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You have a bigger house than his !
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Warren Buffett

(Quotes: 1.The fact that people will be full of greed, fear or folly is predictable. The sequence is not predictable 2. Rule No.1: Never lose money. Rule No.2: Never forget rule No.1 ).

Net Worth: $47 billion
The world's third-richest man still resides in the 6,000-square-foot, five-bedroom gray stucco home he bought in 1958 for $31,500.  The home has everything the 79-year-old needs, including his very own handball court that he uses to keep fit.

Warren Buffett the Worlds 3rd richest man with $ 47 billion dollars still lives in the same house in the same Happy Hollow neighborhood where he bought
the home in 1958 for $31,500.

It has 5 bedrooms, 2.5 bathrooms and is 6234 square feet, the house was built in 1921. In 2005 it had a taxable value of $ 690,000. Down the same street about 
mile away are the Berkshire Hathaway offices, one of the many buildings Warren Buffett owns in

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A Common Path Taken by Fraudsters
by Warren Buffett

In recent years, probity has eroded. Many major corporations still play things straight, but a significant and growing number of otherwise high-grade managers  -- CEOs -- have come to the view that it's okay to manipulate earnings. Indeed, many CEOs think this kind of manipulation is not only okay, but actually their duty.

These managers start with the assumption, all too common, that their job at all times is to encourage the highest stock price possible (a premise with which we adamantly disagree). To pump the price, they strive, admirably, for operational excellence. But hen operations don't produce the result hoped for, these CEOs resort to un-admirable accounting stratagems. These either manufacture the desired "earnings" or set the stage for them in the future.

Rationalizing this behavior, these managers often say that their shareholders will be hurt if their currency for doing deals -- that is, their stock -- is not fully-priced, and they also argue that in using accounting shenanigans to get the figures they want, they are only doing what everybody else does. Once such an everybody's-doing-it attitude takes hold, all ethical misgivings vanish ! Derivatives are financial weapons of mass destruction.



-- Edited by Sawasdee on Tuesday 22nd of June 2010 08:14:34 AM

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Lucky Phill

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Warren Buffett - secrets of Success
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I happen to catch a brief editorial about this gentlemen on local Aussie TV shows called "barefoot investors". 

Warren is now reported to be the most wealthiest man in US above Bill gates.

There are many reasons for his success, here is some of what I heard (rather remember).. 

1. He does not have a mobile phone. I don't recall if he has emails.

2. In business he does not focus purely on the monetary gain, there should be passion and/or desire about the task to hand. 
Until the job means more than the pay it will not pay more!  on our Austhai Management page we have an inserted a page called "Motivations", it includes the topics of Enthusiasm, Persistence, Success.

3. He does what motivates him, that is, although has wealth, he does not ssplurge on unnecessary luxury unless he can justify the benefit.  He continues to live in the same house he bought in 1958, likewise he does not update his car sighting that in both instances they are more than adequate for his lifestyle.

4. He donates a substantial amount of his wealth to Charity.

5. The TV show included an interview with his son, what I remember about that interview. Dad never gave him special benefits as a child, that is he had to go to Public school and catch a bus ie., he had to earn his keep. His Dad was not miserable with money, simply required justification for the spend.  His Dad always encouraged him to do whatever he wanted in life ie., he did not manipulate him or wield power of money.

Some people become incredibly successful in Sport and earn Millions yet they keep playing sport.. is it for the money?  NO, they keep playing because they have a passion and drive about the game and their personal pursuit of achievement.  

Success is not a destination it's a Journey.

Similarly it is so with other Icons such as Singers, Movie stars and the like, however many fall victim to the power of money and end up in peril, ironically a peril that most people, who have not tasted success, yearn for.  What I mean ...  you read newspaper a wealthy person is complaining about the Helicopter pad on their luxury boat is not to specification and it's caused stress. The reader will declare "well that's a problem I can handle".....  Becareful what you wish for ! (seen the movie "The Box with Cameron Diaz)

Affluent people need to appreciate how poor people live and poor people need to appreciate how affluent people work.



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