Many people throughout the world have no idea who Carlos Slim Helu is, although he is undoubtedly one of the most famous men in Mexico's history. With a net worth of $60-billion, Helu has for some time reigned supreme as the second-richest man in the world.
His transition upwards from this position is imminent, as the world's number-one richest man, Warren Buffet, recently announced plans to give the majority of his fortune away. This will leave Carlos as the king of all things money. Carlos is a paradox on some levels. He is a jack of all trades, and seemingly a master at them all as well.
His talent for making money defies logic, and his holdings continue to grow at an astounding rate. Carlos Slim Helu was born January 28, 1940 in Mexico City, Mexico. Carlos isn't of Mexican descent; his parents were Lebanese immigrants: Yusef Salim Haddad and Linda Helu. A young Carlos was the 5th of 6 children in the large family, and was the smartest from a young age. He excelled in school and always remained dedicated to his studies. After high school, he decided he wanted to study engineering and was accepted to the Universidad Nacional Autonoma de Mexico.
After graduating, Helu did a complete 180, however, and ended up working in investments. Helu soon found that his talent for helping companies become profitable was something that would make him extremely wealthy. He gained huge financial success by finding grossly undervalued companies and working to make them profitable.
This tactic, although perfectly legal, is sometimes criticized in the business world. It's known as the “mob mentality,” when a person moves in to “help” the company and eventually takes a substantial piece of the action. This has worked out extremely well for both Helu and the companies involved.
The Mexican government went through a privatization period in 1990, and Helu quickly moved in and took control of Telefonos de Mexico (Telmex). He was immediately criticized for raising the prices soon after he took control of the company. Although, he also worked to improve the phone services in Mexico, and also offered local and long distance calls, Internet services, mobile services, and a telephone directory.
Helu makes his money similar to the way Warren Buffet makes his: through sound investments; but Helu prefers to think of himself as an operator of the companies instead of a mere investor.Helu also owns Mexico's largest Internet Service Provider and even one of the largest in the United States. From 2006 to 2007, Carlos' wealth jumped from an already inflated $30-billion to an amazing $49-billion.Helu has branched out and taken a slice of multiple industries, including a 6.4% stake in The New York Times Company, making him the largest shareholder other than the Sulzberger family - the company's owners.
Helu is also a renowned philanthropist. The Latin American Development Fund which he heads has a budget of over $10-billion that's used to fund various cultural projects throughout Latin America.
Posted In: Biographies,
Rabu, 09 September 2009
Bill Gates Biography (William Henry Gates III): Microsoft Founder
Bill Gates Biography (William Henry Gates III): Microsoft Founder
Famous for : Being the richest man in the world, a cofounder of the software company Microsoft, and for being one of the world's most generous philanthropists.
Gates details : Born - USA October 28, 1955
Lives - United States of America
More Gates :
- Buffett Gives to Gates Foundation
- Person of the Year 2005
- Melinda Gates
- Richest Man in the World
Bill Gates is one of the most influential people in the world.
He is cofounder of one of the most recognized brands in the computer industry with nearly every desk top computer using at least one software program from Microsoft. According to the Forbes magazine, Bill Gates is the richest man in the world and has held the number one position for many years.Gates was born and grew up in Seattle, Washington USA. His father, William H. Gates II was a Seattle attorney and his mother, Mary Maxwell Gates was a school teacher and chairperson of the United Way charity. Gates and his two sisters had a comfortable upbringing, with Gates being able to attend the exclusive secondary "Lakeside School".Bill Gates started studying at Harvard University in 1973 where he spent time with Paul Allen.
Gates and Allen worked on a version of the programming language BASIC, that was the basis for the MITS Altair (the first microcomputer available). He did not go on to graduate from Harvard University as he left in his junior year to start what was to become the largest computer software company in the world; Microsoft Corporation.Bill Gates and the Microsoft Corporation "To enable people and businesses throughout the world to realize their full potential."
Microsoft Mission StatementAfter dropping out of Harvard Bill Gates and his partner Paul Allen set about revolutionizing the computer industry. Gates believed there should be a computer on every office desk and in every home. In 1975 the company Micro-soft was formed, which was an abbreviation of microcomputer software. It soon became simply "Microsoft"® and went on to completely change the way people use computers.
Microsoft helped to make the computer easier to use with its developed and purchased software, and made it a commercial success. The success of Microsoft began with the MS-DOS computer operating system that Gates licensed to IBM. Gates also set about protecting the royalties that he could acquire from computer software by aggressively fighting against all forms of software piracy, effectively creating the retail software market that now exists today.
This move was quite controversial at the time as it was the freedom of sharing that produced much innovation and advances in the newly forming software industry. But it was this stand against software piracy, that was to be central in the great commercial success that Microsoft went on to achieve.
Bill Gates retired as Microsoft CEO in 2008. Bill Gates CriticismWith his great success in the computer software industry also came many criticisms. With his ambitious and aggressive business philosophy, Gates or his Microsoft lawyers have been in and out of courtrooms fighting legal battles almost since Microsoft began. The Microsoft monopoly sets about completely dominating every market it enters through either acquisition, aggressive business tactics or a combination of them.
Many of the largest technology companies have fought legally against the actions of Microsoft, including Apple Computer, Netscape, Opera, WordPerfect, and sun Microsystems.Bill Gates Net Worth With an estimated wealth of $53 billion in 2006, Bill Gates is the richest man in the world and he should be starting to get used to the number spot as he has been there from the mid-ninties up until now.
The famous investor Warren Buffett is gaining on Gates though with an estimated $46 billion in 2006.
Microsoft hasn't just made Bill Gates very wealthy though. According to the Forbes business magazine in 2004 Paul Allen, Microsoft cofounder was the 5th richest man in the world with an estimated $21 billion. While Bill Gates' long time friend and Microsoft CEO, Steve Ballmer was the 19th richest man in the world at $12.4 billion.
See more information the Bill Gates Net Worth page.
Bill Gates PhilanthropyBeing the richest man in the world has also enabled Gates to create one of the world's largest charitable foundations. The Bill and Melinda Gates Foundation has an endowment of more than $28 billion, with donations totaling more than $1 billion every year. The foundation was formed in 2000 after merging the "Gates Learning Foundation" and "William H. Gates Foundation". Their aim is to "bring innovations in health and learning to the global community".
Bill Gates continues to play a very active role in the workings of the Microsoft Company, but has handed the position of CEO over to Steve Ballmer. Gates now holds the positions of "Chairman" and "Chief Software Architect". He has started that he plans to take on fewer responsibilities at Microsoft and will eventually devote all his time to the Bill & Melinda Gates Foundation.In 2006, the second richest man in the world, Warren Buffett pledged to give much of his vast fortune to the Bill and Melinda Gates Foundation.
Bill Gates Receives a KBEIn March 2005 William H. Gates received an "honorary" knighthood from the queen of England. Gates was bestowed with the KBE Order (Knight Commander of the Most Excellent Order of the British Empire) for his services in reducing poverty and improving health in the developing countries of the world.After the privately held ceremony in Buckingham Palace with Her Majesty Queen Elizabeth II, Gates commented on the recognition.."I am humbled and delighted. I am particularly pleased that this honor helps recognize the real heroes our foundation (Bill and Melinda Gates Foundation) supports to improve health in poor countries.
Their incredible work is helping ensure that one day all people, no matter where they are born, will have the same opportunity for a healthy life, and I'm grateful to share this honor with them."The KBE Order of the British Empire is the second highest Order given out, but it is only an honorary knighthood as only citizens that are British or a part of the Commonwealth receive the full Order. This means that Gates does not become Sir Bill Gates.
Bill Gates lives near Lake Washington with his wife Melinda French Gates and their three children. Interests of Gates include reading, golf and playing bridge.This Bill Gates biography may not be reproduced online.Copyright © Woopidoo.com
Famous for : Being the richest man in the world, a cofounder of the software company Microsoft, and for being one of the world's most generous philanthropists.
Gates details : Born - USA October 28, 1955
Lives - United States of America
More Gates :
- Buffett Gives to Gates Foundation
- Person of the Year 2005
- Melinda Gates
- Richest Man in the World
Bill Gates is one of the most influential people in the world.
He is cofounder of one of the most recognized brands in the computer industry with nearly every desk top computer using at least one software program from Microsoft. According to the Forbes magazine, Bill Gates is the richest man in the world and has held the number one position for many years.Gates was born and grew up in Seattle, Washington USA. His father, William H. Gates II was a Seattle attorney and his mother, Mary Maxwell Gates was a school teacher and chairperson of the United Way charity. Gates and his two sisters had a comfortable upbringing, with Gates being able to attend the exclusive secondary "Lakeside School".Bill Gates started studying at Harvard University in 1973 where he spent time with Paul Allen.
Gates and Allen worked on a version of the programming language BASIC, that was the basis for the MITS Altair (the first microcomputer available). He did not go on to graduate from Harvard University as he left in his junior year to start what was to become the largest computer software company in the world; Microsoft Corporation.Bill Gates and the Microsoft Corporation "To enable people and businesses throughout the world to realize their full potential."
Microsoft Mission StatementAfter dropping out of Harvard Bill Gates and his partner Paul Allen set about revolutionizing the computer industry. Gates believed there should be a computer on every office desk and in every home. In 1975 the company Micro-soft was formed, which was an abbreviation of microcomputer software. It soon became simply "Microsoft"® and went on to completely change the way people use computers.
Microsoft helped to make the computer easier to use with its developed and purchased software, and made it a commercial success. The success of Microsoft began with the MS-DOS computer operating system that Gates licensed to IBM. Gates also set about protecting the royalties that he could acquire from computer software by aggressively fighting against all forms of software piracy, effectively creating the retail software market that now exists today.
This move was quite controversial at the time as it was the freedom of sharing that produced much innovation and advances in the newly forming software industry. But it was this stand against software piracy, that was to be central in the great commercial success that Microsoft went on to achieve.
Bill Gates retired as Microsoft CEO in 2008. Bill Gates CriticismWith his great success in the computer software industry also came many criticisms. With his ambitious and aggressive business philosophy, Gates or his Microsoft lawyers have been in and out of courtrooms fighting legal battles almost since Microsoft began. The Microsoft monopoly sets about completely dominating every market it enters through either acquisition, aggressive business tactics or a combination of them.
Many of the largest technology companies have fought legally against the actions of Microsoft, including Apple Computer, Netscape, Opera, WordPerfect, and sun Microsystems.Bill Gates Net Worth With an estimated wealth of $53 billion in 2006, Bill Gates is the richest man in the world and he should be starting to get used to the number spot as he has been there from the mid-ninties up until now.
The famous investor Warren Buffett is gaining on Gates though with an estimated $46 billion in 2006.
Microsoft hasn't just made Bill Gates very wealthy though. According to the Forbes business magazine in 2004 Paul Allen, Microsoft cofounder was the 5th richest man in the world with an estimated $21 billion. While Bill Gates' long time friend and Microsoft CEO, Steve Ballmer was the 19th richest man in the world at $12.4 billion.
See more information the Bill Gates Net Worth page.
Bill Gates PhilanthropyBeing the richest man in the world has also enabled Gates to create one of the world's largest charitable foundations. The Bill and Melinda Gates Foundation has an endowment of more than $28 billion, with donations totaling more than $1 billion every year. The foundation was formed in 2000 after merging the "Gates Learning Foundation" and "William H. Gates Foundation". Their aim is to "bring innovations in health and learning to the global community".
Bill Gates continues to play a very active role in the workings of the Microsoft Company, but has handed the position of CEO over to Steve Ballmer. Gates now holds the positions of "Chairman" and "Chief Software Architect". He has started that he plans to take on fewer responsibilities at Microsoft and will eventually devote all his time to the Bill & Melinda Gates Foundation.In 2006, the second richest man in the world, Warren Buffett pledged to give much of his vast fortune to the Bill and Melinda Gates Foundation.
Bill Gates Receives a KBEIn March 2005 William H. Gates received an "honorary" knighthood from the queen of England. Gates was bestowed with the KBE Order (Knight Commander of the Most Excellent Order of the British Empire) for his services in reducing poverty and improving health in the developing countries of the world.After the privately held ceremony in Buckingham Palace with Her Majesty Queen Elizabeth II, Gates commented on the recognition.."I am humbled and delighted. I am particularly pleased that this honor helps recognize the real heroes our foundation (Bill and Melinda Gates Foundation) supports to improve health in poor countries.
Their incredible work is helping ensure that one day all people, no matter where they are born, will have the same opportunity for a healthy life, and I'm grateful to share this honor with them."The KBE Order of the British Empire is the second highest Order given out, but it is only an honorary knighthood as only citizens that are British or a part of the Commonwealth receive the full Order. This means that Gates does not become Sir Bill Gates.
Bill Gates lives near Lake Washington with his wife Melinda French Gates and their three children. Interests of Gates include reading, golf and playing bridge.This Bill Gates biography may not be reproduced online.Copyright © Woopidoo.com
Warren Buffett Biography
Warren Buffett Biography
The Story of Berkshire Hathaway's Billionaire Chairman
By Joshua Kennon, About.com
Warren Buffett is Born
Warren Edward Buffett was born on August 30, 1930 to his father Howard, a stockbroker-turned-Congressman. The only boy, he was the second of three children, and displayed an amazing aptitude for both money and business at a very early age. Acquaintances recount his uncanny ability to calculate columns of numbers off the top of his head - a feat Warren still amazes business colleagues with today.
At only six years old, Buffett purchased 6-packs of Coca Cola from his grandfather's grocery store for twenty five cents and resold each of the bottles for a nickel, pocketing a five cent profit. While other children his age were playing hopscotch and jacks, Warren was making money. Five years later, Buffett took his step into the world of high finance. At eleven years old, he purchased three shares of Cities Service Preferred at $38 per share for both himself and his older sister, Doris. Shortly after buying the stock, it fell to just over $27 per share. A frightened but resilient Warren held his shares until they rebounded to $40. He promptly sold them - a mistake he would soon come to regret. Cities Service shot up to $200. The experience taught him one of the basic lessons of investing: patience is a virtue.
Warren Buffett's EducationIn 1947, a seventeen year old Warren Buffett graduated from High School. It was never his intention to go to college; he had already made $5,000 delivering newspapers (this is equal to $42,610.81 in 2000). His father had other plans, and urged his son to attend the Wharton Business School at the University of Pennsylvania. Buffett stayed two years, complaining that he knew more than his professors. When Howard was defeated in the 1948 Congressional race, Warren returned home to Omaha and transferred to the University of Nebraska-Lincoln. Working full-time, he managed to graduate in only three years.
Warren Buffett approached graduate studies with the same resistance he displayed a few years earlier. He was finally persuaded to apply to Harvard Business School, which, in the worst admission decision in history, rejected him as "too young". Slighted, Warren applied to Columbia where famed investors Ben Graham and David Dodd taught - an experience that would forever change his life.
Ben Graham - Buffett's Mentor
Ben Graham had become well known during the 1920's. At a time when the rest of the world was approaching the investment arena as a giant game of roulette, he searched for stocks that were so inexpensive they were almost completely devoid of risk. One of his best known calls was the Northern Pipe Line, an oil transportation company managed by the Rockefellers. The stock was trading at $65 a share, but after studying the balance sheet, Graham realized that the company had bond holdings worth $95 for every share. The value investor tried to convince management to sell the portfolio, but they refused. Shortly thereafter, he waged a proxy war and secured a spot on the Board of Directors. The company sold its bonds and paid a dividend in the amount of $70 per share.
When he was 40 years old, Ben Graham published Security Analysis, one of the greatest works ever penned on the stock market. At the time, it was risky; investing in equities had become a joke (the Dow Jones had fallen from 381.17 to 41.22 over the course of three to four short years following the crash of 1929). It was around this time that Graham came up with the principle of "intrinsic" business value - a measure of a business's true worth that was completely and totally independent of the stock price. Using intrinsic value, investors could decide what a company was worth and make investment decisions accordingly. His subsequent book, The Intelligent Investor, which Warren celebrates as "the greatest book on investing ever written", introduced the world to Mr. Market - the best investment analogy in history.
Through his simple yet profound investment principles, Ben Graham became an idyllic figure to the twenty-one year old Warren Buffett. Reading an old edition of Who's Who, Warren discovered his mentor was the Chairman of a small, unknown insurance company named GEICO. He hopped a train to Washington D.C. one Saturday morning to find the headquarters.
When he got there, the doors were locked. Not to be stopped, Buffett relentlessly pounded on the door until a janitor came to open it for him. He asked if there was anyone in the building. As luck (or fate) would have it, there was. It turns out that there was a man still working on the sixth floor. Warren was escorted up to meet him and immediately began asking him questions about the company and its business practices; a conversation that stretched on for four hours. The man was none other than Lorimer Davidson, the Financial Vice President. The experience would be something that stayed with Buffett for the rest of his life. He eventually acquired the entire GEICO company through his corporation, Berkshire Hathaway.
Flying through his graduate studies at Columbia, Warren Buffett was the only student ever to earn an A+ in one of Graham's classes. Disappointingly. both Ben Graham and Warren's father advised him not to work on Wall Street after he graduated. Absolutely determined, Buffett offered to work for the Graham partnership for free. Ben turned him down. He preferred to hold his spots for Jews who were not hired at Gentile firms at the time. Warren was crushed.
Warren Buffett Returns HomeReturning home, he took a job at his father's brokerage house and began seeing a girl by the name of Susie Thompson. The relationship eventually turned serious and in April of 1952 the two were married. They rented out a three-room apartment for $65 a month; it was run-down and served as home to several mice. It was here their daughter, also named Susie, was born. In order to save money, they made a bed for her in a dresser drawer.
During these initial years, Warren's investments were predominately limited to a Texaco station and some real estate, but neither were successful. It was also during this time he began teaching night classes at the University of Omaha (something that wouldn't have been possible several months before. In an effort to conquer his intense fear of public speaking, Warren took a course by Dale Carnegie). Thankfully, things changed. Ben Graham called one day, inviting the young stockbroker to come to work for him. Warren was finally given the opportunity he had long awaited.
Warren Buffett Goes to Work for Ben Graham
The couple took a house in the suburbs of New York. Buffett spent his days analyzing S&P reports, searching for investment opportunities. It was during this time that the difference between the Graham and Buffett philosophies began to emerge. Warren became interested in how a company worked - what made it superior to competitors. Ben simply wanted numbers whereas Warren was predominately interested in a company's management as a major factor when deciding to invest, Graham looked only at the balance sheet and income statement; he could care less about corporate leadership. Between 1950 and 1956, Warren built his personal capital up to $140,000 from a mere $9,800. With this war chest, he set his sights back on Omaha and began planning his next move.
On May 1, 1956, Warren Buffett rounded up seven limited partners which included his Sister Doris and Aunt Alice, raising $105,000 in the process. He put in $100 himself, officially creating the Buffett Associates, Ltd. Before the end of the year, he was managing around $300,000 in capital. Small, to say the least, but he had much bigger plans for that pool of money. He purchased a house for $31,500, affectionately nicknamed "Buffett's Folly", and managed his partnerships originally from the bedroom, and later, a small office. By this time, his life had begun to take shape; he had three children, a beautiful wife, and a very successful business.
Over the course of the next five years, the Buffett partnerships racked up an impressive 251.0% profit, while the Dow was up only 74.3%. A somewhat-celebrity in his hometown, Warren never gave stock tips despite constant requests from friends and strangers alike.
By 1962, the partnership had capital in excess of $7.2 million, of which a cool $1 million was Buffett's personal stake (he didn't charge a fee for the partnership - rather Warren was entitled to 1/4 of the profits above 4%). He also had more than 90 limited partners across the United States. In one decisive move, he melded the partnerships into a single entity called "Buffett Partnerships Ltd.", upped the minimum investment to $100,000, and opened an office in Kiewit Plaza on Farnam street.
In 1962, a man by the name of Charlie Munger moved back to his childhood home of Omaha from California. Though somewhat snobbish, Munger was brilliant in every sense of the word. He had attended Harvard Law School without a Bachelor's Degree. Introduced by mutual friends, Buffett and Charlie were immediately drawn together, providing the roots for a friendship and business collaboration that would last for the next forty years.
Ten years after its founding, the Buffett Partnership assets were up more than 1,156% compared to the Dow's 122.9%. Acting as lord over assets that had ballooned to $44 million dollars, Warren and Susie's personal stake was $6,849,936. Mr. Buffett, as they say, had arrived.
Wisely enough, just as his persona of success was beginning to be firmly established, Warren Buffett closed the partnership to new accounts. The Vietnam war raged full force on the other side of the world and the stock market was being driven up by those who hadn't been around during the depression. All while voicing his concern for rising stock prices, the partnership pulled its biggest coup in 1968, recording a 59.0% gain in value, catapulting to over $104 million in assets.
The Story of Berkshire Hathaway's Billionaire Chairman
By Joshua Kennon, About.com
Warren Buffett is Born
Warren Edward Buffett was born on August 30, 1930 to his father Howard, a stockbroker-turned-Congressman. The only boy, he was the second of three children, and displayed an amazing aptitude for both money and business at a very early age. Acquaintances recount his uncanny ability to calculate columns of numbers off the top of his head - a feat Warren still amazes business colleagues with today.
At only six years old, Buffett purchased 6-packs of Coca Cola from his grandfather's grocery store for twenty five cents and resold each of the bottles for a nickel, pocketing a five cent profit. While other children his age were playing hopscotch and jacks, Warren was making money. Five years later, Buffett took his step into the world of high finance. At eleven years old, he purchased three shares of Cities Service Preferred at $38 per share for both himself and his older sister, Doris. Shortly after buying the stock, it fell to just over $27 per share. A frightened but resilient Warren held his shares until they rebounded to $40. He promptly sold them - a mistake he would soon come to regret. Cities Service shot up to $200. The experience taught him one of the basic lessons of investing: patience is a virtue.
Warren Buffett's EducationIn 1947, a seventeen year old Warren Buffett graduated from High School. It was never his intention to go to college; he had already made $5,000 delivering newspapers (this is equal to $42,610.81 in 2000). His father had other plans, and urged his son to attend the Wharton Business School at the University of Pennsylvania. Buffett stayed two years, complaining that he knew more than his professors. When Howard was defeated in the 1948 Congressional race, Warren returned home to Omaha and transferred to the University of Nebraska-Lincoln. Working full-time, he managed to graduate in only three years.
Warren Buffett approached graduate studies with the same resistance he displayed a few years earlier. He was finally persuaded to apply to Harvard Business School, which, in the worst admission decision in history, rejected him as "too young". Slighted, Warren applied to Columbia where famed investors Ben Graham and David Dodd taught - an experience that would forever change his life.
Ben Graham - Buffett's Mentor
Ben Graham had become well known during the 1920's. At a time when the rest of the world was approaching the investment arena as a giant game of roulette, he searched for stocks that were so inexpensive they were almost completely devoid of risk. One of his best known calls was the Northern Pipe Line, an oil transportation company managed by the Rockefellers. The stock was trading at $65 a share, but after studying the balance sheet, Graham realized that the company had bond holdings worth $95 for every share. The value investor tried to convince management to sell the portfolio, but they refused. Shortly thereafter, he waged a proxy war and secured a spot on the Board of Directors. The company sold its bonds and paid a dividend in the amount of $70 per share.
When he was 40 years old, Ben Graham published Security Analysis, one of the greatest works ever penned on the stock market. At the time, it was risky; investing in equities had become a joke (the Dow Jones had fallen from 381.17 to 41.22 over the course of three to four short years following the crash of 1929). It was around this time that Graham came up with the principle of "intrinsic" business value - a measure of a business's true worth that was completely and totally independent of the stock price. Using intrinsic value, investors could decide what a company was worth and make investment decisions accordingly. His subsequent book, The Intelligent Investor, which Warren celebrates as "the greatest book on investing ever written", introduced the world to Mr. Market - the best investment analogy in history.
Through his simple yet profound investment principles, Ben Graham became an idyllic figure to the twenty-one year old Warren Buffett. Reading an old edition of Who's Who, Warren discovered his mentor was the Chairman of a small, unknown insurance company named GEICO. He hopped a train to Washington D.C. one Saturday morning to find the headquarters.
When he got there, the doors were locked. Not to be stopped, Buffett relentlessly pounded on the door until a janitor came to open it for him. He asked if there was anyone in the building. As luck (or fate) would have it, there was. It turns out that there was a man still working on the sixth floor. Warren was escorted up to meet him and immediately began asking him questions about the company and its business practices; a conversation that stretched on for four hours. The man was none other than Lorimer Davidson, the Financial Vice President. The experience would be something that stayed with Buffett for the rest of his life. He eventually acquired the entire GEICO company through his corporation, Berkshire Hathaway.
Flying through his graduate studies at Columbia, Warren Buffett was the only student ever to earn an A+ in one of Graham's classes. Disappointingly. both Ben Graham and Warren's father advised him not to work on Wall Street after he graduated. Absolutely determined, Buffett offered to work for the Graham partnership for free. Ben turned him down. He preferred to hold his spots for Jews who were not hired at Gentile firms at the time. Warren was crushed.
Warren Buffett Returns HomeReturning home, he took a job at his father's brokerage house and began seeing a girl by the name of Susie Thompson. The relationship eventually turned serious and in April of 1952 the two were married. They rented out a three-room apartment for $65 a month; it was run-down and served as home to several mice. It was here their daughter, also named Susie, was born. In order to save money, they made a bed for her in a dresser drawer.
During these initial years, Warren's investments were predominately limited to a Texaco station and some real estate, but neither were successful. It was also during this time he began teaching night classes at the University of Omaha (something that wouldn't have been possible several months before. In an effort to conquer his intense fear of public speaking, Warren took a course by Dale Carnegie). Thankfully, things changed. Ben Graham called one day, inviting the young stockbroker to come to work for him. Warren was finally given the opportunity he had long awaited.
Warren Buffett Goes to Work for Ben Graham
The couple took a house in the suburbs of New York. Buffett spent his days analyzing S&P reports, searching for investment opportunities. It was during this time that the difference between the Graham and Buffett philosophies began to emerge. Warren became interested in how a company worked - what made it superior to competitors. Ben simply wanted numbers whereas Warren was predominately interested in a company's management as a major factor when deciding to invest, Graham looked only at the balance sheet and income statement; he could care less about corporate leadership. Between 1950 and 1956, Warren built his personal capital up to $140,000 from a mere $9,800. With this war chest, he set his sights back on Omaha and began planning his next move.
On May 1, 1956, Warren Buffett rounded up seven limited partners which included his Sister Doris and Aunt Alice, raising $105,000 in the process. He put in $100 himself, officially creating the Buffett Associates, Ltd. Before the end of the year, he was managing around $300,000 in capital. Small, to say the least, but he had much bigger plans for that pool of money. He purchased a house for $31,500, affectionately nicknamed "Buffett's Folly", and managed his partnerships originally from the bedroom, and later, a small office. By this time, his life had begun to take shape; he had three children, a beautiful wife, and a very successful business.
Over the course of the next five years, the Buffett partnerships racked up an impressive 251.0% profit, while the Dow was up only 74.3%. A somewhat-celebrity in his hometown, Warren never gave stock tips despite constant requests from friends and strangers alike.
By 1962, the partnership had capital in excess of $7.2 million, of which a cool $1 million was Buffett's personal stake (he didn't charge a fee for the partnership - rather Warren was entitled to 1/4 of the profits above 4%). He also had more than 90 limited partners across the United States. In one decisive move, he melded the partnerships into a single entity called "Buffett Partnerships Ltd.", upped the minimum investment to $100,000, and opened an office in Kiewit Plaza on Farnam street.
In 1962, a man by the name of Charlie Munger moved back to his childhood home of Omaha from California. Though somewhat snobbish, Munger was brilliant in every sense of the word. He had attended Harvard Law School without a Bachelor's Degree. Introduced by mutual friends, Buffett and Charlie were immediately drawn together, providing the roots for a friendship and business collaboration that would last for the next forty years.
Ten years after its founding, the Buffett Partnership assets were up more than 1,156% compared to the Dow's 122.9%. Acting as lord over assets that had ballooned to $44 million dollars, Warren and Susie's personal stake was $6,849,936. Mr. Buffett, as they say, had arrived.
Wisely enough, just as his persona of success was beginning to be firmly established, Warren Buffett closed the partnership to new accounts. The Vietnam war raged full force on the other side of the world and the stock market was being driven up by those who hadn't been around during the depression. All while voicing his concern for rising stock prices, the partnership pulled its biggest coup in 1968, recording a 59.0% gain in value, catapulting to over $104 million in assets.
Jumat, 04 September 2009
Profiles: The World's Billionaires
ProfilesOffbeat Tatiana Serafin Richard Desmond has built a British publishing empire by playing his own tune. It doesn't play quite as well in the U.S., but give him time. La Dolce Vita Michael Freedman How do you feel like a billion-without the ten figures? Flavio Briatore can show you.
Video: Inside The Billionaire Club Slim's Chance Helen Coster Carlos Slim Helú's fortune is up almost $20 billion in a year, built amid poverty and resentment in Mexico. Now he's gaining on number two Warren Buffett. Gulf Goliath Devon Pendleton Khalaf Al Habtoor has made a fortune in Dubai's construction boom. But are his politics ready for export? Prince Richard Deborah Orr Li Ka-shing's son Richard makes a few embarrassing mistakes but is no poorer for it. Plugging A Math Gap Megha Bahree Harvard mathematician Shing-Tung Yau says China trails the pack in his field. He's tapping money and power to change that. Inside Job Evan Hessel Amkor Tech's billionaire boss might be worth still more if he treated public shareholders with more respect. Don't Worry, Be Happy Bernard Condon Easy Money may be over, but buyout artist Denis O'Brien has his cash in hand.
By The Numbers: Cash Kings CSI: Utah Matthew Miller James Sorenson built a fortune from medical devices and real estate. These days he's obsessed with solving murder mysteries. The Ruias Return Naazneen Karmali Meet the billionaire brothers behind India's biggest takeover.
About The List
The World's Richest People Edited by Luisa Kroll and Allison Fass It's been a busy year in the fortune-hunting business. Paella Party Matthew Swibel and Christina von Zeppelin Spain's sizzling real estate market creates nine new billionaires. A Quick Buck Tatiana Serafin The Fortress Five are outed as billionaires. Billions -- But Largely On Paper Michael Freedman and William P. Barrett The growing corps of ten-figure tycoons is mirrored by some interesting registrations at the U.S. Patent & Trademark Office. Timeline: Two Decades Of Wealth Chaniga Vorasarun Since 1987 Forbes has scoured the globe tracking the fortunes of the world's wealthiest people and uncovering new faces.
Video: Inside The Billionaire Club Slim's Chance Helen Coster Carlos Slim Helú's fortune is up almost $20 billion in a year, built amid poverty and resentment in Mexico. Now he's gaining on number two Warren Buffett. Gulf Goliath Devon Pendleton Khalaf Al Habtoor has made a fortune in Dubai's construction boom. But are his politics ready for export? Prince Richard Deborah Orr Li Ka-shing's son Richard makes a few embarrassing mistakes but is no poorer for it. Plugging A Math Gap Megha Bahree Harvard mathematician Shing-Tung Yau says China trails the pack in his field. He's tapping money and power to change that. Inside Job Evan Hessel Amkor Tech's billionaire boss might be worth still more if he treated public shareholders with more respect. Don't Worry, Be Happy Bernard Condon Easy Money may be over, but buyout artist Denis O'Brien has his cash in hand.
By The Numbers: Cash Kings CSI: Utah Matthew Miller James Sorenson built a fortune from medical devices and real estate. These days he's obsessed with solving murder mysteries. The Ruias Return Naazneen Karmali Meet the billionaire brothers behind India's biggest takeover.
About The List
The World's Richest People Edited by Luisa Kroll and Allison Fass It's been a busy year in the fortune-hunting business. Paella Party Matthew Swibel and Christina von Zeppelin Spain's sizzling real estate market creates nine new billionaires. A Quick Buck Tatiana Serafin The Fortress Five are outed as billionaires. Billions -- But Largely On Paper Michael Freedman and William P. Barrett The growing corps of ten-figure tycoons is mirrored by some interesting registrations at the U.S. Patent & Trademark Office. Timeline: Two Decades Of Wealth Chaniga Vorasarun Since 1987 Forbes has scoured the globe tracking the fortunes of the world's wealthiest people and uncovering new faces.
Rabu, 02 September 2009
Top 10 Richest People in the World by Economicshelp.org
Top 10 Rich List
1 Warren Buffett Investments $(bn) 62.0
2 Carlos Slim Helu Telecoms 60.0
3 Bill Gates Software 58.0
4 Lakshmi Mittal Steel 45.0
5 Mukesh Ambani Petrochemicals 43.0
6 Anil Ambani Diverse sources 42.0
7 Ingvar Kamprad Ikea stores 31.0
8 KP Singh Property 30.0
9 Oleg Deripaska Aluminium 28.0
10 Karl Albrecht Aldi stores 27.0
The richest Britain is the Duke of Westminster with $14bn (ranked no. 46). The richest young person is Mark Zuckerberg, the founder of Facebook, currently worth $1.3bn.
According to the Forbes list, Bill Gates has been the richest person for the last 13 years
1 Warren Buffett Investments $(bn) 62.0
2 Carlos Slim Helu Telecoms 60.0
3 Bill Gates Software 58.0
4 Lakshmi Mittal Steel 45.0
5 Mukesh Ambani Petrochemicals 43.0
6 Anil Ambani Diverse sources 42.0
7 Ingvar Kamprad Ikea stores 31.0
8 KP Singh Property 30.0
9 Oleg Deripaska Aluminium 28.0
10 Karl Albrecht Aldi stores 27.0
The richest Britain is the Duke of Westminster with $14bn (ranked no. 46). The richest young person is Mark Zuckerberg, the founder of Facebook, currently worth $1.3bn.
According to the Forbes list, Bill Gates has been the richest person for the last 13 years
FORBES VERSION: THE RICHEST PEOPLE ON THE WORLD
Rank/Name/Citizenship/ Age/ Net Worth ($bil)/ Residence
1 /William Gates III/United States/50/50.0/United States
2 /Warren Buffett/United States/75/42.0/United States
3 /Carlos Slim Helu/Mexico/66/30.0/Mexico
4 /Ingvar Kamprad/Sweden/79/28.0/Switzerland
5 /Lakshmi Mittal/India/55/23.5/United Kingdom
6 /Paul Allen/United States/53/22.0/United States
7 /Bernard Arnault/France/57/21.5/France
8 /Prince Alwaleed Bin Talal Alsaud/Saudi Arabia/49/20.0/Saudi Arabia
9 /Kenneth Thomson & family/Canada/82/19.6/Canada/
10/Li Ka-shing/Hong Kong/77/18.8/Hong Kong
11 /Roman Abramovich/Russia/39/18.2/United Kingdom
12 /Michael Dell/United States/41/17.1/United States
13 /Karl Albrecht/Germany/86/17.0/Germany/
14 /Sheldon Adelson /United States /72 /16.1 /United States
15 /Liliane Bettencourt /France /83 16.0 /France
15 /Lawrence Ellison /United States /61 /16.0 /United States
17 /Christy Walton /United States /51 /15.9 /United States
17 /Jim Walton /United States /58 /15.9 /United States
19 /S Robson Walton /United States /62 /15.8 /United States
20 /Alice Walton /United States /56 /15.7 /United States
21 /Helen Walton /United States /86 /15.6 /United States
22 /Theo Albrecht /Germany /83 /15.2 /Germany
23 /Amancio Ortega /Spain /70 /14.8 /Spain
24 /Steven Ballmer /United States /50 /13.6 /United States /
25 /Azim Premji /India /60 /13.3 /India
1 /William Gates III/United States/50/50.0/United States
2 /Warren Buffett/United States/75/42.0/United States
3 /Carlos Slim Helu/Mexico/66/30.0/Mexico
4 /Ingvar Kamprad/Sweden/79/28.0/Switzerland
5 /Lakshmi Mittal/India/55/23.5/United Kingdom
6 /Paul Allen/United States/53/22.0/United States
7 /Bernard Arnault/France/57/21.5/France
8 /Prince Alwaleed Bin Talal Alsaud/Saudi Arabia/49/20.0/Saudi Arabia
9 /Kenneth Thomson & family/Canada/82/19.6/Canada/
10/Li Ka-shing/Hong Kong/77/18.8/Hong Kong
11 /Roman Abramovich/Russia/39/18.2/United Kingdom
12 /Michael Dell/United States/41/17.1/United States
13 /Karl Albrecht/Germany/86/17.0/Germany/
14 /Sheldon Adelson /United States /72 /16.1 /United States
15 /Liliane Bettencourt /France /83 16.0 /France
15 /Lawrence Ellison /United States /61 /16.0 /United States
17 /Christy Walton /United States /51 /15.9 /United States
17 /Jim Walton /United States /58 /15.9 /United States
19 /S Robson Walton /United States /62 /15.8 /United States
20 /Alice Walton /United States /56 /15.7 /United States
21 /Helen Walton /United States /86 /15.6 /United States
22 /Theo Albrecht /Germany /83 /15.2 /Germany
23 /Amancio Ortega /Spain /70 /14.8 /Spain
24 /Steven Ballmer /United States /50 /13.6 /United States /
25 /Azim Premji /India /60 /13.3 /India
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