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The "other" Mr. Buffett

Discussion in 'Financial Cents' started by CRC, Sep 11, 2007.

  1. CRC

    CRC Survivor of Tidal Waves | RIP 7-24-2015 Moderator Emeritus Founding Member

    Just a little human interest story...and some financial advice...

    There was a one hour interview on CNBC with Warren Buffett, the second richest man who has donated $31 billion to charity. A few interesting tidbits about his life, and philosophies....

    1. He bought his first share 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 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.

    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 share holder's money. Rule number 2: Do not forget rule number 1.

    7. 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.

    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 Buffett. 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 Buffett.

    9. Warren Buffett does not carry a cell phone, nor has a computer on his desk.

    His advice to young people: "Stay away from credit cards and invest in yourself and remember:

    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 you need to feel good.
    D. Don't go on brand name; just wear those things in which you feel comfortable.
    E. Don't waste your money on unnecessary things; just spend on those who are really in need rather than unnecessary things.
    F. After all it's your life ; why give chance to others to rule your life."

    After hearing this story...a friend of mine who is a pilot added:

    Before he bought netjets he owned a share of a jet from net jets.
    Now he flies in a netjets 737.

    He and his second wife, Astrid, had their wedding reception at the Bonefish Grill in Omaha. Simple man.
  2. Tracy

    Tracy Insatiably Curious Moderator Founding Member

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