One of the best-known investors in the world turns 95 this month. Warren Buffett was born on Aug. 30, 1930. The CEO of Berkshire Hathaway, who, in May announced his plans to step down at the end of this year, has an estimated net worth of $154 billion.
Buffett took control of Berkshire Hathaway in 1965, when it was a struggling textiles manufacturer, but turned it into a conglomerate by acquiring undervalued businesses and investing in various stocks, including American Express, Coca-Cola Co. and Bank of America.
Ironically, he says his worst purchase was Berkshire Hathaway when it was a textile company. It bled money until he shut it down in 1985, but it did provide him with some of the capital for his more profitable investments. He also said that even though he is stepping down from Berkshire Hathaway, he has no plans to sell his stock in his very profitable enterprise.
Nicknamed the “Oracle of Omaha,” Buffett is from that city in Nebraska and lives in the house he has owned since 1958. He purchased it for $31,500. Today, it is worth about $1.4 million. Notoriously frugal, Buffett has been quoted as saying he would rather eat a McDonald’s hamburger than spend money on an expensive meal.
But his frugality doesn’t extend to his philanthropy. He has said he plans to give away most of his fortune, leaving $2 billion each to his three children. In a letter to shareholders, he once wrote, “After much observation of super-wealthy families, here’s my recommendation: Leave the children enough so that they can do anything, but not enough that they can do nothing.”