Warren Buffett: The Richest but Humble Investor on his 80th Birthday

By on Aug 28, 2010 in Current Events, Events Comments

Warren Buffett, the richest but humble investor turns 80 this August 30, 2010. But the highly respected Chairman and CEO of Berkshire Hathaway still has no plans to retire on his 80th birthday.

Buffett, who ranked as the world’s second richest person in 2009 (Bill Gates was the richest) is also the current third wealthiest person in the world as of 2010.

In 2008, he became the richest man in the world, surpassing Bill Gates, with riches worth $62 billion according to Forbes.

But although he can easily enjoy his riches; he rather chooses to be a philanthropist. As his wealth continuous to grow, he has been the inspiration of many even to the elite.

In 2006, he pledged about the equivalent of 10 million Berkshire Hathaway Class B shares to Bill & Melinda Gates Foundation; a private foundation founded by Bill Gates and his wife Melinda.

On that same year, he auctioned his 2001 Lincoln Town car at Ebay to raise money for Girls, Inc.; a non-profit organization involved in education and advocacy for girls. The car was sold at $73,200.

Being a humble and simple man, he prefers to live in the same nondescript two-story home in Omaha he lived in since he bought it in 1958 for $31,500.

In December 2006, Warren Buffett was reported as someone who does not carry a cell phone, does not have a computer at his desk, and drives his own automobile.

Warren Buffett’s career in investing began when he was in high school and throughout college. But one of his greatest influences was Benjamin Graham, an economist who taught him at Columbia University, and was an early champion of value investing; buying shares of companies that are underpriced.

Among his success of the “buy low, sell high” that he learned occurred in 1988. Buffett spent $1 billion for an 8 percent stake in the Coca-Cola Co., which at the time did not seem to be a good bargain. But as the opening for global markets company went high, that stake is now worth $11 billion.

The statements below were remarked by Warren Buffett in a letter to Fortune Magazine‘s website in 2010, which were made as part of a joint proposal with Bill Gates to encourage other wealthy individuals to pool some of their fortunes for charitable purposes.

“My luck was accentuated by my living in a market system that sometimes produces distorted results, though overall it serves our country well…”

“I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions.”

“In short, fate’s distribution of long straws is wildly capricious.”

Happy 80th birthday, Warren Buffett!

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