10 Things I Learned From Watching HBO's 'Becoming Warren Buffett'
If you get a chance to watch HBO's up close and personal documentary on the man himself (starring the man himself) I highly recommend it.
Here are 10 things I learned about the world's richest man:
1. As a paper boy, he delivered nearly 500,000 copies of the paper to his neighbors in Omaha and made $175 a month.
2. Buffett made his first stock purchase in 1941, when he was just 11 years old.
3. He has donated a total $25 billion to charities. He gives most generally to his kids’ foundations and the Bill and Melinda Gates Foundation. Buffett has pledged to give away 99 percent of his wealth rather than pass it down as an inheritance.
4. Warren Buffett has lived in the same five-bedroom Omaha, Neb., home since 1958, when he bought it for just $31,500 — the equivalent of roughly $255,000 today.
5. When it comes to making investments, Warren Buffett is quoted saying, “The first rule of investing is don’t lose money; the second rule is don’t forget rule No. 1.”
6. He's the richest man in the world, but only owns 1 car. It's a Cadillac.
7. Warren Buffett and Bill Gates have a friendship that goes back to 1990. Back then Warren asked Bill a question that changed the face of Microsoft. Warren asked 'Hey, Microsoft is a small company, IBM is this huge company, why can you do better? Why can't they beat you at the software game that you're playing?' From then on Gates always asked himself 'how can I make our software better?'
8. Buffett has retained the original 23 employees at Berkshire Hathaway.
9. Warren's favourite beverage is cherry Coke, which he still purchases for the last amount of money he can find it in the stores...even though he is Coca-Cola's largest shareholder...
10. At the beginning of the documentary, the 86-year-old Buffett takes the camera crew through his daily routine going on more than 50 years, including the five-minute drive from his home to to the offices for his holdings company Berkshire Hathaway in Omaha, Nebraska. On that short drive, he makes a daily pit stop.
"One of the good things about this five-minute drive is that on the way there's a McDonald's," he says in the documentary.
This is where he reveals how he determines which breakfast sandwich he'll purchase. Every morning, Buffett tells his current wife, Astrid, how much exact change to place in the center cup holder of his car. It's either in the amounts of $2.61, $2.95, or $3.17.
"When I'm not feeling quite so prosperous, I might go with the $2.61," he explains. "That's two sausage patties and then I put them together and then pour myself a Coke. $3.17 is a bacon, egg, and cheese biscuit. But the market's down this morning, so I think I'll pass up the $3.17 and go with the $2.95."