January 2025).
- Warren Buffett - the giving pledge (no date) Giving Pledge. Available at: https://givingpledge.org/pledger?pledgerId=177 (Accessed: 04 January 2025).
- Doherty, K. and Doherty, K. (2024) Buffett sells more BofA shares after buybacks push his stake back above 10%, American Banker. Available at: https://www.americanbanker.com/articles/warren-buffett-sells-more-bofa-shares-after-buybacks-push-stake-above-10 (Accessed: 04 January 2025).
