Warren Buffett – August 30, 1930

 “likes math; a future stockbroker” – Caption under Warren Buffett’s high school yearbook picture.

Warren Edward Buffett was born in Omaha, Nebraska, to Leila (Stahl) and Howard Buffett. He has an older and a younger sister. His father served 4 terms in the U.S. House of Representatives representing Omaha from 1943-1949 and 1951-1953. He has, at times, been the world’s richest man.

In the 1940 census for Omaha, the Buffetts are living at 2501 N. 53rd Street. Howard is the proprietor of a bond investment company. Sisters Doris (a future philanthropist), and Roberta, along with Warren, were in school.

There were no immigrants in the neighborhood unless you count people from seven other states. It was a management neighborhood full of executives and business owners and is still a very nice neighborhood based on Google StreetView. Home values were in the high 4 figures range with the Buffetts home tops at $10,000. That only equates to $218,000 in today’s money, but Zillow estimates the home at $536,000.

Later life

I get my information about each day’s subject from Wikipedia. There is so much on Warren Buffet that I am going to skip over his real financial work and just list items of interest (in no particular order). For those who want to see how he built his wealth, his page is here.

• Known as the Oracle of Omaha or the Sage of Omaha
• Has pledged to give away 99% of his fortune
• As of June, 2023 had a net worth of $117,000,000,000 making him the 5th richest person in the world
• Graduated University of Nebraska at 19.
• Graduated Columbia Business School at 21.
• Bought a textile manufacturing firm called Berkshire Hathaway and used the name for his holding company
• Inspired as a child by a book called “One Thousand Ways to Make $1000”
• Sold Chewing gum, Coca-Cola, and magazines door-to-door
• In high school delivered newspapers and sold golf balls and stamps. Also detailed cars.
• At 14 years old took a $35 deduction on his income taxes for the use of his bike and watch on his paper route.
• At 15, with a friend, paid $25 for a used pinball machine, and installed it in a barber shop. They soon owned several machines in 3 barber shops. Sold the business for $1200.
• At age 11, bought his first stock, 3 shares of Cities Service Preferred (and bought 3 for his sister Doris as well).
• At age 14, Invested in a business owned by his father and bought a 40-acre farm worked by a tenant with $1200 of his savings.
• Finished college with $9800 in savings ($121,000 today.)
• Rejected by Harvard Business School after graduating from Nebraska.
• While working as a stockbroker, took a Dale Carnegie course and then taught an “Investment Principles” night class to students with an average age twice his own. At this point, he made a side investment in a Sinclair Gas station which failed.
• At 27, married with 2 children, he paid $31,500 for a 5-bedroom house in Omaha where he still lives.
• In 1949 developed a crush on a woman whose boyfriend played ukelele. He learned to play in an unsuccessful attempt to get her attention. He still plays, often playing at stockbroker meetings.
• He married Susan Thompson in 1952. The marriage lasted until her death in 2004 although they lived separately after 1977 when she moved to San Francisco. Before leaving, Susan arranged for Buffett to meet Astrid Menks who lived with Buffett after Susan left. They were all friends and Christmas cards to friends were signed “Warren, Susan, and Astrid.” Warren and Astrid married in 2006.
• Disowned his son’s adopted daughter after she participated in a documentary called “The One Percent” about income inequality. They have since reconciled.
• He is an avid bridge player and plays about 12 hours per week. He plays with Bill Gates and sponsors the Buffett Cup. This tournament is held directly after the Ryder Cup in the same city with teams provided by each country of the Ryder Cup.
• A lifelong fan of Nebraska football.
• Reads 5 newspapers every day, starting with the Omaha World-Herald.
• His likeness is on Cherry Coke products sold in China.
• Distantly related to Barack Obama
• A good friend of Jimmy Buffett. They call themselves Uncle Warren and Cousin Jimmy, but DNA results showed no relationship.
• Beat prostate cancer with 2 months of daily radiation
• His children will not inherit a significant portion of his wealth “I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing”
• Critical of gold as an investment “It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
• Has appeared in The Office, All My Children, and Entourage.

Other happenings on August 30, 1930:

• The Federal Trade Commission building in Washington was heavily damaged by fire, destroying many documents.
• A semi-official government newspaper in Yugoslavia announced new rights for German-speaking minorities. Parents would have the right to decide whether to send their children to German or Yugoslavian schools, and the Serbo-Croatian language would not be taught before the third year in the German schools.
• The comedy film Doughboys, starring Buster Keaton, was released.

Tomorrow – a Hard Hitter

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Sources

• Wikipedia.org
• Ancestry.com
• Onthisday.com
• Picryl.com
• Youtube.com