Thursday, December 21, 2006

World's 2nd Richest Man (Warren Buffet)

There was a one hour interview on CNBC with Warren Buffet, the second richest man in the world, and who has donated $31 billion to charity. (For those of you who want to calculate the Rupee value of this: 1 billion is 1000 million. 1 million is 10 laks. 1 US$ is Rs. 45. So $31 billion is: 100,000 x 10 x 1000 x 31 x 45. Happy calculating. And remember, the man gave this away. And he is not standing with a pan on the pavement in New York either.

And finally an interesting anecdote: When they asked Warren Buffet why he donated $31 billion to charity he said, "My wife told me, the shroud has no pockets."

Read on...

Here are some very interesting aspects of Warren Buffet's life:

  1. He bought his first share at age 11 and he now regrets that he started too late!
  2. He bought a small farm at age 14 with savings from delivering newspapers.
  3. He still lives in the same small 3 bedroom house in mid-town Omaha that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence.
  4. He drives his own car everywhere and does not have a driver or security people around him.
  5. He never travels by private jet, although he owns the world's largest private jet company.
  6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis.
  7. He has given his CEO's only two rules. Rule number 1: Do not lose any of your share holder's money. Rule number 2: Do not forget rule number 1.
  8. He does not socialize with the high society crowd. His past time after he gets home is to make himself some pop corn and watch television.
  9. Bill Gates, the world's richest man met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffet. So he had scheduled his meeting only for half an hour.But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.
  10. Warren Buffet does not carry a cell phone, nor has a computer on his desk.
  11. His advice to young people: Stay away from credit cards and invest in yourself.

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