Warren Buffett: highlights of the businessman’s biography
Warren Buffett, head of the investment giant Berkshire Hathaway, became a legend in his lifetime in the financial world. His authority in investment circles is unquestionable, and the businessman himself has become an inspiration for many successful market players. However, Buffett is proof of the important statement that there is no age limit for a person to achieve success. The investor earned about 95% of his fortune after the age of 60.
Warren Buffett grew up in a wealthy family, his father was a businessman and politician. However, the boy at the age of 6 got his first earnings, selling chewing gum and other small things. As a teenager, he organized his own business, owning pinball machines, so by the time he was 16, he already had a solid capital of 53 thousand dollars. At the same time from age 11, Buffet was playing on the New York Stock Exchange, where he was brought by his father. Then he got his first experience on the market, having bought some stocks and earned on their sale.
Warren became a millionaire at the age of 32, but his real success was the creation of Berkshire Hathaway. In the 1960s, it was a small textile factory, whose shares the businessman began to gradually buy up. However, just at that time, there was a crisis in the United States, and the manufactory became unprofitable. To get rid of the unprofitable business, the former owner offered Buffett to sell the factory. However, during the deal, he put the price less than what had been agreed in advance. Warren only spitefully bought a controlling stake and displaced the owner.It was obvious that there was no point in developing the company as a representative of the light industry, so the businessman reformatted it. Berkshire Hathaway began to provide insurance services, and funds from the proceeds Buffett invested in the purchase of shares rather than bonds, as is customary in the insurance business. This bold move helped to bring the company into the leader in terms of income among financial holdings. In addition, Berkshire Hathaway ranks eighth in the world among the companies with the largest capitalization. The company owns large stakes in well-known corporations from various market sectors, such as Apple, Coca-Cola, Bank of America, and others.
Berkshire Hathaway owes such a success to Buffett’s unique business acumen and analytical skills. He is extremely rarely wrong in his investment projects and forecasts, and he invests extremely carefully. Surprisingly, however, Warren does not use a computer, and he got his first smartphone in 2020. It’s all about the fact that the businessman prefers to invest in high technology rather than apply it. Buffett’s fortune is estimated at more than $111 billion, but he generously shares it, and actively engaged in charity.