Warren Buffett's net worth by age

[Palumboism]

He's very frugal, well-connected, and lucky

You're saying there is no skill involved?  How is he well connected?  He grew up in Omaha Nebraska and still lives there.  Connections and luck had nothing to do with it.  Like I said, the man's financial intelligence is off the charts. 

[Dave D]

You're saying there is no skill involved?  How is he well connected?  He grew up in Omaha Nebraska and still lives there.  Connections and luck had nothing to do with it.  Like I said, the man's financial intelligence is off the charts. 

There is always an element of "luck" or good fortune to any success in life. Buffett is a financial genius.  Undoubtedly his superb decision making put him in contact with great financial minds. No man is an island unto himself.

[Palumboism]

There is always an element of "luck" or good fortune to any success in life. Buffett is a financial genius.  Undoubtedly his superb decision making put him in contact with great financial minds. No man is an island unto himself.

Ben Graham laid the foundation, but Buffett is well beyond Ben Graham.  Luck doesn't enter into Buffett's equation because he's not taking any gambles.  Buffett's probably read four hundred annual reports a year for the last fifty years.  Understanding financial statements is like breathing for him.  

His entire financial career regarding his partnership and Berkshire Hathaway is completely documented.  Which of his investment decisions was luck?  Was buying Berksire Hathaway luck?  A struggling textile mill he had to wind down because it was unprofitable and couldn't compete.




  

[Bevo]

Bevo?

What’s the problem? You think Buffett could have made a few more millions selling t shirts?

[Bevo]

He's very generous with his knowledge, like his teacher Ben Graham.  He may downplay the importance of intelligence in investing, but his intelligence in is off the scales.  It's actually very difficult to do what he did.

Don't underestimate his toughness in business either.  He's crafted his public person to be affable, but when it comes to business nobody's tougher.  

His daughter once asked him for a loan to remodel her kitchen.  He said no.  

If that’s true, he’s a real dick head, I would def help out my family to a degree

[Palumboism]

If that’s true, he’s a real dick head, I would def help out my family to a degree

She can pay for her own kitchen remodel. 

[IroNat]

If that’s true, he’s a real dick head, I would def help out my family to a degree

He's leaving each of his kids $1 billion.

However, he wants them to stand on their own two feet until that time and not grow up worthless spoiled rich kids.

His kids have grown up to be responsible adults.

He's smart.

[Dave D]

Ben Graham laid the foundation, but Buffett is well beyond Ben Graham.  Luck doesn't enter into Buffett's equation because he's not taking any gambles.  Buffett's probably read four hundred annual reports a year for the last fifty years.  Understanding financial statements is like breathing for him.  

His entire financial career regarding his partnership and Berkshire Hathaway is completely documented.  Which of his investment decisions was luck?  Was buying Berksire Hathaway luck?  A struggling textile mill he had to wind down because it was unprofitable and couldn't compete.




  

Fine.

There is no luck or extraneous circumstances involved in his success.

It wont be long before all the people Warren Buffett mentored start putting his teachings into practice and over take his wealth or are at least as competitive as him. He has been very influential in Lebron James financial life.

What were the circumstances that led to Ben Graham investing in Buffett?

[Dave D]

She can pay for her own kitchen remodel. 

Why did she ask for a loan then?

[IroNat]

Plenty of people who have advantages growing up waste their opportunities and turn out worthless.

[Palumboism]

Fine.

There is no luck or extraneous circumstances involved in his success.

It wont be long before all the people Warren Buffett mentored start putting his teachings into practice and over take his wealth or are at least as competitive as him. He has been very influential in Lebron James financial life.

What were the circumstances that led to Ben Graham investing in Buffett?

Ben Graham didn't invest in Buffett.  Ben lost almost all his money on the stock market during the great depression.  Shortly after, in 1934 he wrote the book Security analysis.  

Buffet read the book the Intelligent Investor at the age of 19.  When he found out Ben Graham was teaching at the Columbia business school he enrolled in their graduate program.  When he graduated he offered to work at Ben's firm for free and was turned down.

Berkshire's annual shareholders meetings are like a class in how to invest, as is the annual report.

[Dave D]

Ben Graham didn't invest in Buffett.  Ben lost almost all his money on the stock market during the great depression.  Shortly after, in 1934 he wrote the book Security analysis.  

Buffet read the book the Intelligent Investor at the age of 19.  When he found out Ben Graham was teaching at the Columbia business school he enrolled in their graduate program.  When he graduated he offered to work at Ben's firm for free and was turned down.

Berkshire's annual shareholders meetings are like a class in how to invest, as is the annual report.

Thank you.

[Palumboism]

Why did she ask for a loan then?

She didn't know her family was rich till she was 22 years old.  She had a middle class upbringing in Omaha.

https://www.insider.com/susan-buffett-when-she-knew-father-warren-was-rich-2017-1


He gave his children 75 cents a week for allowance. Once, when his daughter, Susan, asked her father for a $41,000 loan to renovate her kitchen after she had a child, he refused, telling her to "go to the bank like everyone else."

https://www.theglobeandmail.com/life/relationships/peter-buffetts-rich-life-doesnt-come-from-family-wealth/article4255258/

[Dave D]

She didn't know her family was rich till she was 22 years old.  She had a middle class upbringing in Omaha.

https://www.insider.com/susan-buffett-when-she-knew-father-warren-was-rich-2017-1


He gave his children 75 cents a week for allowance. Once, when his daughter, Susan, asked her father for a $41,000 loan to renovate her kitchen after she had a child, he refused, telling her to "go to the bank like everyone else."

https://www.theglobeandmail.com/life/relationships/peter-buffetts-rich-life-doesnt-come-from-family-wealth/article4255258/

Thats interesting.  Did his children turn out to be "normal", responsible (productive members of society and not bitter towards their father)?

Has Buffet ever disclosed his reasons for amassing so much wealth if he wasnt going to use and enjoy it?

Side note I read he is the son of a US Congressman.

[Palumboism]

Thats interesting.  Did his children turn out to be "normal", responsible (productive members of society and not bitter towards their father)?

Has Buffet ever disclosed his reasons for amassing so much wealth if he wasnt going to use and enjoy it?

Side note I read he is the son of a US Congressman.

Buffett's kid's aren't at all bitter towards their father and they are very normal productive people.  He didn't want his kids to be spoiled rich kids and can you blame him.


Money is everything to Warren and nothing.  He cares very much about the earnings of his companies, but he still lives in the house he bought in the 50's.  That's part of the reason he's so wealthy today.  He just didn't spend his money.  What he likes is owning businesses.

[Primemuscle]

Buffett's kid's aren't at all bitter towards their father and they are very normal productive people.  He didn't want his kids to be spoiled rich kids and can you blame him.


Money is everything to Warren and nothing.  He cares very much about the earnings of his companies, but he still lives in the house he bought in the 50's.  That's part of the reason he's so wealthy today.  He just didn't spend his money.  What he likes is owning businesses.

Whatever floats his boat. I think I'd want to enjoy the fruits of my labor a bit more.

[Tre]

Dude eats a $3 breakfast at McDonald's each day.

[Dave D]

Dude eats a $3 breakfast at McDonald's each day.

It's nice to know that we have something in common.

Or how about being rich doesnt mean you have good tatse?

[Bevo]

Dude eats a $3 breakfast at McDonald's each day.

He could have done what ESF does and spend 600/700 dollars a month on sushi

[wes]

He could have done what ESF does and spend 600/700 dollars a month on sushi

......or 120K on heroin !  LOL 

[Bevo]

......or 120K on heroin !  LOL 

Haha 

[IroNat]

Buffett has fun making money grow,  That's his thing.  Making more and more money is a game for him.  

Spending it is not his thing.  He is not into buying lots of stuff.  He is not competitive in that way of showing off his wealth like those who blow all their money and end up broke.

He doesn't use a computer (his secretary does).

He has great patience and is a cool cucumber about money.  

If he doesn't see a good deal he just waits until he finds one.  Better no deal than a bad deal.  He is patient.

His company sits on a huge pile of cash because there are no great deals to be had right now.

He has made a few great deals over the years that have increased his wealth a lot (Coca-Cola, Geico).

He's also made some some not so great deals that didn't do that well.  

He has pledged to donate most of his wealth to the Gates Foundation but not until he dies so he can continue to make even more money with it.

The average person can learn from Buffett but can never be another Buffett.  Buffett is an outlier.  He is very smart.  Way smarter than the average investor.  Way more emotionally strong than the average investor.

[el numero uno]

Buffett has fun making money grow,  That's his thing.  Making more and more money is a game for him.  

Spending it is not his thing.  He is not into buying lots of stuff.  He is not competitive in that way of showing off his wealth like those who blow all their money and end up broke.

He doesn't use a computer (his secretary does).

He has great patience and is a cool cucumber about money.  

If he doesn't see a good deal he just waits until he finds one.  Better no deal than a bad deal.  He is patient.

His company sits on a huge pile of cash because there are no great deals to be had right now.

He has made a few great deals over the years that have increased his wealth a lot (Coca-Cola, Geico).

He's also made some some not so great deals that didn't do that well.  

He has pledged to donate most of his wealth to the Gates Foundation but not until he dies so he can continue to make even more money with it.

The average person can learn from Buffett but can never be another Buffett.  Buffett is an outlier.  He is very smart.  Way smarter than the average investor.  Way more emotionally strong than the average investor.

Very well said.

[Joe Valentino]

Buffett has fun making money grow,  That's his thing.  Making more and more money is a game for him.  

Spending it is not his thing.  He is not into buying lots of stuff.  He is not competitive in that way of showing off his wealth like those who blow all their money and end up broke.

He doesn't use a computer (his secretary does).

He has great patience and is a cool cucumber about money.  

If he doesn't see a good deal he just waits until he finds one.  Better no deal than a bad deal.  He is patient.

His company sits on a huge pile of cash because there are no great deals to be had right now.

He has made a few great deals over the years that have increased his wealth a lot (Coca-Cola, Geico).

He's also made some some not so great deals that didn't do that well.  

He has pledged to donate most of his wealth to the Gates Foundation but not until he dies so he can continue to make even more money with it.

The average person can learn from Buffett but can never be another Buffett.  Buffett is an outlier.  He is very smart.  Way smarter than the average investor.  Way more emotionally strong than the average investor.

"Spending it is not his thing"   You said that he has fun making money, yet wont spend!?   Then, why have it?

[Palumboism]

Buffett has fun making money grow,  That's his thing.  Making more and more money is a game for him.  

Spending it is not his thing.  He is not into buying lots of stuff.  He is not competitive in that way of showing off his wealth like those who blow all their money and end up broke.

He doesn't use a computer (his secretary does).

He has great patience and is a cool cucumber about money.  

If he doesn't see a good deal he just waits until he finds one.  Better no deal than a bad deal.  He is patient.

His company sits on a huge pile of cash because there are no great deals to be had right now.

He has made a few great deals over the years that have increased his wealth a lot (Coca-Cola, Geico).

He's also made some some not so great deals that didn't do that well.  

He has pledged to donate most of his wealth to the Gates Foundation but not until he dies so he can continue to make even more money with it.

The average person can learn from Buffett but can never be another Buffett.  Buffett is an outlier.  He is very smart.  Way smarter than the average investor.  Way more emotionally strong than the average investor.

He can spot a crook from a mile away.  He knows all CEO's, managements, and the boards dirty tricks and dirty secrets.