Warren Buffet: The Legend

warren-buffet-791235.jpg There was a one hour interview on CNBC with Warren Buffet, the third richest man in the world who has donated $37 billion to charity. (The richest now is Carlos Slim and Bill Gates is the second richest.) Here are some very interesting aspects of his life:

1. He bought his first share of stock at age 11 and he now regrets that he started too late!
2. He bought a small farm at age 14 with savings from delivering newspapers.
3. He still lives in the same, small 3-bedroom house in midtown Omaha that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall around it nor a fence.
4. He drives his own car everywhere and does not have a driver or security people around him.
5. He never travels by private jet, although he owns the world’s largest private jet company.
6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis. He has given his CEO’s only two rules. Rule number 1: Do not lose any of your shareholder’s money. Rule number 2: Do not forget rule number 1.
7. He does not socialize with the high society crowd. His pastime after he gets home is to make himself some popcorn and watch television.
8. Bill Gates, the world’s richest man, met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffet (other than money!). So, he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.
9. Warren Buffet does not carry a cell phone, nor has a computer on his desk.

His advice to younger people:

Read

Stay away from credit cards, Invest in yourself. He is prepared, however, and does so regularly, to outline general principles of sound investment. These have a consistent theme and can be summed up like this.

A. Money doesn’t create man, but it is the man who created money.
B. Live your life as simple as you are.
C. Don’t do what others say. Just listen to them, but do what makes you feel good.
D. Don’t go on brand name. Wear those things in which you feel comfortable.
E. Don’t waste your money on unnecessary things. Spend on those who really are in need.
F. After all, it’s your life. Why give others the chance to rule your life.
G Never invest in a business you cannot understand.
H Always invest for the long term.
I Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.
J If you’re doing something you love, you’re more likely to put your all into it, and that generally equates to making money.
K Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.
L In the short run, the market is a voting machine but in the long run it is a weighing machine.’

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37 Responses

  1. Joy says:

    Wow!..this guy is truly down to earth person..^^..I wish a lot of billionaires will follow his examples.

  2. Dave says:

    Warren Buffet rocks with all appropriate head-banging hardness.

  3. Robin Bal says:

    Hi Joy,

    You are so right, this guy is so down to earth, it would be nice if other wealthies follow suit.

    Take care and cheers

  4. Robin Bal says:

    Hi Dave,

    He sure does rock mate.

    Take care and cheers

  5. LynX says:

    That’s exactly the kind of people i admire most. Filthy rich and still with both feet on the ground.

  6. Warren is impressive I admire his nobleness that can only come from great wisdom.

    I suggest anyone finding warren impressive to also read on the people he studied under.

  7. Megan says:

    Warren Buffet. Way to go…Love the fact he didn’t let money change him. Sad to see how many can change the most grounded people sometimes. Hey I’ll let you know someday if it changed me while I am in my Jet, with a housekeeper, butler, Won’t change me right LOL

    Great Job

  8. Stephanie Sammour says:

    I love people like this simplicity is always the best policy, just too bad not many like him.

  9. It’s nothing to do with money is it? The man just loves life and how he goes about it. Just goes to show that if you chase the money you don’t get it. Do something that makes you happy – the others and the money follow.
    Be Creative!Get as much joy out of every day as possible-wait and see how many people want a piece of what you have. The Baldchemist at http://www.thebaldchemist.com

  10. Dave Hitz says:

    Not only does Warren Buffet fly on private jets, but he bought one for himself. He named it the “Indefensible” because he had criticized other CEOs for buying jets.

    This makes me wonder about the accuracy of the other claims in this article.

  11. Robin Bal says:

    Hi Lynx: You are right, such people really deserve to be admnired.

    Hi Geovani: Now thats a good idea, it will be worth finding out whom he studied under.

    Hi Megan: Money changes most people, I guess upbringing and family background play a part.

    Hi The Baldchemist: In his case it doesn’t seem to be much about money. He does things he enjoys and stays happy. And as the old saying goes, “money doesn’t always bring happiness”.

    Hi Dave: Thanks for brining up that point, need to check that out. Even if your statement is correct it wont bring down my admiration for him.

    Take care and cheers folks and thanks for all your comments.

  12. derek says:

    Buffet for President!!

  13. Adam says:

    I agree with Derek…Woot…go Buffet go…He is way too intelligent to run for President though.

  14. Bevelyn says:

    I really admire his simplicity and dedication in life. He’s a real inspiration. :smile:

  15. Keith says:

    Wisdom from the top, for sure!

  16. rubeina says:

    This is a great person for sure! Money didn’t change him, a source of inspiration for everyone :)

  17. Nidhi says:

    well, its the way he likes to live, you live the way you want to, remember one of his advice:-

    C. Don’t do what others say. Just listen to them, but do what makes you feel good.
    so if a person eveer turns rich live the way you wnt to and spend it the way you would like to….

  18. John says:

    After he got rich, it is well known that Buffet took a mistress in Omaha and has a second family with her. That’s because if you are rich and/or famous (preferably Hollywood) in America, you can do whatever you want to do and people will still love you. Why is that?

  19. Richard says:

    Buffet should be admired simply for the wealth he created through shrewd investment. His personal life is just that, his personal life.

    I’m digging and digging to find the original source of these “aspects” of his life. Nothing authoritative so far.

    If they are his aspects and sayings, it’s quite interesting for an atheist, isn’t it?

  20. carine says:

    Hello Sir,

    can you please recommend me how to make from 20.000 euro more money in short time, I need 30.000 by january.

    thanks and regards

  21. rocketc says:

    Buffet is an outstanding investor, but he is very often dead wrong when it comes to public policy and taxes.

  22. Tezza says:

    Buffett is a one of a kind. For all the ivy league graduates in Wall Street, no one has been able to single handedly duplicate the track record that Buffett has.

    I think “If you’re doing something you love, you’re more likely to put your all into it, and that generally equates to making money.” is a great piece of advice.

  23. Miles says:

    Warren Buffet is a man who Thinks Much, Speaks little, but says it all by his actions.

  24. Lemons says:

    Buffet’s calmness and simplicity add up to one thing in my eyes – sanity. So much of our behavior around money reflects our neurosis and emotional turmoil. Sometimes people mess up financially because they never got a sound financial education. Other times though they overspend because they are in chronic pain – actually debt and spending problems are often associated with bipolar mania. There is a coherent thread of “simplicity simplicity simplicity” running through his personal style and also his investment philosophy and I think this consistency is part of what makes him so successful – like the Biddhist idea of “how you do anything is how you do everything”. My favorite WB story is how he takes folks to Dairy Queen after Berkshire Hathaway shareholder meetings! (BTW – Agree strongly with comment above that some of WB’s comments on public policy miss the mark but his personal example should be followed on a macro scale – cannot believe the US is actually CUTTING rates in hopes of a consumption led recovery.)

  25. yudi says:

    nice, really inspired 😀

  26. I love this guy. I would love the chance to meet him and shake his hand.

  27. Warren is a wise investor and many investors could learn a great deal from him and other professionals. I see many buying at the highs and holding to the lows and Warren clearly does the exact opposite.

  28. karthik says:

    God Bless you Warren Buffett! i just love you for the principles you live for! I wish i had 1/100 th of the spiritual wisdom that you have!

  29. Warren is an inspiration to everyone. No greed here.

  30. james says:

    He is a atheist humanist. Not judging. simply stating fact. He believes in higher taxes.estate taxes……….he’s a progressive socialist………doesn’t sound like one, but he is. He’s a hypocrite….sounds like wholesome family man………has a mistress…….disowned adopted grand daughter..didn’t know what to do with his fortune….gave it to another BILLIONARE.gates foundation……atheist/humanist…….population control.another nice way to say abortionist………Gave 12 million to planned parenthood so far…..abortionist…..point is? Don’t be fooled by grand pa approach…..he’s a billionare and said he didn’t know what to do with his money?? Well, he has all kinds of IDEAS about what he would like to do to yours……don’t fall for a man who sounds so down to earth and not wise enough to acknowledge his Creator. If you do, then you deserve WEB as your master of hypocracy. Praise him all you want. But he is as greedy as any man that’s ever lived, yet, he used the word on Charlie Rose show about others. You can’t have billions at his age and not be an egotistical maniac and hypocrite. Point is…I believe what one does with their own money is their business…….He doesn’t!! He makes it his business to try to get government to confiscate your families wealth at YOUR EXPENSE! So go ahead and praise the man….the beginning of wisdom is acknowleging his Creator.G-d…….At this time he doesn’t. He will say nice things but he was a major investor in Petro China….Sudan conflict…….and sold his stock when berated.but said he probably sold to soon…….so go ahead and believe what he preaches about doing what makes you feel good……well….that should be a sign of indifference to human decency! So go ahead and PRAISE a billionare about his fine words about life. Point is…..you praise a man who does’t do one single thing he preaches. Go ahead…Praise him………he loves it, because his sheep are blinded by HIS God…..MONEY!!

  31. Rosemarie says:

    Hello Sir!i would love the chance to meet you in Austria ones …and shake your hand!Thanks and regards!

  32. Ali Zahed Momand says:

    although he seems to me quite a wise man,but one good idea to him to spend some money in the reconstruction of Afghanistan.

  33. vince says:

    i m sorry but he does fly on private jets.

  34. Atheist says:

    ‘In the short run, the market is a voting machine but in the long run it is a weighing machine.’

    I didn’t understand that one. Can someone please explain.

    Thanks.

  1. October 18, 2007

    […] Fortune Watch » Warren Buffet: The Legend […]

  2. October 18, 2007

    […] Warren Buffet Interview Post…Warren Buffet was interviewed on CNBC and offers some advice for […]

  3. January 17, 2008

    […] post from FortuneWatch had a bunch of great Buffet quotes. My favorite: “Never invest in a company you don’t […]

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