Warren Buffett News: Meet Warren Buffett’s Secret Hero

BERKSHIRE HATHAWAYMeet Warren Buffett’s Secret Hero (Forbes)
Warren Buffett has made some $50 billion doing things his own way, so it was completely consistent that at The Forbes 400 Summit on Philanthropy, held at the iconic main branch of the New YorkPublic Library, rather than take a book out of the building, he brought one in. Specifically, a well-worn hardcover copy of I Remember, the 1940 autobiography of a man named Abraham Flexner, whom few modern philanthropists have even heard of. “Abraham Flexner probably influenced philanthropy as much as any individual in the country,” Buffett tells me, flipping through the autobiography he first read more than a half-century ago. “Not in terms of the money he used but of what he brought to the game.”

More Billionaires Agree to Give Away Half Their Wealth (Newser)
Bill Gates and Warren Buffett have convinced 11 more billionaires to give away half of their wealth. The richies, including Netflix CEO Reed Hastings, will bring the total number of families participating in the “Giving Pledge” to 92. The campaign, launched two years ago, aims at convincing the wealthy to donate big money to philanthropies, and to think carefully about targeting money now to projects they believe in. It’s not yet clear, however, what kind of impact the strategy is having—though Gates believes donors “are collaborating” to increase the money’s impact, reports the Wall Street Journal.

Twenty-four carat case for gold (Equities)
AS WARREN Buffett famously said: “You can’t eat gold.” But US dollars are not particularly nutritious either and neither are pounds sterling. However, the amount of food you can buy with your gold is steadily increasing, and has been for the last decade; whereas what you can buy with a wallet full of fiat currency in your local Waitrose has been declining rapidly. It’s not the cost of living that has been spiralling, but the purchasing power of the currency that is being steadily eroded by the loose monetary policy of central banks. And last week’s announcement of another round of the Fed’s controversial quantitative easing (QE) program is yet another boost for gold prices.

Intel: We Can See Why Berkshire Sold Its Intel Position (SeekingAlpha)
On August 24th, Berkshire Hathaway Inc. (NYSE:BRK.B) released its Q2 2012 13F-HR report in which it showed that it liquidated its position in Intel Corporation (NASDAQ:INTC). We believe that despite the fact that Berkshire’s CEO Warren Buffett protests his lack of understanding of technology stocks, we believe that Berkshire has more knowledge of the technology sector than people realize, including Buffett himself. After all, if Buffett was a total ignoramus about technology, Berkshire would not have sold off its position in Intel in Q2 2012 before Intel announced its Q3 2012 earnings warning. While Intel is certainly one of the bluest of the technology and general equity blue-chips, we believe that the declining demand for personal computers will result in the company registering flattish financial and investment performance. We were not privy to what price Berkshire received for its Intel shares but considering that Intel’s lowest price during the quarter was achieved on June 4th at $24.84, we can see that Berkshire got out at a good price relative to the $23.31 price as of September 17th.

Baldwin, Thompson trade barbs about ability to compromise (TwinCities)
Democratic U.S. Senate candidate Tammy Baldwin emphasized her ability to compromise at a speech Tuesday in Milwaukee and defended her record in Congress on business issues. She called for a fairer tax system, telling a luncheon group that she was a sponsor of the “Buffett rule,” named after billionaire Warren Buffett, which would require millionaires to pay federal income taxes at the same rate as the middle class. On the northwest side, her opponent, former Gov. Tommy Thompson, toured a manufacturing plant and touted his own record as governor at cutting taxes, often when the Legislature was controlled by Democrats.

Warren Buffett Does Not Live On Value Alone (Forbes)
For years now, Warren Buffett‘s name has been nearly synonymous with the term “value investing.” A disciple of Benjamin Graham–the man known as the “Father of Value Investing”–Buffett has become the world’s most well-known investor thanks to his ability to ascertain the value of various securities and then buy them for less, a concept at the core of value investing. “Price,” he has said, “is what you pay. Value is what you get.” But to label Buffett a “value investor” is probably an oversimplification. In reality, his strategy involves several different factors. In fact, in a recent paper, three members of AQR Capital Management found that value is not what has driven Buffett’s success over the past few decades.

Out-Executing The Competition, by Irv Rothman (TheNational)
Readers seeking pearls of wisdom to get ahead in business have often favoured books focusing on billionaires such as Warren Buffett, Steve Jobs and Sir Richard Branson. But as the appetite for business books swells, a growing wave of titles by successful, if less well known, executives are hitting the market. Irv Rothman’s book, Out-Executing The Competition, is one such. Rothman may not be a household name like Mr Buffett but within the corporate world he is no small player.

GE, Buffett, Obama, bailouts, subsidies, and profits (WashingtonExaminer)
Imagine a billionaire fundraiser for George W. Bush investing $3 billion in a multinational corporation run by a Bush appointee. Then imagine that multinational rakes in billions in subsidies, tax credits, loan guarantees, and bailout funds. And then W’s billionaire fundraiser makes bank as the multinational corporation sees a tripling of its stock price. You might suspect cronyism, no? Well, replace George W. Bush with Barack Obama, and that’s exactly what’s gone on. The billionaire fundraiser in Warren Buffett in the multinational is General Electric Company (NYSE:GE).

Titans Of Philanthropy Gather For Forbes Cover (Inquisitr)
Forbes Magazine has gathered the 12 Titans of Philanthropy for the 30th annual Forbes 400 issue. The Forbes 400 issue ranks the richest people in the world who have given the most money away. Warren Buffett, Oprah Winfrey, Bill Gates, Melinda Gates, Peter Peterson, Leon Black, Jon Bon Jovi, Marc Benioff, David Rubenstein, Steve Case, Laura Arrillaga-Andreessen, and Marc Andreessen will grace the cover. So how do you become one of the Titans? Bill and Melinda Gates have given away nearly $28 billion. They have also started the Bill and Melinda Gates Foundation. Warren Buffett has pledged to give away 99 percent of his wealth.

House To Vote On GOP’s Buffet Rule Act (TalkRadioNews)
In an effort to reduce the enormity of the national debt, the House on Wednesday will vote on legislation that will give Americans the option of donating money in addition to paying their tax liabilities. The Buffet Rule Act, authored by Rep. Steve Scallise (R-La.), is named in honor of billionaire Warren Buffett who has repeatedly said that he doesn’t pay enough in taxes. The proposed law would not require citizens to pay down the debt but rather provides them with the option to voluntarily pay more than is required.

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