Warren Buffett: The man behind the billions
Warren Buffett according to Bloomberg's Billionaire Index is the seventh richest person in the world with a fortune of $160 billion
Image: Facebook
As 94-year-old Warren Buffett prepares to step down as both CEO and Chairman of conglomerate Berkshire Hathaway, he is passing the operational reins on to a man in his shadows, Greg Abel, Berkshire's Vice Chairman of non-insurance operations.
From next year, Abel will run the company while Buffett will remain the Chairman of the Board of Directors.
Buffett, according to Bloomberg's Billionaire Index is the seventh richest person in the world with a fortune of $160 billion – or around R2 929 billion at Tuesday's exchange rate of R18.31.
So far this year, his fortune has increased by just more than a $bn, or R18.3bn. As a random fact, Bloomberg lists that Buffet deducted $23 million on his 2010 tax returns (R421 million).
Not only is he CEO and Chairman of Berkshire Hathaway, but also its single largest shareholder with a 30% stake. Berkshire, which has delivered a 19.8% compounded annual gain in market value since 1965, owns brands such as Dairy Queen and stakes in Coca-Cola and American Express.
Buffett's five rules for financial success are: investing for the long term, keeping informed, holding a competitive advantage, concentrating on quality, and managing risk.
Seen as one of the world's most successful investors, Buffett spent six decades building Berkshire into one of the world's biggest companies according to a piece on stock market Nasdaq's website.
'Just four winning stocks make up 57% of Berkshire Hathaway's $277bn stock portfolio,' it said. These shares include stakes in Apple ($59.5bn), American Express ($43.1bn), Bank of America ($28.4bn) and Coca-Cola ($28.2bn)
But, who is the man behind the money?
Buffett is also a philanthropist, supporting charities such as the Stephen Center, which has a safe and sober shelter for men, women, and families on a first-come, first-served basis. It also provides what is essentially a rehab for addicts, and permanent supportive shelter.
Known as the 'Oracle of Omaha,' he studied the University of Nebraska-Lincoln, University of Pennsylvania and Columbia University. Yet, he isn't keen on hiring people who have fancy degrees.
According to Wikipedia, a native of Nebraska, Buffett's father had a term in the United States Congress. His entrepreneurial spirit started at the age of seven and earned an income delivering newspapers, selling golf balls and stamps, and detailing cars, among others.
When Buffett was in high school, he and a friend bought a used pinball machine, which they placed in the local barber shop. 'Within months, they owned several machines in three different barber shops across Omaha. They later sold the business to a war veteran for $1,200,' noted Wikipedia after stating that he bought the machine for $25.
In 1949, Buffett decided to start learning the ukulele to woe a woman away from a man who did play one and has played the instrument since then. Apparently, he often plays the instrument at stockholder meetings.
He didn't win the girl but was married to Susan in 1952 and they had three children. Although the couple separated, they were technically married until Susan's death in 2004. Buffett subsequently married Astrid Menks when he was 76 and she was 60.
Buffett plays bridge with long-time friend Bill Gates. A bit of an old timer who has sent one email ever, he reads five newspapers each day (one of which his company owns) and is apparently known for his sense of humour.
The Chairman and CEO has long said he aims to give away his fortune to charity instead of bequeathing it all to his children.
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