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Last Updated: March 23, 2008  55 views

Some inspirations from life of Warren Buffett

in: Ideas and Thoughts

warrenbuffet.JPGWarren Buffett is an American investor, businessman and philanthropist. He is regarded as one of the world’s greatest stock market investors, and is the largest shareholder and CEO of Berkshire Hathaway. With an estimated net worth of around US$62 billion, he was ranked by Forbes as the richest person in the world as of March 5, 2008. He is also known as the Oracle of Omaha. In 2007, Buffett was listed among Time’s 100 Most Influential People in The World.

Following are some very interesting aspects of his life

  • He bought his first share at the age of 11 and he now regrets that he started too late! He bought a small farm at age 14 with savings from delivering newspapers.
  • He still lives in the same small 3-bedroom house in mid-town 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 or a fence. He says that don’t buy more than what you “really need”.
  • He drives his own car everywhere and does not have a driver or security people around him. He never travels by private jet, although he owns the world’s largest private jet company. He encourages people to think how to accomplish things economically.
  • 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 believes in assigning the right people to the right jobs.
  • He has given his CEO’s only two rules. Rule number 1: do not lose any of your share holder’s money. Rule number 2: Do not forget rule number 1. He asks his employees to set goals and make sure people focus on them.
  • He does not socialize with the high society crowd. His past time after he gets home is to make himself some pop corn and watch television. He never tries to show off, he tells “just be your self and do what you enjoy doing”
  • Warren Buffet does not carry a cell phone, nor has a computer on his desk.
  • 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. 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.
  • His advice to young people:

    “Stay away from credit cards or bank loans and invest in yourself and always remember: Money doesn’t create man but it is the man who created money. Live your life as simple as you are. Don’t do what others say, just listen them, but do what you feel good. Don’t go on brand name; just wear those things in which you feel comfortable. Don’t waste your money on unnecessary things; just spend on them who really in need rather. After all it’s your life then why give chance to others to rule our life.The happiest people do not necessarily have the best of all. They simply appreciate what they find on their way”



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    Wow,

    That’s very suprising. I can’t believe he’s lived in the same house for 50 years. These tycoon characters are quite strange. I read a book about Donald Trump recently, wow – what a workoholic..

    Personally, I think it’s totally lame – if I had a private jet company I would be bouncing around in my jet all the time. : )

    Jason Dogpile on March 23rd, 2008