Word: buffett
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...Warren Buffett, the Omaha, Nebraska, investor whom Gates demoted to being merely the second richest American, seems an unlikely person to be among his closest pals. A jovial, outgoing 66-year-old grandfather, Buffett only recently learned to use a computer. But as multibillionaires go, both are unpretentious, and they enjoy taking vacations together. Buffett's secretary apologetically explains that Buffett isn't giving interviews these days and at the moment is traveling, but she promises to pass along the request. Less than three hours later, Buffett calls to say he happens to be in the Time & Life Building with...
...missing from its 1996 ranks. It also excludes gifts by corporate foundations rather than individuals, and any gifts less than $1 million. Judging by a single year's giving, rather than by a lifetime of charity, causes distortions too. Microsoft head Bill Gates and Berkshire Hathaway chairman Warren Buffett, for instance, have said they intend to give away most of their money in the end. And Turner, who became vice chairman of Time Warner in October, did not make the initial list, even though he has made gifts totaling $200 million in the past few years. Still, if the Slate...
...BUFFETT'S NEW BABY...
When Warren Buffett took control of Berkshire Hathaway, Inc., in 1965, the stock was worth less than $20. With prudent investments in blue-chip companies such as Coca-Cola and Capital Cities/ABC, Buffett drove BH into the low thirties--$30,000, that is. By refusing to split the stock into smaller units, Buffett effectively kept speculators at bay, until a few cagey money managers figured out that they could form investment trusts with Berkshire Hathaway shares in their portfolios and then sell fractional units at affordable prices...
...Buffett complained that these trust managers were distorting the market in his company but ultimately decided that the best way to beat 'em was to join 'em. Last week shares of a new Class B stock, quickly dubbed Baby Berkshires, went on the market for a mere $1,110 per, a fraction of the mother issue's market value. The Baby B's gained $50 to hit $1,160 the first day and finished at $1,200 on Friday. Whether they'll ever grow up to be like Mama is, well, what markets are all about...