Warren Buffett – Schwarzenegger & Warren Buffet Discuss The Economy At The 2008 Women’s Conference
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Article by Prasoon Kumar
It was in 1940, when young (just ten years old) Warren Buffet was taken to Wall Street by his father. The incident is especially interesting because the visit was his birthday gift. He had the opportunity to meet Sidney Weinberg from Goldman Sachs and at the end of the conversation, even he was enamored with the interest the young boy had in the stocks and he asked the question that everyone started asking after that – which stocks do you like?
An Absorbing Read
Although The Snowball is his (Warren Buffet’s) official biography, hence it is not expected to answer difficult questions; still The Snowball is an absorbing read. The author of the book The Snowball Alice Schroeder has approached her subject very seriously and she covers very vast terrain in the book at the same time. Warren Buffet chose Alice Schroeder to write The Snowball because he shares warm rapport with her and she is appreciative about him (who isn’t?).
All the Intricacies Are There
Alice Schroeder has kept pace with the life of Warren Buffet and has tracked all the intricacies related to the business empire of Warren Buffet really well. She also manages to explain all the financial issues as well as the different personal story of her subject very clearly. The book The Snowball: Warren Buffett and the Business of Life is definitely a must read in anyone interested in knowing more about Warren Buffet or the way he created his own life or built his business empire.
Obsessed With Numbers
Alice Schroeder says Buffet’s obsession with numbers, research and calculations started at a very young age. His money making endeavors started taking shape when he was just six years old, and he was particular about one thing – he hoarded all the money he made (one can infer he hates spending the money he makes).
Tax Returns at the Age Of 14
The author of The Snowball further mentions that at the age of 14, Warren Buffet had a newspaper delivery business and he made enough money so that he could file a tax return of $ 7 (bicycle and watch were treated as business expenses). At his high school, he was the only person making more money than his teachers and he was sure the college would slow him down. Still he went to Harvard Business School which rejected him and after that he had to go to Columbia. There Benjamin Graham became his mentor and Warren Buffet finally came out of his cave. His tenacity in finding out the undervalued stocks can be called superhuman. Even his wife had no idea how much money her husband was making until she accidentally misplaced her dividend checks and rushed to retrieve them.
The author Prasoon Kumar works for http://www.uRead.com which is the leading online bookstore that offers all the current and all time great titles at never before prices. More such gems from Warren Buffet can be savored in the first official biography of the man at huge discounts only at http://www.uread.com/book/snowball-alice-schroeder/9780747596493
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Lil’ Ray & Chamillionaire – Warren Buffet (feat. Chamillionaire)
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Warren Buffet and Bill Gates discuss why a flat tax would be a mistake, how taxes on the wealthiest Americans are too low, and how the tax system has been tipped totally in favor of the wealthy. From a 2005 program on Nebraska public television.
The author Alice Schroeder mentions one story that aptly describes the type of personality Warren Buffet took place when one female friend of Warren Buffet stayed in the guest room of Ms. Graham and came out shocked to tell Buffet there was a real Picasso in the bathroom. Buffet told her he just noticed there was free shampoo available in the room. Other stories deal with the power players such as Bill Gates and Akio Morita, in fact, Bill Gates is still considered as soul mate by Warren Buffet.
Right Book at the Right Time
The book The Snowball: Warren Buffett and the Business of Life couldn’t have arrived at the publishing scene at a better time. His prediction that the derivatives were weapons of mass destruction was bang on and the most accurate prediction (should we say prophecy) of the global economic meltdown. He was already aware of the dangers of government intervention and bailing out of failing banks by financial institutions.
Not a Perfect Book
The book is not without its problems. The first point is it is an authorized biography (you can’t expect anything sensational) and the second point is the length of the book – it is simply too long (but so is the life of Warren Buffet and his illustrious career). Despite these negatives, the book is absorbing and you will be forced to set aside some time for the book. The author of the book Alice Schroeder has been a financial analyst herself so she knows what she is talking about while she writes the book.
The book The Snowball: Warren Buffett and the Business of Life also concentrates on the inner business that goes on within the brain of Warren Buffet. The basic principle followed by Warren Buffet is to go by his inner scorecard rather than playing to the gallery. The other Wall Street tycoons were disgraced when things went wrong for them, Warren Buffet is different who didn’t fall prey to the trappings of wealth even if he was making all the money in the world. Even when he bought a private jet, he named it The Indefensible, which aptly describes the feeling he might be going through when he bought it. He is unsophisticated and proudly (and deliberately) so. He eats only cherry Coke, fries and burgers. His rules for investing money are very simple, he avoids debt, and remains invested in the market over the long term.
Why Only One Warren Buffet?
You may ask if these things are so simple, why is there only one Warren Buffet. The answer is – to become Warren Buffet, you need to be fiercely independent in mind and everybody cannot maintain this frame of mind all the time. He did not participate in the dot com boom, because he did not understand the way these companies did their business. Now we all know the obvious, he was right.
Anyone Can Stick To Basics
Surely anyone could do that (stick to the basics), so why is there only one Warren Buffett? The answer is that it demands a resolute independence of mind that eludes other investors. It’s not that he can easily convince the economists all the time. One group of economists came up with the Efficient Market Hypothesis and they said according to the theory, Warren Buffet simply couldn’t exist. Their central belief was that individual investors couldn’t consistently outperform the market. The theory was modified when Buffet pointed out his other eight peers were also doing equally well, since they were taught by the same teachers.
The author Prasoon Kumar works for www.uRead.com which is the leading online bookstore that offers all the current and all time great titles at never before prices. More such gems from Warren Buffet can be savored in the first official biography of the man at huge discounts only at http://www.uread.com/book/snowball-alice-schroeder/9780747596493
Article from articlesbase.com
Word of the Day: Prodigal = wastefully or recklessly extravagant Fact of the Day: According to the book “Warren Buffett Wealth” Warren Buffett bought his first stock at the age of eleven! Would You Rather of the Day: Have Warren Buffetts Money but 90% of people despise you OR only be able to make 000 a year for the rest of your life and 99% of people love you? Quote of the Day: I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over. — Warren Buffett Discussion of the Day: If you had Warren Buffett’s money, what would you do with it and why?
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Warren Buffett comes across in the media as a very smart man with an impish sense of humor, particularly in his countless appearances on CNBC. But as one of his grandchildren found out, crossing the Oracle of Omaha can lead to a world of hurt.
The world’s richest man severed ties with Nicole Buffett after she appeared in the well-regarded documentary “The One Percent,” in which the scions of billionaires, including New York Mayor Mike Bloomberg, spoke about what it was like to grow up wealthy. The film, made by Jamie Johnson of the Johnson & Johnson (NYSE: JNJ) family, is well worth viewing.
Ms. Buffett, though, made the fatal error of not informing her grandfather about the motion picture debut, according to Marie Claire: “Asked in the film how he’d react to her interview, Nicole responds, ‘I definitely fear judgment. Money is the spoke in my grandfather’s wheel of life’.”
That was a foolish thing to say and the younger Buffett knows it. The head of Berkshire Hathaway Inc. (NYSE: BRK.A) has argued his whole career that money is not everything. He abhors inherited wealth and has argued persuasively why an inheritance tax is good thing. That explains why he is giving away most of his money to the Bill & Melinda Gates Foundation.
None of that occurred to Nicole Buffett, who told the magazine she really didn’t understand who her grandfather was until he topped Forbes’ annual list of the wealthiest Americans. To make matters worse, she shot her mouth off on “Oprah.” Warren Buffett had enough, writing to his granddaughter that as far he was concerned, they were strangers. I guess he did not feel that close to her anyway. His son Peter adopted Nicole and her siblings, but he later divorced their mother.
I can understand why Warren Buffett wanted to teach Nicole Buffett, who gets by on ,000 a year she earns as an artist and reportedly goes without health insurance, that she should not act like a spoiled brat. But the punishment did not fit the crime.
The letter he wrote Nicole seems especially cold: “I have not emotionally or legally adopted you as a grandchild, nor have the rest of my family adopted you as a niece or a cousin,” the magazine quotes the letter as saying. “He signed the letter ‘Warren’.”
This goes to show you that even rich people have problems.
It’s a simple solution – set a budget cap, and if it’s violated, stop paying congress.