Shortly after completing his postgraduate studies at the prestigious Columbia University, Warren Buffett, the world’s most generous billionaire, worked in New York with one of the legends of the investment world, Benjamin Graham. In doing so, he was laying the foundations of his current fortune, which he intends to donate 99.5% of upon his death.
Benjamin Graham was a true Wall Street wolf. But, as every cycle comes to an end, when he retired from the investment business, Warren Buffett, his best disciple, replaced him with equal success. Indeed, Buffett had a lynx-like instinct for predicting stock market fluctuations, earning him the nickname “the Oracle of Omaha” from his colleagues for his particular talent.
By the late 1960s, Buffett considered the stock market overvalued and took a step that forever distinguished him from his peers. What he did, in fact, astonished the world: he returned his investors’ capital (though not their profits), bringing his original investment business to an end. In his value system, honesty came first, both in life and in business, and soon the frenzy he felt for the stock market waned. Buffett already had in mind another activity to which he could dedicate himself with the same commitment and values: he now wanted to become a successful entrepreneur.
In 1962, he began purchasing shares of the textile company Berkshire Hathaway, located in his hometown of Omaha, Nebraska, in a strategically ascending spiral. He bought enough to soon take control of the company. At first, Buffett remained within the textile business, but the great opportunity came in 1967. That year proved key and decisive, as the firm expanded into insurance, reinsurance, and new investments. Over several decades, Buffett transformed the company into today’s conglomerate, a colossal empire with annual sales exceeding USD 245 billion and a market capitalization of USD 654 billion. Collectively, Berkshire Hathaway provides employment worldwide through its numerous subsidiaries for about 360,000 people.
Helping, Sharing, and Supporting Those Most in Need
Global solidarity today has its cornerstone in Warren Buffett’s initiative known as “The Giving Pledge.” This donation agreement, through which mega-billionaires commit to giving at least half their fortunes to charity, was created by Warren Buffett together with Bill and Melinda Gates. But Buffett has gone far beyond even his own limits: “Almost my entire fortune, to be exact, 99% of my wealth will go to philanthropy. I will personally oversee every project and cause that bears my name throughout my lifetime, and upon my death, my children will continue,” he promised.
Instead of creating his own foundation, Buffett has directed much of his charitable money to five foundations managed by people he admires and trusts, especially the Bill and Melinda Gates Foundation. The businessman has stated that he has given very little money to his three children—Peter, Howard, and Susan Alice Buffett—but has been very generous with the foundations each of them runs independently.
Buffett has also developed other ways of expressing his generosity toward causes he considers just. For instance, he has been—and remains today—one of the staunchest and most enthusiastic advocates for women seeking to advance and lead in the business world within U.S. companies. He mentored the young Tracy Britt Cool, a brilliant Harvard graduate who, by the age of 41, became the owner of her own private equity firm modeled on Buffett’s style. In 2019, she served as CEO of Pampered Chef, a company under Berkshire Hathaway.
On another front, Buffett has been remarkably generous in sharing his knowledge with the public about financial markets and the economy. Since 1977, through his widely read annual letters to Berkshire Hathaway shareholders, he has offered advice, guidance, and insights for achieving success in both business and life. The annual shareholders’ meetings have even been dubbed the “Woodstock for Capitalists,” akin to a paid holiday at Disney for thousands of families connected to Berkshire Hathaway each year.
Much of his media appearances form part of an archive available to the public, financial and economic lessons for all to see and learn from. Buffett has also long enjoyed meeting with dozens of university students—around eight times a year—for open Q&A sessions in which he has shared valuable insights about his personal journey through the business world.
For all these reasons, Warren Buffett has declared that he can leave this world in peace, knowing he has given everything and more for the good of people.
