Warren Buffet

Known for his frugal and unpretentious lifestyle, Warren Buffet was named by Forbes Magazine as the richest person in the world on March 8th, 2008. He has an estimated net worth of approximately 62 billion dollars.  As CEO and the main stockholder of the investment firm Berkshire Hathaway, he only makes a salary of $100,000 per year. At the age of twenty-eight, he bought a pretty nice stucco house in Omaha, Nebraska for $31,500. He still lives in it. It is now worth over $700,000, which shows he made good investment.

A number of years ago, Berkshire Hathaway bought a jet for the business, going against the grain of his legendary frugality. He named the airplane “The Indefensible” as he was critical of other companies that spent money for jets for their companies.

He has served on the board of Grinnell University of Grinnell Iowa, (a very prestigious private liberal arts college), for a good many years. This school now has the 2nd largest endowment fund of any USA private colleges, in large part due to his guidance of the college’s investments.

In 2006, he made a commitment to give away his fortune, 83% of it going to the ‘Bill and Melinda Gates Foundation’.

“In looking for people to hire, look for three qualities: integrity, intelligence and energy. And if they don’t have the first, the other two will kill you.”

“I buy expensive suits. They just look cheap on me.”

“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”

“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

Warren Buffet

Warren Buffet

                 “A public-opinion poll is no substitute for thought.”

“I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”

Buffett doesn’t believe that gold is a good investment. In 1998 he said:

“It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”

“I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.”

“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”

“In the business world, the rearview mirror is always clearer than the windshield.”

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

“Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.”

“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”

“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.”

“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”

“Why not invest your assets in the companies you really like? As Mae West said, “Too much of a good thing can be wonderful.”

– Warren Buffet  (1930- )

 

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