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1. Feature Story / Warren Edward Buffett - TVI's PERSON OF THE WEEK
Warren Edward Buffett was born on August 30, 1930, in Omaha, Nebraska. He is known as one of the world's greatest stock market investors, of the 20th and 21st Century and is the largest shareholder and CEO of Berkshire Hathaway. With an estimated net worth of around U.S.$62 billion, he was ranked by Forbes as the richest person in the world as of February 11, 2008.
• • Since a very young age, he displayed a keen interest and extraordinary talent in numbers and at the mere age of 11, he started buying shares in the stock market. Buffet brought three shares of Cities Service at $38 for himself and his older sister. The shares rebounded to $40 after falling to almost $27 and that was the time he sold them. However, after some time, the value rose to $200. He learnt one of the most important lessons of investment through this experience - Patience is a Virtue.
• • Buffet is noted for his adherence to the value-investing philosophy and for his personal frugality despite his immense wealth.

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(Continued) -His 2006 annual salary was about $100,000, which is on the low side of senior executive remuneration in other comparable companies, and when he spent $9.7 million of Berkshire's funds on a business jet in 1989, he jokingly named it "The Indefensible" because of his past criticisms of such purchases by other CEOs. 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.
• • Buffett is also a noted philanthropist. In 2006, he announced a plan to give away his fortune to charity, with 83% of it going to the Bill & Melinda Gates Foundation. In 2007, he was listed among Time's 100 Most Influential People in The World. He also serves as a member of the board of trustees at Grinnell College
• • He graduated from high school but never wanted to go to college as such. On persistence from his father, he enrolled himself into the Wharton Business School. He stayed there for two years and then moved back home and got transferred to the University of Nebraska, teaching students twice his age. He tried to get into Harvard Business School, but got rejected because they thought he was too young! He moved to do a Master's in Economics at Columbia University and there he found his mentor - Benjamin Graham.
• • After working here and there for sometime, he was offered to work for Benjamin Graham as a security analyst. His fortune rose to $140,000. Thereafter, he began his own company, 'Buffet Partnership' and increased his capital wealth to $300,000 by the end of the year. At that time, Berkshire Hathaway was a small textile company in which he had invested. This company was liquidated after sometime but the name was retained and was turned into an investment business.
• • Buffett became the chairman of the company and with time and persistence he tuned the small textile company into a giant investment vehicle that it is today. Buffett leads a very simple life considering his status. He absolutely loves Coca-Cola and burgers and is an ardent player of the game Bridge. Buffett is a very generous man and has donated huge sums of his fortune to many helpful foundations, the biggest sum going to the Bill and Melinda Gates Foundation. Checkout his time line as given below.
• • In 1952, Mr. Buffet married Susan Thompson. They had three children, Susie, Howard, and Peter. The couple began living separately in 1977, though they remained married until her death in July 2004. His daughter Susie lives in Omaha and does charitable work through the Susan A. Buffett Foundation and is a national board member of Girls, Inc.
• • On his 76th birthday, he married his longtime companion, Astrid Menks, who had lived with him since his wife's departure. Interestingly, 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" (as per Roger Lowenstein's book, Buffett: The Making of an American Capitalist). Susan Buffett briefly discussed this relationship in an interview on the Charlie Rose Show shortly before her death, in a rare glimpse into Buffet's personal life.
• • He remains an avid player of the card game bridge, and has said that he spends 12 hours a week playing the game. He often plays with Bill Gates and Paul Allen.
• •It was reported that Mr. Buffett does not carry a cell phone, does not have a computer at his desk, and drives his own car, a Cadillac DTS.
• • Buffet's DNA report revealed that he is not related to the singer Jimmy Buffett and that his paternal ancestors hail from northern Scandinavia, while his mother's side most likely has roots in Iberia or Estonia.

02. TIMELINE / Warren Buffet, "The Greatest Stock Investor of the 20th and 21st Century"
1930 - Born: Warren Buffet, in Nebraska, Omaha USA, on August 30th.
1943 - Filed his first income tax return at the mere age of 13, deducting his bicycle as a work expense for $35.
1945 - In his senior year of high school, spent $25 to purchase a used pinball machine with a friend which they placed in a barber shop. Within months, they owned three machines in different locations.
1945 - Buffet filed his first income tax return, deducting his bicycle as a work expense for $35.
1947 - Woodrow Wilson High School, Washington, D.C.
The Wharton School, University of Pennsylvania.
1949 - Initiated into the Alpha Sigma Fraternity while pursuing his under-graduation at Wharton Business School at the University of Pennsylvania --1949, he was initiated into Alpha Sigma Phi Fraternity while an undergraduate at the Wharton Business School at the University of Pennsylvania. His father and uncles were also Alpha Sigma Phi brothers from the chapter at Nebraska, where Warren eventually transferred.
1950 - Enrolled at Columbia Business School after learning that Benjamin Graham and David Dodd, two well-known securities analysts, taught there.
1951 - Buffet discovered Graham was on the Board of GEICO insurance at the time. After taking a train to Washington, D.C. on a Saturday, Buffett knocked on the door of GEICO's headquarters until a janitor allowed him in. There, he met Lorimer Davidson, the Vice President, who was to become a lasting influence on him and life-long friend.
Buffet graduated from Columbia and wanted to work on Wall Street. He offered to work for Graham for free but Graham refused.
He purchased a Sinclair gas station as a side investment, but that venture did not work out as well as he had hoped. Meanwhile, he worked as a stockbroker. During that time, Buffet also took a Dale Carnegie public speaking course. Using what he learned, he felt confident enough to teach a night class at the University of Nebraska, "Investment Principles." The average age of the students he taught was more than twice his own.
1951&endash;1954 Falk & Co., Omaha - Investment Salesman.
1952 - Married: Susan Thompson.
1953 - Susan had her first child, Susan Alice Buffet.
1954 - Warren Buffet and Susan had their second child, Howard Graham Buffet.
Entered a partnership with Benjamin Graham and worked for a salary of $12,000.
1954&endash;1956 Graham-Newman Corp., New York - Securities Analyst.
1956 - Graham retires and ends partnership. Buffet's personal savings are now over $140,000. He returns home to Omaha and starts an investment partnership, Buffett Associates, Ltd. and creates Buffett Partnership Ltd.
1956 - 1969 - Buffet Partnership, Ltd., Omaha - General Partner.
1957- Buffet had three partnerships operating the entire year.
1957- Buffet purchased a five-bedroom, stucco house on Farnam Street for $31,500.
1958 - Susan had her third child, Peter Andrew Buffet.
1958 - Buffet had five partnerships operating the entire year.
1959 - Buffet was introduced to Charlie Munger, also a native of Omaha. Charley Munger is Vice-Chairman of Berkshire Hathaway Corporation; and is chairman of Wesco Corporation, based in Pasadena, California, which is also Munger's adopted hometown and the site of the company's annual shareholders' meeting, which is typically held on the Wednesday or Thursday after the more famous Berkshire Hathaway annual meeting. Munger's meetings are nearly as legendary in the investment community as those he co-hosts with Buffett in Omaha. Continued


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1960 - Buffet had seven partnerships operating the entire year.
1960 - Buffet asks one of his partners, a doctor, to find ten other doctors who will be willing to invest $10,000 each into his partnership. Eventually, eleven doctors agreed to invest $10,000 each into his partnerships: Buffett Associates, Buffett Fund, Dacee, Emdee, Glenoff, Mo-Buff, and Underwood.
1961 - Buffet revealed that Sanborn Map Company accounted for 35% of the partnerships' assets and that he earned a spot on the board of Sanborn.
Buffet explained that in 1958, Sanborn sold at $45 per share when the value of the Sanborn investment portfolio was $65 per share. This meant buyers valued Sanborn at "minus $20" per share, and buyers were unwilling to pay more than 70 cents on the dollar for an investment portfolio with a map business thrown in for nothing.
1962 - Buffet's partnership had in excess of $7,178,500 out of which $1,025,000 belonged to Buffett. • • • • • Merges all partnerships into one.
Buffet discovered a textile manufacturing firm, Berkshire Hathaway. Buffet's partnerships began purchasing shares at $7.60 per share.
1965 - Buffet's partnerships begin to purchase Berkshire shares aggressively. Takes control of Berkshire Hathaway and names a new President (Ken Chace) to run the company.
• When Buffet's partnerships began aggressively purchasing Berkshire they paid $14.86 per share while the company had working capital (current assets minus current liabilities) of $19 per share, this did not include the value of fixed assets (factory and equipment).
1966- • Buffet closes the partnership to new money.
Buffet 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 &emdash; Hochschild, Kohn and Co, a privately owned Baltimore department store.
1967 - Berkshire pays out its first and only dividend of 10 cents.
1969 - Buffet liquidates the partnership and transferred their assets to his partners. Among the assets paid out were shares of Berkshire Hathaway.  
1970 - Present - Berkshire Hathaway Inc, Omaha - Chairman, CEO.
As chairman of Berkshire Hathaway, began writing his now-famous annual letters to shareholders.
1973 - Berkshire begins to acquire stocks in the Washington Post Company. Buffet became close friends with Katharine Graham, who controlled the company and its flagship newspaper, and became a member of its board of directors.
1974 - The SEC opens a formal investigation into Warren Buffet and one of Berkshire's mergers.
1977 - Berkshire indirectly purchases the Buffalo Evening News for $32.5 million. Anti-trust charges brought.
1977 - Warren and Susan Buffet began living separately, though they remained married until her death in July 2004.
1979 - Berkshire acquires stocks in ABC. With the stock trading at $290 per share, Buffett's net worth neared $140 million. However, he lived solely on his salary of $50,000 per year.
The year ended at $1310 in share trading sending his net worth to $620 million, placing him on the Forbes 400 for the first time.
1988 - Buys stock in Coca-Cola for $1.02 billion. It would turn out to be one of Berkshire's most lucrative investments, and one which he still holds.
1990 - Scandals involving Greenberg and Gutfreund appear.
1999 - Buffet is named the top money manager of the 20th century in a survey by the Carson Group, ahead of Peter Lynch and John Templeton.
2002 - Buffet enters in $11 billion worth of forward contracts to deliver US dollars against other currencies. By April 2006, his total gain on these contracts was over $2 billion.
2004 - His wife, Susan, passes away.
2006 - Buffet announces to give away 80% of his total fortune to five foundations, in annual gifts of stock, starting in July 2006. The largest contribution going to the Bill and Melinda Gates Foundation
Auctioned his 2001 Lincoln Town Car on eBay to raise money for Girls Inc.
Sponsored a bridge match for the Buffett Cup. In this event, modeled on the Ryder Cup in golf (and held immediately before it and in the same city), a team of twelve bridge players from the United States took on twelve Europeans.
Worked with Christopher Webber on an animated series with DiC Entertainment's chief Andy Heyward. According to information presented by Buffett at the Berkshire Hathaway annual meeting on May 6, 2006, the series was to feature Buffett and Munger in roles and the series would teach children healthy financial habits for life.
On his 76th birthday, in 2006, he marries his longtime companion, Astrid Menks, who had lived with him since his wife's departure.
2007 - Buffet announces he is looking for a younger successor to run his business. Lou Simpson was chosen by Buffet for the role, though he is only six years younger!
2008 - Forbes announces Buffet as the richest man in the world - dethroning Bill Gates, who held the title for thirteen years.
2008 - Warren Buffet travels to Europe in a private jet. The world's richest man with a fortune of 63 billion dollars wants to invest in German privately-owned companies reports Munich's Sueddeutsche Zeitung.

Imagespeople/kevinmartinphot46w.jpg CENTER PAGE - Remarks of FCC Chairman Kevin J. Martin at CTIA Wireless 2008• And, as of May 2007, approximately 82 percent of the U.S. population lived in an area of the country covered by at least one of these mobile broadband networks.
• • • In addition, as of December 31, 2006, there were 22 million mobile wireless devices capable of accessing the Internet at broadband speeds in use in the United States, up from only three million the year before.
• • • We've also seen the introduction of innovative new products during the past year, such as the iPhone, which is truly a handheld mobile computer. The iPhone can seamlessly connect to any Wi-Fi hot spot for Internet access service. And almost two million iPhones have been activated on AT&T's network. -- CLICK FOR MORE RFid Story
• • Importantly, competition in the wireless industry has also led to lower prices, higher usage and adoption rates, and technological innovation. And many of you in this room have been instrumental in bringing the benefits of competition to American consumers. Your contributions to improving wireless services for the American consumer have not gone unnoticed.
/FTCcommitmentLogo46w.jpg• • The FCC has an important role to play in this mobile revolution as well.
• • During my tenure as Chairman, the FCC has made vast amounts of spectrum available for the next generation of innovative wireless services. Since 2006, we have more than doubled the amount of spectrum previously made available for mobile wireless services.
• • Most recently, the Commission auctioned spectrum in the 700 MHz band. The sheer size of the 700 MHz Auction is a harbinger of the benefits to come. The Auction was the largest in FCC history and raised a record $19.592 billion in total bids.
• • Even in a difficult economic climate, revenues raised in this auction easily exceeded congressional estimates of about $10 billion &endash; nearly doubling the amount Congress had anticipated would be raised. CLICK FOR MORE RF-ID STORY
• • • The Auction drew wide-ranging interest from a number of new players. A bidder other than a nationwide incumbent won a license in every market.
/ImagesNBS100/MarconiandDevicePort46w.jpg• • At the same time, we also must ensure that our regulations continue to protect consumers in this new, more mobile world. Indeed, in some ways the wireless industry is a victim of its own success. Because with increased success often comes increased expectations.
• • Today, to your credit, wireless is no longer seen as a luxury, but as a vital means of everyday communication. And the public has growing expectations of how they will be able to use wireless to meet their everyday needs. For example, E911 ensures that when someone dials 911 during an emergency, public safety can easily and reliably find them. To achieve that goal, we need to ensure that our enhanced 911 rules provide meaningful automatic location information that permits first responders to reliably find them.
• • We all know that people are relying on cell phones for more and more of their calls, including calls to 911. CTIA estimates that since the 1996 Telecommunications Act, 911 calls placed annually from wireless phones have increased six fold (from 55,000 to 290,000). The advances in wireless technology allow people to call for help more quickly and from more remote places than ever before. We need to make sure that our location accuracy requirements keep apace with these changes so that consumers can take advantage of all the opportunities wireless technology has to offer.
• • I believe this is an opportunity for the wireless industry and a harbinger of even more success. In the end, I am confident the wireless industry will rise to the occasion and I look forward to working with you and my fellow commissioners on this critical public safety issue.
• • Thank you for your time today. I truly appreciate the invitation to be here. CLICK FOR MORE VERIZON'S CEO IVAN SEIDENBERG
/WTRepurposediphoneAd46w.jpg4. Related Stories Lobbyist, Eddie Frittz of Kentucky Roast FCC Chairman Martin, Then Jabs At Cable
It was reported by Ted Hearns of Multichannel Industry News in December 2007, -- only someone like - Washington D.C.'s super lobbyist Eddie Fritts gets to take a few cost-free shots at Federal Communications Commission chairman Kevin Martin, who, as the cable industry knows all too well, isn't afraid of playing by north Jersey mob rules when shown up in public.
Fritts -- former boss of the National Association of Broadcasters now running his own firm -- gave it his best shot Wednesday night at a roast in Martin's honor attended by 1,500 lawyers, lobbyists, and others who routinely seek favors from the national media regulator. The evening is officially known as the annual FCC Chairman's Dinner, organized by the Federal Communications Bar Association to raise money for charitable causes.
/%23NBSvsFCCportz46w.jpg Martin got to return fire later &endash; but instead of putting Fritts in his place, Martin at times opted to poke fun at cable and other industries within his regulatory orbit.
In his trademark Mississippi drawl, Fritts reeled off a bunch of one-liners, including a few aimed at Martin's youthful appearance.
"I've known Kevin since he was 25 years old and looking 12 years old. Let's be honest, Kevin looks so young even Mark Foley would throw him back," Fritts said, referring to the disgraced House Republican from Florida who had to resign over scandalous text messages exchanged with young boys.
Pausing between cracks to let the crowd settle down in the giant ballroom of the Washington Hilton, Fritts also reminded everyone of Martin's ongoing "war" with the cable industry. He collected more groans than laughs by linking Sen. Larry Craig's (R-Idaho) airport bathroom arrest to Martin's demand that cable had met the so-called 70/70 test in federal law.
"You know, a lot of people think 70/70 gives Kevin a mandate on a la carte. Not true. The only one is Washington who has a mandate is Larry Craig," Fritts said.
Fritts referred to the recent news that Energy and Commerce Committee chairman Rep. John Dingell (D-Mich.) is investigating Martin's management of the agency. Martin got word in a letter from Dingell &endash; a missive famously known in Washington telecom circles as a "Dingell-gram."
"I spoke to Kevin on Monday and asked if he had recently received a Dingell-gram," Fritts began. "He said, `Yes.' I asked if it hurt and he responded, 'Yes.' And he also recommended that all men over age 50 get a Dingell-gram at least once a year."
ImagesNBS100/MacWhitePapersEyes46w.jpg When it was Martin's turn, he started off with a little humility about his defeat to the cable industry last Tuesday on the matter of how big cable had grown.
"I recognize that I've brought some of my recent problems on myself -- for example, my cable choice proposal, you know, the one where cable gets to choose to do whatever I say. That may not have been my best idea," Martin quipped.
At one point, Martin asked all cable lobbyists in the room to raise their hands. "I want to start out by apologizing that we had to remove the knives from your table," he said.
Martin suggested that cable opened its checkbook to defeat his anti-cable initiatives.
"I don't know how much money the cable industry has spent but I do know that if our country goes into a recession, it won't be my fault," he said.
Martin also used Comcast chairman and CEO Brian Roberts as a foil in a gag about people who complain that Martin laced one of his public statements with the F-word.
"But not everyone was so critical," Martin said. "Brian Roberts called and suggested I do my own show on leased access channels. I told him that's way too expensive. Then I thought, `Maybe, I can fix that," Martin said, referring to last Tuesday's ruling to slash leased access rates by 70%.
Martin cracked that he would call his program the "That 70/70 Show" and his first episode "Cooking the Numbers."
Martin concluded with a wacky top 10 list of predictions for the upcoming 700 MHz spectrum auction.
Following the auction, he said: AT&T will say the auction results prove that network neutrality is not necessary. Google will say the outcome proves network neutrality is necessary. NAB will say the auction shows that the XM-Sirius merger should not be approved.
Posted by Ted Hearn on December 7, 2007 | Comments (0) CLICK FOR MORE RELATED STORY - Michael Powell, former Chairman of the FCC.

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Andrew Carnegie (November 25, 1835 -- August 11, 1919) was a Scottish-born American businessman, a major philanthropist, and the founder of the Carnegie Steel Company which later became U.S. Steel. He is known for having built one of the most powerful and influential corporations in United States history, and, later in his life, giving away most of his riches to fund the establishment of many libraries, schools, and universities in Scotland, America and worldwide. CLICK FOR MORE WALL STREET - 1902 STORY

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