Buffett’s conglomerate has stakes in nine dozen companies in various industries. It also owns significant stakes in a number of well-known companies, such as the world‘s largest soft drink producer Coca-Cola, which Buffett loves.
His empire was able to cope in part with the coronavirus crisis. In the second quarter, after a record loss in the first quarter, it increased its net profit to $ 26.3 billion, about 587 billion crowns from $ 14.1 billion a year ago, due to the growth in the value of its equity investments.
However, operating profit, which Buffett sees as a better indicator of the company’s performance, fell 10 percent year on year to $ 5.5 billion. The financial results included depreciation of $ 10.9 billion, of which $ 9.8 billion went to the Precision Castparts division.
Berkshire bought Precision Castparts in 2016 for about $ 32 billion, and the transaction remains the largest acquisition in its history. The transaction thus surpassed the takeover of 77 percent of the 2010 $ 26 billion Burlington Northern Santa Fe stock.
According to Reuters, Buffett is probably the most admired investor in the world, his views are driven by financial markets. He doesn’t like to take too many risks or make debts. Still, he didn’t escape the recession and lost a billion.
Buffett, who regularly ranks at the top of the richest people, is now the fourth richest man on the planet with an estimated fortune of $ 78.4 billion, according to Forbes magazine. Only Amazon Bezos, the head of the Amazon online store, Buffett’s friend Bill Gates, the founder of Microsoft, and the French businessman Bernard Arnault, who operates in the luxury goods industry, are better off.
As a child, he made a living selling cans of Coca-Cola, now he is said to drink five of them a day, and he made his first investment business at the age of eleven. He bought shares of Cities Services for $ 38, which he then sold for two dollars at a few months. After several years, the company’s shares hit the $ 200 mark – and that was when Buffett realized the importance of long-term investment.
Warren Edward Buffett was born on August 30, 1930 in Omaha, Nebraska. His father was a stockbroker and MP. As a young man, Buffett excelled in mathematics, calculating even complex formulas from his head. He also read a lot, especially about investing. He graduated from the University of Pennsylvania, Nebraska and Columbia University, where he earned a master’s degree in economics. He then worked for his father’s company, for example, and later founded the investment company Buffett Associates.
Initially, he worked from his bedroom and multiplied the property of himself and his relatives and friends: between 1956 and 1969, by thirty percent a year, when the market grew by an average of seven to eleven percent. In 1962, his company, Berkshire Hathaway, bought a non-profit textile factory, which he had fully focused on since 1969, and which made him the ever-growing and ultimately most successful investment firm in the world.
Buffett is also talked about in connection with charity, such as the popular online lunch auction, which won a total of nearly $ 35 million for the Glide Foundation, which provides social services to the poor and homeless in San Francisco, in more than 20 years.
In 2010, Buffett co-founded Giving and his wife, Melinda, with the Giving Pledge campaign, which encourages the world‘s richest personalities to give up at least half of their fortunes and donate it to charity. So far, two hundred rich people from 23 countries have joined the initiative.
The investor himself, a well-known proponent of raising taxes for the rich, has no billionaire manners. He lives relatively unpretentiously in a house he bought for $ 31,500 in 1958. His only weakness is said to be his passion for luxury aircraft. Buffett is also known to be very enemy of advanced technology. In May 2013, however, he set up a Twitter account and successfully sent his first message in the form: Warren is home.
With his late wife Susan, Buffett has three children, two of whom work for the company. In 2006, he remarried to Astrid Menks. Three years ago, a billionaire announced that he was suffering from early-stage prostate cancer. Buffett called the doctors’ finding a “minor problem.”