“The Great Sage Of Omaha” better known as Warren Buffet is the heralded as the most successful investor of the 20th century. His company Berkshire Hathaway is one of the most successful investment firms in history. They have out performed the market in 43 of the past 48 years. Buffet serves as chairman and chief executive officer of Berkshire. The company is publicly traded that operates a broad collection of businesses, across a wide range of industries.
The Early Days
Warren E. Buffett was born in 1930 in Omaha, Nebraska. His father Howard Buffett, was a stockbroker & Republican congressman. A self proclaimed numbers geek, Buffet had an firm grasp and knowledge for numbers. By age 11, he bought his first stock, three shares of Cities Service Preferred at $38 a share. The price immediately dropped to $27, but then recovered to $40, at which point the young Buffett sold and made his first profit. A total $5 profit. Unfortunately, it would go down as a valuable lesson in patience as the stock quickly rised above $200 a share a few months later. Buffet took note and is know world renown for his ‘patience’.
Mr. Buffett, age 82, pledged 12,220,852 shares of Berkshire Hathaway class “B” stock, valued at more than $1-billion, to each of his three children’s foundations.
Influence Beyond The Stock Market
Buffet’s reach goes well behind Wall Street. He has consulted with the past 3 American Presidents: Bill Clinton, George Bush and Barack Obama. Obama cited Buffet as a “potential” economic advisor during the 2008 Presidential debates and since that time has met with Buffet periodically.
Opinions On Class Warfare
“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.”
Buffet is well known for fighting against his very own ‘class’ in life. As a billionaire he is truly in the 1% category, but he does not take it lightly and has been a big advocate for a flat tax that is the same for everyone. He often questions why he and his investment partners are taxed at a 15% rate while most of his employees average over 33% on their modest salaries.
He was a champion for the Clinton era tax strategy, one which saw the capital gains tax rise to 39.9% In his opinion that was far, since most working class Americans got hit with payroll taxes on top of the their 15 to 25% tax bracket.
The Future After Warren Buffet
Whatever happens to Berkshire Hathaway once Buffet steps down, his legacy is bound to live on in ways the investor never intended. Even in the post-2009 speculative market, his investment decisions are scrutinized all over the world. There are also thousands of Berkshire shareholders out there who owe a large percentage of their personal wealth to the Buffet’s investing skills.
Time has been and will continue to look favorably upon Warren Buffet. His values and leadership have truly been remarkable. By setting a good example for Wall Street and championing tax reform for a more level playing field, Warren Buffet is truly the great american voice in the investment world. keep credit membership secure.
We leave with a favorite quote from Mr. Buffet. This is his response when asked about the best advice he ever received:
The power of unconditional love. I mean, there is no power on earth like unconditional love. And I think that if you offered that to your child, I mean you’re 90 percent of the way home. There may be days when you don’t feel like it, it’s not uncritical love, that’s a different animal, but to know you can always come back, that is huge in life. That takes you a long, long way. And I would say that every parent out there that can extend that to their child at an early age, it’s going to make for a better human being.