Warren Buffett is, without a doubt, one of the most interesting billionaries in the country. Although he’s currently the second richest man in the world, he still lives in the same house he purchased in the 50s, and has an annual salary less than half of what most CEOs of the next bigest companies make. His investing genius is also fascinating, and he is full of both conventional and non-conventional wisdom.
Yesterday, we posted a quiz with 13 questions about Warren Buffett’s life, and challenged everyone to see how well they know the Oracle of Omaha. Well, today we have the answers, so get ready! Below, you’ll find the answers to yesterday’s quiz. Haven’t taken it yet? Click here to take the quiz!
1. What was Buffett’s first job?
Answer: B. Delivering papers
Warren Buffett had many jobs over the years, including shining shoes and running his own pinball business, but he started off earning money on paper routes. It’s estimated that he made around $175 a week, and even used his bike as a deduction when he filed his first taxes.
2. When did Buffett become Chairman of Berkshire Hathaway?
Answer: C. 1965
Although Buffett first became involved with Berkshire Hathaway in 1962, he didn’t actually take over the company until 1965. He and a group of associates purchased enough stock to become major shareholders. Read more about Buffett’s role in Berkshire Hathaway here.
3. How many children does Warren Buffett have?
Answer: B. 3
Buffett has two boys and one girl. His oldest son, Howard Graham was born in 1954 and has followed in Warren’s footsteps as a businessman and philanthropist. His second son Peter, born in 1958 is a musician while his daughter Susan, born 1953, is a renowned philanthropist.
4. What is Warren Buffett’s favorite drink?
Answer: A. Cherry Coke
Buffett estimates that he drinks around five sodas a day, and his absolute favorite is Cherry Coke. It is also the official drink of Berkshire Hathaway’s Annual Shareholder’s Meeting.
5. What does Buffett consider his worst investment?
Answer: D. Berkshire Hathaway
When Buffett bought Berkshire Hathaway, it was in the textile business and was not doing well. Buffett quickly began to diversify, but the company remained in textiles until 1985. Buffett estimated he wasted around $200 billion by buying Berkshire. Read more here.
6. How often does Warren Buffett read?
Answer: A. 80% of his day
Buffett estimated that he reads an average of 500 pages a day, and that habit may have actually have been key to his success. Read more here.
7. What is Buffett’s favorite game?
Answer: C. Bridge
Buffett enjoys playing Bridge because it requires players to analyze facts, draw conclusions, and evaluate theories. Sound familiar? Buffett has said many times that the game has definitely helped him in business. As a fun fact, he tends to play online now with friend Bill Gates.
8. Where does Buffett live?
Answer: A. Omaha, NE
Buffett purchased his house in Omaha in 1958 for $31,500 and he still lives there to this day. Now, of course, the five bedroom house is worth a bit more than when he bought it.
9. What is Buffett’s favorite book?
Answer: B. Intelligent Investor by Benjamin Graham
This was a bit of a trick question, as all of the books are actually on Buffett’s list of 14 Must-read Books. However, multiple times Buffett has lauded Benjamin Graham as his idol and mentor, and the book Intelligent Investor was one of Buffett’s inspirations for his extremely successful methodology.
10. Why did Buffett buy Berkshire Hathaway?
Answer: C. He wanted to fire the CEO
Buffett originally bought Berkshire stock to try and sell them back to the company at a profit. However, when he went to sell, the CEO offered him around 12.5 cents per share less than the original agreed-upon price. Buffett, upset at the slight, slowly increased his shares until he owned enough of the company to fire the CEO. The rest is history. Read more about it here.
11. How many times has Buffett been married?
Answer: B. Twice
Warren Buffett married Susan Thompson in 1952 and with her had three children. Although they separated in 1977, the pair remained married until Susan’s death in 2004. Two years after Susan’s death, Buffett married his mistress, Astrid Menks, who had been living with Warren since his separation with his wife. The two remain married to this day.
12. How old was Warren Buffett when he bought his first stock?
Answer: C. 11
Warren Buffett went to Wall Street with his father at the age of 11 and purchased six shares of Cities Service, an oil service company, for $38 per share. Three were for himself and three for his sister Doris.
13. Who did Buffett support in the 2016 Presidential race?
Answer: A. Hillary Clinton
Buffett was very outspoken during the election in favor of Hillary Clinton, even going so far as to pay to bus people to the polls in order to get them to vote. However, upon the election results, he was quoted saying that he would support the president and reassuring his fellows that the country would be fine. Read more here.
So, how well did you do? Are you a pro when it comes to Warren Buffett? Do you need to do a bit more studying up on the Oracle of Omaha? Leave a message below and let me know what your score was!!