Warren Buffet – A Short Biography Of The Berkshire Hathaway Founder
In 1930 Warren Buffett was born in Omaha, Nebraska. He is the only son of U.S. Representative Howard Buffett and the second of three children. In 1942 Buffett began his education at the Rose Hill Elementary School in Omaha while at the same time his father was elected to his first term in the US congress. Buffett and his family moved to Washington D.C. and Warren finished out his elementary school there.
His Early Days
Warren Buffett attended Alice Deal Junior High School and then Woodrow Wilson High School where he graduated in 1947. His father had a brokerage company, and may be he lit up this fire in the young Warren. His yearbook said that he would be a “future stockbroker.” As a young person he took an interest in saving and making money. He sold Coca-Cola, weekly magazines and chewing gum door to door. He also worked in his grandfather’s grocery store. In high school he made money selling golf balls, delivering newspapers, detailing cars, and selling stamps. For his first tax return he deducted his watch and bicycle which he used on the paper route for a deduction of $35. In 1945 while in school he bought a pinball machine with a friend and they put it in a barber shop. After several months they had numerous machine sin barber shops.
He had an interest in the stock exchange when he was very young and even visited the New York Stock Exchange at the age of ten. At age 11 he used his own money and bought three shares of Cities Service Preferred and gave three shares to his sister. He invested in a business his father had in high school and also bought a farm. By 1950 he had graduated with a Bachelor of Science in business administration at age 19. In 1951 he earned a Master of Science in economics and also attended the New York Institute of Finance.
Business and Career
From 1951-54 he was employed at Buffett-Falk & Co. where he was an investment salesman. He also had jobs at Graham-Newman Corp., and at Buffett Partnership, Ltd., Omaha. He has also been a partner at Berkshire Hathaway Inc. since 1970 and is now the chairman. In 1950 at age 20 he had saved nearly $9,800 dollars which is about $94,000 in today’s money. He met Lorimer Davidson of GEICO insurance and the two of them would become friends with Davidson being a big influence on him.
He went back to Omaha and worked as a stockbroker and taught a class at Nebraska-Omaha on investment principles. He bought a Texaco gas station but this wasn’t successful. He married Susan Thompson in 1952 and worked at Graham-Newman Corp. By 1956 he had a personal savings of $174,000 and started Buffett Partnership Ltd., which is an investment partnership. In 1957 he had three partnerships in operation. In 1960 his partnerships expanded to seven.