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Warren Buffett: Business
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Warren Buffett lives with his long time partner Astrid Menks in Omaha, USA. He was married to Susan Thompson up until her death from stroke in July 2004, but the couple were separated in 1977. They chose not to divorce and remained good friends and business associates. Buffett's late wife was set to inherit much of his fortune upon his death.
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What, in Buffett's view, makes a business wonderful? It starts with ''a sustainable competitive advantage.'' Underline sustainable. Buffett will not invest in a business unless he feels reasonably certain how much it will earn over the next 20 to 25 years. But for all of Buffett's cerebration, he does not feel truly comfortable unless a business ties into his own everyday experience. His favorite companies tend to traffic in elementally appealing brand-name products that Buffett not only uses himself but ... invests with almost totemic meaning: a bottle of Coca-Cola, a Gillette razor blade, a box of See's candy, and, yes, even a Gulfstream jet.
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Buffett grew up in Omaha and began his musical career in the early 1980s doing commercial work in San Francisco for MTV, CNN, Coca-Cola and other businesses. He later signed with New Age recording studio Narada Records in Milwaukee and released four albums from 1987 to 1991.
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Buffett did not come fully into his own until he and Munger collaborated on the $25 million acquisition of See's Candies in 1972. The San Francisco maker of boxed chocolates was the first business of any sort for which Buffett paid more than book value--three times book, in fact.
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Known as the "Oracle of Omaha," Buffett began his business career by buying the textile firm Berkshire Hathaway in 1965. Thanks to his investing prowess, Berkshire is now a huge holding company for a business empire that employs 240,000 people.
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Berkshire businesses related to residential construction have been hurt by a housing slump in the U.S. economy that is likely to continue for ``quite a while,'' Buffett said at the meeting. At least 50 mortgage companies have filed for bankruptcy, shut down operations or sought buyers in the last 16 months after loosening underwriting standards to seek more business, according to Bloomberg data.
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