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2
Quick Bio
• Born in 1930 in Omaha
• Son of republican congressman who owned a brokerage business
• Very entrepreneurial youth, newspaper delivery “business” or selling pinball machines
• Made his first investment at age 11 (bought three shares for himself and three for his sister
• Went to Wharton for two years but transferred to Nebraska to finish BBA degree
• Post graduation, after a few years in Omaha, he moved to New York just to work with Ben Graham
• Started Buffet Partnership in 1956. After 13 very extremely successful years he closed the fun to focus on
family and other interests
• Acquired Berkshire in 1970 which is currently ranked #4th most valuable company in the US
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Warren at Work: A Happy Workaholic
• “Tap dances” to work at 84 years old
– His partner, Charlie Munger is 90 years old
• Focus & authenticity
• Life-long learning journey
• Disciplined investing process
• Simplicity:
– Does not use email
– Delegates
– Holding company has 24 employees
• Met lifelong friends at work
– Charlie Munger, Bill Gates, Katherine Graham
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Warren’s Self
• Developed self-awareness & empathy
– Dale Carnegie course
– Habit of writing down key decisions and motivations
• Built his qualities
– Developed list of habits and proactively pursued them
– Avid learner: reads five newspapers every day
• Self-control & confidence
– By only doing what he knows he understands
• Frugal
– Leads a simple life comparable to any of us
– Lives in the house he bought in 1952 for $30,000
– His car is old, believe me!
• Personal hobbies
– Bridge
– Ukelele
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Contribution to the Community
• Spreading knowledge
– Teaching night class at the Nebraska university
– Currently welcomes thousands of university students to Omaha
– Shares his views of the world in annual letters to shareholders
• Spreading wealth
– Donated 99% of his wealth to the Gates Foundation
– Launched Giving Pledge campaign to encourage wealthiest people in the world to donate most of their wealth to philanthropic causes.
• Spreading Opportunity
– Very active in the 60s and 70s in anti segregation movements in Omaha: Resigned from Rotary club, sponsored Jews in Omaha country club, supported Luther king
– Strong supporter of higher number of women in top leadership roles. Required a 50% / 50% men / women ratio on our visit to Omaha
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Warren’s Family & at home
• Acted Independently based on clear sets of values
– Sons went to public schools
– Encouraged sons to pursue their passions
• Howard is a farmer; successor to Warren Buffest as non executive chairman of Berkshire Hathaway
• Peter is a renowned musician
• Susan has focused on charitable work
• Life integration abilities initially weak….
– Worked at home for six years
– Spent many nights and week-ends reading investment reports
• Did not bring her wife on-board: she stayed up late at night listening to music
• ….but has “improved” over time
– Stopped Goldman Sachs investment negotiations in 2008 to have ice cream with his grand kids
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Lessons
• Passion: A workaholic can be authentic and happy
• Sets boundaries: physical, temporal and cognitive– Does not use email– Delegates significantly. Does not micro-manage– Knows what to prioritize
• Continuous learning– Outside world– Self-awareness and empathy
• Committed to society, economically and politically
• Frugal
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