Indian Holocaust My Father`s Life and Time - SIX HUNDRED TWO
Palash Biswas
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http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/warren-buffett-in-india-when-india-prospers-us-will-prosper-better/articleshow/7763452.cms
Budget heralding NEXT Phase of LPG Mafia Raj and OPENING Up Rural India for Mass Destruction has NO Opposition but ironically, as Finance Bill has been passed with Voice Vote in Lok Sabha,Left, BJP unite to corner government in Parliament!
Buffett open to large buyout opportunities in India an Gates Buffet India Mission under Corporate Philanthropy Umbrella has a HIDDEN AGENDA to Ensure Free Flow of Foreign Capital Investment which connects to Economic Reforms, Ethnic Cleansing of Excluded communities and specifically to DISINVESTMENT as Buffet has Thirty Eight Billion Dollar to INVEST In Insurance Sector in India Large Open Market which means LIC has to be DUMPED very soon!On the other hand,amid a number of corruption scandals rocking the government, and with one of his own group firms under scanner in the 2G spectrum allocation, Tata group chief Ratan Tata on Tuesday said India was destroying itself with "self criticism". "I hope India will continue to prosper. I hope India will continue to make a name for itself with economic power. I hope it does not destroy itself with self criticism as it is happening at this particular moment...," Tata said.
Billionaire US investor Warren Buffett Tuesday said America will prosper better if countries like India prosper.
"I am an enormous believer in trade... Trade is essential for world prosperity. The more countries like India and China prosper, America will prosper better," he told reporters soon after arriving here on a visit to India that will also take him to Mumbai and New Delhi.
He was answering a question on the perception in the US government and other circles that India, particularly Bangalore, was taking away American jobs.
"There are 309 million Americans . There will be such feelings," he said.
Buffett said he would like to invest in insurance sector but indicated that the 26 percent cap on foreign investment was a hindrance.
On his philanthropic activities and reports that he was in India to urge Indian billionaires to give more to charity, Buffett said he would only be talking to people.
"Your culture is different, history is different. I will be only talking to people on what is being done in the United States. We are not here to organise anything," he said.
On what he would be discussing in his meeting with Prime Minister Manmohan Singh, he said: "We will talk what the prime minister wants to talk about, not what I want to."
Will invest in India this fiscal & clear all cheques: Buffett
Published on Wed, Mar 23, 2011 at 10:56 | Updated at Wed, Mar 23, 2011 at 14:16 | Source : Moneycontrol.com
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Chairman and CEO of Berkshire Hathaway Warren Buffett, who is in India, regaled audience in Bangalore by saying he regarded metal as a very exciting industry. This was the first time he admitted his liking for a particular sector since he stepped into the country.
The 'Oracle of Omaha' has a succession plan ready as well. Speaking to investors in Bangalore Buffett said he knows who will take over from him. "Just that I have not announced it yet." (So, will Ajit Jain succeed?)
Speaking to a group of investors, Warren Buffett reminded he has begun insurance operations in India only in the last 10 days but "unlikely that I would get into Indian automobile market by myself".
The 80-year-old billionaire investor exhibited his huge appetite to further grow his empire Berkshire, whose market cap stands at a staggering USD 200 billion. "Berkshire is in the acquisition hunt for good profitable businesses," he said but refrained from spelling out an acquisition strategy that he will adopt in India. During his first brush with Indian media yesterday, Buffett had said India was a logical investment destination and the country was too big to be called an emerging market.
What convinced Buffett to come to India?
http://www.moneycontrol.com/news/business/buffett-keeps-india-plan-under-wraps-finds-metal-exciting_531394.html
Buffett interested in acquisitions in India
Published on Wed, Mar 23, 2011 at 22:22 | Updated at Wed, Mar 23, 2011 at 22:25 | Source : PTI
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Famed billionaire investor Warren Buffett today said his conglomerate Berkshire Hathaway would look at possible acquisitions in India as and when there were opportunities.
"This is a country (India) on the move", the legendary investor said at an interactive session organised by the Confederation of Indian Industry (CII).
The 80-year-old, who is the chairman and CEO of Berkshire Hathaway, is on his maiden visit to India.
India offers "all kinds of opportunities," he said. Buffett noted that when some large Indian entity looks for a new permanent home, they do not forget him.
At some point in the next six months or two years or five years, when some large Indian corporation looks for a "permanent new home" and believes that Berkshire Hathaway is "best place in the world", they "don''t forget me", he said.
Berkshire Hathaway has most of its investments in the US. The conglomerate had recently forayed into the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General.
Buffett, often called the "Oracle of Omaha", said India is a very big country with a large number of significant businesses.
Praising India and China, he said both the countries were "exploding" in terms of opening up human potential. It''s not as if the two countries are working harder than before; it''s just that they are working smarter, and responding to the needs of their societies, he added.
On Tuesday, Buffett said his company continued to look at large countries like India because it needs to make "large commitments". "India is the logical place to look (to make large commitments). So, I hope I spend some money here (India)," he had said.
Terming his company''s entry into India as "better late than never", the world''s third richest man had said that he understood (companies) that are into soft drinks and chewing gums rather than IT.
The legendary investor would be meeting Prime Minister Manmohan Singh and insurance sector regulator Irda''s Chairman J Harinarayan among others later this week.
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He added, however, "There are great examples in India also. So, I think we need to talk about these examples and people will follow (with philanthropic activities). I don't think it should be made mandatory (for companies)."
Tata's comments come at a time when the UPA government is mired into a number of corruption scandals, including the 2G spectrum, CWG and, the latest, cash-for-vote scam in 2008.
The Opposition, BJP, has been demanding resignation of Singh after Wikileaks exposed alleged pay-off by the Congress party to survive a vote of confidence in 2008.
Tata group's own Tata Teleservices is also accused of gaining undue benefit to get 2G spectrum ahead of others.
Besides, the new Telecom Minister Kapil Sibal has sought a probe into the disinvestment of VSNL in 2002, after which the Tata Group had become the owner of the erstwhile long distance call carrier.
Receiving the lifetime achievement award from AIMA, the chief of the over $71 billion conglomerate, however, exuded confidence that the country has a bright future ahead.
"...but the future for India is great and it will continue to do well," Tata said.
Describing himself as having "lucky genes" for doing business, the world's leading investor Warren Buffett on Wednesday indicated that his sprawling conglomerate Berkshire Hathaway would be open to buyouts in India. At some point in the next six months or two years or five years, when some
large Indian corporation looks for a "permanent new home" and believes that Berkshire Hathaway is "best place in the world", they "don't forget me", he said.
The American multi-billionaire investor, who is on his maiden visit to India, showered praise on the warmth extended to him here. "I am just overwhelmed by the welcome I have received from the moment we got here. They treat me much better in India than they do in the United States," he said.
On the second day of his visit, Buffett held several top-level interactions, including a meeting with Karnataka Chief Minister B S Yeddyurappa.
"This is a country (India) on the move," said the world's third richest man at an interactive session organised by the Confederation of Indian Industry (CII).
Praising India and China, he said both the countries were "exploding" in terms of opening up human potential.
Berkshire Hathaway has most of its investments in the US.
The conglomerate recently forayed into India's non-life insurance sector as corporate agent of Bajaj Allianz General.
In response to a query on how much percentage has luck contributed to his success, Buffett said, "I have been enormously lucky. I had very, very lucky genes."
According to him, 1930 -- the year he was born -- was a "wonderful time" to be born in the US. Buffett said had he been born in a different society, "he would not have (had) same chances".
"Personally, I would much prefer not to be born rich", he said and added that he would like to be born with "certain talent" that's useful to the society so that it could lead to good life.
"When I come back (to India), I will be 100 in 2030," he joked, but added that he planned to come back much before that and was hopeful of seeing business expand here by then.
"We want to be where the action is and the action is here," said Buffett, who yesterday admitted to having made a late entry into India.
Buffett, who has pledged 99 per cent of his wealth to social causes, is in India to further philanthropy initiative.
A united opposition on Wednesday mounted attack on Prime Minister Manmohan Singh over the cash-for-votes scam wondering as to how he could wash his hands of the matter as he had headed the government in 2008 and was the "biggest beneficiary" of the trust vote. Leader of the Opposition Sushma Swaraj made a stinging attack on Singh in the Lok Sabha telling him that as head of the government he should take responsibility instead of making others scapegoat for the omissions and commissions of his regime.
"It is the habit of the Prime Minister to blame others. If it is price rise then (Agriculture Minister) Sharad Pawar is responsible, if it is 2G then (former Telecom Minister) A Raja is responsible and if it is Commonwealth Games then (Suresh) Kalmadi is to blame," she said.
"'I don't know anything, I am not aware of anything, there are coalition compulsions and I am not that much guilty as I am made out to be' ...the people are fed up with such excuses.
They are asking why you are the Prime Minister," she said participating in a discussion. "The issue involves your leadership," she said, quoting an Urdu couplet which means one should not make any excuse but tell how the caravan got looted. The Prime Minister was present in the House and was listening intently to the debate.
Earlier, initiating the discussion on the Prime Minister's statement on the Wikileak's expose in connection with the cash-for-votes scam, CPI leader Gurudas Dasgupta accused Singh of resorting to "parliamentary piracy" to win the vote of confidence in 2008 and demanded that he come clean.
He said the report of a Parliamentary panel on the scam had clearly recommended "investigation by an appropriate agency" into the alleged attempts to purchase votes to win the trust vote on the Indo-US civil nuclear deal.
"It's a case of parliamentary piracy because some members were hijacked. The suspicion is that organised group of political gangsters were at work," he said.
Dasgupta's remarks terming the alleged scam as an act of "parliamentary piracy" and the handiwork of "organised groups of political gangsters" drew an angry retort from the ruling benches.
As the CPI leader demanded a probe in to largescale absenteeism in the opposition benches during the trust vote, ruling members, including Congress member Raj Babbar, were on their feet protesting the reference.
Taking objection to Prime Minister's remarks that the UPA had returned to power even after the alleged scam, Dasgupta said "electoral verdict cannot condone criminality if it has been perpetrated."
He said the Congress had polled only 25 per cent votes in the General Elections but did not want to draw any conclusion from it. "I make no conclusion. I do not say it is a minority government," he said.
However, this contention by the Prime Minister gives credence to the 'might is right' theory. "Might is right is a dangerous proposition that does not fit-in in a democracy," he said.
Last week, the Prime Minister had hit out at the opposition for giving "dignity" to an "unverified communication", and pointed out that the Congress had won the 2009 Lok Sabha elections and that the tally of the Opposition parties had reduced considerably.
Despatches by American diplomats, leaked by WikiLeaks and published in a national daily, purportedly claim that payoffs had been made to MPs to ensure a majority for the Congress-led government in the confidence vote following differences over the India-US nuclear deal in 2008.
As per the cables, a US diplomat was told Rs 50-60 crore was kept aside by the Congress party to get some opposition members of the Lok Sabha on board before the trust vote in July 2008 during the first tenure of the UPA government.
"I concede that the PM was precise in his statement and the statement was cogent. PM was very prompt in throwing the ball in the court of the Opposition, his tone was very firm, normally he is not. He was firm in rejecting the complaints on cash-for-votes during the last no confidence motion," said Dasgupta.
The CPI leader said linguistic fervour was used to conceal the facts. "Strong is the language of the weak and persuasive is the language of the strong," he said.
Buffett Says India Insurance Ownership Limit Deters Berkshire Investment
By Pooja Thakur and Jay Shankar - Mar 23, 2011 6:27 AM GMT+0530Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc. Photographer: Namas Bhojani/Bloomberg
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March 22 (Bloomberg) -- Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., speaks at a news conference in Bangalore about plans for acquisitions in India and the outlook for the U.S. economy. (Excerpt. Source: Bloomberg)
Warren Buffett, visiting India for the first time, said the country's 26 percent foreign ownership limit of insurance companies deters his Berkshire Hathaway Inc. (BRK/A) from making an investment in the industry.
"India would be more attractive if we could buy more than 26 percent," Buffett, Berkshire's chairman and chief executive officer, said at a media conference in Bangalore yesterday. "That is a factor in the decision of not investing."
Buffett, 80, is seeking deals in the U.S. and abroad as earnings climb at Omaha, Nebraska-based Berkshire. He agreed this month to pay about $9 billion for engine-additive maker Lubrizol Corp. (LZ) and last year bought railroad Burlington Northern Santa Fe for $26.5 billion. Berkshire's cash holdings rose to $38.2 billion as of Dec. 31, prompting Buffett to tell investors two months later that his "elephant gun has been reloaded."
The billionaire is seeking to expand into India to tap growth in Asia's second-fastest growing major economy. India's $1.3 trillion economy may expand by as much as 9.25 percent in the year starting April 1, the fastest pace since 2008, the finance ministry forecast last month.
"We hope we spend some money here," Buffett said. "I don't consider India as an emerging market. We tend to look at larger countries like India, China, U.K., Brazil, Germany. Those all fit us."
Selling Insurance
Berkshire, which started selling insurance to Indian consumers this month after forging an agreement with Bajaj Allianz General Insurance, will keep doing business in India in that form for the foreseeable future because of the foreign ownership cap, he said.India aims to raise the limit in the insurance industry to attract companies in the $41 billion market, Montek Singh Ahluwalia, deputy chairman of the nation's Planning Commission, said in December. He didn't give a timeframe.
Allianz SE, Aviva Plc and ING Groep NV are among global insurers that will be able to invest in their Indian ventures if the limit is raised in an industry that the Life Insurance Council forecasts is expanding 34 percent annually.
Nippon Life Insurance Co., Japan's biggest life insurer, on March 14 agreed to buy a 26 percent stake in India's Reliance Life Insurance Co. to boost business overseas.
Buffett, whose largest non-U.S. acquisition was the 2006 purchase of Israel's Iscar Metalworking Cos., is traveling in South Korea and India to visit Berkshire's operations and look for opportunities. Iscar, purchased for $4 billion, makes cutting tools. A stop in Japan was canceled after the March 11 earthquake and tsunami. He visited China in September.
Buffett will meet customers of berkshireinsurance.com, its venture with Bajaj Allianz, on March 25.
To contact the reporter on this story: Pooja Thakur in Mumbai at pthakur@bloomberg.net; Jay Shankar in Bangalore at jshankar1@bloomberg.net
To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net
http://www.bloomberg.com/news/2011-03-23/buffett-says-india-insurance-ownership-limit-deters-investment.html
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India's ONGC share offer postponed to 2011-12; no decision yet on IOC
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The public offer of India's state owned upstream company, ... "The budget estimates for disinvestment revenue for 2011-12 [April-March] is taken as Rupees ...Money from SAIL, ONGC divestment to be included for FY11 - Livemint
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SBI differential voting rights shares on anvil
Indian Express - 7 Mar 2011
The State Bank of India (SBI) will finally get the legroom to expand credit ... crore from the disinvestment of public sector companies in 2011-12 as ...
Should investors look for listing gains from 'bond IPOs'?
Equitymaster.com - 2 days agoMany may argue that this is good for India as lower levels of ... Disinvestment programmes, spectrum auctions and abundant tax revenues have all helped in ...Budget 2011 a neutral budget Bonanza Portfolio
Moneycontrol.com - 28 Feb 2011The disinvestment of Rs 40000 crores requires a buoyant market for government ... and will be around 5.2 % for the year 2011-12 which is on expected lines. ...It's a neutral budget: Bonanza Portfolio - Myiris.com
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Buffett interested in acquisitions in IndiaMoneycontrol.com - 31 minutes ago Famed billionaire investor Warren Buffett today said his conglomerate Berkshire Hathaway would look at possible acquisitions in India as and when there were opportunities. "This is a country (India) on the move", the legendary investor said at an ... India is 'a huge country on the move': BuffettThe Hindu - 25 minutes ago BL Berkshire Hathway Chairman and CEO, Warren E Buffett (centre) Infosys CEO and MD S. Gopalakrishnan (left) and IMC Group chairman Eitan Wertheimer at a CII interaction session in Bangalore on Wednesday. Photo: GRN Somashekar The resilience of ... Buffett open to large buyout opportunities in IndiaHindustan Times - 56 minutes ago PTI Describing himself as having "lucky genes" for doing business, the world's leading investor Warren Buffett on Wednesday indicated that his sprawling conglomerate Berkshire Hathaway would be open to buyouts in India. At some point in the next six ...
Ajit Jain on Warren Buffett's management styleNDTV.com - 1 hour ago In an exclusive interview with NDTV's Anjana Menon, Berkshire Hathaway Group's reinsurance division president Ajit Jain, who is also widely perceived as a successor to the legendary US investor Warren Buffet, throws some light on the freedom Buffett ... Capitalism is working fine in reshaping the world: BuffettDeccan Herald - 56 minutes ago After a deep recession that lasted nearly two and half years starting from 2008, the global economy is still in a recovery mode. Though many economic pundits are still skeptical about global recovery, Berkshire Hathaway Chairman Warren E Buffett thinks ... Warren Buffett says global recovery taking holdLivemint - 1 hour ago New Delhi: US billionaire investor Warren Buffett said on Wednesday that the global economic recovery is steadily taking hold, even if is not as fast as people would like. "The economy of America, United States and others around the world are improving ... I would prefer not to be born rich: Warren BuffettIndian Express - 3 hours ago Legendary billionaire investor Warren Buffett today said he has been enormously lucky with his business ventures but added he would prefer not to be born rich. When asked how much luck had contributed towards his success, the world's third richest man ... Buffett charms India, says this is a dream market for investorsMoneycontrol.com - 7 hours ago The 80-year-old billionaire investor Warren Buffet is on his maiden visit to India. Speaking exclusively to CNBC-TV18's Shereen Bhan, Buffet the chairman and chief executive officer of Berkshire Hathaway said India is a 'dream market for investors'. ... At 80, Buffett has more energy than I have: Ajit JainTimes of India - - Mar 21, 2011 India-born Ajit Jain is seen as one of the candidates who will succeed Warren Buffett as chairman of Berkshire Hathaway Inc. Jain helped set up Berkshire's reinsurance business in 1986 when it was "raining gold" in the insurance markets due to a sudden ... 'Midas' Buffett says India visit is for TaeguTecMoneycontrol.com - 7 hours ago Bhan: When you invest in the company, you do look at size and size does matter as far as Warren Buffett is concerned, the bigger is better. Is that going to be the philosophy here in India as well? A: It will be the philosophy at everyplace, we want, ... | Timeline of articlesNumber of sources covering this story
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Buffett interested in acquisitions in IndiaMoneycontrol.com - 31 minutes ago Famed billionaire investor Warren Buffett today said his conglomerate Berkshire Hathaway would look at possible acquisitions in India as and when there were opportunities. Buffett open to large buyout opportunities in India Hindustan Times The Insanity of the Recent Lawsuit Filed Against Berkshire HathawayGuruFocus.com - 1 hour ago Warren Buffett's Berkshire Hathaway is being sued by two law firms, over Berkshire's bid for Lubrizol. At first glance, one would think that the lawsuit is a complete joke. Latest Acquisition Target in the Specialty Chemicals Industry: The Lubrizol ... The Wall Street Transcript (blog) Berkshire Will Not Exercise Goldman Sachs Warrants ImmediatelyMoneycontrol.com - Mar 21, 2011 Berkshire Hathaway will not exercise its $5 billion of warrants in Goldman Sachs immediately, even though doing so would result in a profit of nearly $2 billion, billionaire investor Warren Buffett told CNBC. Buffett India Visit, Should You Buy Berkshire Hathaway Inc. (NYSE:BRK.A)istockAnalyst.com (press release) - 33 minutes ago Year-to-date, Berkshire's A class share price is up by $8315 or 6.98% - this compares favorably to S&P 500 index's gain of $35.89 or 2.85%. Confirming Alleghany's Credit RatingToronto Star - 6 hours ago It completely exited the position last year in a sale to Berkshire Hathaway BRK.B . While we appreciate the company's strategy, we do not think Alleghany has an economic moat, as it has not shown the ability to consistently earn excess returns on ... BERKSHIRE HATHAWAY STOCK GAINS GROUND UNDER REPUBLICAN HOUSE (BRK.B)Zacks.com - Mar 21, 2011 Mar 21, 2011 (SmarTrend(R) News Watch via COMTEX) -- Berkshire Hathaway (NYSE:BRK.B), which closed at $80.42 on Election Day (11/2/10), has since gained 3.8% to its most recent close at $83.48. Buffett Likely to Extend His Aversion Toward Apple, Electronics MakersBloomberg - - Mar 21, 2011 Buffett's Berkshire Hathaway to buy Lubrizol in $9.7 bn dealEconomic Times - Mar 14, 2011 NEW YORK: Berkshire Hathaway will snap up speciality chemicals entity Lubrizol in a USD 9.7 billion-deal, one of the biggest buyouts by the Warren Buffett-led conglomerate. Berkshire Hathaway statement Financial Times Berkshire Hathaway to purchase Lubrizol for $9 billion Christian Science Monitor GMR's Rao starts with a Rs 1500-crore pledgeBusiness Standard (blog) - 23 hours ago Interestingly, this has coincided with the arrival of Berkshire Hathaway's Warren Buffet in Bangalore. Buffett - among the world's greatest philanthropists - is in India to convince the wealthy to donate liberally for charity. GMR boss pledges $340m for education Times of India Ratings: Berkshire Hathaway/Lubrizol; First Mercury, MennoniteInsurance Journal - Mar 21, 2011 Buffett expresses confidence in S.Korea, optimism for Japan한겨레 - - Mar 21, 2011 Berkshire Hathaway Chairman Warren Buffett, who started out with a $100 stock investment to become one of the richest people in the world, paid a visit to South Korea on Monday, his second since 2007. U.S. Plans to Impose Duties On Chinese FlooringWall Street Journal - - 21 hours ago Among the companies in favor of the tariffs is Shaw Industries, a unit of Berkshire Hathaway Inc. Lumber Liquidators Inc., which operates a chain of flooring stores, has opposed the duties. Sensex ends 218 pts up; Bank, realty stocks move higherSify - 6 hours ago The tabling of the banking sector amendment bill and the Constitution Amendment Bill in parliament on Tuesday, and reports that billionarie investors Warren Buffett is likely to use the enormous cash pile of flagship firm Berkshire Hathaway to acquire ... Banks metals oil gas infra drive Sensex 218 points higher Moneycontrol.com Cloud over Buffett's India visitTimes of India - - Mar 16, 2011 Buffett, chairman and CEO of Berkshire Hathaway and the third richest man in the world, was scheduled to be here between March 23 and 25 after stopovers in Korea and Japan. Berkshire Hathaway deal: Bajaj Finserv spurts by 20%, stock hits upper limitEconomic Times - Mar 3, 2011 MUMBAI: Shares of Bajaj Finserv soared by 20 per cent hitting its upper limit on the BSE today boosted by Berkshire Hathaway's deal with the company's unit Bajaj Allianz General Insurance. US-based Berkshire Hathaway yesterday said it plans to enter ... Buffett enters India with insurance Times of India Bajaj Finserv up 20 on Berkshire euphoria Moneycontrol.com Semonin Realtors Empowering its Real Estate Agents with Home Life PerksDigitalJournal.com (press release) - 18 hours ago Semonin Realtors, which is owned by Berkshire Hathaway affiliate HomeServices of America, has been serving its clients' residential real estate needs since 1915. Warren Buffett: US Economy Is Improving Month By MonthWall Street Journal - Mar 22, 2011 BANGALORE (Dow Jones)--Berkshire Hathaway Inc. (BRKA, BRKB) Chairman Warren Buffett said Tuesday the US economy is improving steadily month by month and that the devastating earthquake and tsunami in Japan won't slow global economic growth. Daily Dividend: BofA Dividend Denial May Be Immaterial (BAC, JPM, WFC, C, BRK-B)24/7 Wall St. (blog) - 2 hours ago There is a reason that Warren Buffett and Berkshire Hathaway Inc. (NYSE: BRK-B) decided not to keep holding BofA and decided to continue his increase in Berkshire Hathaway's massive holdings in Wells Fargo. Buffett prefers dividends. Business Highlights Ventura County Star Does Anne Hathaway News Drive Berkshire Hathaway's Stock? by Alexis MadrigalThe Atlantic (blog) - - Mar 18, 2011 A couple weeks ago, Huffington Post blogger Dan Mervish noted a funny trend: when Anne Hathaway was in the news, Warren Buffett's Berkshire Hathaway's shares went up. He pointed to six dates going back to 2008 to show the correlation. Mentions of the Name 'Anne Hathaway' May Drive Berkshire Hathaway Stock New York Magazine GEICO adds 280 jobs in FredericksburgBizjournals.com - - 8 minutes ago Geico is already one of Fredericksburg's largest employers, with 3000 people at its operations there. The job openings include sales agents, customer service agents and claim service representatives. Business
India
Warren BuffettFrom Wikipedia, the free encyclopedia
Warren Edward Buffett (pronounced /ˈbʌfɨt/; born August 30, 1930) is an American investor, industrialist and philanthropist. He is widely regarded as one of the most successful investors in the world. Often called the "legendary investor, Warren Buffett",[4][5] he is the primary shareholder, chairman and CEO of Berkshire Hathaway.[6] He is consistently ranked among the world's wealthiest people. He was ranked as the world's wealthiest person in 2008[7] and is the third wealthiest person in the world as of 2011.[8] Buffett is called the "Oracle of Omaha"[9] or the "Sage of Omaha"[10] and is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth.[11] Buffett is also a notable philanthropist, having pledged to give away 99 percent[12] of his fortune to philanthropic causes, primarily via the Gates Foundation. He also serves as a member of the board of trustees at Grinnell College.[13]
Early lifeBuffett was born in 1930 in Omaha, Nebraska, the second of three children and only son of businessman & politician, Howard Buffett,[14] and his wife Leila (née Stahl). Buffett began his education at Rose Hill Elementary School in Omaha. In 1942, his father was elected to the first of four terms in the United States Congress, and after moving with his family to Washington, D.C., Warren finished elementary school, attended Alice Deal Junior High School, and graduated from Woodrow Wilson High School in 1947, where his SR yearbook picture read: "likes math; a future stock broker."[15] Even as a child, Buffett displayed an interest in making and saving money. He went door to door selling chewing gum, Coca-Cola, or weekly magazines. For a while, he worked in his grandfather's grocery store. While still in high school, he carried out several successful money-making ideas: delivering newspapers, selling golfballs and stamps, and detailing cars, among them. Filing his first income tax return in 1944, Buffett took a $35 deduction for the use of his bicycle and watch on his paper route.[16] In 1945, in his sophomore year of high school, Buffett and a friend spent $25 to purchase a used pinball machine, which they placed in the local barber shop. Within months, they owned several machines in different barber shops. Buffett's interest in the stock market and investing also dated to his childhood, to the days he spent in the customers' lounge of a regional stock brokerage near the office of his father's own brokerage company. On a trip to New York City at the age of ten, he made a point to visit the New York Stock Exchange. At the age of 11, he bought 3 shares of Cities Service Preferred for himself, and 3 for his sister.[17][18] While in high school he invested in a business owned by his father and bought a farm worked by a tenant farmer. By the time he finished college, Buffett had accumulated more than $90,000 in savings measured in 2009 dollars.   Buffett entered college as a freshmen in 1947 at the Wharton Business School of the University of Pennsylvania and studied there for two years from 1947 to 1949. In the year 1950, when he entered his junior year, he transferred to the University of Nebraska–Lincoln where at the age of nineteen, he graduated with a degree of Bachelor of Science in Business Administration. After the completion of his undergraduate studies, Buffett enrolled at Columbia Business School after learning that Benjamin Graham (author of "The Intelligent Investor" - one of his favorite books on investing) and David Dodd, two well-known securities analysts, taught there. He received a M.S. in Economics from Columbia Business School in 1951. Buffett also attended the New York Institute of Finance. In Buffett's own words:
CareerWarren Buffett was employed from 1951–54 at Buffett-Falk & Co., Omaha as an Investment Salesman, from 1954–1956 at Graham-Newman Corp., New York as a Securities Analyst, from 1956–1969 at Buffett Partnership, Ltd., Omaha as a General Partner and from 1970 – Present at Berkshire Hathaway Inc, Omaha as its Chairman, CEO. In 1950 (20 years old) Buffett had made and saved $9,800. In April 1952, Buffett discovered Graham was on the board of GEICO insurance. Taking a train to Washington, D.C. on a Saturday, he knocked on the door of GEICO's headquarters until a janitor allowed him in. There he met Lorimer Davidson, Geico's Vice President, and the two discussed the insurance business for hours. Davidson would eventually become Buffett's life-long friend and a lasting influence [21] and later recall that he found Buffett to be an "extraordinary man" after only fifteen minutes. Buffett graduated from Columbia and wanted to work on Wall Street, however, both his father and Ben Graham urged him not to. He offered to work for Graham for free, but Graham refused.[22] Buffett returned to Omaha and worked as a stockbroker while taking a Dale Carnegie public speaking course.[citation needed] Using what he learned, he felt confident enough to teach an "Investment Principles" night class at the University of Nebraska-Omaha. The average age of his students was more than twice his own. During this time he also purchased a Sinclair Texaco gas station as a side investment. However, this did not turn out to be a successful business venture. In 1952[23] Buffett married Susan Thompson at Dundee Presbyterian Church and the next year they had their first child, Susan Alice Buffett. In 1954, Buffett accepted a job at Benjamin Graham's partnership. His starting salary was $12,000 a year (approximately $97,000 adjusted to 2008 dollars). There he worked closely with Walter Schloss. Graham was a tough man to work for. He was adamant that stocks provide a wide margin of safety after weighting the trade-off between their price and their intrinsic value. The argument made sense to Buffett but he questioned whether the criteria were too stringent and caused the company to miss out on big winners that had more qualitative values.[citation needed] That same year the Buffetts had their second child, Howard Graham Buffett. In 1956, Benjamin Graham retired and closed his partnership. At this time Buffett's personal savings were over $174,000 ($1.2 million inflation adjusted to 2009 dollars) and he started Buffett Partnership Ltd., an investment partnership in Omaha.  In 1957, Buffett had three partnerships operating the entire year. He purchased a five-bedroom stucco house in Omaha, where he still lives, for $31,500. In 1958 the Buffett's third child, Peter Andrew Buffett, was born. Buffett operated five partnerships the entire year. In 1959, the company grew to six partnerships operating the entire year and Buffett was introduced to Charlie Munger. By 1960, Buffett had seven partnerships operating: Buffett Associates, Buffett Fund, Dacee, Emdee, Glenoff, Mo-Buff and Underwood. He asked one of his partners, a doctor, to find ten other doctors willing to invest $10,000 each in his partnership. Eventually eleven agreed, and Buffett pooled their money with a mere $100 original investment of his own. In 1961, Buffett revealed that Sanborn Map Company accounted for 35% of the partnership's assets. He explained that in 1958 Sanborn stock sold at only $45 per share when the value of the Sanborn investment portfolio was $65 per share. This meant that buyers valued Sanborn stock at "minus $20" per share and were unwilling to pay more than 70 cents on the dollar for an investment portfolio with a map business thrown in for nothing. This earned him a spot on the board of Sanborn. As a millionaireIn 1962, Buffett became a millionaire, because of his partnerships, which in January 1962 had an excess of $7,178,500, of which over $1,025,000 belonged to Buffett. Buffett merged all partnerships into one partnership. Buffett invested in and eventually took control of a textile manufacturing firm, Berkshire Hathaway. Buffett's partnerships began purchasing shares at $7.60 per share. In 1965, when Buffett's partnerships aggressively began purchasing Berkshire, they paid $14.86 per share while the company had working capital of $19 per share. This did not include the value of fixed assets (factory and equipment). Buffett took control of Berkshire Hathaway at the board meeting and named a new president, Ken Chace, to run the company. In 1966, Buffett closed the partnership to new money. Buffett wrote in his letter: "... unless it appears that circumstances have changed (under some conditions added capital would improve results) or unless new partners can bring some asset to the partnership other than simply capital, I intend to admit no additional partners to BPL." In a second letter, Buffett announced his first investment in a private business — Hochschild, Kohn and Co, a privately owned Baltimore department store. In 1967, Berkshire paid out its first and only dividend of 10 cents. In 1969, following his most successful year, Buffett liquidated the partnership and transferred their assets to his partners. Among the assets paid out were shares of Berkshire Hathaway. In 1970, as chairman of Berkshire Hathaway, Buffett began writing his now-famous annual letters to shareholders. However, he lived solely on his salary of $50,000 per year, and his outside investment income. In 1979, Berkshire began the year trading at $775 per share, and ended at $1,310. Buffett's net worth reached $620 million, placing him on the Forbes 400 for the first time. In 1973, Berkshire began to acquire stock in the Washington Post Company. Buffett became close friends with Katharine Graham, who controlled the company and its flagship newspaper, and became a member of its board of directors. In 1974, the SEC opened a formal investigation into Warren Buffett and Berkshire's acquisition of WESCO, due to possible conflict of interest. No charges were brought. In 1977, Berkshire indirectly purchased the Buffalo Evening News for $32.5 million. Antitrust charges started, instigated by its rival, the Buffalo Courier-Express. Both papers lost money, until the Courier-Express folded in 1982. In 1979, Berkshire began to acquire stock in ABC. Capital Cities' announced $3.5 billion purchase of ABC on March 18, 1985 surprised the media industry, as ABC was some four times bigger than Capital Cities was at the time. Berkshire Hathaway chairman Warren Buffett helped finance the deal in return for a 25 percent stake in the combined company.[24] The newly merged company, known as Capital Cities/ABC (or CapCities/ABC), was forced to sell off some stations due to FCC ownership rules. Also, the two companies owned several radio stations in the same markets.[25] In 1987, Berkshire Hathaway purchased 12% stake in Salomon Inc., making it the largest shareholder and Buffett the director. In 1990, a scandal involving John Gutfreund (former CEO of Salomon Brothers) surfaced. A rogue trader, Paul Mozer, was submitting bids in excess of what was allowed by the Treasury rules. When this was discovered and brought to the attention of Gutfreund, he did not immediately suspend the rogue trader. Gutfreund left the company in August 1991.[26] Buffett became Chairman of Salomon until the crisis passed; on September 4, 1991, he testified before Congress.[27] In 1988, Buffett began buying stock in Coca-Cola Company, eventually purchasing up to 7 percent of the company for $1.02 billion. It would turn out to be one of Berkshire's most lucrative investments, and one which it still holds. As a billionaireBuffett became a billionaire on paper when Berkshire Hathaway began selling class A shares on May 29, 1990, when the market closed at $7,175 a share.[28] In 1998, he acquired General Re (Gen Re), (in a rare move, for stock). In 2002, Buffett became involved with Maurice R. Greenberg at AIG, with General Re providing reinsurance. On March 15, 2005, AIG's board forced Greenberg to resign from his post as Chairman and CEO under the shadow of criticism from Eliot Spitzer, former attorney general of the state of New York. On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1.6 billion.[29] In 2010, the federal government settled with Berkshire Hathaway for $92 million in return for the firm avoiding prosecution in an AIG fraud scheme, and undergoing 'corporate governance concessions'.[30] In 2002, Buffett entered in $11 billion worth of forward contracts to deliver U.S. dollars against other currencies. By April 2006, his total gain on these contracts was over $2 billion. In 2006, Buffett announced in June that he gradually would give away 85% of his Berkshire holdings to five foundations in annual gifts of stock, starting in July 2006. The largest contribution would go to the Bill and Melinda Gates Foundation.[31] In 2007, in a letter to shareholders, Buffett announced that he was looking for a younger successor, or perhaps successors, to run his investment business.[32] Buffett had previously selected Lou Simpson, who runs investments at Geico, to fill that role. However, Simpson is only six years younger than Buffett. Late 2000s recessionBuffett ran into criticism[33] during the subprime crisis of 2007–2008, part of the late 2000s recession, that he had allocated capital too early resulting in suboptimal deals. "Buy American. I am." he wrote for an opinion piece published recently in the New York Times.[34] Buffett has called the 2007—present downturn in the financial sector "poetic justice".[35] Buffett's Berkshire Hathaway suffered a 77% drop in earnings during Q3 2008 and several of his recent deals appear to be running into large mark-to-market losses.[36] Berkshire Hathaway acquired 10% perpetual preferred stock of Goldman Sachs.[37] Some of Buffett's Index put options (European exercise at expiry only) that he wrote (sold) are currently running around $6.73 billion mark-to-market losses.[38] The scale of the potential loss prompted the SEC to demand that Berkshire produce, "a more robust disclosure" of factors used to value the contracts.[38] Buffett also helped Dow Chemical pay for its $18.8 billion takeover of Rohm & Haas. He thus became the single largest shareholder in the enlarged group with his Berkshire Hathaway, which provided $3 billion, underlining his instrumental role during the current crisis in debt and equity markets.[39] In 2008, Buffett became the richest man in the world dethroning Bill Gates, worth $62 billion according to Forbes,[40] and $58 billion according to Yahoo.[41] Bill Gates had been number one on the Forbes list for 13 consecutive years.[42] In 2009, Bill Gates regained number one of the list according to Forbes magazine, with Buffett second. Their values have dropped to $40 billion and $37 billion respectively, Buffett having (according to Forbes) lost $25 billion in 12 months during 2008/2009.[43] In October 2008, the media reported that Warren Buffett had agreed to buy General Electric (GE) preferred stock.[44] The operation included extra special incentives: he received an option to buy 3 billion GE at $22.25 in the next five years, and also received a 10% dividend (callable within three years). In February 2009, Warren Buffett sold part of Procter & Gamble Co, and Johnson & Johnson shares from his portfolio.[45] In addition to suggestions of mistiming, questions have been raised as to the wisdom in keeping some of Berkshire's major holdings, including The Coca-Cola Company (NYSE:KO) which in 1998 peaked at $86. Buffett discussed the difficulties of knowing when to sell in the company's 2004 annual report:
In March 2009, Buffett stated in a cable television interview that the economy had "fallen off a cliff... Not only has the economy slowed down a lot, but people have really changed their habits like I haven't seen". Additionally, Buffett fears we may revisit a 1970s level of inflation, which led to a painful stagflation that lasted many years.[47][48] In 2009, Warren Buffett invested $2.6 billion as a part of Swiss Re's raising equity capital.[49][50] Berkshire Hathaway already owns a 3% stake, with rights to own more than 20%.[51] In 2009, Warren Buffett acquired Burlington Northern Santa Fe Corp. for $34 billion in cash and stock. Alice Schroeder author of Snowball stated that a reason for the purchase was to diversify Berkshire Hathaway from the financial industry.[52] Measured by market capitalization in the Financial Times Global 500 Berkshire Hathaway as of June 2009 was the eighteenth largest corporation on earth.[53] In 2009, Buffett divested his failed investment in ConocoPhillips, saying to his Berkshire investors,
The merger with the Burlington Northern Santa Fe Railway (BNSF), closed upon BNSF shareholder approval in 1Q2010. This deal is valued at approximately $34 billion and reflects an increase of a previously existing stake of about 22%. In June 2010, Buffett defended the credit rating agencies for their role in the US financial crisis, claiming that:
Personal lifeBuffett married Susan Buffett née Thompson in 1952. They had three children, Susie, Howard and Peter. The couple began living separately in 1977, although they remained married until her death in July 2004. Their daughter, Susie, lives in Omaha and does charitable work through the Susan A. Buffett Foundation and is a national board member of Girls, Inc. In 2006, on his seventy-sixth birthday, Warren married his never-married longtime-companion, Astrid Menks, who was then sixty years old. She had lived with him since his wife's departure in 1977 to San Francisco.[56] It was Susan Buffett who arranged for the two to meet before she left Omaha to pursue her singing career. All three were close and holiday cards to friends were signed "Warren, Susie and Astrid".[57] Susan Buffett briefly discussed this relationship in an interview on the Charlie Rose Show shortly before her death, in a rare glimpse into Buffett's personal life.[58] Warren Buffett disowned his son Peter's adopted daughter, Nicole, in 2006 after she participated in the Jamie Johnson documentary, The One Percent. Although his first wife had referred to Nicole as one of her "adored grandchildren",[59] Buffett wrote her a letter stating, "I have not emotionally or legally adopted you as a grandchild, nor have the rest of my family adopted you as a niece or a cousin." He signed the letter "Warren."[60][61][62] His 2006 annual salary was about $100,000, which is small compared to senior executive remuneration in comparable companies.[63] In 2007, and 2008, he earned a total compensation of $175,000, which included a base salary of just $100,000.[64][65] He lives in the same house in the central Dundee neighborhood of Omaha that he bought in 1958 for $31,500, today valued at around $700,000 (although he also owns a $4 million house in Laguna Beach, California).[66] In 1989 after having spent nearly 6.7 million dollars of Berkshire's funds on a private jet, Buffett sheepishly named it "The Indefensible". This act was a break from his past condemnation of extravagant purchases by other CEOs and his history of using more public transportation.[67] He remains an avid player of the card game bridge, which he learned from Sharon Osberg, and plays with her and Bill Gates.[68] He spends twelve hours a week playing the game.[69] In 2006, he sponsored a bridge match for the Buffett Cup. Modeled on the Ryder Cup in golf, held immediately before it, and in the same city, a team of twelve bridge players from the United States took on twelve Europeans in the event. He is a dedicated, lifelong follower of Nebraska football, and attends as many games as his schedule permits. He supported the hire of Bo Pelini following the 2007 season stating, "It was getting kind of desperate around here".[70] He watched the 2009 game against Oklahoma from the Nebraska sideline after being named an honorary assistant coach.[71] Warren Buffett worked with Christopher Webber on an animated series with chief Andy Heyward, of DiC Entertainment, and then A Squared Entertainment. The series features Buffett and Munger, and teaches children healthy financial habits for life.[72][73] Buffett was raised Presbyterian but has since described himself as agnostic[74] when it comes to religious beliefs. In December 2006 it was reported that Buffett does not carry a cell phone, does not have a computer at his desk, and drives his own automobile,[75] a Cadillac DTS.[76] Buffett wears tailor-made suits from the Chinese label Trands; earlier he wore Ermenegildo Zegna.[77] LineageBuffett's DNA report revealed that his paternal ancestors hail from northern Scandinavia, while his maternal ancestors most likely have roots in Iberia or Estonia.[78] RecognitionIn 1999, Buffett was named the top money manager of the twentieth century in a survey by the Carson Group, ahead of Peter Lynch and John Templeton.[79] In 2007, he was listed among Time's 100 Most Influential People in the world.[80] In 2011, President Barack Obama awarded him the Presidential Medal of Freedom.[81] Most recently, Buffett, along with Bill Gates, was named the most influential global thinker in Foreign Policy's 2010 report.[82] Politics In addition to other political contributions over the years, Buffett has formally endorsed and made campaign contributions to Barack Obama's presidential campaign. On July 2, 2008, Buffett attended a $28,500 per plate fundraiser for Obama's campaign in Chicago hosted by Obama's National Finance Chair, Penny Pritzker and her husband, as well as Obama advisor Valerie Jarrett.[83] Buffett backed Obama for president, and intimated that John McCain's views on social justice were so far from his own that McCain would need a "lobotomy" for Buffett to change his endorsement.[84] During the second 2008 U.S. presidential debate, candidates John McCain and Barack Obama, after being asked first by presidential debate mediator Tom Brokaw, both mentioned Buffett as a possible future Secretary of the Treasury.[85] Later, in the third and final presidential debate, Obama mentioned Buffett as a potential economic advisor.[86] Buffett was also finance advisor to California Republican Governor Arnold Schwarzenegger during his 2003 election campaign.[87] WritingsWarren Buffett's writings include his annual reports and various articles. Buffett is recognized by communicators[88] as one of the great story-tellers, as evidenced by his annual letters to shareholders. He warned about the pernicious effects of inflation:[89]
In his article The Superinvestors of Graham-and-Doddsville, Buffett refuted the academic Efficient-market hypothesis, that beating the S&P 500 was "pure chance", by highlighting a number of students of the Graham and Dodd value investing school of thought. In addition to himself, Buffett named Walter J. Schloss, Tom Knapp, Ed Anderson (Tweedy, Brown Inc.), Bill Ruane (Sequoia Fund, Inc.), Charles Munger (Buffett's own business partner at Berkshire), Rick Guerin (Pacific Partners, Ltd.), and Stan Perlmeter (Perlmeter Investments).[90] In his November, 1999 Fortune article, he warned of investors' unrealistic expectations:[91]
WealthIn 2008 he was ranked by Forbes as the richest person in the world with an estimated net worth of approximately US$62 billion.[92] In 2009, after donating billions of dollars to charity, Buffett was ranked as the second richest man in the United States with a net worth of US$37 billion[93][94] with only Bill Gates ranked higher than Buffett. His net worth is up to $47 billion in the past 12 months.[95] PhilanthropyThe following quotation from 1988 highlights Warren Buffett's thoughts on his wealth and why he long planned to re-allocate it:
From a NY Times article: "I don't believe in dynastic wealth", Warren Buffett said, calling those who grow up in wealthy circumstances "members of the lucky sperm club".[96] Buffett has written several times of his belief that, in a market economy, the rich earn outsized rewards for their talents:
His children will not inherit a significant proportion of his wealth. These actions are consistent with statements he has made in the past indicating his opposition to the transfer of great fortunes from one generation to the next.[98] Buffett once commented, "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".[99] In June 2006, he announced a plan to give away his fortune to charity, with 83% of it going to the Bill & Melinda Gates Foundation.[100] He pledged about the equivalent of 10 million Berkshire Hathaway Class B shares to the Bill & Melinda Gates Foundation (worth approximately US$30.7 billion as of 23 June 2006),[101] making it the largest charitable donation in history, and Buffett one of the leaders of philanthrocapitalism.[102] The foundation will receive 5% of the total donation on an annualised basis each July, beginning in 2006. (Significantly, however, the pledge is conditional upon the foundation's giving away each year, beginning in 2009, an amount that is at least equal to the value of the entire previous year's gift from Buffett, in addition to 5% of the foundation's net assets.) Buffett also will join the board of directors of the Gates Foundation, although he does not plan to be actively involved in the foundation's investments.[103][104] This is a significant shift from previous statements Buffett has made, having stated that most of his fortune would pass to his Buffett Foundation.[105] The bulk of the estate of his wife, valued at $2.6 billion, went to that foundation when she died in 2004.[106] He also pledged $50-million to the Nuclear Threat Initiative, in Washington, where he has served as an adviser since 2002.[107] In 2006, he auctioned his 2001 Lincoln Town Car[108] on eBay to raise money for Girls, Inc.[109] In 2007, he auctioned a luncheon with himself that raised a final bid of $650,100 for a charity.[110] On 27 June 2008, Zhao Danyang, a general manager at Pure Heart China Growth Investment Fund, won the 2008 5-day online "Power Lunch with Warren Buffett" charity auction with a bid of $2,110,100. Auction proceeds benefit the San Francisco Glide Foundation.[111][112] The following year, executives from Toronto-based Salida Capital paid US$1.68 million to dine with Buffett.[113] In a letter to Fortune Magazine's website in 2010 Buffett remarked:
This statement was made as part of a joint proposal with Bill Gates to encourage other wealthy individuals to pool some of their fortunes for charitable purposes. Bill Gates's wife urged people to learn a lesson from the philanthropic efforts of the family that sold its home and gave away half of its value, as detailed in The Power of Half.[114][115] On December 9, 2010, Buffett, Bill Gates, and Mark Zuckerberg (Facebook's CEO), signed a promise they called the "Gates-Buffet Giving Pledge", in which they promised to donate to charity at least half of their wealth over the course of time, and invited others among the wealthy to donate 50% or more of their wealth to charity.[116][117] Public positionsBuffett's speeches are known for mixing business discussions with humor. Each year, Buffett presides over Berkshire Hathaway's annual shareholder meeting in the Qwest Center in Omaha, Nebraska, an event drawing over 20,000 visitors from both United States and abroad, giving it the nickname "Woodstock of Capitalism".[118] Berkshire's annual reports and letters to shareholders, prepared by Buffett, frequently receive coverage by the financial media. Buffett's writings are known for containing literary quotes ranging from the Bible to Mae West,[119] as well as Midwestern advice, and numerous jokes. Buffett and tobaccoDuring the RJR Nabisco, Inc. hostile takeover fight in 1987, Buffett was quoted as telling John Gutfreund:[120]
Speaking at Berkshire Hathaway Inc.'s 1994 annual meeting, Buffett said investments in tobacco are:[121]
Buffett and coalIn 2007, Buffett's PacifiCorp, a subsidiary of his MidAmerican Energy Company, canceled six proposed coal-fired power plants. These included Utah's Intermountain Power Project Unit 3, Jim Bridger Unit 5, and four proposed plants previously included in PacifiCorp's Integrated Resource Plan. The cancellations came in the wake of pressure from regulators and citizen groups, including a petition drive organized by Salt Lake City commercial real estate broker Alexander Lofft and directed at Buffett personally. The 1,600 petitioners, who described themselves in a letter to Buffett as "a collection of citizens, business owners and managers, service professionals, public servants, and organization representatives ... your friends and new customers here in Utah," explained that, in their view, any further expansion of coal generation in Utah would "compromise our health, obscure our viewsheds, shrink and contaminate our watersheds, and thin out our most beloved snow pack," concluding that "our attractiveness as a place to live and work is also threatened, and so is our economic competitiveness as a major metro area and a state, compromising our recent gains in income and property values".[122] Klamath riverAmerican Indian tribes and salmon fisherman sought to win support from Warren Buffett for a proposal to remove four hydroelectric dams from the Klamath River. He had David Sokol respond that the FERC would decide the question.[123][124] Trade deficitBuffett views the United States' expanding trade deficit as a trend that will devalue the US dollar and US assets. He believes that the US dollar will lose value in the long run, as a result of putting a larger portion of ownership of US assets in the hands of foreigners. In his letter to shareholders in March, 2005, Warren Buffett predicted that in another ten years' time the net ownership of the U.S. by outsiders would amount to $11 trillion.
Author Ann Pettifor has adopted the image in her writings and has stated: "He is right. And so the thing we must fear most now, is not just the collapse of banks and investment funds, or of the international financial architecture, but of a 'sharecropper society, angry at its downfall".[125] Dollar and goldThis induced Buffett to enter the foreign currency market for the first time in 2002. However, he substantially reduced his stake in 2005 as changing interest rates increased the costs of holding currency contracts. Buffett continues to be bearish on the dollar, and says he is looking to make acquisitions of companies which derive a substantial portion of their revenues from outside the United States. Buffett emphasized the non-productive aspect of a gold standard for the USD in 1998 at Harvard:
In 1977 Buffett was also quoted as saying about stocks, gold, farmland, and inflation:
TaxesBuffett stated that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes (due to their being from dividends & capital gains), while his employees paid 33% of theirs, despite making much less money.[127] "How can this be fair?" Buffet asked, regarding how little he pays in taxes compared to his employees. "How can this be right?" He also added:
Buffett favors the inheritance tax, saying that repealing it would be like "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics".[130] In 2007, Buffett testified before the Senate and urged them to preserve the estate tax so as to avoid a plutocracy.[131] Some critics have argued that Buffett (through Berkshire Hathaway) has a personal interest in the continuation of the estate tax, since Berkshire Hathaway has benefited from the estate tax in past business dealings and had developed and marketed insurance policies to protect policy holders against future estate tax payments.[132] Buffett believes government should not be in the business of gambling, or legalizing casinos, calling it a tax on ignorance.[133] Expensing of stock optionsHe has been a strong proponent of stock option expensing, on the Income Statement. At the 2004 annual meeting, he lambasted a bill before the United States Congress that would consider only some company-issued stock options compensation as an expense, likening the bill to one that was almost passed by the Indiana House of Representatives to change the value of Pi from 3.14159 to 3.2 through legislative fiat.[134]
Investing in ChinaBuffett invested in PetroChina Company Limited and in a rare move, posted a commentary[136] on Berkshire Hathaway's website stating why he would not divest from the company despite calls from some activists to do so, due to its connection with the Sudanese civil war that caused Harvard to divest from the company in 2005. He did, however, sell this stake soon afterwards, sparing him the billions of dollars he would have lost had he held on to the company in the midst of the steep drop in oil prices beginning in the summer of 2008. In October 2008, Buffett invested in new energy automobile business by paying $230 million for 10% of BYD Company (SEHK: 1211), which runs a subsidiary of electric automobile manufacturer BYD Auto. In less than one year, the investment has reaped him over 500% return of profit.[137] Books about BuffettNumerous books have been written about Warren Buffett and his investment strategies. In October 2008, USA Today reported that there were at least 47 books in print with Buffett's name in the title. The article quoted the CEO of Borders Books, George Jones, as saying that the only other living persons named in as many book titles were U.S. presidents, major world political figures, and the Dalai Lama.[138] Buffett said that his own personal favorite is a collection of his essays called The Essays of Warren Buffett,[139] which he described as "a coherent rearrangement of ideas from my annual report letters" as edited by Larry Cunningham.[138] Some best-selling, or otherwise notable, books about Buffett:
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