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6 Reasons Why Warren Buffett is the World’s Most Interesting Billionaire

Buffett facts slideshow may 2014

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6 interesting Warren Buffett facts

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6 Reasons Why Warren Buffett is the Worlds Most Interesting Billionaire1.) Hes Giving All His Money AwayBuffett pledged to gradually give billions in Berkshire Hathaway Stock to five charitable foundationsMost will go to the Bill and Melinda Gates FoundationThe rest will go to foundations headed by Buffetts children, and to the Susan Thompson Buffett foundationThe number of shares given away will decline each year, with the idea the share price will rise

Source: www.weakonomics.comBuffetts children support his decision to give his money awayHis daughter Susan said it would be insane to simply leave his kids so much moneyBill Gates credits his relationship with Buffett for his love of philanthropy2.) He decided to be rich at a very young age

Buffett had a paper route when he was very young and used his money to buy his first stock at age 12, and wishes he started even earlierHe understood the principal of compounding his investment returns, and of buying real thingsHe bought a small farm at age 14 with savings from his newspaper delivery job3.) He leads a very modest life

Buffett lives in the same 3-bedroom house in Omaha, Nebraska he bought more than 50 years agoHe says the house has everything he needsHis home is not fenced, or otherwise blocked off from public viewBuffett still drives his own car everywhere and does not employ a driver or security personnel. He does not like to travel by private jetThis is ironic, since Berkshire owns the worlds largest private jet company (NetJets)Buffett has never been a high society type, preferring to be at home watching television or playing bridge.He doesnt even carry a cell phone4.) Buffett doesnt micromanage

Berkshire Hathaway has nearly 100 subsidiary companies, and Buffett sends each CEO just one letter each year with a few goalsHe doesnt have regular meetings or callsHe gives his CEOs only two rulesRule 1: Never lose moneyRule 2: Never forget rule 1Flickr/tedizen5.) Hes a very low-tech guy

Buffett doesnt carry a cell phoneHis desk doesnt have a computer on itHe has always been very hesitant to invest in any tech company, as most dont fit his wide moat criteriaWikimedia/Nition16.) He learns from his mistakesDespite the publics perception, Buffett gets it wrong from time to time. However, he learns from his mistakes and is now a better investor because of some of them

The first stock Buffett bought was Cities Services Preferred.After he bought it, shares lost nearly a third of their value, then recovered, and he sold for just a little more than he paid.Over the next couple of years, the share price quintupledLESSON: When you believe in a stock, hold it for the long haulBuffett bought into Salomon Brothers in 1987, and almost lost his reputation and fortune as a resultHe thought the stock had been beaten down as a result of market conditionsWithin weeks of his investment, Salomon announced it lost $70 million by trading junk bondsIn the early 1990s, Salomon was caught up in a bond trading scandal that almost caused the firms bankruptcyBuffett then became chairman and wound up keeping the company alive, eventually selling at a profit.LESSON: Some companies are cheap for a reason!

Warren Buffett Just Bought 9 Million Shares of This Stock!