WARREN BUFFET -World’s 2nd richest man – A Lesson 4 all

In today’s world, you will find more among non-Muslims following sociable, Humanitarian and chartable aspects of Life as commanded by Quran and other books of Allah(swt)(Bible/Psalms etc).

Today if we differentiate between an avg Muslim and non-Muslim, the only difference that can be seen is of dedication to his religious beliefs as commanded
by his scripture/parents or guided by his environment.

Warren Edward Buffet was born in August 30, 1930, in Omaha, Nebraska. He is an American investor, businessperson and philanthropist.

Below there is a wonderful note about him; I hope that you like it!
There was a one-hour interview in CNBC with Warren Buffet, the second richest person in the world, who donated $31 thousand million dollars for charity.
Here there are some very interesting aspects from his life:
1. He bought his first share/stock when he was eleven years old and he regrets starting too late!
2. He bought his small farm when he was fourteen years old with his savings coming from distributing newspapers.
3. He still lives in the same small three-bedrooms house in Omaha that bought after getting married fifty years ago. He says that he has everything he needs in that house. His house doesn’t have any wall or bars surrounding it.

4. He drives his own car everywhere and he doesn’t go around with a driver or a bodyguard.

5. He never travels in a private jet, despite being the owner of one of the biggest private jet companies in the world.
6. His company, Berkshire Hathaway, is owner of 63 companies. Every year, he sends the CEOs of these companies just one letter, giving them the goals of the year. He never summons them to meetings or calls them regularly.

He has given the CEOs two rules:
a. Not to lose the stockholders/shareholders’ money.
b. Not to forget rule number one.

7. He doesn’t socialize with people from the high society. His hobby when he arrives home is to prepare popcorn for himself and to watch television.

8. Bill Gates, the richest man in the world, met him barely five years ago. Bill Gates thought that he didn’t have anything in common with Warren Buffet. Because of this, he scheduled a meeting so that it could last only half hour. But when Gates met him, the meeting last ten hours and Bill Gates became Warren Buffet devout.

9. Warren Buffet doesn’t go around with a cell phone and he doesn’t have a computer on his desk.

His advice for young people: Get away from the credit cards and invest in yourself.
Money doesn’t create the man, it was the man who created money.
• Life is as simple as you make it.
• Don’t do what others say. Listen to them, but do what makes you feel better.
• Don’t let yourself get tricked by brands. Put on the things which make you feel more comfortable.
• Don’t spend your money on unnecessary things. Spend it in those that you really need.
• Your life is your own thing, why allow others to manage it?

What is your opinion about Warren Buffet? Have you read about him or have you just heard about him? In your opinion, what makes him different to other millionaires in the world?
If you want to read about this amazing person, below there are two websites with Mr. Buffett’s biography. I hope that you find them interesting!!
* A Warren Buffett Bio
* Salon Presents: Warren Buffett
…And, here, you’ll find a great CNN article about Warren Buffett from two years ago:

Warren Buffett gives away his fortune

FORTUNE EXCLUSIVE: The world’s second richest man – who’s now worth $44 billion – tells editor-at-large Carol Loomis he will start giving away 85% of his wealth in July – most of it to the Bill & Melinda Gates Foundation.
By Carol J. Loomis, FORTUNE editor-at-large

NEW YORK (FORTUNE Magazine) — We were sitting in a Manhattan living room on a spring afternoon, and Warren Buffett had a Cherry Coke in his hand as usual. But this unremarkable scene was about to take a surprising turn.
Brace yourself,” Buffett warned with a grin. He then described a momentous change in his thinking. Within months, he said, he would begin to give away his Berkshire Hathaway fortune, then and now worth well over $40 billion.

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From the FORTUNE archives
If you do, you may not be doing them a favor. But if you want to, there are sensible ways of passing on what you have without depriving the kids of a feeling of achievement. (more)
As part of his plan, Warren Buffett is sending letters to each of the five foundations that will be receiving his gifts. The letters may be found on Berkshire Hathaway’s Web site. (See the letters. )

This news was indeed stunning. Buffett, 75, has for decades said his wealth would go to philanthropy but has just as steadily indicated the handoff would be made at his death. Now he was revising the timetable.
“I know what I want to do,” he said, “and it makes sense to get going.” On that spring day his plan was uncertain in some of its details; today it is essentially complete. And it is typical Buffett: rational, original, breaking the mold of how extremely rich people donate money.
Buffett has pledged to gradually give 85% of his Berkshire stock to five foundations. A dominant five-sixths of the shares will go to the world’s largest philanthropic organization, the $30 billion Bill & Melinda Gates Foundation, whose principals are close friends of Buffett’s (a connection that began in 1991, when a mutual friend introduced Buffett and Bill Gates).
The Gateses credit Buffett, says Bill, with having “inspired” their thinking about giving money back to society. Their foundation’s activities, internationally famous, are focused on world health — fighting such diseases as malaria, HIV/AIDS, and tuberculosis — and on improving U.S. libraries and high schools.
Up to now, the two Gateses have been the only trustees of their foundation. But as his plan gets underway, Buffett will be joining them. Bill Gates says he and his wife are “thrilled” by that and by knowing that Buffett’s money will allow the foundation to “both deepen and accelerate” its work. “The generosity and trust Warren has shown,” Gates adds, “is incredible.” Beginning in July and continuing every year, Buffett will give a set, annually declining number of Berkshire B shares – starting with 602,500 in 2006 and then decreasing by 5% per year – to the five foundations. The gifts to the Gates foundation will be made either by Buffett or through his estate as long as at least one of the pair — Bill, now 50, or Melinda, 41 — is active in it.
Berkshire’s price on the date of each gift will determine its dollar value. Were B shares, for example, to be $3,071 in July – that was their close on June 23 – Buffett’s 2006 gift to the foundation, 500,000 shares, would be worth about $1.5 billion. With so much new money to handle, the foundation will be given two years to resize its operations. But it will then be required by the terms of Buffett’s gift to annually spend the dollar amount of his contributions as well as those it is already making from its existing assets. At the moment, $1.5 billion would roughly double the foundation’s yearly benefactions. But the $1.5 billion has little relevance to the value of Buffett’s future gifts, since their amount will depend on the price of Berkshire’s stock when they are made. If the stock rises yearly, on average, by even a modest amount – say, 6% – the gain will more than offset the annual 5% decline in the number of shares given. Under those circumstances, the value of Buffett’s contributions will rise.
Buffett himself thinks that will happen. Or to state that proposition more directly: He believes the price of Berkshire, and with it the dollar size of the contributions, will trend upward – perhaps over time increasing substantially. The other foundation gifts that Buffett is making will also occur annually and start in July. At Berkshire’s current price, the combined 2006 total of these gifts will be $315 million. The contributions will go to foundations headed by Buffett’s three children, Susan, Howard, and Peter, and to the Susan Thompson Buffett Foundation.
This last foundation was for 40 years known simply as the Buffett Foundation and was recently renamed in honor of Buffett’s late wife, Susie, who died in 2004, at 72, after a stroke. Her will bestows about $2.5 billion on the foundation, to which her husband’s gifts will be added. The foundation has mainly focused on reproductive health, family planning, and pro-choice causes, and on preventing the spread of nuclear weapons. Counting the gifts to all five foundations, Buffett will gradually but sharply reduce his holdings of Berkshire (Charts) stock. He now owns close to 31% of the company-worth nearly $44 billion in late June – and that proportion will ultimately be cut to around 5%. Sticking to his long-term intentions, Buffett says the residual 5%, worth about $6.8 billion today, will in time go for philanthropy also, perhaps in his lifetime and, if not, at his death.
Because the value of Buffett’s gifts are tied to a future, unknowable price of Berkshire, there is no way to put a total dollar value on them. But the number of shares earmarked to be given have a huge value today: $37 billion.
That alone would be the largest philanthropic gift in history. And if Buffett is right in thinking that Berkshire’s price will trend upward, the eventual amount given could far exceed that figure.
So that’s the plan. What follows is a conversation in which Buffett explains how he moved away from his original thinking and decided to begin giving now. The questioner is yours truly, FORTUNE editor-at-large Carol Loomis. I am a longtime friend of Buffett’s, a Berkshire Hathaway shareholder, and a director of the Susan Thompson Buffett Foundation.


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