-
Buffett announced in June 2006 that he would gradually give away 85% of his Berkshire holdings to five foundations in annual gifts of stock, starting in July 2006—the largest
contribution going to the Bill and Melinda Gates Foundation. -
[87] Interim publisher James W. Hopson announced on July 18, 2013, that the Press of Atlantic City would be sold to Buffett’s BH Media Group by ABARTA, a private holding company
based in Pittsburgh, U.S. At the Berkshire shareholders meeting in May 2013, Buffett explained that he did not expect to “move the needle” at Berkshire with newspaper acquisitions, but he anticipates an annual return of 10 percent. -
[86] The company was the second news print purchase made by Buffett in one year.
-
[89] After the difficulties of the economic crisis, Buffett managed to bring its company back to its pre-recession standards: in Q2 2014, Berkshire Hathaway made $6.4 billion
in net profit, the most it had ever made in a three-month period. -
While Buffett had given away much of his stock to charities by this time, he still held 321,000 shares worth $64.2 billion.
-
[67] The operation included special incentives: He received an option to buy three billion shares of GE stock, at $22.25, over the five years following the agreement, and
Buffett also received a 10% dividend (callable within three years). -
The Press of Atlantic City became Berkshire’s 30th daily newspaper, following other purchases such as Virginia, U.S.’ Roanoke Times and The Tulsa World in Oklahoma, U.S.[88]
During a presentation to Georgetown University students in Washington, D.C., in late September 2013, Buffett compared the U.S. Federal Reserve to a hedge fund and stated that the bank is generating “$80 billion or $90 billion a year probably”
in revenue for the U.S. government. -
[47] It would turn out to be one of Berkshire’s most lucrative investments and one which it still holds.
-
[20] Investor Benjamin Graham influenced young Buffett Buffett’s interest in the stock market and investing dated to schoolboy days he spent in the customers’ lounge of a
regional stock brokerage near his father’s own brokerage office. -
[60] Some of Buffett’s put options (European exercise at expiry only) that he wrote (sold) were running at around $6.73 billion mark-to-market losses as of late 2008.
-
In a second letter, Buffett announced his first investment in a private business — Hochschild, Kohn and Co, a privately owned Baltimore department store.
-
At 11, he bought three shares of Cities Service Preferred for himself, and three for his sister Doris Buffett (who also became a philanthropist).
-
[54] In 2007, in a letter to shareholders, Buffett announced that he was looking for a younger successor, or perhaps successors, to run his investment business.
-
In 1966, Buffett closed the partnership to new money.
-
[84] In November 2011, it was announced that over the course of the previous eight months, Buffett had bought 64 million shares of International Business Machine Corp (IBM)
stock, worth around $11 billion. -
Buffett had said on numerous prior occasions that he would not invest in technology because he did not fully understand it, so the move came as a surprise to many investors
and observers. -
At this time Buffett’s personal savings were over $174,000 (about $1.73 million today)[24] and he started Buffett Partnership Ltd. Buffett’s home in Omaha, Nebraska In 1957,
Buffett operated three partnerships. -
“[15] After finishing high school and finding success with his side entrepreneurial and investment ventures, Buffett wanted to skip college to go directly into business but
was overruled by his father. -
During the interview, in which he revealed the investment to the public, Buffett stated that he was impressed by the company’s ability to retain corporate clients and said,
“I don’t know of any large company that really has been as specific on what they intend to do and how they intend to do it as IBM. -
Buffett helped finance the deal in return for a 25% stake in the combined company.
-
[41] He then moved the business into the insurance sector, and, in 1985, the last of the mills that had been the core business of Berkshire Hathaway was sold.
-
Buffett took control of Berkshire Hathaway at a board meeting and named a new president, Ken Chace, to run the company.
-
They sold the business later in the year for $1,200 to a war veteran.
-
[79][80] In June 2010, Buffett defended the credit-rating agencies for their role in the US financial crisis, claiming: Very, very few people could appreciate the bubble.
-
This unanticipated investment raised his stake in the company to around 5.5 percent—the largest stake in IBM alongside that of State Street Global Advisors.
-
Davidson would eventually become Buffett’s lifelong friend and a lasting influence,[31] and would later recall that he found Buffett to be an “extraordinary man” after only
fifteen minutes. -
In a letter to shareholders, Buffett said he felt “great – as if I were in my normal excellent health – and my energy level is 100 percent.
-
Eventually, eleven agreed, and Buffett pooled their money with a mere $100 original investment of his own.
-
Alice Schroeder, author of Snowball, said that a key reason for the purchase was to diversify Berkshire Hathaway from the financial industry.
-
[130] Buffett reads five newspapers every day, beginning with the Omaha World Herald, which his company acquired in 2011.
-
He attended New York Institute of Finance to focus his economics background and soon after began various business partnerships, including one with Graham.
-
Each year, Buffett presides over Berkshire Hathaway’s annual shareholder meeting in the Qwest Center in Omaha, Nebraska, an event drawing over 20,000 visitors from both the
United States and abroad, giving it the nickname “Woodstock of Capitalism”. -
Buffett also advocated further on the issue of wealth equality in society: We have learned to turn out lots of goods and services, but we haven’t learned as well how to have
everybody share in the bounty. -
Capital Cities announced a $3.5 billion purchase of ABC on March 18, 1985, surprising the media industry, as ABC was four times bigger than Capital Cities at the time.
-
On a trip to New York City at age ten, he made a point to visit the New York Stock Exchange.
-
[68] In addition to suggestions of mistiming, the wisdom in keeping some of Berkshire’s major holdings, including The Coca-Cola Company, which in 1998 peaked at $86, raised
questions. -
Buffett discussed the difficulties of knowing when to sell in the company’s 2004 annual report: That may seem easy to do when one looks through an always-clean, rear-view
mirror. -
In 1973, Berkshire began to acquire stock in the Washington Post Company.
-
He is one of the most successful investors in the world[3][4] and has a net worth of over $103 billion as of August 2022,[5] making him the world’s seventh-wealthiest person.
-
In 1959, the company grew to six partnerships and Buffett met future partner Charlie Munger.
-
[66] In October 2008, the media reported that Buffett had agreed to buy General Electric (GE) preferred stock.
-
[94] In his November 1999 Fortune article, he warned of investors’ unrealistic expectations:[95] Let me summarize what I’ve been saying about the stock market: I think it’s
very hard to come up with a persuasive case that equities will over the next 17 years perform anything like—anything like—they’ve performed in the past 17. -
In 1965, when Buffett’s partnerships began purchasing Berkshire aggressively, they paid $14.86 per share while the company had working capital of $19 per share.
-
[38][39] Buffett had reaped a 50% return on investment in just two years.
-
— Buffett, Fortune (1977) In his article, “The Superinvestors of Graham-and-Doddsville”, Buffett rebutted the academic efficient-market hypothesis, that beating the S&P 500
was “pure chance”, by highlighting the results achieved by a number of students of the Graham and Dodd value investing school of thought. -
[58] Buffett’s Berkshire Hathaway suffered a 77% drop in earnings during Q3 2008 and several of his later deals suffered large mark-to-market losses.
-
[49] In 1998 he acquired General Re (Gen Re) as a subsidiary in a deal that presented difficulties—according to the Rational Walk investment website, “underwriting standards
proved to be inadequate,” while a “problematic derivatives book” was resolved after numerous years and a significant loss. -
[48] As a billionaire Buffett became a billionaire when Berkshire Hathaway began selling class A shares on May 29, 1990, with the market closing at $7,175 a share.
-
Though the attempt to capture her attention was unsuccessful, his music interest became a key part of his becoming a part of Susan Thompson’s life, and led to their marriage.
-
[114] In 1989, after spending nearly $6.7 million of Berkshire’s funds on a private jet, Buffett named it “The Indefensible”.
-
-
On his first income tax return in 1944, Buffett took a $35 deduction for the use of his bicycle and watch on his paper route.
-
He was inspired by a book he borrowed from the Omaha public library at age seven, One Thousand Ways to Make $1000.
-
Buffett became close friends with Katharine Graham, who controlled the company and its flagship newspaper and joined its board.
-
[106] Buffett disowned his son Peter’s adopted daughter, Nicole, in 2006 after she participated in the Jamie Johnson documentary The One Percent about the growing economic
inequality between the wealthy and the average citizen in the United States. -
By the time he finished college, Buffett had accumulated $9,800 in savings (about $112,000 today).
-
[62] In 2008, Buffett became the richest person in the world, with a total net worth estimated at $62 billion[63] by Forbes and at $58 billion[64] by Yahoo, overtaking Bill
Gates, who had been number one on the Forbes list for 13 consecutive years. -
— Buffett, Fortune (1999) Index funds vis-à-vis active management Buffett has been a supporter of index funds for people who are either not interested in managing their own
money or don’t have the time. -
He thus became the single largest shareholder in the enlarged group with his Berkshire Hathaway, which provided $3 billion, underlining his instrumental role during the crisis
in debt and equity markets. -
[69] In March 2009, Buffett said in a cable television interview that the economy had “fallen off a cliff … Not only has the economy slowed down a lot, but people have really
changed their habits like I haven’t seen”. -
While still in high school, he made money delivering newspapers, selling golf balls and stamps, and detailing cars, among other means.
-
Buffett eventually purchased 23% of the company’s outstanding shares as an activist investor, obtaining a seat for himself on the board of directors, and allied with other
dissatisfied shareholders to control 44% of the shares. -
He would have preferred to focus on his business ventures, but his father pressured him to enroll.
-
[16][17] Buffett displayed an interest in business and investing at a young age.
-
Berkshire’s annual reports and letters to shareholders, prepared by Buffett, frequently receive coverage by the financial media.
-
He founded The Giving Pledge in 2010 with Bill Gates, whereby billionaires pledge to give away at least half of their fortunes.
-
During this time he also purchased a Sinclair gas station as a side investment but it was unsuccessful.
-
“[85] In May 2012, Buffett’s acquisition of Media General, consisting of 63 newspapers in the south-eastern U.S., was announced.
-
He also stated that the markets and the economy will likely be unpredictable well into the post-pandemic recovery period, even with the Biden administration and the United
States Federal Reserve having a plan in place. -
In an attempt to compete, he bought one of the instruments and has been playing it ever since.
-
[81] On March 18, 2011, Goldman Sachs was given Federal Reserve approval to buy back Berkshire’s preferred stock in Goldman.
-
[70][71] A capitalized Berkshire On August 14, 2014, the price of Berkshire Hathaway’s shares hit $200,000 a share for the first time, capitalizing the company at $328 billion.
-
[112] He continued to live in the same house in the central Dundee neighborhood of Omaha that he bought in 1958 for $31,500, a fraction of today’s value.
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