Warren Buffett is arguably the most successful investor in history, having accumulated one of the highest net worths in the world. His life story and approach to investing have become legendary among all kinds of people – amateurs and professionals, rich and poor. To give you a glimpse into his extraordinary life journey and some valuable insights into how he operates as an investor, this article will share some surprising facts about Buffett’s biography. In addition, we’ll list some of the financial and life advice he has shared throughout the years. But before we dive deeper into that, let's take a few steps back to find out who Buffett really is and what has led him to where he is today.
A Quick Summary of Buffett’s Life
Warren Buffett is an iconic investor, businessman, and philanthropist who has achieved immense success in his life. His net worth of over US $107 billion (as of March 2023) makes him one of the wealthiest people alive. Born on August 30th, 1930, in Omaha, Nebraska, Buffett was always a bright student who was influenced by his father Howard’s teachings about personal finance. At age 11, he invested in his first stock. After graduating from the University of Nebraska-Lincoln and getting rejected by Harvard Business School, Buffett went to Columbia University where he earned a master’s degree in economics and learned about concepts like value investing under the guidance of renowned value investor Benjamin Graham - techniques that allowed him to eventually build his massive Berkshire Hathaway empire.
Interestingly, Buffett still lives in the same house he purchased in 1958 for $31,500. While he’s not technology-averse when it comes to investing, it’s said that he doesn’t use computers or even have one in his office – hard enough as it is to believe that! He always gets breakfast from McDonald’s on his way to work, and he only upgraded from a flip phone to an iPhone as recently as 2020. He often shares lessons from his life that emphasize core values such as discipline and passion for what you do.
Some of Buffett’s Words of Wisdom
As one of the most successful investors in modern times, Buffett’s advice and insights have been taken to heart by countless investors and others. From pearls of wisdom like "price is what you pay, value is what you get" to "it's better to hang out with people better than you; pick out associates whose behavior is better than yours and you'll drift in that direction," Buffett has always challenged the status quo and set a standard for ethical leadership. Simply put, many people view him as a source of inspiration, especially when it comes to making decisions about investments and setting priorities. While there are certainly no guarantees when it comes to investing, following Buffett's advice can potentially give an investor an extra edge over their competition.
Some additional Buffett quotes include:
- "It's far better to buy a wonderful company at a fair price, than a fair company at a wonderful price."
- "If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes."
- "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."
- "I always knew I was going to be rich. I don't think I ever doubted it for a minute."
- "The most important investment you can make is in yourself."
- "Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars."
There’s no doubt that people can learn a lot from Warren Buffett given his tremendous financial success. Fortunately, he has always been very open about sharing his opinions and learnings, making it easy for even the average investor to determine and understand the fundamentals of what he believes in and espouses. Like any other highly successful individual, it can be fascinating to find out more about Buffett’s life story and everything he has learned along the way.