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Inside Warren Buffett
by Gabby Hyman
Business Programs Columnist
Childhood business whiz Warren Buffett began his business education early. His investment and funds management savvy has made him one of the richest men in the world and the envy of stock traders everywhere.
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Warren Buffett is considered second only to Microsoft's Bill Gates as the richest man in the world. Nicknamed the "Oracle of Omaha," Buffett is renowned the world over for his Wall Street savvy and entrepreneurial management skills. Son of a Congressman and stockbroker father, Buffett sold newspapers as a child and re-sold bottles of Coca Cola to his boyhood pals for a profit. His business education paid off: eventually he became one of the largest stockholders of the soft drink company.
How old was Warren Buffett when he began his business education?Buffett began learning about management and investing from his father long before his 10th birthday. At age 13, Buffett filed his first 1040 income tax form. He reportedly claimed as a deduction the $35 purchase of a bicycle to facilitate his paper route.
Did Warren Buffett receive a formal business education?Following his father's wishes, Buffett enrolled at Wharton School of Finance and Commerce in Pennsylvania, but he transferred to the University of Nebraska at age 19. Turned down by the Harvard Business School, Buffett pursued his master's degree in economics at Columbia Business School, specifically so he could receive guidance from successful investor Benjamin Graham.
How did Warren Buffett make his fortune?
Buffett returned to Nebraska following his business education and set up Buffett Partnership Limited, an investment management firm that he operated from his bedroom. It was when Buffett bought 49% in a failing textile manufacturing firm, Berkshire Hathaway, that he garnered working capital to invest toward unparalleled success in Wall Street. His self-described management style is that of "capital allocator." Today, Berkshire is one of only seven companies in the nation that enjoys the AAA rating from Moody's. It owns profitable subsidiaries including Fruit of the Loom, GEICO Direct Auto Insurance, See's Candies, Borsheim's Fine Jewelry, and more.
Warren Buffet Fast Facts:-
Quote: "Rule No.1: Never lose money. Rule No.2: Never forget rule No.1."
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Net Worth: $42.9 billion
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Age: 73
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Hometown: Omaha, NE
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Education: University of Nebraska Lincoln, Bachelor of Arts; Columbia University, Masters of Arts in Economics
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About the Author
Gabby Hyman has created online strategies and written content for Fortune 500 companies including eToys, GoTo.com, Siebel Systems, Microsoft Encarta, Avaya, and Nissan UK.
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