Warren Buffett

Lore & Background

Buffett was born in Omaha, Nebraska, the son of U.S. congressman and businessman Howard Buffett. He developed an interest in business and investing during his youth, inspired by a book he borrowed from the Omaha public library at age seven, One Thousand Ways to Make $1000. He entered the Wharton School of the University of Pennsylvania in 1947 before graduating from the University of Nebraska in Lincoln at 20. He went on to graduate from Columbia Business School, where he molded his investment approach around the concept of value investing pioneered by Benjamin Graham. He attended New York Institute of Finance to focus on his economics background and soon pursued a business career.

Buffett began several business ventures and investment partnerships, including one with Graham. He created Buffett Partnership Ltd. in 1956 and his investment firm eventually acquired textile manufacturer Berkshire Hathaway, applying its name to a diversified holding company. Buffett emerged as the company's chairman and majority shareholder in 1970. In 1978, fellow investor and long-time business associate Charlie Munger joined Buffett as vice-chairman. From 1970 to 2026, Buffett presided as the chairman and largest shareholder of Berkshire Hathaway, one of America's foremost holding companies and world's leading corporate conglomerates.

Reader's Guide

Warren Buffett's significance lies in his embodiment of value investing principles, which he learned from Benjamin Graham and applied to build Berkshire Hathaway into a leading conglomerate. His approach—looking at stocks as businesses, using market fluctuations to advantage, and seeking a margin of safety—became cornerstones of investing. Buffett's frugality and commitment to philanthropy are notable: he met Chuck Feeney and pledged to give away 99 percent of his fortune, primarily to the Gates Foundation until 2026. In 2010, he founded The Giving Pledge with Bill Gates and Melinda French Gates, encouraging billionaires to pledge at least half their wealth. His legacy includes being called the 'Oracle' or 'Sage' of Omaha, reflecting his massive fortune derived from business and investment success. Buffett's career spanned from his father's brokerage to partnerships and ultimately Berkshire Hathaway, where he served as chairman from 1970 to 2026.

Did You Know?

• Buffett bought his first stock at age 11, purchasing three shares of Cities Service Preferred for himself and three for his sister Doris Buffett.
• At age 14, Buffett bought a 40-acre farm with $1,200 of his savings, worked by a tenant farmer.
• Buffett was rejected by Harvard Business School in 1950 before enrolling at Columbia Business School upon learning Benjamin Graham taught there.
• He founded The Giving Pledge in 2010 with Bill Gates and Melinda French Gates.

Notable Quotes (Wikiquote)

"Variant: The stock market is a no-called-strike game. You don't have to swing at everything — you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, "Swing, you bum!" — Warren Buffett "You're dealing with a lot of silly people in the marketplace; it's like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be O.K." — Warren Buffett "Love is the greatest advantage a parent can give." — Warren Buffett "I'll tell you why I like the cigarette business. ... It costs a penny to make. Sell it for a dollar. It's addictive. And there's fantastic brand loyalty." — Warren Buffett