Warren Buffett on Life, Love, Family, Wealth and Value Investing

In a rare interview, Mr Buffett talks about his remarkable career and family. This documentary is about an hour long. Look for his investing tips (on Gillette: "Hair isn't going to stop growing on men's faces and twice as many women's legs"), his views on business ethics, his friends' interviews, and his lifelong love story.

Buffett still lives in the same house he bought in Omaha, Nebraska, in 1958. "It's dumb", he said in an interview, "to let possessions rule you". He has decided to donate most of his wealth to the Bill and Melinda Gates Foundation, combining the wealth of the world's richest and second richest men into one gigantic philantropic effort.

Buffett's children won't inherit any great wealth when he dies. Buffett has said, "There's no reason why future generations of little Buffetts should command society just because they came from the right womb. Where's the justice in that?"

Frankly, I find Buffett's commentary so unique, inspiring and powerful that I'll add one more citation from his Wikipedia page. I'm fully partial: I find this guy remarkable.

"I personally think that society is responsible for a very significant percentage of what I've earned. If you stick me down in the middle of Bangladesh or Peru or someplace, you find out how much this talent is going to produce in the wrong kind of soil... I work in a market system that happens to reward what I do very well - disproportionately well. Mike Tyson, too. If you can knock a guy out in 10 seconds and earn $10 million for it, this world will pay a lot for that. If you can bat .360, this world will pay a lot for that. If you're a marvelous teacher, this world won't pay a lot for it. If you are a terrific nurse, this world will not pay a lot for it. Now, am I going to try to come up with some comparable worth system that somehow (re)distributes that? No, I don't think you can do that. But I do think that when you're treated enormously well by this market system, where in effect the market system showers the ability to buy goods and services on you because of some peculiar talent - maybe your adenoids are a certain way, so you can sing and everybody will pay you enormous sums to be on television or whatever -I think society has a big claim on that." (Lowe 1997:164-165)

"I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It's like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GNP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don't do that though. I don't use very many of those claim checks. There's nothing material I want very much. And I'm going to give virtually all of those claim checks to charity when my wife and I die." (Lowe 1997:165-166)