Warren Buffett is an unparalleled master of investing – a titan in the world of finance. Born in 1930, his journey to success began at the age of 11 (what were you doing at that age?), and since then he has continually scaled new heights with his investments. His company Berkshire Hathaway holds billions of dollars worth of assets including See’s Candies, Dairy Queen, and Jordan’s Furniture among others. Simply put: Warren Buffett is a phenomenon!
From a successful childhood business and the University of Nebraska, Buffett took his $10,000 to Columbia Business School where he earned an MBA. Not long after that the “Oracle of Omaha” launched the Buffet Partnership in his hometown – earning himself recognition for being able to identify undervalued companies that would skyrocket their profits. Furthermore, Buffett’s savvy financial decisions helped save Salomon Brothers (now Smith Barney) from corporate raiders back in 1987; when this firm was facing difficulty due to insider trading issues three years later Warren Buffet stepped up as chairman and CEO at New York City house.
What does the wealthiest man on earth do with his fortune? In 2006, Buffett made history when he announced that he was giving away all of his wealth to charity. An astounding 85 percent went directly to the Bill and Melinda Gates Foundation, making it the most expansive charitable act in American history!
Despite his age and fight against prostate cancer, Buffett continues to push forward. Only a few months ago he purchased Heinz making him the fifteenth most powerful person in Forbes magazine’s “World’s Most Powerful People” list. His relentless drive is inspirational which leads us to compile ten of his top attributes that we should all admire:
- He is a big fan of women: Last year he revealed to Fortune that for the majority of American history, our economy has gradually progressed with merely half its accessible effort and inventiveness. “One of the things that encourage me about our country,” he said, “is that for over half [our history], we wasted half our talent. If we got where we did by 1920 using only half our talent, imagine what we can do by using all of it.”
He commended a “terrific” young woman who had recently joined their team about eighteen months earlier. Buffett explained that she was given an opportunity to do something his sisters never could in the 1930s, despite being just as smart or even smarter than him; he acknowledged that although the same degree of love from both parents and teachers applied towards them all, women were simply held to lower expectations back then.
- “Never invest in a business you can’t understand.” Such a straightforward yet insightful statement. Comprehending your venture before investing in it is vital to success. How can you be sure that something will work out if you don’t fully understand it? There’s no surprise why they call him the Oracle!
For an instance, during the dot com craze, Buffett remained steadfast and refused to change course because he was unfamiliar with the tech sector. What Buffett comprehended were financial services companies and kept loyal to this field of expertise.
- Keep up your relationships: Since he was a young paperboy for The Washington Post in the nation’s capital, Warren Buffett has long held an affinity for the publication. Upon joining their board of directors back in 1974, his admiration only blossomed over 37 years as he proclaimed “love” not only for its product but also for the company and management. This relationship between him and The Washington Post has been symbiotic to both parties’ success.
- Surround yourself with smart people: Buffett has said, “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.” His constant drive for improvement speaks volumes about his character.
- Have an extracurricular: Billionaire Warren Buffett finds solace in playing bridge no less than four times per week, and he’s been known to team up with Microsoft mogul Bill Gates every now and then. Even the most successful people need a break from their day-to-day lives; that is where the bridge comes into play for Mr. Buffett.
- Always think about your reputation: Buffett has said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
- Learn to multitask: When he was a mere seventeen, Buffett already had quite an impressive repertoire of businesses – marketing refurbished golf balls, selling stamps to collectors, owning and operating multiple pinball machines across town, managing a paperboy route with fifty members in it. Dare I ask… what were you doing when you were 17?
- It’s not all about the money: Despite having a large fortune, money does not consume Warren Buffett – he still resides in the same house that he purchased over four decades ago. Furthermore, to further demonstrate his philanthropic nature and generosity, Buffet has given away 99 percent of his immense wealth to various charities; alongside Melinda and Bill Gates, Buffett even initiated the Giving Pledge which is asking hundreds of wealthy individuals across America to donate at least fifty percent of their fortunes towards charitable causes.
- Failure is not the end: When Buffett arrived, Berkshire Hathaway was a struggling textile company ready to be revitalized. According to StrategicBusinessTeam.com, “Warren Buffett stepped in with a resolve to turn around its finances. Did he succeed? The answer is no. Berkshire Hathaway was already a dead business and a failure but Warren Buffett was able to see what others couldn’t see: its subsidiaries. Armed with these uncovered assets, Warren Buffett repositioned Berkshire Hathaway to become one of the most valuable companies in the world.”
- “Without passion, you don’t have energy. Without energy, you have nothing.” Without passion, nothing will reach its full potential – that’s something Warren Buffett knows all too well. He has consistently applied his unwavering commitment and enthusiasm to every endeavor he pursues.
What is the best advice you have ever received from Warren Buffett? Share your wisdom with us in the comments section below!
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