Warren Buffett, the legendary “Oracle of Omaha,” wasn’t born with a silver spoon. This Nebraska native, son of a congressman, developed a fascination with business and investing at a young age. Despite attending the prestigious Wharton School, his academic journey took an unconventional turn. He graduated from the University of Nebraska at just 19 and later honed his investment philosophy under Benjamin Graham at Columbia Business School. Graham’s concept of value investing became the cornerstone of Buffett’s future success.
Buffett didn’t waste time after Columbia. He built his knowledge base at the New York Institute of Finance and dove headfirst into business. Early ventures and partnerships, including one with Graham himself, laid the groundwork for his future. In 1956, he established Buffett Partnership Ltd., and a pivotal move came when his investment firm acquired a struggling textile company called Berkshire Hathaway.
Buffett, with a keen eye for potential, transformed Berkshire Hathaway into a diversified holding company, becoming its chairman and majority shareholder by 1970. The arrival of Charlie Munger as vice-chairman in 1978 solidified a legendary partnership that would propel Berkshire Hathaway to even greater heights.
Early Hustle and Business Acumen:
Buffett’s business savvy emerged early. By 11, he’d purchased his first stock, and by 13, he was filing his own tax returns. He wasn’t afraid of hard work, delivering newspapers for a hefty $175 monthly income at 15. Even his education wasn’t a conventional path. Though he attended the Wharton School at the University of Pennsylvania, his true passion lay in business ventures.
Education and Early Career:
Despite his entrepreneurial spirit, Buffett earned a bachelor’s degree from the University of Nebraska-Lincoln before pursuing a master’s in economics at Columbia University. Interestingly, he was rejected by Harvard Business School, a fact that would likely surprise many today.
Family Life:
Buffett is a devoted family man. He has three children from his first marriage, to Susan Thompson. Though Susan tragically passed away in 2004, Buffett remarried Astrid Menks in 2006. He is renowned for his commitment to philanthropy, pledging to donate over 99% of his wealth, with much of it going to the Gates Foundation and his children’s foundations.
Building an Empire: Berkshire Hathaway
Buffett’s true calling lie in investing. He started with partnerships and eventually took control of Berkshire Hathaway, a struggling textile company that he transformed into a diversified holding company encompassing businesses like Geico, Duracell, and Dairy Queen.
Net Worth and Legacy:
As of April 2024, Forbes estimates Buffett’s net worth to be a staggering $132.4 billion, placing him as the 8th richest person in the world.
