Berkshire Employee Wins $100,000 in Buffett’s NCAA Challenge

Warren Buffett is a huge fan of March Madness and has issued a challenge to his employees a few times now, daring them to select the correct winners for the tournament. This year’s challenge, which we wrote about earlier this month, was a little different than previous years. This year, Buffett offered up $1 million per year for life to the employee who could correctly guess the winning combination.

For this first round of the NCAA March Madness Men’s Basketball Tournament, which ended last Friday,  one contest winner has been awarded $100,000 for getting 29 of the first 32 games correct. The winner’s name was not released by Berkshire Hathaway, although it did state that the employee was a welder at a Precision Castparts facility in West Virginia. Continue reading ‘Berkshire Employee Wins $100,000 in Buffett’s NCAA Challenge’ »

Why Does Warren Buffett Give Away Money?

Warren Buffett, the Chairman of Berkshire Hathaway, is one of the richest men in the world. At the time of writing, he is ranked #2 in the world and has a wealth of around $78 billion, most of which is in his company. No one would deny that he is rich. However, he is also one of the world’s top philanthropists.

In fact, Buffett routinely gives to charity and has pledged to give away 99% of his wealth either before or after he dies. He and his friend Bill Gates started the Giving Pledge, and their moves have inspired other billionaires to give back to the world. But, why does Buffett give his money away? Continue reading ‘Why Does Warren Buffett Give Away Money?’ »

Buffett on Global Warming

Although Warren Buffett tries to separate out his politics from his business, sometimes the two overlap. This tends to result in a little bit of a confusing message overall. Nowhere is this more apparent than when it comes to global warming. The topic has always been extremely controversial, and there is plenty of evidence for both sides which makes it something of a mess for companies and businesses to address.

However, Warren Buffett has to have a stance on the subject because of the variety of companies that he owns and supports, many of which use fossil fuels. The Berkshire Hathaway Energy company still uses coal in addition to natural gas and more sustainable solutions like wind and solar energy. Buffett himself, therefore, definitely has a dog in the race, although his opinions might be surprising to some. Continue reading ‘Buffett on Global Warming’ »

Today’s Billionaires Are Worth $8 Trillion

While the concept of $8 trillion might seem absolutely impossible to really grasp for average person, the fact is that there are more billionaires now than there have ever been. The total number of billionaires in the world has actually increased by 3% since last year according to the Hurun Global Rich List, and the combined fortunes of the world’s billionaires has jumped 16% since 2016.

This probably isn’t surprising to anyone who has read this blog. In fact, Buffett himself leapt into second place in the list of the world’s richest men. In the last few months alone, his net worth has leapt from $73 billion to around $78 billion. Most of his wealth is located in his company, Berkshire Hathaway, which means that it’s subject to market rises, but among billionaires that’s not uncommon. The richest man in the world at the time of writing is Buffett’s friend Bill Gates, who has $81 billion. Continue reading ‘Today’s Billionaires Are Worth $8 Trillion’ »

Warren Buffett Meets with Former President Obama

Despite the fact that many of his annual letters are devoid of any politics, Buffett himself is a staunch democrat who frequently supports democratic candidates. He backed presidential nominee Hillary Clinton in the 2016 presidential election, and met with former president Barack Obama a couple of times during his two terms. Buffett was even given the Medal of Freedom by former president Obama in 2011.

So, it shouldn’t come as much of a surprise that Warren Buffett met with Obama recently for lunch in Omaha. According to the Omaha World Herald, the former president stopped briefly for a visit to have lunch with Warren and his daughter Susie, then hopped back on a jet to head for California.  Continue reading ‘Warren Buffett Meets with Former President Obama’ »

3 Reasons Warren Buffett Dumped Wal-Mart Stocks

Walmart is one of the most visible and well-known supermarket retailers around the world, and has stores in 27 different countries. Most large cities have more than one, in fact, and the company offers a variety of services including banking, auto maintenance, and more. However, Walmart’s stocks have been slipping in recent years, and Berkshire Hathaway seems to have lost some faith in the company.

In Berkshire’s SEC filings from late 2016, it was revealed that the company sold a majority of its Walmart stocks. In fact, Berkshire went from owning 13 million shares to 1.4 million shares. This means that Berkshire owns 0.05% at the time of writing and is no longer a majority shareholder. It seems like Berkshire no longer believes Walmart to be a good bet, and there are three simple reasons why: Continue reading ‘3 Reasons Warren Buffett Dumped Wal-Mart Stocks’ »

Warren Buffett’s Advice on Buying a Home

Buying a home is one of the biggest steps for many families. However, owning your own home can be just as exciting as it can be disastrous, and in the current economy many people find making that leap to be a little uncertain.

Warren Buffett currently owns two homes, one of which he bought in 1958 for $31,500. The other, a beach house in Laguna Beach, he purchased in 1971 and recently put on the market for a whopping $11 million. But, does Warren Buffett, the world’s foremost investor, a man who probably understands the economy and finances better than any of us, think that buying a home is a good move? Continue reading ‘Warren Buffett’s Advice on Buying a Home’ »

Warren Buffett’s Suits are from China

Warren Buffett, being the second richest man in the world, could buy pretty much anything he wants. And, strangely enough, most of his wants are pretty much in line with your average working-class American. He eats at McDonald’s and Dairy Queen regularly, he drinks a lot of Cherry Coke, and many of his clothes come from China.

Recently, Buffett, who nearly always looks snappy in a two piece suit, told CNBC that his suits are not bespoke, but rather come from a tailor in China who caught his attention when he was there on a business trip. The tailor, Madam Li, is excellent at what she does and Buffett even had her make suits for several Berkshire shareholders including Bill Gates.  Continue reading ‘Warren Buffett’s Suits are from China’ »

Why Warren Buffett May Buy More Apple Shares

Warren Buffett has never been shy about admitting that one of the things he knows next to nothing about is technology. Instead, his companies tend to be either mechanical or service-oriented, such as insurance. However, recently, Berkshire Hathaway has begun to invest in Apple and in the most recent quarter, more than doubled its stake, leaving analysts scratching their heads.

While it has been confirmed that Buffett himself didn’t make the initial investment in Apple (that, instead, was done by his proteges Combs and Weschler) Buffett has come out and said that he approves of the purchase and considers Apple to be a “sticky” company. In other words, people tend to stay with the company once they’re invested. Continue reading ‘Why Warren Buffett May Buy More Apple Shares’ »

Berkshire Shareholders To Consider Environmental Vote

During the Berkshire Hathaway Shareholder’s meeting in May, shareholders will be voting on an environmental proposal brought to Berkshire by the Nebraska Peace Foundation. The Berkshire Board of Directors opposes the proposition and will be asking shareholders to vote against it. The proposal will require Berkshire Hathaway to sell off its fossil-fuel related holdings within 12 years.

Berkshire Hathaway currently has several investments in companies which deal in fossil fuels, including Phillips 66. The proposal does not include companies that Berkshire Hathaway owns. At the time of writing, Berkshire has several companies which deal in fossil fuels including Lubrizol and many different energy providers across the country. Continue reading ‘Berkshire Shareholders To Consider Environmental Vote’ »