Buffet is the most mentioned person in financial circles, and when he buys and sells, everyone takes notice.
On Bitcoin he stated, "In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending."
Buffet bought his first stock when he was 11 years old, and made $53,000 by the age of 16. He also eats like Trump, preferring Cokes and McDonalds.
He reads a stack of books every day, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest.”
Some more fun facts about Warren Buffett:
He was rejected by Harvard Business School.
He has lived in the same humble house since 1958.
Thanks to rising stock prices, Buffett made 37 million dollars a day in 2013.
He owns 20 Madam Lee suits and has never paid for them. They were all given to him by the designer. He also never paid for his iPhone...which was given to him by Apple CEO Tim Cook in 2020. Up to that time he just used a flip phone.
Buffett drives a 2014 Cadillac XTS, a car you can get for as low as $45,000. Buffett had his daughter buy it for him, since he was worried that a billionaire wouldn’t get a good price.
His biggest investment came as a result of a salad dressing scandal: "Buffett owes one of his first big killings to a Wall Street scandal almost no one remembers - the fascinating story of Tino De Angelis. In 1963, De Angelis's company, Allied Crude Vegetable Oil, had a neat little scheme going. De Angelis figured out that instead of buying and selling ships filled with vegetable oil, he could load the ships with water and just a little oil floating on top. De Angelis used the phantom oil as collateral for loans, borrowing in excess of $175 million (over $1.2 billion in today's dollars) against worthless tanks full of water. He was able to hoodwink his lenders for quite some time." Nasdaq dot com
American Express was one of the companies duped in this scheme, and as a result their stock lost half of its value. Warren Buffett took notice and bought $13 million worth of AXP stock. Today, Buffett's total investment in the company is worth over $7.8 billion.
Buffett is not a great economist however: "The avuncular Buffett is an investment genius; I enjoyed and agreed with everything he said on investing. But, like his friend Bill Gates, he’s also an autistic idiot savant. That’s someone who is a genius at one thing, and a fool at most everything else. Most people assume that if you know about investing, you must also know about economics, which is a related discipline. But that’s completely untrue. It’s analogous to thinking that someone who knows how to drive a car also knows how one works. Economics is the study of how men go about producing and consuming; investing is the practice of allocating capital for maximum returns. Buffett’s grasp of economics is shallow, conventional, and unrelated to his success as an investor."~Doug Casey
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