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Roman Abramovich

2007-12-07T11:07:00.000-08:00

Roman Arkadievich Abramovich IPA[rʌˈmɑn ərˈkadʲievɨtɕ əbrʌˈmovɨtɕ]) (bahasa Rusia: Рома́н Арка́дьевич Абрамо́вич) (lahir 24 Oktober 1966 di Saratov, Rusia), adalah seorang milyarder Rusia dan pemilik perusahaan investasi Millhouse Capital, dianggap sebagai salah seorang oligarki Rusia. Menurut majalah Forbes 2006, pada 13 Februari 2006 ia memiliki kekayaan bersih sebesar US$ 18.2 milyar dan menurut majalah Finance Rusia pada Januari 2007 kekayaannya mencapai US$ 21 milyar . Ia dianggap sebagai orang terkaya yang tinggal di Inggris Raya pada tahun 2003 Penekanan pengucapan nama keluarganya sering pada suku kata kedua (Abrámovich) bila dilafalkan dalam Bahasa Inggris, sedangkan dalam bahasa asalnya Rusia ditekan pada suku kata ketiga (Abramóvich).

Di Rusia, Abramovich adalah seorang gubernur untuk provinsi Chukotka, ia terpilih pada tahun 2000. Di luar Rusia, ia terkenal sebagai pemilik klub sepakbola Liga Primer Inggris Chelsea, dan peranannya yang penting pada sepakbola Eropa. Selain hal-hal tersebut, kegiatan Abramovich lainnya tidak diketahui oleh publik.

Masa Kecil dan Pendidikan

Ayahnya adalah seorang Yahudi, dan ibunya adalah seorang Rusia. Kakek-nenek Roman dari sisi ayah dibuang ke Siberia dari Tauragė,Lithuania oleh pemerintah Uni Sovyet setelah pendudukan Lithuania pada tahun 1940. Roman dibesarkan sebagai seorang yatim piatu. Ibunya, Irina Ostrowski Abramovich, meninggal karena penyakit bakteremia karena Ukhta and dan oleh neneknya di aborsi saat Roman berusia satu tahun. Ayahnya Arkady Abramovich terbunuh pada sebuah kecelakaan di proyek pembangunan saat Roman berusia tiga tahun. Abramovich dibesarkan oleh pamannya di Moskow. Sebelum pindah ke Moskow ia dan saudara perempuannya tinggal di Syktyvkar, ibukota Republik Komi. Abramovich bersekolah di Institut Industri di kota Ukhta sebelum mengikuti wajib militer pada Angkatan Bersenjata Uni Soviet. Setelah mengikuti wajib militer ia sempat berkuliah sebentar di Institut Auto Transport Negeri di Moskow sebelum mengambil cuti untuk berbisnis. Ia akhirnya mendapatkan gelar dari Akademi Hukum Negeri Moskow dengan sistem pembelajaran jarak jauh.

Kesuksesan Bisnis

Abramovich mendapatkan kekayaannya dengan membeli saham-saham industri-industri yang baru diprivatisasikan setelah jatuhnya komunisme dengan harga murah. Ia pernah menjadi pemegang saham terbesar di sibneft, sebuah perusahaan minyak besar, dan juga pemegang saham yang penting di RusAl, produsen aluminium terbesar kedua di dunia, dan beberapa perusahaan lainnya.

Abramovich dan Sepakbola Eropa

Chealsea F.c

Pada bulan Juni 2003, ia menjadi pemilik perusahaan-perusahaan yang mengendalikan Klub Sepakbola Chelsea di Inggris. Sebelumnya ia telah mempertimbangkan untuk membeli beberapa klub lainnya sebelum akhirnya ia membeli Chelsea, yang saat itu mengalami kesulitan finansial. Pembelian ini membuatnya menjadi terkenal di Inggris. Segera setelah Abramovich mengendalikan Chelsea, ia menanamkan modal dalam jumlah besar (diperkirakan mencapai £ 440 juta sampai Januari 2006), dengan memperhitungkan pengambilalihan beban hutang sebesar £ 80 juta dan transfer-transfer pemain.

Klub ini juga meluncurkan sebuah program ambisius pada pengembangan komersial, dengan tujuan menjadi merk yang mendunia, dan mengumumkan rencana membangun sebuah kompleks latihan mewah yang baru Cobham,Surrey. Chelsea mengakhiri musim pertamanya setelah pengambilalihan pada posisi ke-2 di Premiership, dari posisi ke-4 pada musim sebelumnya dan mencapai tahap semifinal pada Liga Champion Eropa. Manajer baru, Jose Mourinho, direkrut dan Chelsea mengakhiri musim berikutnya sebagai juara liga, pertama setelah 50 tahun. Setelah lima tahun pengambilalihan klub ini telah memenangkan lima trofi utama, terbanyak dibandingkan klub-klub lainnya dalam periode yang sama. Saat ini mereka menjadi salah satu kekuatan utama dalam sepakbola Inggris.

CSKA Moscow

Pada bulan Maret 2004, Sibneft menyetujui kontrak sponsor selama tiga tahun dengan nilai US$ 58 juta dengan klub sepakbola CSKA Moscow. Karena perusahaan tersebut mengungkapkan bahwa keputusan dilakukan oleh tingkat manajemen puncak, diduga bahwa ini merupakan usaha Abramovich untuk menangkal tuduhan 'tidak patriotik' saat ia mengambil alih Chelsea. Peraturan UEFA melarang satu orang memiliki lebih dari satu tim yang berpartisipasi dalam kompetisi UEFA, karenanya Abramovich tidak dapat memiliki saham di CSKA. Berdasarkan investigasi khusus yang dilakukan UEFA, akhirnya ia dinyatakan bebas dari konflik kepentingan antara kedua klub. Walaupun demikian, ia disebut sebagai orang yang paling berpengaruh dalam sepakbola Rusia oleh sebuah majalah Rusia Pro Sport pada akhir Juni 2004. Pada bulan Mei 2005, CSKA memenangkan gelar Piala UEFA, klub Eropa pertama yang berhasil memenangkan kejuaran Eropa. Namun pada bulan Oktober 2005 Abramovich menjual seluruh sahamnya di Sibfnet dan pemilik perusahaan yang baru Gzprom, yang sebelumnya telah mensponsori klub sepakbola FC Zenit Saint Petersburg, membatalkan kesepakatan sponsor tersebut.

Kesebelasan Nasional Rusia

Abramovich juga memainkan peranan yang besar dalam mebawa Guus Hiddink menjadi pelatih Keseblasan Sepakbola Nasional Rusia. Piet de Visser, yang sebelumnya merupakan kepala pemandu bakat di bekas klub Hiddink PSV Eindhoven dan sekarang menjadi asisten pribadi Abramovich di Chelsea lah yang telah merekomendasikan Hiddink.

Akademi Sepakbola Nasional

Selain keterlibatannya dalam sepakbola profesional, Abramovich juga mensponsori sebuah yayasan di Rusia yang dikenal dengan Akademi Sepakbola Nasional. Organisasi ini mensponsori program-program olahraga untuk remaja di seluruh negri dan membangun lebih dari 15 lapangan sepakbola di berbagai kota dan daerah. Yayasan ini juga menyediakan dana untuk para pelatih, buku-buku pelatihan, merenovasi fasilitas olahraga dan membawa para pelatih dan pelajar berpotensi mengunjungi klub-klub sepakbola profesional di Inggris, Belanda dan Spanyol.

Keluarga, Minat dan Kegiatan Lainnya

Abramovich menikah dua kali, dengan Olga (bercerai 1990), dan dengan Irina (terlahir dengan nama Malandina) pada tahun 1991 (bercerai 2007).

Pada tanggal 15 October 2006, surat kabar News Of the World melaporkan bahwa Iria telah menyewa dua pengacara perceraian terkemuka di Inggris, setelah mendapat laporan hubungan dekat Abramovich dengan seorang gadis cantik yang berusia 23 tahun Daria Zhukova, bekas pacar petenis terkemuka Rusia Marat Safin. Perceraian ini mungkin akan menjadi rekor perceraian termahal (diperkirakan melibatkan uang sebesar £5.5 miliar). Abramovich menyatakan belum berkonsultasi dengan pengacaranya tentang perceraian tersebut. However, they later divorced in Russia in March 2007, with a settlement reported as being $300 million.
Roman Abramovich juga mensponsori pameran fotografi seorang fotografer Uzbekistan (dulu Uni Sovyet) Max Penson (1893–1959) yang dibuka pada tanggal 29 November 2006 yang dilaksanakan di Gilbert Collection yang bertempat di Somerset House London. Sebelumnya ia juga telah mendanai pameran fotografi "Quiet Resistance: Russian Pictorial Photography 1900s-1930s" di galeri yang sama tahun 2005. Kedua pameran tersebut dikelola oleh Moscow House of Photography.

Orang terkaya di dunia menurut Forbes

2007-12-07T10:35:00.000-08:00

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Warren Buffett

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Bill Gates

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Kerry Packer

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(5) Continued from Warren Buffett Biography

2007-08-31T14:17:00.000-07:00

Nebraska, Furniture Mart, Scott Fetzer, Coca-Cola and the Corporate Jet
Warren Buffett Buys Nebraska Furniture Mart, Scott Fetzer and an Airplane for Berkshire Hathaway
For all the fine businesses Berkshire had managed collect, one of the best was about to come under its stable. In 1983, Warren Buffett walked into Nebraska Furniture Mart, the multi-million dollar furniture retailer built from scratch by Rose Blumpkin. Speaking to Mrs. B, as local residents called her, Buffett asked if she would be interested in selling the store to Berkshire Hathaway. Blumpkin's answer was a simple "yes", to which she responded she would part for "$60 million". The deal was sealed on a handshake and one page contract was drawn up. The Russian-born immigrant merely folded the check without looking at it when she received it days later.
Scott & Fetzer was another great addition to the Berkshire family.
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The company itself had been the target of a hostile takeover when an LPO was launched by Ralph Schey, the Chairman. The year was 1984 and Ivan Boesky soon launched a counter offer for $60 a share (the original tender offer stood at $50 a share - $5 above market value). The maker of Kirby vacuum cleaners and World Book encyclopedia, S&F was panicking. Buffett, who had owned a quarter of a million shares, dropped a message to the company asking them to call if they were interested in a merger. The phone rang almost immediately. Berkshire offered $60 per share in cold, hard, cash. When the deal was wrapped up less than a week later, Berkshire Hathaway had a new $315 million dollar cash-generating powerhouse to add to its collection. The small stream of cash that was taken out of the struggling textile mill had built one of the most powerful companies in the world. Far more impressive things were to be done in the next decade. Berkshire would see its share price climb from $2,600 to as high as $80,000 in the 1990's.
In 1986, Buffett bought a used Falcon aircraft for $850,000. As he had become increasingly recognizable, it was no longer comfortable for him to fly commercially. The idea of the luxury was hard for him to adjust to, but he loved the jet immensely. The passion for jets eventually, in part, led him to purchase Executive Jet in the 90's.
The 80's went on with Berkshire increasing in value as if on cue, the only bump in the road being the crash of 1987. Warren, who wasn't upset about the market correction, calmly checked the price of his company and went back to work. It was representative of how he viewed stocks and businesses in general. This was one of "Mr. Market's" temporary aberrations. It was quite a strong one; fully one-fourth of Berkshire's market cap was wiped out. Unfazed, Warren plowed on.
I'll Take a CokeA year later, in 1988, he started buying up Coca-Cola stock like an addict. His old neighbor, now the President of Coca-Cola, noticed someone was loading up on shares and became concerned. After researching the transactions, he noticed the trades were being placed from the Midwest. He immediately thought of Buffett, whom he called. Warren confessed to being the culprit and requested they don't speak of it until he was legally required to disclose his holdings at the 5% threshold. Within a few months, Berkshire owned 7% of the company, or $1.02 billion dollars worth of the stock. Within three years, Buffett's Coca-Cola stock would be worth more than the entire value of Berkshire when he made the investment.
Warren Buffett's Money and Reputation On the Line During the Solomon ScandalBy 1989, Berkshire Hathaway was trading at $8,000 a share. Buffett was now, personally, worth more than $3.8 billion dollars. Within the next ten years, he would be worth ten times that amount. Before that would happen, there were much darker times ahead (read The Solomon Scandal).
Warren Buffet at the Turn of the MillenniumDuring the remainder of the 1990's, the stock catapulted as high as $80,000 per share. Even with this astronomical feat, as the dot-com frenzy began to take hold, Warren Buffett was accused of "losing his touch". In 1999, when Berkshire reported a net increase of 0.5% per share, several newspapers ran stories about the demise of the Oracle. Confident that the technology bubble would burst, Warren Buffett continued to do what he did best: allocate capital into great businesses that were selling below intrinsic value. His efforts did not go unrewarded. When the markets finally did come to their senses, Warren Buffett was once again a star. Berkshire's stock recovered to its previous levels after falling to around $45,000 per share, and the man from Omaha was once again seen as an investment icon.

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(4) Continued from Warren Buffett Biography

2007-08-31T14:14:00.000-07:00

Berkshire Hathaway Announces Charitable Giving Program
Changes in Warren Buffett's Personal LifeIt was shortly thereafter one of the most profound and upsetting events in Buffett's life took place. At forty-five, Susan Buffett left her husband - in form. Although she remained married to Warren, the humanitarian / singer secured an apartment in San Francisco and, insisting she wanted to live on her own, moved there. Warren was absolutely devastated; throughout his life, Susie had been "the sunshine and rain in my [his] garden". The two remained close, speaking every day, taking their annual two-week New York trip, and meeting the kids at their California Beach house for Christmas get-togethers. The transition was hard for the businessman, but he eventually grew somewhat accustomed to the new arrangement. Susie called several women in the Omaha area and insisted they go to dinner and a movie with her husband; eventually, she set Warren up with Astrid Menks, a waitress.
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Within the year, she moved in with Buffett, all with Susie's blessing.
Warren Buffett Wants Two Nickels to Rub TogetherBy the late '70s, the his reputation had grown to the point that the rumor Warren Buffett was buying a stock was enough to shoot its price up 10%. Berkshire Hathaway's stock was trading at more than $290 a share, and Buffett's personal wealth was almost $140 million. The irony was that Warren never sold a single share of his company, meaning his entire available cash was the $50,000 salary he received. During this time, he made a comment to a broker, "Everything I got is tied up in Berkshire. I'd like a few nickels outside."
This prompted Warren to start investing for his personal life. According to Roger Lowenstein's "Buffett", Warren was far more speculative with his own investments. At one point he bought copper futures which was unadulterated speculation. In a short time, he had made $3 million dollars. When prompted to invest in real estate by a friend, he responded "Why should I buy real estate when the stock market is so easy?"
Berkshire Hathaway Announces Charitable Giving ProgramLater, Buffett once again showed his tendency of bucking the popular trend. In 1981, the decade of greed, Berkshire announced a new charity plan which was thought up by Munger and approved by Warren. The plan called for each shareholder to designate charities which would receive $2 for each Berkshire share the stockholder owned. This was in response to a common practice on Wall Street of the CEO choosing who received the company's hand-outs (often they would go to the executive's schools, churches, and organizations). The plan was a huge success and over the years the amount was upped for each share. Eventually, the Berkshire shareholders were giving millions of dollars away each year, all to their own causes. The program was eventually discontinued after associates at one of Berkshire's subsidiaries, The Pampered Chef, experienced discrimination because of the controversal pro-choice charities Buffett chose to allocate his pro-rated portion of the charitable contribution pool. Another important event around this time was the stock price which hit $750 per share in 1982. Most of the gains could be attributed to Berkshire's stock portfolio which was now valued at over $1.3 billion dollars

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(3) Continued from Warren Buffett Biography

2007-08-31T14:06:00.000-07:00

Taking Control of Berkshire Hathaway
The next year, Warren went much further than closing the fund to new accounts; he liquidated the partnership. In May 1969, he informed his partners that he was "unable to find any bargains in the current market". Buffett spent the remainder of the year liquidating the portfolio, with the exception of two companies - Berkshire and Diversified Retailing. The shares of Berkshire were distributed among the partners with a letter from Warren informing them that he would, in some capacity, be involved in the business, but was under no obligation to them in the future. Warren was clear in his intention to hold onto his own stake in the company (he owned 29% of the Berkshire Hathaway stock) but his intentions weren't revealed.

Warren Buffett Gains Control of Berkshire Hathaway
Buffett's role at Berkshire Hathaway had actually been somewhat defined years earlier.
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On May 10, 1965, after accumulating 49% of the common stock, Warren named himself Director. Terrible management had run the company nearly into the ground, and he was certain with a bit of tweaking, it could be run better. Immediately Mr. Buffett made Ken Chace President of the company, giving him complete autonomy over the organization. Although he refused to award stock options on the basis that it was unfair to shareholders, Warren agreed to cosign a loan for $18,000 for his new President to purchase 1,000 shares of the company's stock.
Two years later, in 1967, Warren asked National Indemnity's founder and controlling shareholder Jack Ringwalt to his office. Asked what he thought the company was worth, Ringwalt told Buffett at least $50 per share, a $17 premium above its then-trading price of $33. Warren offered to buy the whole company on the spot - a move that cost him $8.6 million dollars. That same year, Berkshire paid out a dividend of 10 cents on its outstanding stock. It never happened again; Warren said he "must have been in the bathroom when the dividend was declared".

In 1970, Buffett named himself Chairman of the Board of Berkshire Hathaway and for the first time, wrote the letter to the shareholders (Ken Chace had been responsible for the task in the past). That same year, the Chairman's capital allocation began to display his prudence; textile profits were a pitiful $45,000, while insurance and banking each brought in $2.1 and $2.6 million dollars. The paltry cash brought in from the struggling looms in New Bedford, Massachusetts had provided the stream of capital necessary to start building Berkshire.

A year or so later, Warren Buffett was offered the chance to buy a company by the name of See's Candy. The gourmet chocolate maker sold its own brand of candies to its customers at a premium to regular confectionary treats. The balance sheet reflected what Californians already knew - they were more than willing to pay a bit "extra" for the special "See's" taste. The businessman decided Berkshire would be willing to purchase the company for $25 million in cash. See's owners were holding out for $30 million, but soon conceded. It was the biggest investment Berkshire or Buffett had ever made.

Following several investments and an SEC investigation (after causing a merger to fail, Warren and Munger offered to buy the stock of Wesco, the target company, at the inflated price simply because they thought it was "the right thing to do". Not surprisingly, the government didn't believe them), Buffett began to see Berkshire's net worth climb. From 1965 to 1975, the company's book value rose from $20 per share to around $95. It was also during this period that Warren made his final purchases of Berkshire stock (when the partnership dolled out the shares, he owned 29%. Years later, he had invested more than $15.4 million dollars into the company at an average cost of $32.45 per share). This brought his ownership to over 43% of the stock with Susie holding another 3%. His entire fortune was placed into Berkshire. With no personal holdings, the company had become his sole investment vehicle.

In 1976, Buffett once again became involved with GEICO. The company had recently reported amazingly high losses and its stock was pummeled down to $2 per share. Warren wisely realized that the basic business was still in tact; most of the problem were caused by an inept management. Over the next few years, Berkshire built up its position in this ailing insurer and reaped millions in profits. Benjamin Graham, who still held his fortune in the company, died in in September of the same year, shortly before the turnaround. Years later, the insurance giant would become a fully owned subsidiary of Berkshire.

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(2) Continued from Warren Buffett Biography

2007-08-31T13:46:00.000-07:00

The Influence of Benjamin Graham
Ben Graham - Buffett's Mentor (Continued) Flying through his graduate studies at Columbia, Warren Buffett was the only student ever to earn an A+ in one of Graham's classes. Disappointingly. both Ben Graham and Warren's father advised him not to work on Wall Street after he graduated. Absolutely determined, Buffett offered to work for the Graham partnership for free. Ben turned him down. He preferred to hold his spots for Jews who were not hired at Gentile firms at the time. Warren was crushed.
Warren Buffett Returns HomeReturning home, he took a job at his father's brokerage house and began seeing a girl by the name of Susie Thompson. The relationship eventually turned serious and in April of 1952 the two were married. They rented out a three-room apartment for $65 a month; it was run-down and served as home to several mice.
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It was here their daughter, also named Susie, was born. In order to save money, they made a bed for her in a dresser drawer.
During these initial years, Warren's investments were predominately limited to a Texaco station and some real estate, but neither were successful. It was also during this time he began teaching night classes at the University of Omaha (something that wouldn't have been possible several months before. In an effort to conquer his intense fear of public speaking, Warren took a course by Dale Carnegie). Thankfully, things changed. Ben Graham called one day, inviting the young stockbroker to come to work for him. Warren was finally given the opportunity he had long awaited.
Warren Buffett Goes to Work for Ben GrahamThe couple took a house in the suburbs of New York. Buffett spent his days analyzing S&P reports, searching for investment opportunities. It was during this time that the difference between the Graham and Buffett philosophies began to emerge. Warren became interested in how a company worked - what made it superior to competitors. Ben simply wanted numbers whereas Warren was predominately interested in a company's management as a major factor when deciding to invest, Graham looked only at the balance sheet and income statement; he could care less about corporate leadership. Between 1950 and 1956, Warren built his personal capital up to $140,000 from a mere $9,800. With this war chest, he set his sights back on Omaha and began planning his next move.
On May 1, 1956, Warren Buffett rounded up seven limited partners which included his Sister Doris and Aunt Alice, raising $105,000 in the process. He put in $100 himself, officially creating the Buffett Associates, Ltd. Before the end of the year, he was managing around $300,000 in capital. Small, to say the least, but he had much bigger plans for that pool of money. He purchased a house for $31,500, affectionately nicknamed "Buffett's Folly", and managed his partnerships originally from the bedroom, and later, a small office. By this time, his life had begun to take shape; he had three children, a beautiful wife, and a very successful business.
Over the course of the next five years, the Buffett partnerships racked up an impressive 251.0% profit, while the Dow was up only 74.3%. A somewhat-celebrity in his hometown, Warren never gave stock tips despite constant requests from friends and strangers alike. By 1962, the partnership had capital in excess of $7.2 million, of which a cool $1 million was Buffett's personal stake (he didn't charge a fee for the partnership - rather Warren was entitled to 1/4 of the profits above 4%). He also had more than 90 limited partners across the United States. In one decisive move, he melded the partnerships into a single entity called "Buffett Partnerships Ltd.", upped the minimum investment to $100,000, and opened an office in Kiewit Plaza on Farnam street.
In 1962, a man by the name of Charlie Munger moved back to his childhood home of Omaha from California. Though somewhat snobbish, Munger was brilliant in every sense of the word. He had attended Harvard Law School without a Bachelor's Degree. Introduced by mutual friends, Buffett and Charlie were immediately drawn together, providing the roots for a friendship and business collaboration that would last for the next forty years.
Ten years after its founding, the Buffett Partnership assets were up more than 1,156% compared to the Dow's 122.9%. Acting as lord over assets that had ballooned to $44 million dollars, Warren and Susie's personal stake was $6,849,936. Mr. Buffett, as they say, had arrived.
Wisely enough, just as his persona of success was beginning to be firmly established, Warren Buffett closed the partnership to new accounts. The Vietnam war raged full force on the other side of the world and the stock market was being driven up by those who hadn't been around during the depression. All while voicing his concern for rising stock prices, the partnership pulled its biggest coup in 1968, recording a 59.0% gain in value, catapulting to over $104 million in assets.

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Warren Buffett Biography

2007-08-31T13:32:00.000-07:00

Published by : http://beginnersinvest.about.com/
From : Joshua Kennon

The Story of Berkshire Hathaway's Billionaire Chairman
Warren Buffett is Born
warren Edward Buffett was born on August 30, 1930 to his father Howard, a stockbroker-turned-Congressman. The only boy, he was the second of three children, and displayed an amazing aptitude for both money and business at a very early age. Acquaintances recount his uncanny ability to calculate columns of numbers off the top of his head - a feat Warren still amazes business colleagues with today.
At only six years old, Buffett purchased 6-packs of Coca Cola from his grandfather's grocery store for twenty five cents and resold each of the bottles for a nickel, pocketing a five cent profit. While other children his age were playing hopscotch and jacks, Warren was making money. Five years later, Buffett took his step into the world of high finance.
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At eleven years old, he purchased three shares of Cities Service Preferred at $38 per share for both himself and his older sister, Doris. Shortly after buying the stock, it fell to just over $27 per share. A frightened but resilient Warren held his shares until they rebounded to $40. He promptly sold them - a mistake he would soon come to regret. Cities Service shot up to $200. The experience taught him one of the basic lessons of investing: patience is a virtue.
Warren Buffett's EducationIn 1947, a seventeen year old Warren Buffett graduated from High School. It was never his intention to go to college; he had already made $5,000 delivering newspapers (this is equal to $42,610.81 in 2000). His father had other plans, and urged his son to attend the Wharton Business School at the University of Pennsylvania. Buffett stayed two years, complaining that he knew more than his professors. When Howard was defeated in the 1948 Congressional race, Warren returned home to Omaha and transferred to the University of Nebraska-Lincoln. Working full-time, he managed to graduate in only three years.
Warren Buffett approached graduate studies with the same resistance he displayed a few years earlier. He was finally persuaded to apply to Harvard Business School, which, in the worst admission decision in history, rejected him as "too young". Slighted, Warren applied to Columbia where famed investors Ben Graham and David Dodd taught - an experience that would forever change his life.
Ben Graham - Buffett's MentorBen Graham had become well known during the 1920's. At a time when the rest of the world was approaching the investment arena as a giant game of roulette, he searched for stocks that were so inexpensive they were almost completely devoid of risk. One of his best known calls was the Northern Pipe Line, an oil transportation company managed by the Rockefellers. The stock was trading at $65 a share, but after studying the balance sheet, Graham realized that the company had bond holdings worth $95 for every share. The value investor tried to convince management to sell the portfolio, but they refused. Shortly thereafter, he waged a proxy war and secured a spot on the Board of Directors. The company sold its bonds and paid a dividend in the amount of $70 per share.
When he was 40 years old, Ben Graham published Security Analysis, one of the greatest works ever penned on the stock market. At the time, it was risky; investing in equities had become a joke (the Dow Jones had fallen from 381.17 to 41.22 over the course of three to four short years following the crash of 1929). It was around this time that Graham came up with the principle of "intrinsic" business value - a measure of a business's true worth that was completely and totally independent of the stock price. Using intrinsic value, investors could decide what a company was worth and make investment decisions accordingly. His subsequent book, The Intelligent Investor, which Warren celebrates as "the greatest book on investing ever written", introduced the world to Mr. Market - the best investment analogy in history.
Through his simple yet profound investment principles, Ben Graham became an idyllic figure to the twenty-one year old Warren Buffett. Reading an old edition of Who's Who, Warren discovered his mentor was the Chairman of a small, unknown insurance company named GEICO. He hopped a train to Washington D.C. one Saturday morning to find the headquarters. When he got there, the doors were locked. Not to be stopped, Buffett relentlessly pounded on the door until a janitor came to open it for him. He asked if there was anyone in the building. As luck (or fate) would have it, there was. It turns out that there was a man still working on the sixth floor. Warren was escorted up to meet him and immediately began asking him questions about the company and its business practices; a conversation that stretched on for four hours. The man was none other than Lorimer Davidson, the Financial Vice President. The experience would be something that stayed with Buffett for the rest of his life. He eventually acquired the entire GEICO company through his corporation, Berkshire Hathaway.

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Microsoft Announces Plans for July 2008 Transition for Bill Gates

2007-08-31T12:59:00.000-07:00

Published by : http://www.microsoft.com

REDMOND, Wash। — June 15, 2006 — Microsoft Corp। today announced that effective July 2008 Bill Gates, chairman, will transition out of a day-to-day role in the company to spend more time on his global health and education work at the Bill & Melinda Gates Foundation। The company announced a two-year transition process to ensure that there is a smooth and orderly transfer of Gates’ daily responsibilities, and said that after July 2008 Gates would continue to serve as the company’s chairman and an advisor on key development projects.
The company announced that Chief Technical Officer Ray Ozzie will immediately assume the title of chief software architect and begin working side by side with Gates on all technical architecture and product oversight responsibilities, to ensure a smooth transition. Similarly, Chief Technical Officer Craig Mundie will immediately take the new title of chief research and strategy officer and will work closely with Gates to assume his responsibility for the company’s research and incubation efforts; Mundie also will partner with general counsel Brad Smith to guide Microsoft’s intellectual property and technology policy efforts.
“Our business and technical leadership has never been stronger, and Microsoft is well-positioned for success in the years ahead. I feel very fortunate to have such great technical leaders like Ray and Craig at the company,” Gates said. “I remain fully committed and full time at Microsoft through June 2008 and will be working side by side with Ray and Craig to ensure that a smooth transition occurs.”
“This was a hard decision for me,” Gates added. “I’m very lucky to have two passions that I feel are so important and so challenging. As I prepare for this change, I firmly believe the road ahead for Microsoft is as bright as ever.”
In September 2005 Microsoft Chief Executive Officer Steve Ballmer organized the company into three divisions under presidents Jim Allchin, Kevin Johnson, Robbie Bach and Jeff Raikes, who were given much greater responsibility for product development and strategy decisions within their respective businesses. In August 2005 the company appointed Kevin Turner as chief operating officer.
“Bill and I are confident we’ve got a great team that can step up to fill his shoes and drive Microsoft innovation forward without missing a beat,” Ballmer said. “We will continue to hire the world’s best technical talent and give them the tools to do their best work, and we will continue to tackle the biggest challenges and opportunities for our customers by investing for the long term.”
Ballmer and Gates noted that Microsoft has been steadily expanding its senior leadership in recent years, and that today’s announcement continues a transition process that has been underway for several years. In January 2000, Gates assumed the role of chief software architect and Ballmer assumed the role of CEO, responsible for all day-to-day operations and company business strategy.
“This is a very sensible and thorough approach. A two-year transition will ensure that the company has a smooth transfer of strategy and knowledge from Bill to the next generation of leaders,” said James I. Cash, Ph.D., member of the Microsoft board of directors and former James E. Robison Professor, Harvard Business School. “Steve and his management team are very impressive, and I’m confident the company will not miss a step.”
Ozzie, 50, worked on the first electronic spreadsheet, VisiCalc, in the early 1980s, then joined Lotus Development Corp. in 1983 to develop Lotus Symphony, an MS-DOS®-based integrated software management product that combined word processing, spreadsheet, business graphics, data management and communications capabilities. In 1984, Ozzie formed Iris Associates Inc. to develop Lotus Notes. In 1997 Ozzie founded Groove Networks, where he developed Groove Virtual Office. Microsoft acquired Groove Networks in April 2005 and named Ozzie chief technical officer.
Mundie, 56, joined Microsoft in 1992 to create and run the Consumer Platforms Division, which was responsible for developing non-PC platform and service offerings including the Microsoft® Windows® CE operating system; software for handheld PCs, Pocket PCs and Auto PCs; and early telephony products. Mundie also started Microsoft’s digital TV efforts and acquired and managed the WebTV Networks Inc. subsidiary. Mundie is also the original champion of the Trustworthy Computing Initiative at Microsoft, which has influenced Microsoft’s software development strategy. His current responsibilities also include global technology policy and a variety of technical and business incubation activities.
Ozzie and Mundie will continue to report to Gates. At an appropriate time during the two-year transition period, they will shift to reporting to Ballmer.
Gates, 50, started Microsoft in 1975 with childhood friend Paul Allen. He took Microsoft public in 1986 and was the company’s chairman and CEO until 2000, when Ballmer took over as CEO. For the past six years Gates has focused on Microsoft’s software development as the company’s chairman and chief software architect. In 2000, with his wife, he formed the Bill & Melinda Gates Foundation, whose assets now are $29.1 billion.
Founded in 1975, Microsoft has pioneered many of the software innovations that paved the way for the digital information revolution and launched the PC industry. Beginning with MS-DOS, Microsoft’s first operating system, and continuing with products such as Microsoft Office, Microsoft Windows and Xbox®, the company has developed a broad range of software, services and solutions that have transformed the way people work, communicate and play. Microsoft has 63,000 employees in more than 100 countries and generates annual sales of more than
$40 billion (U.S.). With products for desktop PCs, servers and mobile devices, Microsoft continues to be the worldwide leader in helping people and businesses realize their full potential.
Founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
Microsoft, Windows, MS-DOS and Xbox are either registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries.
The names of actual companies and products mentioned herein may be the trademarks of their respective owners.

BILL GATES : Chairman, Microsoft Corp.

2007-08-31T12:34:00.003-07:00

Published: May 30, 2002 Updated: July 30, 2007
by : http://www.microsoft.com/

William (Bill) H. Gates is chairman of Microsoft Corporation, the worldwide leader in software, services and solutions that help people and businesses realize their full potential. Microsoft had revenues of US$51.12 billion for the fiscal year ending June 2007, and employs more than 78,000 people in 105 countries and regions.
On June 15, 2006, Microsoft announced that effective July 2008 Gates will transition out of a day-to-day role in the company to spend more time on his global health and education work at the Bill & Melinda Gates Foundation. After July 2008 Gates will continue to serve as Microsoft’s chairman and an advisor on key development projects. The two-year transition process is to ensure that there is a smooth and orderly transfer of Gates’ daily responsibilities. Effective June 2006, Ray Ozzie has assumed Gates’ previous title as chief software architect and is working side by side with Gates on all technical architecture and product oversight responsibilities at Microsoft. Craig Mundie has assumed the new title of chief research and strategy officer at Microsoft and is working closely with Gates to assume his responsibility for the company’s research and incubation efforts.
Born on Oct. 28, 1955, Gates grew up in Seattle with his two sisters. Their father, William H. Gates II, is a Seattle attorney. Their late mother, Mary Gates, was a schoolteacher, University of Washington regent, and chairwoman of United Way International.
Gates attended public elementary school and the private Lakeside School. There, he discovered his interest in software and began programming computers at age 13.
In 1973, Gates entered Harvard University as a freshman, where he lived down the hall from Steve Ballmer, now Microsoft's chief executive officer. While at Harvard, Gates developed a version of the programming language BASIC for the first microcomputer - the MITS Altair.
In his junior year, Gates left Harvard to devote his energies to Microsoft, a company he had begun in 1975 with his childhood friend Paul Allen. Guided by a belief that the computer would be a valuable tool on every office desktop and in every home, they began developing software for personal computers. Gates' foresight and his vision for personal computing have been central to the success of Microsoft and the software industry.
Under Gates' leadership, Microsoft's mission has been to continually advance and improve software technology, and to make it easier, more cost-effective and more enjoyable for people to use computers. The company is committed to a long-term view, reflected in its investment of approximately $7.1 billion on research and development in the 2007 fiscal year.
In 1999, Gates wrote Business @ the Speed of Thought, a book that shows how computer technology can solve business problems in fundamentally new ways. The book was published in 25 languages and is available in more than 60 countries. Business @ the Speed of Thought has received wide critical acclaim, and was listed on the best-seller lists of the New York Times, USA Today, the Wall Street Journal and Amazon.com. Gates' previous book, The Road Ahead, published in 1995, held the No. 1 spot on the New York Times' bestseller list for seven weeks.
Top row: Steve Wood (left), Bob Wallace, Jim Lane. Middle row: Bob O'Rear, Bob Greenberg, Marc McDonald, Gordon Letwin. Bottom row: Bill Gates, Andrea Lewis, Marla Wood, Paul Allen. December 7, 1978.
Gates has donated the proceeds of both books to non-profit organizations that support the use of technology in education and skills development.
In addition to his love of computers and software, Gates founded Corbis, which is developing one of the world's largest resources of visual information - a comprehensive digital archive of art and photography from public and private collections around the globe. He is also a member of the board of directors of Berkshire Hathaway Inc., which invests in companies engaged in diverse business activities.
Philanthropy is also important to Gates. He and his wife, Melinda, have endowed a foundation with more than $28.8 billion (as of January 2005) to support philanthropic initiatives in the areas of global health and learning, with the hope that in the 21st century, advances in these critical areas will be available for all people. The Bill and Melinda Gates Foundation has committed more than $3.6 billion to organizations working in global health; more than $2 billion to improve learning opportunities, including the Gates Library Initiative to bring computers, Internet Access and training to public libraries in low-income communities in the United States and Canada; more than $477 million to community projects in the Pacific Northwest; and more than $488 million to special projects and annual giving campaigns.
Gates was married on Jan. 1, 1994, to Melinda French Gates. They have three children. Gates is an avid reader, and enjoys playing golf and bridge.