In the spring of 1942, an 11-year-old boy from Omaha made his first big investment, putting nearly his entire fortune — about $120 — into three shares of Cities Service Preferred. By June, the stock had dropped sharply, devastating his holdings.
But it's fair to say that things got a little better for Warren Buffett after that. His shares recovered, he sold them for a small profit, and he has spent the seven decades since in a relentless search for value. Warren has seen countless financial fads come and go. Through them all, he's sought companies with real promise and invested with integrity.
Clearly, it's a winning formula. Today Warren is not just one of the world's richest men but also one of the most admired and respected. He has devoted the vast majority of his wealth to those around the world who are suffering, or sick, or in need of help. And he uses his stature as a leader to press others of great means to do the same.
The Sage of Omaha has handed down plenty of lessons over the years. Today, at 81, he reminds us that life is not just about the value you seek. It's about the values you stand for.
Obama is the President of the United States