Thursday, July 24, 2008

the richest man in the world

I would like to share about the richest man in the world.. his name is Warren Buffett (American investor). Started to build his fortune by acquiring textile company Berkshire Hathaway in 1965. Some of his other investments have been: American Express, Walt Disney Company, Coca-Cola Company and Gillette. In June, 2006 he donated 85% of his wealth to the Bill e Melinda Gates Foundation, an action that became known as the biggest charitable one in history.
Warren Buffett was born on August 30, 1930 to his father Howard, a stockbroker-turned-Congressman. The only boy, he was the second of three children, and displayed an amazing aptitude for both money and business at a very early age. Acquaintances recount his uncanny ability to calculate columns of numbers off the top of his head - a feat Warren still amazes business colleagues with today.

At only six years old, Buffett purchased 6-packs of Coca Cola from his grandfather's grocery store for twenty five cents and resold each of the bottles for a nickel, pocketing a five cent profit. While other children his age were playing hopscotch and jacks, Warren was making money. Five years later, Buffett took his step into the world of high finance. At eleven years old, he purchased three shares of Cities Service at $38 per share for both himself and his older sister, Doris. Shortly after buying the stock, it fell to just over $27 per share. A frightened but resilient Warren held his shares until they rebounded to $40. He promptly sold them - a mistake he would soon come to regret. Cities Service shot up to $200. The experience taught him one of the basic lessons of investing: patience is a virtue.

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