Introduction
Warren Edward buffet is an American business man, successful investor ranked among the world’s wealthiest people. Warren Buffets aptitude for both money and business started at a very tender age. At the age of 13 years, Buffet started a business as a paper boy and selling his own horseracing tip sheet.
Majority of Buffets wealth and fortune is attributed to Berkshire Hathaway, where he is the Managing Director and largest shareholder. By 1990, Warren Buffer had acquired the billionaire status which he has maintained up to date. According to Forbes, by September 2012, Warren buffet was worth $46 billion (Tavakoli and Janet 304).
Warren buffet is widely recognized as a successful investor, a philanthropist and a business magnate. He is also recognized as a great communicator from his letters to shareholders. In 1977 through the fortune magazine, Buffet warned on the effects of inflation. Arithmetic’s indicate that inflation is the most devastating tax imposed by the legislation arm of government. He argued that inflation has the fantastic ability to consume capital easily.
In 1999, Warren warned investors of unrealistic expectations. According to a Fortune article, he advised that investors should at most expect a 6% return on stocks in a world of constant interest rates, 2% inflation rate and the ever increasing frictional costs.
Warren buffet astonished the world in 2006 when he gave the world’s largest charitable donation ever. This is the reason his children will not be inheriting a significant portion of the great fortune. This is also affirmed by statements that he does believe in passing wealth from one generation to the next. He thus donated 83% of his fortune to the Bill & Melinda Gates foundation this made him a philanthropic leader.
On investment issues, Buffet has widely let his view be known. For instance, on tax, Buffet proposed that the senate reserve the estate tax in order to avoid plutocracy. Critics however argued through Berkshire Hathaway, Buffet was meant to benefit by developing and marketing insurance policies to protect the policy holders from any future estate tax remittance. On gambling, buffet retaliated that the governments involvement was a tax on ignorance and as such not appropriate.
Regarding the United State’s current increase on trade deficit, Buffet advised that it will lead to a devaluation of the dollar and the US assets. He argues that handing over too many US assets to foreigners in form of security will eventually devalue the US dollar. However, trade deficit had actually lured Buffet to invest in the foreign currency market in 2002. With the increase in the cost of holding the currency contracts and fluctuating interest rates, Buffet reduced his investment.
On energy, Buffet invested in the new energy automobile business. He invested a sum of $230 million aw2arding him a 10% stake in BYD an electric automobile manufacturer and in one year, he had a 500% profit. Buffet is now considering venturing in renewable energy: solar power as he already owns wind farms.
Conclusion
Warren Buffet’s career stretches back to the 1940’s. In his teen, he was already a member of GEICO insurance board and a millionaire. There are several tents that are attributed to the billionaire, many of which cut across the investment field where he has greatly thrived. Through various speeches and articles, Buffet is known to combine business and humor. Warren buffet has given most of his wealth to charity through huge donations thus philanthropy and a strong advocator for democracy.
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