Entries in Warren Buffet (6)


Warren Buffet’s Company Berkshire Buys the Waco Tribune-Herald

Stockbyte/Thinkstock(WACO, Texas) – Berkshire’s Omaha World-Herald Co. confirms the purchase of the Waco Tribune-Herald owned by the Robinson family with a 34,000 circulation-daily newspaper according to Bloomberg.

Terry Kroeger, CEO of Omaha World-Herald says, “This is a very strong, growing market. We will work with local managers in Waco to determine what changes may be appropriate.”

Buffett believes that local community newspapers can thrive in smaller markets with less competition.

Copyright 2012 ABC News Radio


Forbes: Carlos Slim Is World's Richest Man Again

Susana Gonzalez/Bloomberg via Getty Images(NEW YORK) -- Mexico’s Carlos Slim Helu and family, with a net worth of $69 billion, again top Forbes’ listing of the world’s billionaires.

Slim’s self-made fortune comes from telecommunications. The 72-year-old is chairman of Mexico’s Telmex. His fortune is down $5 billion from last year, says Forbes, owing to a decline in the share price of America Movil, another telecom company that accounts for more than half of Slim’s net worth.

Bill Gates and Warren Buffett of the U.S., who respectively have $61 billion and $44 billion, are next on Forbes’ list. Gates’ fortune comes from Microsoft, the software giant that he founded. Buffett’s comes from investment giant Berkshire Hathaway.

This year’s list netted more billionaires than ever before: 1,226 people worth a record $4.6 trillion collectively.

Berhard Arnault of France, owner of luxury goods maker LVMH, is fourth-richest, with $41 billion, followed by Spaniard Amancio Ortega ($37.5 billion). American Larry Ellison, head of Oracle corporation, ranks sixth ($36 billion).

The richest newcomer is Colombia’s Alejandro Santo Domingo Davila, described by Forbes as a 35-year-old bachelor living in New York City, who took over his father’s beer empire after his October 2011 death. His wealth is $9.5 billion.

Copyright 2012 ABC News Radio


Warren Buffett and His Secretary Talk Taxes

ABC News(WASHINGTON) -- In a week when taxes and tax returns have dominated the headlines, billionaire investor Warren Buffett jumped back into the political debate and showed his returns exclusively to ABC News’ Bianna Golodryga, adding, “I have never had it so good....What has happened in recent years, we were told a rising tide would lift all boats, but the rising tide has lifted all yachts.”

Buffett’s secretary since 1993, Debbie Bosanek, sat next to her boss just hours after being invited by the president to the State of the Union address, where the president made her the face of tax inequality in America.

Bosanek pays a tax rate of 35.8 percent of income, while Buffett pays a rate at 17.4 percent.

“I just feel like an average citizen. I represent the average citizen who needs a voice,” said Bosanek. “Everybody in our office is paying a higher tax rate than Warren.”

During Tuesday night’s State of the Union address, President Obama, for the first time, put a minimum-percentage figure on the amount of taxes the ultra-rich should pay -- 30 percent -- an idea that has been referred to as the “Buffett rule.”

“The question is what is fair when you have to raise multi-trillions to fund the United States of America,” said Buffett.  "[Raising taxes] will not change my behavior. I have paid all different kinds of rates and I’ve always been interested in making money. I believe this should be a defining issue. Debbie works just as hard as I do and she pays twice the rate I do.”

Buffett, a Democrat and Obama-supporter, had one question for Mitt Romney: “Do you think the tax system should be perpetuated?”

He doesn’t blame the former Massachusetts governor or any of the ultra-rich for paying lower tax rates than most Americans and challenged Congress to make a change.

“I don’t pay hardly any payroll taxes,” Buffett said. “Gov. Romney hardly pays any payroll taxes, Newt Gingrich hardly pays any payroll taxes. Debbie pays lots of payroll taxes.”

He lashed out at assertions from many Republican leaders that the “Buffett rule” is class warfare.

“If this is a war, my side has the nuclear bomb,” Buffett said. “We have K Street....We have Wall Street. Debbie doesn’t have anybody. I want a government that is responsive to the people who got the short straw in life.”

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\Copyright 2012 ABC News Radio


Warren Buffett Invests the Most in 15 Years

Scott Eells/Bloomberg via Getty Images(OMAHA, Neb.) -- Warren Buffett invested almost $24 billion through his company Berkshire Hathaway in the third quarter, the most in 15 years, according to a regulatory filing.

The billionaire’s firm made investments beyond the usual financial and consumer sectors, including a 62 percent increase in “commercial, industrial and other” companies, totaling $17.4 billion.

Buffett’s investment included a $5 billion investment in embattled giant, Bank of America, announced in August. Berkshire Hathaway, based in Omaha, Neb., also completed its $9 billion acquisition of chemical company, Lubrizol, in September.  The filing doesn’t state what Buffett is pouring his cash into.

Berkshire Hathaway released the investment information on Friday, as part of its third-quarter earnings announcement.  For the three months that ended Sept. 30, net income fell to $2.28 billion from $3 billion in the same quarter last year.

The successful businessman’s decisions are closely followed by investors around the globe. Buffett, worth about $39 billion, is the second-richest person in the U.S. after Bill Gates ($59 billion), according to Forbes’ list of richest people in the country released in September.

Buffett reportedly increased his company’s investments in stocks as they suffered lows from the downgrade of U.S. debt last August and the European debt crisis. His widely-known investment philosophy is to hold stakes in quality companies for the long-haul, as opposed to participating in speculative trading.

While Berkshire Hathaway owns 80 companies like Dairy Queen, Geico Auto Insurance and See’s Candies, it has stakes in Coca-Cola and Wells Fargo, among other companies.

This year, Buffett has become more vocal in his pursuit to increase the tax rate for the wealthiest Americans, including revealing his tax returns to the public last month.

Copyright 2011 ABC News Radio


'Forbes' Lists the Richest People in America

Scott Olson/Getty Images(NEW YORK) -- Forbes has released its annual list of the 400 wealthiest Americans, worth an estimated combined $1.53 trillion.

Their total combined wealth is up 12 percent from last year. Perhaps more notable is that 70 percent of the individuals on the list are self-starters, which marks an increase of 55 percent since 1997.

In addition, a group of younger entrepreneurs are also making their way up the list. Topping the ranks of younger entrepreneurs is Facebook’s 27-year-old Mark Zuckerberg, coming in at 14th place, with $10.6 billion, ahead of Google rivals Sergey Brin and Larry Page with $1.7 billion, tied at 15th.

Dustin Moskovitz, Zuckerberg’s former roommate, is the youngest billionaire to make the list.

Here’s a look of the top ten wealthiest Americans:

1.    Bill Gates, $59 billion
2.    Warren Buffett, $39 billion
3.    Larry Ellison, $33 billion
4.    Charles Koch, $25 billion
5.    David Koch, $25 billion
6.    Christy Walton, $24.5 billion
7.    Jim C. Walton $21.1 billion
8.    Alice Walton $20.9 billion
9.    George Soros $22 billion
10.  Sheldon Adelson, $21.5 billion

Copyright 2011 ABC News Radio


Obama Meets with Buffett, Gates to Discuss Giving Pledge

President Barack Obama meets with Warren Buffett, the chairman of Berkshire Hathaway, in the Oval Office, July 18, 2011. Official White House Photo by Pete Souza(WASHINGTON) -- President Obama hosted the two wealthiest Americans at the White House Monday to receive an update on the Giving Pledge, the pact to encourage the nation’s wealthiest people to donate the majority of their riches to philanthropy.

Obama met with Berkshire Hathaway CEO Warren Buffett and Bill and Melinda Gates, co-chairs of the Bill & Melinda Gates Foundation, to discuss the ways in which private philanthropy can help address the country’s greatest challenges.

Asked by ABC if the president is considering donating his personal wealth to the cause, White House Press Secretary Jay Carney would say only that they met because the president “thinks that what they’re doing is extraordinarily noble and good.”

Buffett and Obama also likely discussed the ongoing deficit-reduction negotiations, Carney said.

Copyright 2011 ABC News Radio

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