Biography of Warren Buffett & Net Worth - BM

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Friday, 29 November 2019

Biography of Warren Buffett & Net Worth

Warren Buffett Net worth: $ 91.6 billion:
billionaire mentor

Warren Buffett is the chairman and largest shareholder of the investment firm Berkshire Hathaway.  The company owns MidAmerican Energy, Geico and Clayton Homes.  It also has shares in American Express, Coca-Cola and Wells Fargo.  According to Forbes, Buffett, known as the "Oracle of Oreah," currently has a net worth of $ 91.6 billion and a 52-year average return of 20.8 percent.

Buffett was born on August 30, 1930, as a stockbroker father and last Congressman, a housewife named Howard and Lila Stahl.  They were raised in Omaha, Nebraska.  Even as a child, the president of Berkshire Hathaway had already shown a keen interest in handling stocks, with stories of which he listed stock prices on a chalkboard located in his father's office.  By the age of 11, Buffett had bought his first stock shares while visiting the New York Stock Exchange.  At the time, he opted to buy three shares of Preferred Cities Services for his own investment and three others for his sister Doris.  

At the age of 13, Buffett worked as a paperboy and handled both morning and afternoon routes.  In 1944, he reached his short-term goal of earning $ 1,000.  He spent his high school at Woodrow Wilson High School in Washington.  In addition to his newspaper business, Buffett was also known for selling stamps, Coca-Cola drinks and golf balls.  He sold magazines door-to-door while working as an editor for the Stables-Boy Selection, a horse-drawn tip sheet.  Later, he and a friend decided to start a pinball rental business, where he identified his high school classmates as potential customers.

By age 15, Buffett had accumulated $ 2,000, which he used to buy a 40-acre farm in Nebraska.  They then used the income from the farm to fill their way to college.  He completed his bachelor's degree at the University of Nebraska, Lincoln.  However, his plan to continue his studies at Harvard Business School failed after the university rejected his application.  

He then enrolled at Columbia Business School and graduated in 1951 with a Master of Science in Economics.  This was where he was associated with well-known value investor Benjamin Graham.

After wandering for years, Buffett and his family decided to move back to Omaha and settle there.  He worked as an investment and securities analyst from 1951 to 1956.  At the age of 26, he considered retiring and focused on investing alone.  However, his dream of becoming a millionaire by the age of 35 inspired him to pursue other ventures.  In 1956, he founded Buffett Partnership, Ltd.

In 1964, Buffett acquired Berkshire Hathaway, which has its roots in the 1830s.  By 1969, he decided to dissolve the Buffett partnership to focus on his newly acquired firm.  He then phased out some of Berkshire's investments and opted to buy assets from the Washington Post, Geico and XX instead.  

In 1988, Buffett began investing in Coca-Cola and gradually accumulated 7 percent of the company's shares.  In 1990, he became a billionaire following the sale of Class A Berkshire shares.