Business Leader, Philanthropist (1930–)
Warren Buffett born in Nebraska in 1930. Buffett demonstrated keen business abilities at a young age. He formed Buffett Partnership Ltd. in 1956, and by 1965 he had assumed control of Berkshire Hathaway. Overseeing the growth of a conglomerate with holdings in the media, insurance, energy and food and beverage industries.
Born Warren Edward Buffett on August 30, 1930, in Omaha, Nebraska. Buffett’s father, Howard, worked as stockbroker and served as a U.S. congressman. His mother, Leila Stahl Buffett, was a homemaker. Buffett was the second of three children and the only boy.
Warren often visited his father’s stockbrokerage shop as a child. He chalked in the stock prices on the blackboard in the office. At 11 years old he made his first investment, buying three shares of Cities Service Preferred at $38 per share. The stock quickly dropped to only $27, but Buffett held on tenaciously until they reached $40. He sold his shares at a small profit, but regretted the decision when Cities Service shot up to nearly $200 a share.
At the age of 13, Buffett was running his own businesses, as a paperboy. In 1942, Buffett’s father was elected to the U.S. House of Representatives. His family moved to Fredricksburg, Virginia, to be closer to the congressman’s new post. Buffett attended Woodrow Wilson High School in Washington, D.C. During his high school tenure, he and a friend purchased a used pinball machine for $25. They installed it in a barbershop, and within a few months the profits enabled them to buy other machines. Buffett owned machines in three different locations before he sold the business for $1,200.
Career and Higher Education
Buffett enrolled at the University of Pennsylvania at the age of 16 to study business. He stayed two years, moved to the University of Nebraska to finish up his degree, and emerged from college at age 20 with nearly $10,000 from his childhood businesses. Influenced by Benjamin Graham’s 1949 book, The Intelligent Investor, Buffett enrolled at Columbia Business School to study under the acclaimed economist and investor. After earning his master’s degree in 1951, he sold securities for Buffett-Falk & Company for three years, then worked for his mentor for two years as an analyst at Graham-Newman Corp.
In 1956, Buffet formed the firm Buffett Partnership Ltd. in his hometown of Omaha. Utilizing the techniques learned from Graham, he was successful in identifying undervauled companies and became a millionaire. One such enterprise Buffett valued was a textile company named Berkshire Hathaway. He began accumulating stock in the early 1960s, and by 1965 he had assumed control of the company.
Recent Activities and Philanthropy
In June 2006, Buffett made an announcement that he would be giving his entire fortune away to charity, committing 85 percent of it to the Bill and Melinda Gates Foundation. This donation became the largest act of charitable giving in United States history.
In 2010, Buffett and Gates announced they had formed The Giving Pledge campaign to recruit more wealthy individuals for philanthropic causes.
In 2012, Buffett disclosed that he had been diagnosed with prostate cancer. He began undergoing radiation treatment in July, and successfully completed his treatment in November.
The health scare did little to slow the octogenarian, who annually ranks near the top of the Forbes world billionaires list.
In February 2013, Buffett purchased H. J. Heinz with private equity group 3G Capital for $28 billion. Later additions to the Berkshire Hathaway stable included battery maker Duracell and Kraft Foods Group, which merged with Heinz in 2015 to form the third-largest food and beverage company in North America.
In 2016, Buffett launched Drive2Vote, a web site aimed at encouraging people in his Nebraska community to exercise their right to vote – and to assist in registering and driving voters to a polling location if they needed a ride.