Word: buffett
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...were themselves celebrities. Film star Arnold Schwarzenegger, spouse of J.F.K.'s niece Maria Shriver, muscled up $772,500 for J.F.K.'s MacGregor Woods golf clubs, $134,500 for a Norman Rockwell painting of the President and $189,500 for a leather desk set. From a different latitude, singer Jimmy Buffett telephoned in a winning bid of $43,700 for a Jamie Wyeth lithograph of the President in a sailboat...
Such gains have earned Buffett, 64, a personal fortune worth some $12 billion in Berkshire stock and made him the second-richest man in America after his friend Bill Gates, chairman of Microsoft. "In the annals of investing, Warren Buffett stands alone," observes Wall Street Journal columnist Roger Lowenstein, whose biography of Buffett will be published by Random House later this month. According to Lowenstein, an investor who had placed $10,000 with Buffett in 1956 would have holdings today worth about $95 million...
...Buffett, money has its own logic. He does not enjoy what it can buy. In fact, spending money interferes with its real purpose from the Buffett point of view--the sheer pleasure of accumulation. "He views money as basically a way of keeping score," says Lowenstein, "a way of measuring his success." While a boy, Buffett told a friend, "It's not that I want money. It's the fun of making money and watching it grow." As Lowenstein puts it, Buffett acquired while growing up "an overly reverent view of money's proper role, as if spending were...
...Buffett's focus can make him come across as machinelike in his detachment. When a visitor to his office noted that Buffett had no stock terminal or computer, the billionaire replied that none was necessary: "I am a computer," he said. Buffett's son Peter recalls giving his father a birthday card and feeling dismayed when "he just sort of opened it and closed it--he read it that fast. I guess I was waiting for some response...
...Buffett himself lives frugally. His Omaha house was bought for $31,500 in 1958; he drives a gray Lincoln Town Car without a chauffeur and does his own tax returns. He keeps a summer home at Laguna Beach, California, but shuns the water, preferring to stay inside and work. "It's a great [ocean] view," says Susan Buffett Greenberg, the eldest of Buffett's three children, "but he's never seen...