Although my three (3) bedroom flat is adequate, it is not luxurious by any means. There is no television to entertain nor telephone to converse. This is a blessing in disguise. I have been reading feverishly almost every night. My first book I completed was Warren Buffett's Biography (Buffett: The Making of an American Capitalist written by Roger Lowenstein). Here are a few insights from the book that I have learned.
Buffett was uneasy with the increasing leverage (high amounts of debt) of fortune 500 companies leading up to the credit crisis. He remarked to the effect, You can't tell who is swimming naked until the tide goes out. The tied went out last year and the housing collapse and global credit crisis ensued.
Buffett is uneasy about giving his money away to friends, family or charioties. In fact, his children grew up with an extraordinarily modest lifestyle. When asked about giving money to his children he explained he did not feel his children should grow up with any advantage over other children. In 2006, Buffett finally loosened up the strings to his wallet and pledged billions to the Bill & Melinda Gates Foundation. He exceled at making money, however, was very unsure of how to give it away so he has nominated Bill Gates and his wife to lead philanthropic activities on his behalf.
Buffett is a very simple guy and does not care for luxuries. He feels they complicate his life. It wasn't until his second wife came along that he upgraded his wardrobe and purchased some designer suits. In fact, he still drinks his childhood beverage, Cherry Coke, and frequently visits local restaurants in his home town of Omaha, Nebraska.
[Disclaimer: The above blog is not intended to be a factual account of Buffett: The Making of an American Capitalist written by Roger Lowenstein]
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