Warren Buffett

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Warren Buffett, 2005
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Warren Edward Buffett [ ˈbʌfᵻt ] (born August 30, 1930 in Omaha , Nebraska ) is a US American major investor , entrepreneur and patron . Almost all of his fortune is invested in the Berkshire Hathaway investment company , which he built and runs and of which he is himself the largest shareholder . In August 2015 he still held almost 19% of the company shares, although he has continuously sold shares for donations since 2006.

Buffett has long been one of the top three richest people in the world according to lists such as Forbes' The World's Billionaires , where he was number one in 2008, for example. Through years of fundraising campaigns, he has lately significantly reduced his wealth; As of July 17, 2020, he was still the 6th richest billionaires in the world according to the Bloomberg Billionaires Index .

His company's Berkshire Hathaway A-share was never split and is the world's most expensive stock at $ 302,260 on August 22, 2019.

Live and act

Biography until 1956

Buffett's home in Omaha

Warren Buffett was born in Omaha as the second child of the broker and later Congressman Howard Buffett and his wife Leila (née Stahl). He was married to Susan Buffett (née Thompson) from 1952 until her death on July 29, 2004. The three children Howard, Susan and Peter emerged from the marriage.

His first money earned Buffett in the summer of 1936 by Coca-Cola - six packs bought for 25 cents and sold the individual bottles for five cents back. He later made money as a newspaper delivery man , renting pinball machines and selling used golf balls. He made his first experiences with investments and stock trading in his father's company. There he bought his first three shares at the age of eleven . They were preferred shares of Cities Service (later Citgo Petroleum Corporation (Citgo), which is now state-owned by Venezuela ) for $ 38.25, and he sold them after the stock had been raised It was down $ 27 for about $ 40. When he was 14, he bought a 16 acre farm in Omaha for $ 1,200 and leased it out. When he was 17, he and friends bought a wrecked Rolls-Royce for $ 350. After they repaired it, they could rent it out for $ 35 a day.

After studies at the University of Pennsylvania belonging Wharton School and the University of Nebraska , he acquired in 1951 at Columbia University in New York the Master in Economics . There one of his teachers was the "father" of fundamental analysis , Benjamin Graham . He then worked at his father's company, Buffett-Falk & Company. During this time he completed a Dale Carnegie course in communication and leadership and then gave his first lecture at the University of Nebraska on investment principles . In 1954 he accepted the offer of his former teacher Graham to work in his brokerage company Graham-Newman as a securities analyst.

Since the beginning of his business activities in 1956, Buffett has almost consistently had above-average returns in excess of 20% p. a. earned. He achieved this almost exclusively as an investor by selecting stocks , companies and bonds and with an emphatically long-term investment horizon. He outperformed the leading stock markets by far and that "without taking undue risks" or "leaving a trail of victims". Added to this is his ability, which is probably unique in the stock exchange world, to present his profession publicly in the form of annual essays with puns, humility, humor and a certain tendency towards (self-) irony, which has earned him the nickname "Oracle of Omaha". Buffett still lives in the Omaha house he bought in 1958 for $ 31,500.

1956 to 1969: Buffett Partnership

After Graham retired into private life in 1956, Buffett, at the age of 25, founded his first private limited partnership (Buffett Partnership) in Omaha on May 1, 1956, with his own symbolic deposit of 100 US dollars. Another US $ 105,000 was contributed by seven relatives and friends.

The investment pool, which grew rapidly over the years in terms of participants and deposits, achieved an average annual investment return of 29.5% from 1956 to 1969 (Buffett earned 25% of the investment result in excess of 6%). For the initial investors, this (after deducting Buffett's share of success) turned out of 10,000 US dollars to 150,000 US dollars, in the same period an investment in the Dow Jones Index would have only resulted in an amount of a little more than 15,000 US dollars.

Towards the end of the 1960s, Buffett worried those on Wall Street, who were increasingly relying on short-term price increases and highly speculative stocks . As early as 1967 he wrote in a letter to his investors: "I can no longer do anything with the prevailing conditions". After the collapse of high-risk stocks and mutual funds from 1969 to 1971, the 1960s should be known in retrospect as the "Go-Go-Years" (named after the book of the same name by the well-known author John Brooks ), particularly personified by people like Fred Carr (Enterprise Fund), Fred Mates (Mates Fund), Gerald Tsai (Manhattan Fund) and last but not least Bernard Cornfeld and his Imperium Investors Overseas Services .

From 1969: Berkshire Hathaway

As a consequence, Buffett dissolved the investment pool in 1969 and offered his investors to sell their money in Berkshire Hathaway shares at the then rate of about $ 43 / share (such a share first traded at more than $ 300,000 in December 2017 ) to swap.

At the time his investment pool was dissolved in 1969, Buffett had already partially invested the remaining capital of Berkshire Hathaway in non-textile investments through the purchase of insurance (National Indemnity), a newspaper (Sun Newspapers of Omaha) and a bank (Illinois National Bank & Trust). In doing so, he repeated a behavior that he had already shown in 1962 after acquiring the majority in Dempster Mill : to let the capital of a less promising corporate business flow into more promising investments.

Berkshire Hathaway, which he acquired in 1965 for his investment pool, subsequently served him as an investment vehicle, which he converted over the course of time from a textile company into a holding company with a focus on the insurance business - with now 66 own companies and many other investments.

The reason for the takeover of Berkshire Hathaway was, according to Buffett's later information, a false statement by the then managing director Seabury Stanton . In 1962, Warren Buffett began buying Berkshire Hathaway shares after seeing a pattern whenever the company sold a textile mill. Over time, however, Buffett realized that the textile economy was slacking off and the company's financial position was not going to improve. In 1964, Stanton the oral offer that the company's shares from Buffett for 11 1 / 2  would buy back $ per share. A few weeks later, Buffett received the offer in writing, but for only $ 11 3 ⁄ 8  . Buffett later admitted that this made him angry. Instead of selling the shares, Buffett decided to take over Berkshire Hathaway and subsequently fire Stanton. However, he later described the takeover as a mistake due to Berkshire Hathaway's poor location.

Buffett had stakes in Diversified Retailing and Blue Chip Stamps in addition to Berkshire Hathaway in early 1970 . These two companies he later merged with Berkshire Hathaway (1979 Diversified Retailing, 1982 Blue Chip Stamps) after the mid-1970s, the Securities and Exchange Commission SEC did not last investigating him for alleged conflicts of interest (Blue Chip Stamps was also a kind of investment holding).

Buffett was unknown to the general public for a long time. That only changed when the well-known financial writer George W. Goodman (better known under his pseudonym "Adam Smith") dedicated a separate chapter in his book Supermoney to Warren Buffett and Benjamin Graham in 1972 .

On Wall Street, the collapse of highly speculative stocks in the late 1960s had led to a flight into stocks of solid companies with good profits and proven track records. As a result of the mass movement into the so-called Nifty-Fifty or Vestal Virgins , their prices, like those of speculative stocks before, were driven to ever more improbable heights. Ultimately, this bubble should burst in 1973/74. It wasn't until late 1974, almost at the end of a five-year bear market that had brought the worst price losses since the Great Depression , that Buffett spoke up. In a Forbes interview, he said, "Now is the time to invest and get rich." Buffett himself had made many investments before 1974. The investment in the Washington Post in 1973 and the acquisition of the confectionery manufacturer See's Candies in 1972 (via Blue Chip Stamps) should prove to be highly profitable investments to this day .

In the 1980s, Buffett made headlines by building larger holdings of Coca-Cola , American Express, and Gillette . In addition, Berkshire Hathaway also repeatedly acquired entire companies, such as the successful furniture retailer Nebraska Furniture Mart in 1983 , Clayton Homes, the largest American manufacturer of accommodation in trailer parks , and the associated credit banks, the largest of their kind in the USA (see below, litigation and Controversies ). He also caused a stir in 1991 when he saved the Wall Street house of Salomon Brothers , which had run into dire straits due to a scandal over manipulation in the auctioning of American government bonds .

Buffett's wife, Susan, decided to stop living with Buffett in 1977 after 25 years of marriage and moved to San Francisco to work as a singer and political activist, but maintained the partnership with him until her death in 2004. Susan then introduced Buffett to Astrid Menks, who with her consent became his constant companion and moved in with him. Warren and Susan continued to appear as a couple. Susan and Astrid got along well - friends often received invitations that all three had signed. Warren, Susan and Astrid's relationship can be described as a polyamorous love triangle. On his 76th birthday, Buffett married Astrid Menks at his daughter Susie's home.

In 2009, Buffett acquired Dow Chemical shares for $ 3 billion . In 2014, his net worth and investments were valued at $ 65 billion.

The main focus of the business activities of Berkshire Hathaway today, in addition to passive investments, is in the business of the now more than 60 proprietary companies, which are now active in various business areas, and in the insurance and reinsurance business, documented by the proprietary companies Berkshire Hathaway Reinsurance Group and Berkshire Hathaway Primary Group as well as GEICO (fifth largest motor vehicle insurer USA) and General Re (fifth largest reinsurer in the world).

Despite the size that Berkshire Hathaway has now reached, Buffett has managed to achieve above-average investment returns of around 20% over the past few decades, although the annual investment return has fallen to 20.2% since 1965. Buffett's fortune is represented 99% by his stake in Berkshire Hathaway.

At annual general meetings, Buffett repeatedly attracts attention with astute, self-critical, and humorous comments in the annual reports. The annual general meetings , which were recently attended by more than 37,000 people, are now called Woodstock for capitalists .

Berkshire Hathaway currently has $ 5 billion placed with Goldman Sachs . Buffett has defended Goldman Sachs against the SEC's fraud allegation . However, Charles Munger , vice president of Berkshire Hathaway, made a distinction between legality and ethics.

Buffett's investment company made it a long-term goal to control all rail transportation in the United States. At the end of 2009 Berkshire Hathaway increased its stake in US railroad company Burlington Northern Santa Fe from 22.6% to 100% for $ 44 billion.

Buffett owned 28.5% of the shares in Berkshire Hathaway in 2009, which corresponds to a market value of 36 billion US dollars at the time.

Investment principles

Warren Buffett and Barack Obama in the White House , July 2011.

Warren Buffett is an advocate of value investing and the most successful student of Benjamin Graham and his theories from the books Security Analysis and The Intelligent Investor . Over time, however, he was also influenced by other investors such as Philip Fisher . At the same time he is a declared opponent of the market efficiency hypothesis and modern portfolio theory .

Although Warren Buffett thinks little of dividends in his company, he pays close attention to high and rising dividends in his investments, which have been paid out for several decades. At Berkshire Hathaway, he has withheld all profits since he took control of the company. Management uses this money to buy back shares if they think the price is too low.

The central investment criterion is the concept of the "safety margin". The buyer of a security should therefore determine the intrinsic value of the paper and check whether the price of this security on the stock exchange is lower in his favor than the value determined. The intrinsic value is determined by many factors, which at Graham are mainly determined according to quantitative objective criteria (liquidation value of the company, P / E ratio , price-to-book value ratio , debt level, past earning power, dividend yield ).

It can often be read that he moved away from Graham's teachings over time, as he placed great value on qualitative elements in many purchases (skills and integrity of management, quality of the business, future earnings power). In evaluating qualitative elements, Buffett was influenced by Philip Fisher's book Common Stocks and Uncommon Profits , but most of all by his friend Charles Munger . Munger and Fisher call for the willingness to concentrate the capital to be invested strongly in a few investments and reject strong diversification. The qualitative approach was evident early on at Buffett when, for example, he acquired shares in the financial service provider American Express , which had run into great difficulties due to the salad oil scandal, in 1964 , or when he acquired a stake in the threatened insurer GEICO in 1976. In both cases, Buffett saw the current problems as manageable and the very business of the companies as healthy and highly profitable.

Buffett has always placed great emphasis on subjective criteria when assessing the intrinsic value of a company, but he never left the fundamentals of Benjamin Graham's investment philosophy. The key point remains that the acquisition of a company must be made at a very attractive price. Buffett himself never tires of explaining that his investment success is not an isolated or accidental success, but is based on the teachings of Graham. In his opinion, the “safety margin” and the intrinsic value of a company can be determined differently by different investors. In a 1984 speech at Columbia University, for example, he presented several investors (Stan Perlmeter, Bill Ruane, Walter Schloss) who had had outstanding investment success over long periods of time by following Graham's principles. From this address emerged his famous essay The Superinvestors of Graham-and-Doddsville .

Time and again, Buffett places significantly more value on subjective elements than Graham when acquiring a company. He is prepared to pay a price well above the actual book value for a company and its “ goodwill ” contained in a business that he judges to be great (in the 1983 annual report he explained this approach in detail both in general and specifically using the example of See's Candies). The subjective orientation is also shown by the fact that Buffett has great confidence in the chairmen of the companies in which he invests, values ​​them and their work ethic very much, and allows them almost complete freedom in running the business, although he wishes them that way keep working as long as possible. Buffett has therefore only developed a broader and more varied approach to determining intrinsic value than is the case with Graham.

In addition, according to Buffett, investors should only invest in companies (as “simple” as possible) whose business they understand. Buffett, who in his opinion knows nothing about technology, has therefore hardly ever invested in technology-heavy companies. In 1997, he turned down Microsoft's then Vice President Jeff Raikes ' offer to invest in his friend Bill Gates ' company, although Raikes made every effort to convince him of the advantages of Microsoft.

Furthermore, the investor should always see himself as a partner in the business and not as a speculator looking for short-term price increases. As a consequence, the investor should ignore the market fluctuations, since with a well thought-out acquisition according to the rules of the "safety margin" he can trust that this will eventually be realized in his favor. According to Buffett, he shouldn't care if the stock exchange is closed for years and ideally he should acquire the shares "forever".

Buffett himself always sums up the characteristics of a worthwhile investment goal as follows:

"We only invest in a company if we (1) understand the business, (2) the company's long-term prospects are good (proven profitability, good returns on invested capital, little or no debt, attractive business), (3 ) the company is run by competent and honest managers and (4) is rated very attractively. "

Using the example of the Nebraska Furniture Mart, which Buffett bought in 1983, he explains that before making any purchase he considers whether and how he could compete with the company: “I would rather fight grizzlies than fight Mrs. B. and her descendants compete. They shop brilliantly, they operate with cost ratios that their competitors do not even dare to dream of, only to pass their savings on to customers. It's the ideal business - one that creates exceptional value for customers, which in turn is great for business owners. "

Buffett's aversion to debt was shown when he once said that even a 99% chance of getting a higher return on money borrowed does not justify the 1% risk of getting into trouble from debt in an unforeseen event . He does not define risk as volatility, but, like Benjamin Graham , as the possibility of permanent loss of capital. You should never forget, says Buffett, that other people's money has been entrusted to you, so even the smallest amount of money should be managed with the utmost care.

In 2018, a scientific journal published a formula that does a pretty good job of replicating Buffett's investment results. The researchers concluded that Buffett's investment success was based more on his choice of company holdings than on his influence on the way companies were run.

However, Buffett used the debt instrument indirectly, but extensively, through insurance premiums that are not paid out immediately (so-called float ). In 2011 Berkshire had float worth nearly $ 71 billion. Frazzini (2018) gives Buffett's leverage as 1.4 to 1.7.

Derivatives

Buffett is considered a harsh critic of the derivatives business . In 2002 he said that the amount of derivatives is limited “only by the imagination of people”, namely by “madmen” (madmen). At Berkshire Hathaway, after acquiring the reinsurer General Re , he pleaded for an exit from the derivatives business, but - to his later regret - not emphatically enough.

In February 2003, he addressed the topic of derivatives a separate chapter in its annual Anlegerbrief and coined it the concept of Financial Weapons of Mass Destruction (financial weapons of mass destruction ), whose risks can not be controlled by the central banks and their implications for the financial system could be fatal. In the 2005 report after General Re's derivatives business suffered over $ 400 million in losses, he renewed this criticism. In that regard, Damian Paletta and Scott Patterson note in the Wall Street Journal that the company is attracting attention by lobbying more law reform regulating such businesses.

In 2008, however, he sold derivatives in the form of put options on the S&P 500 , FTSE 100 , Euro-Stoxx 50 and Nikkei 225 stock market indices with terms between 10 and 20 years. He immediately took in a $ 5 billion premium, betting at the height of the global financial crisis that stock prices would rise over the long term. If they stayed low or even fell, he would have to pay the buyers of the options up to USD 37 billion in compensation.

Corporate investments

In 2017, Buffett's investment company massively expanded its stake in the iPhone manufacturer Apple . The stake in Apple was valued at around 24 billion euros at the end of 2017 and, with a 16.5% custody account, takes the top position among Buffett's corporate investments.

The US bank Wells Fargo follows in second place among the largest company investments in 2017 (investment value approx. 19 billion euros, 12.8% custody account). Bank of America takes third place (investment value approx. 17 billion euros, 11.2% custody account). The US food company The Kraft Heinz Company follows in fourth place (investment value approx. 16 billion euros, 11% depot share). The US beverage manufacturer Coca-Cola takes fifth place (investment value approx. 15 billion euros, 9.8% depot share).

In total, Buffett's investment company was involved in more than 25 companies at the end of 2017. In most cases, the investment total was well over 1 billion euros. The total value of all Buffett company holdings was more than 140 billion euros at the end of 2017.

In February 2019, it was announced that Buffett held 27 percent of the shares in Kraft Heinz.

Foundations and Initiatives

In 2006, Buffett announced that 85% of his assets would be gradually donated to five foundations and left for charity . The majority is to go to the Bill & Melinda Gates Foundation , a smaller portion is to be distributed across a total of four family foundations.

In June 2010, he started along with Bill Gates , the campaign The Giving Pledge ( Engl. "The promise to give up something") should be the so-called American "super-rich" donate money to charity. In August 2010, 40 US billionaires had already promised themselves this campaign.

In June 2012, Buffett auctioned a lunch with him for $ 3.5 million, with the proceeds going to the Glide campaign, which cares for the homeless and poor in San Francisco. A year earlier, such an auction brought in $ 2.6 million.

Litigation and controversy

In 2011, the US disaster relief agency FEMA sued the Buffett-owned company Clayton Homes for measuring elevated levels of formaldehyde , which can cause respiratory diseases in children and is carcinogenic in the US , in the residential containers it delivered for the housing of victims of Hurricane Katrina is classified. The same container was delivered to Haiti by the Clinton Foundation , possibly after aggressive pressure from Clayton Homes.

In 2015, the Seattle Times , BuzzFeed and the Center for Public Integrity reported in a multi-part series on the business practices of Clayton Homes and its affiliated credit banks., The allegations particularly concerned false promises when signing a contract, additional fees and contract terms suddenly changed after purchase, as well as excessive interest claims. At the same time, Buffett's company was committed to the US Congress for the abolition of consumer protection regulations in favor of residents of mobile homes . Buffett denied the allegations in the Omaha World Herald, but the Center for Public Integrity stuck to his account. Other allegations concerned the collection of higher interest rates and fees from members of minorities such as African-Americans , Hispanics and Indians . According to the report, four Democratic congressmen called for an investigation into the company's business conduct.

Living conditions, award and media presence

Buffett's lifestyle is often described as modest, including still living in the house he bought in 1958 for $ 31,500. In addition, his unhealthy lifestyle with ice cream and cola for breakfast is occasionally discussed, which he himself describes as: “The lowest death rates are among those under six. So I decided to eat like one. "

Buffett is a recipient of the Presidential Medal of Freedom , the highest civilian honor in the United States. In 1992 he was elected to the American Academy of Arts and Sciences . He has been an elected member of the American Philosophical Society since 2009 .

In a 2010 commercial for the American car insurance company Geico, Buffett, who was almost 80 years old at the time, appeared in the typical stage outfit of Axl Rose , singer of the rock band Guns N 'Roses , and achieved considerable response, especially in the US media.

In the 2011 film Too Big to Fail - The Great Crisis about the 2007 Financial Crisis , Buffett was portrayed by Edward Asner .

In April 2012, Buffett announced that he had prostate cancer , but treatment was successfully completed in September 2012.

Warren Buffett made an appearance in the 15th season of " The Apprentice ".

capital

According to the Forbes 2020 list, his net worth is around $ 67.5 billion. So he ranks 6th on the list of the richest people in the world.

Buffett receives an annual salary of $ 100,000.

Class Struggle Quotes

"There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning."

- Warren Buffett

"It's class warfare, my class is winning, but they shouldn't be [winning]."

- Warren Buffett

"There is class warfare, my class wins, but it shouldn't."

- Warren Buffett

Publications

literature

  • Adam Smith. Supermoney. Michael Joseph, London 1973, ISBN 0-7181-1128-1
  • “Look at all those beautiful, scantily clad girls out there!” Forbes , November 1, 1974.
  • Roger Lowenstein: Buffett - The Making of an American Capitalist . Random House, New York 1995 ISBN 0-385-48491-7 .
  • Roger Lowenstein: Buffett: The Story of an American Capitalist . Börsenmedien, Kulmbach 2009 ISBN 978-3-938350-87-4 .
  • Robert Hagstrom jun .: Warren Buffett - His way. His method. His strategy . Verlag Börsenmedien AG, Kulmbach 1996, 320 pages, ISBN 3-922669-14-X .
  • Mary Buffett and David Clark: Buffettology - Investing Smartly in the Stock Exchange with Warren Buffett . Econ TB / Ueberreuter Wirtschaft 1998, ISBN 3-548-75095-8 .
  • Robert G. Hagstrom: Buffettissimo . Campus, Frankfurt a. M. 2002, ISBN 3-593-36948-6 .
  • James Pardoe: That's how Warren Buffett does it. Linde, Vienna 2005, ISBN 3-7093-0071-1 .
  • Ayano Morio: Warren Buffett. A manga . FinanzBook Verlag, Munich 2006, ISBN 3-89879-219-6 . ( Review , excerpt, PDF file )
  • Alice Schroeder: Warren Buffett - Life is like a snowball. FinanzBook Verlag, Munich 2008, ISBN 978-3-89879-412-1 .
  • Warren Buffett in the Munzinger archive ( beginning of article freely accessible)

Studies

  • Elena Chirkova: Why is It that I am not Warren Buffett ?. In: American Journal of Economics. 2, 2012, p. 115, doi : 10.5923 / j.economics.20120206.04 .
  • Andrea Frazzini, David Kabiller, Lasse Heje Pedersen: Buffett's Alpha. In: Financial Analysts Journal. 2018, 74 (4): 35-55, doi : 10.2139 / ssrn.3197185 .

Web links

Commons : Warren Buffett  - collection of images, videos and audio files
Wikiquote: Warren Buffett  Quotes
 Wikinews: Bill Gates Still Richest Man in the World  - Message
 Wikinews: US Congress Hearings on Accounting Scandal at Mortgage Dealer Fannie Mae  - News

news

Individual evidence

  1. ↑ forbes.com: Billionaires
  2. ↑ Bloomberg Billionaires Index: Investment legend Buffett keeps falling behind. In: finanzen.net. July 17, 2020, accessed July 20, 2020 .
  3. ↑ Berkshire Hathaway A Historical Prices. In: ariva.de. August 23, 2019, accessed August 23, 2019 .
  4. ↑ Which are the most expensive stocks in the world? In: fxssi.com. January 7, 2019, accessed August 23, 2019 .
  5. ^ The Snowball: Warren Buffett and the Business of Life , Alice Schroeder, Bloomsbury Plc 2008
  6. ^ Lowenstein: Buffett . 2009, p. 15 .
  7. ^ Lowenstein: Buffett . 2009, p. 710 .
  8. ↑ a b Warren Buffett has cancer. manager magazin online, April 18, 2012, accessed on September 20, 2012 .
  9. ↑ Liz Moyer: Shares of Warren Buffett's Berkshire Hathaway hit $ 300,000 - each - for the first time. December 18, 2017, accessed November 6, 2019 .
  10. ↑ Alex Crippen: CNBC Transcript: Warren Buffett's $ 200B Berkshire Blunder and the Valuable Lesson He Learned. In: CNBC. October 18, 2010, accessed October 23, 2016 .
  11. ↑ America's trailer parks: the residents may be poor but the owners are getting rich , The Guardian, May 3, 2015
  12. ↑ "How Does Warren Buffett Get Married? Frugally, It Turns Out. " New York Times , September 1, 2006
  13. ↑ "Buffett Ties Knot at Seafood Restaurant". The Age, Australia, September 3, 2006
  14. ↑ "Buffett And His Belle Get Hitched" , Forbes , September 1, 2006
  15. ↑ Abstract (English)
  16. ^ Dow Says Cost of Buffett Exit Doesn't Suit Shareholders . 3rd December 2013.
  17. ↑ Berkshire Hathaway Annual General Meeting: Buffett Mania in Omaha .
  18. ↑ Using Warren Buffett's recipe for success. In: boerse-online.de. Retrieved August 30, 2015 .
  19. ↑ Berkshire Hathway newsletter (PDF file; 302 kB)
  20. ↑ FOCUS Online: Pilgrimage to the billionaire .
  21. ↑ Pilgrimage to the Billionaire , Focus from May 10, 2010
  22. ↑ Michael J. de la Merced: Buffett Offers Support of Goldman at Meeting. The New York Times, May 1, 2010.
  23. ↑ Mega takeover: Buffett buys railroad company for 44 billion dollars , Spiegel-online, November 3, 2009
  24. ↑ Warren Buffett gives Bill Gates a huge block of shares. In: Spiegel Online , July 3, 2009.
  25. ↑ Warren Buffett loves dividends, but doesn't pay them himself . In: The Motley Fool Germany . April 19, 2017 ( fool.de [accessed June 9, 2017]).
  26. ↑ The "Salad Oil Scam," Investors Daily, August 20, 2003
  27. ↑ BUFFETT: Volatility is not the same thing as risk, and investors who think it is will cost themselves money , Business Insider UK, April 7, 2015.
  28. ↑ Andrea Frazzini, David Kabiller, and Lasse Heje Pedersen: Buffett's Alpha. In: Financial Analysts Journal. Retrieved February 25, 2019 .
  29. ↑ Elena Chirkova: Why is It that I am not Warren Buffett ?. In: American Journal of Economics. 2, 2012, p. 115, doi : 10.5923 / j.economics.20120206.04 .
  30. ↑ David Dayen: Special Investigation: The Dirty Secret Behind Warren Buffett's Billions. In: thenation.com. February 19, 2018, accessed March 3, 2018 .
  31. ↑ a b Christof Leisinger: The second face of a nice uncle - NZZ . September 6, 2012.
  32. ↑ Andrea Frazzini, David Kabiller, Lasse Heje Pedersen: Buffett's Alpha. In: Financial Analysts Journal. 2018, 74 (4): 35-55, doi : 10.2139 / ssrn.3197185 .
  33. ↑ Berkshire Hathaway Letter to Shareholders 2002. PDF, 22 pages, English.
  34. ^ Damian Paletta, Scott Patterson: Deal Near on Derivatives. In: Wallstreet Journal , April 26, 2010.
  35. ↑ boerse.de: Warren Buffett corporate holdings, tabular overview
  36. ↑ Katharina Kort: Kraft Heinz, Nestlé, Coca-Cola: Fast food is out. In: handelsblatt.com . February 26, 2019, accessed February 26, 2019 .
  37. ↑ Carol J. Loomis, "Warren Buffett gives away his fortune." CNN, June 25, 2006, accessed September 20, 2012 .
  38. ↑ 40 super-rich donate half of their wealth. In: spiegel.de. October 4, 2010, accessed June 10, 2012 .
  39. ↑ Millions for a meal with Warren Buffett. In: derstandard.at. June 9, 2012, accessed June 10, 2012 .
  40. ^ The Shelters That Clinton Built , The Nation , July 11, 2011
  41. ^ The mobile-home trap: How a Warren Buffett empire preys on the poor , The Seattle Times, April 2, 2015
  42. ↑ Buffett's mobile-home business has most to gain from deregulation , The Seattle Times, May 17, 2015
  43. ↑ Buffett's mobile-home empire makes record profits while foreclosing on 8,444 homes , The Seattle Times, February 27, 2016
  44. ^ Warren Buffett's mobile home empire preys on the poor , Center for Public Integrity, April 3, 2015
  45. ↑ Buffett's mobile-home business has most to gain from deregulation plan , The Seattle Times, May 17, 2015
  46. ^ Clayton Homes statement on mobile-home buyer investigation , Omaha World Herald, April 3, 2015
  47. ^ A look at Berkshire Hathaway's response to 'mobile home trap' investigation , Center for Public Integrity, April 6, 2015
  48. ^ Warren Buffett's Company Wants To Sell You A Mobile Home (Note To Minority Buyers: You Pay Extra) , BuzzFeed, December 26, 2015
  49. ↑ Buffett's Mobile-Home Unit Should Be Probed, Lawmakers Say , Bloomberg.com, Jan. 13, 2016
  50. ↑ The Oracle of Omaha. In: taz.de. Retrieved August 30, 2015 .
  51. ↑ Warren Buffett "likes very big deals". In: creditreform-magazin.de. Retrieved August 30, 2015 .
  52. ↑ Warren Buffett: I love cola, ice cream - and stocks. In: deraktionaer.de. Retrieved August 30, 2015 .
  53. ^ Obama to award the Warren Buffett Medal of Freedom . 17th November 2010.
  54. ^ Member History: Warren Edward Buffett. American Philosophical Society, accessed May 24, 2018 .
  55. ↑ "Warren Buffett sings". CNN, March 2010, accessed June 10, 2013 .
  56. ^ "Warren Buffett Rocks Out in Insurance Commercial Ad Video For Geico". ABC News, March 2010, accessed June 10, 2013 .
  57. ↑ Too Big to Fail, Cast , HBO Films, accessed March 6, 2017
  58. ^ Warren Buffett completes prostate cancer treatment. LA Times online, September 16, 2012, accessed February 19, 2013 .
  59. ↑ Warren Buffett's memorable TV appearances: 'Celebrity Apprentice,' 'Loving,' more , Andy Edelstein, Newsday, Jan. 24, 2017
  60. ^ Real Time Billionaires. Retrieved July 25, 2020 (English).
  61. ↑ Warren Buffett has been getting the same amazing salary for years . In: finanzen.net . ( finanzen.net [accessed April 9, 2018]).
  62. ↑ Ben Stein / NYTimes, Nov. 26, 2006: 'In class warfare, guess which class is winning'
  63. ↑ edition.cnn.com: Buffett: 'There are lots of loose nukes around the world'
  64. ↑ diepresse.com: Warren Buffett: The nice face of capitalism
This version was added to the list of articles worth reading on July 18, 2007 .
personal data
SURNAME Buffett, Warren
ALTERNATIVE NAMES Buffett, Warren Edward (full name)
BRIEF DESCRIPTION American major investor, entrepreneur and patron
DATE OF BIRTH August 30, 1930
PLACE OF BIRTH Omaha , Nebraska