Buffett became a billionaire on paper when Berkshire Hathaway began selling class A shares on May 29, 1990, when the market closed at $7,175 a share. More on Warren Buffett: https://www.amazon.com/gp/search?ie=UTF8&tag=tra0c7-20&linkCode=ur2&linkId=9113f36df9f914d370807ba1208bf50b&camp=1789&creative=9325&index=books&keywords=Warren%20Buffett
In 1998, in an unusual move, he acquired General Re (Gen Re) for stock. In 2002, Buffett became involved with Maurice R. Greenberg at AIG, with General Re providing reinsurance. On March 15, 2005, AIG's board forced Greenberg to resign from his post as Chairman and CEO under the shadow of criticism from Eliot Spitzer, former attorney general of the state of New York. On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1.6 billion. In 2010, the federal government settled with Berkshire Hathaway for $92 million in return for the firm avoiding prosecution in an AIG fraud scheme, and undergoing 'corporate governance concessions'.
In 2002, Buffett entered in $11 billion worth of forward contracts to deliver U.S. dollars against other currencies. By April 2006, his total gain on these contracts was over $2 billion. In 2006, Buffett announced in June that he gradually would give away 85% of his Berkshire holdings to five foundations in annual gifts of stock, starting in July 2006. The largest contribution would go to the Bill and Melinda Gates Foundation. In 2007, in a letter to shareholders, Buffett announced that he was looking for a younger successor, or perhaps successors, to run his investment business. Buffett had previously selected Lou Simpson, who runs investments at Geico, to fill that role. However, Simpson is only six years younger than Buffett.
Buffett ran into criticism during the subprime crisis of 2007--2008, part of the late 2000s recession, that he had allocated capital too early resulting in suboptimal deals. "Buy American. I am." he wrote for an opinion piece published in the New York Times in 2008. Buffett has called the 2007--present downturn in the financial sector "poetic justice". Buffett's Berkshire Hathaway suffered a 77% drop in earnings during Q3 2008 and several of his recent deals appear to be running into large mark-to-market losses.
Berkshire Hathaway acquired 10% perpetual preferred stock of Goldman Sachs. Some of Buffett's Index put options (European exercise at expiry only) that he wrote (sold) are currently running around $6.73 billion mark-to-market losses. The scale of the potential loss prompted the SEC to demand that Berkshire produce, "a more robust disclosure" of factors used to value the contracts. Buffett also helped Dow Chemical pay for its $18.8 billion takeover of Rohm & Haas. He thus became the single largest shareholder in the enlarged group with his Berkshire Hathaway, which provided $3 billion, underlining his instrumental role during the current crisis in debt and equity markets.
In 2008, Buffett became the richest man in the world, with a total net worth estimated at $62 billion by Forbes and at $58 billion by Yahoo, dethroning Bill Gates, who had been number one on the Forbes list for 13 consecutive years. In 2009, Gates regained the position of number one on the Forbes list, with Buffett second. Their values have dropped to $40 billion and $37 billion, respectively, Buffett having lost $25 billion in 12 months during 2008/2009, according to Forbes.
In October 2008, the media reported that Warren Buffett had agreed to buy General Electric (GE) preferred stock. The operation included extra special incentives: he received an option to buy 3 billion GE at $22.25 in the next five years, and also received a 10% dividend (callable within three years). In February 2009, Buffett sold some of the Procter & Gamble Co, and Johnson & Johnson shares from his portfolio.
In addition to suggestions of mistiming, questions have been raised as to the wisdom in keeping some of Berkshire's major holdings, including The Coca-Cola Company (NYSE:KO) which in 1998 peaked at $86. Buffett discussed the difficulties of knowing when to sell in the company's 2004 annual report:
That may seem easy to do when one looks through an always-clean, rear-view mirror. Unfortunately, however, it's the windshield through which investors must peer, and that glass is invariably fogged.
"Teachers don't get paid well"... yeah no shit. Maybe if we got off the Communist system of public education and let the market decide, they could. All of these property taxes and what we get is a bunch of financially illiterate, indebted leftists (for the most part). Wake up.
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Buffett's idea of staying out of debt is to let others do the work for you. what has this cocksucker ever done in his life besides live off the blood of others? he's never made a single thing ever in his life.......he just takes a piece of what you have, a piece of what everyone else has, pools it all together and calls it an investment. what if we were all Warren Buffetts.........who would do the actual work? the only way a POS like Buffett can live is if there are others actually digging the ditches. wake up people, he's never grown a potato. plowed a field, picked a fruit or laid a brick in his life. just the fact that not even in theory can we all be a Warren Buffett tells you that his way can only mean one class of people living off the backs of another. this is not a good person. that's just the plain old truth of it. people who don't want to know it are people who don't care if what i said is true. they don't care if it means they live off the backs of others, just like it doesn't matter to Buffett, but because they know it is bad and unfair and their victims wouldn't stand for it, that good people would not stand for it. so they make up excuses and invent bullshit to argue back when they get called out for the criminals they are. they have to........what else are they going to say "yes you got me figured out, i am a criminal and i don't care i am"? is that what a very intelligent person who just happens not to care if he is a criminal going to say? of course not, the criminal is going to come up with some very clever bullshit to baffle you with. he is going to try to convince you he is honest, that you have it all wrong, trust him, believe him. WTF else is going to say?
They say tell me about your heroes and i will tell you about your future......started a invesment blog with the teachings of warren buffett, charlie munger,philip fisher and joel grennblatt ...... check it out
Staying out of debt is VERY easy. 1. If you decide to have children - do so in a stable marriage/2 person household. 2. Buy catastrophic care for yourself and EVERY dependent you have the minute they are conceived. Buy this when YOU are young and healthy. 3. Work. The more hours you work, the less hours you can spend and get into trouble. 4. Don't put things on credit you can't pay off at the end of the month. People are in debt because they want to live beyond their means and are irresponsible.
WB like him or loathe him it can be argued has got so big that he (and his likes) have monopolised wealth creation as they can manipulate prices with their huge funds. In the process they have tied up so much money that it has resulted in millions of deaths around the world from hunger alone. Is there therefore an argument to cap the wealth of an individual. Just a thought replies welcome.
Watching this now and listening what he said about tech and should I have heard him then, I might have bought some stocks in tech companies, but like everything, I might have not so... need to find more updated videos of him to see how he sees the future
WB is great with numbers. He doesn't live in a big house or even drive the most expensive model car of a given brand. Even talked about going to public school and not a private school. From a family that didn't earn a lot during the G. Depression, a lot of habits of frugality build into your lifestyle that you have no problem limiting yourself with the bare essentials... and for all the money saved with compounding interest he gets a bigger reward later.
WB will drive by a McD to buy a burger meal with a Coke and goes to a DQ for his frozen dessert. Someone who has all the money in the world can wine & dine in a 5-star restaurant and why not? Because the fancy restaurant is not a public company that is in his portfolio. He probably got shares of McD, Coke & DQ (huge multi-national corporations) so keeping their profits up would eventually benefit his company.
The tech industry consist of multi-million dollar businesses that make huge profit margins by manufacturing products with cheap labor outside the US and sell it at a premium... and these companies dictate the product cycle getting people to upgrade their gadgets while the old ones are still usable.
A wealthy man can tell others to be happy with a job that doesn't offer high income potentials but for him he can drive a luxury sedan around town (he has a choice) but the rest of us can only dream...
18:53 I've never heard anyone else say that, but the same thought occurred to me about 10 years ago. All the smart, motivated women who now become doctors and lawyers, in past times were teachers, nurses and homemakers. Who now fills the void left by those smart, motivated women who aren't teaching our children?
22:44 China, Japan and Germany make all the computers and steel. When was the last time the US made a TV? Bottom line is that the US *is* mostly a service economy.
He basically just admitted it was all luck.I think what's brilliant is how he manages to give people hope without giving them unrealistic dreams. If the people listening think they are going to be as rich as Warren Buffet one day because they have 10,000 in savings it's something they inferred upon his speech that he didn't say.I have a feeling he hates doing these speeches because he has to think to himself before hand "How do I give people hanging on my every word practical advice when I myself attribute my success to mostly luck." He tries to make people happy with what they have because he knows the likelihood of any of them getting lucky is very low. He probably thinks how closely people try to examine the habits of the rich is silly. He's a financially successful anomaly , but one thing I completely agree with is that we are all poised to hit a home run because we are American. I do think a lot of Americans aren't given very many opportunities to swing the bat. Then there are some Americans who are constantly up to bat increasing their chances of hitting a successful home run as well as gaining practice on how to hit one.
I used to like this guy. Funny things about him, he also took a loan from his parents like trump yet no one bashes him. He also profited from the housing collapse because he owns 20% of moodys, the credit rating agency that rated sub prime mortgage bonds yet no one is mad at him for profiting off people losing their homes and jobs.
Your are all missing the point. This person is the driver of poverty. When kids go hungry. Sucking the resources. Why young teens end up with nothing. You get what you can pay for. Courupt system. Lied to by propoganda government. Why cops shoot young black men. What a system. Paracite of a ineffectual system that doesn't serve the people.Well done MR Buffett.
Micky Rat sounds funny but sadly very true, if your lovely lady drinks like a sailor your 200+ dollars short from the very first second, then if she smokes like john wayne then your 600 short right off the bat, then if your sweety needs a nice new car now your 1100 short right off the bat, and this wonderfull relationship is just starting, same goes for men its a two way street, if your love is a welfare queen then maybe all will be ok but thats 24k a year for booz ciggs car ins ect..
Who! I like Warrant Buffet you are real king. I hate communist leaders. Communist took young children mind first by telling them everything eagle and free. After that the communist use the children and use young adults to work like slaves and starve and torture to hell. Also use teenager to go again on their parent and spy on their neighbor. After that communist leader own everything even a strain of your hair and our heart and your spirit. So I am glad Dona Trump is our president.
Don't pay for trash pickup. Take it to the dump yourself. I pay 19 every three months. The garbage is sealed well.
Join the least expensive gym you can join. I pay 20 a month. Working out is a good plan for staving off aches and pains as you age.
Stay out of debt. Period.
If you can't pay it in cash, don't buy it.
Pay off all credit cards, then don't use them.
It's not what you make, it's what you spend.
Keep any car you own a minimum of ten years.
Save 15% of your income in pretax investment thru work.
Fund a ROTH fully 5500.
Build an emergency fund that will last 3-6 months.
Set everything up automatically and let it GROW!
Don't believe what this guy says. We live in a debt based system. Warren Buffett got rich by piling up debt on debt on debt. His whole empire is based on debt. Search on youtube for Robert Kiyosaki's "Good" Debt and Bad Debt videos. Not that the "Good" debt of Robert Kiyosaki is actually morally good debt. Cause you help to crash society with it, because of money creation out of nothing and the component of interest in relation to that. The exponential function will eventually make an end to the ponzi scheme, which the present monetary system is.
what is most remarkable about this talk is NOT 1. his advice on debt, which everyone who isnt an idiot knows 2. value of human capital and striving to do what you enjoy 3. value of money.. 4. etc etc, THE MOST AMAZING thing is this video is 1999 talk and he is talking about technology transformation like he knew what 2017 is today, with uber, amazon, day trading, teleconference, cloud computing... not bad for an old man that is humble to say he is like a chimp when bill gates is explaining the future to him. NOW, this demonstrates why he is a mega billionaire and WHY he is a VALUE Long term investor... he GETS IT. he can see the future is in any industry and is not a stubborn bastard like your typical rough neck or jock... it just shows how the mind of a brilliant investor works... lets not mention tesla, artificial intelligence, space tourism, digital printing, virtual reality. to american capitalism spirit
he missed the corrupt banking system and the financial crash, dodgy mortgages and property bubble, 911 and terrorism.. and QE.. donald trump..but for a value investor you look at change and put your money in companies that will be the biggest part of that revolution
Owning a small business can be a good learning experience. I wish I did not have to learn the hard way so late in life. I am 54 and must let people whom are poison to my business go. I have no resources to replace the bad with the good - only faith. Life is hard, but God is good.
About history,,,slaves are free now and robots take over pickin cotton..
Bill Gates make u dont need work,,, and wath do we eat that we can
afford? mc,d,,? colesterol and diabetes to make more monny to
pharma...more taks to finanse war and i am stil sober..........ok now i
am drunk and i think about the world again with another idea...we can
not do without the world but the world can do great without us,,,,,,
"You won the lottery by being born in the United States." I think most people need to remember this than spending so much energy hating others. Empower yourself with your own innate abilities. Earth is a beautiful place. Enjoy it!
When I was in College in the mid 1970's "one million dollars" was the equivalent of $5.9 Million today so basically I had to earn $220,000 in 1974 dollars to be the equal of a Millionaire in 2017. Set your goals at an attainable level and this Country (USA) will allow you to fulfill them if you do your part and don't let goals slide. You CAN do it!
My earnings potential is pretty much zero and has been for the longest time from diabetes, and I'm pretty much sick of fucking capitalism. It just has never worked for me. School, entrepreneurial ventures, career, job. Fuck it. It's all bullshit. It all was a horseshit fucking lie from day one. It doesn't matter how smart you are, how much passion you have, or how many long hours you are willing to put in or risk you are willing to take. Go ahead and do what you love, the money won't follow...
Even this video is bullshit. Warren Buffet talks about integrity, but one of his largest holdings has been Coca Cola... a sugar water manufacturer that has caused world wide tooth decay, diabetes, flatulence, acid reflux, anxiety, depression, and numerous health problems. It achieved record profits at the expense of public health. Including my health. And I'm not alone, not by any stretch of the imagination. There are millions of people out there like me who are exhausted, fatigued, confused, can't concentrate, or in pain from diabetes.
Credit card debt caused by catastrophic illness (diabetes) from products companies he was heavily invested in... sold.... was totally avoidable. It's like a crook preaching to his victims... well, it's your own god damn fault, you let me rob you blind.... you should of never trusted me, my companies, or its products. Business is war, sucker....
Not... seeing... the... integrity...
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I cant help but wonder who the losers are that have given and will give the video a thumb down. Are they successful, high calibre, high flyers or heavy hitters. I think not. It will be self important, deluded wannabes, prowling and scavenging for a quick fix, hoping to pick up a few nuggets of valuable knowledge that they ultimately failed to perceive or, worse still, the thumb down would have been given by losers who shouldn't have visited here in the first place. I have a message for those suckers: The elevator to success is out of order, but you can always take the stairs. What's the matter? Too lazy?
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