Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is considered by some to be one of the most successful investors in the world and he attended New York Institute of Finance to specialize his economics background and soon after began various business partnerships, including one with Graham. After meeting Charlie Munger, Buffett created the Buffett Partnership and his firm would eventually acquire a textile manufacturing firm called Berkshire Hathaway and assume its name to create a diversified holding company. He is noted for his adherence to value investing and for his personal frugality despite his immense wealth, Buffett is a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Bill & Melinda Gates Foundation. Buffett was born in 1930 in Omaha, Nebraska and he was the second of three children and the only son of Leila and Congressman Howard Buffett, Buffett began his education at Rose Hill Elementary School. In 1942, his father was elected to the first of four terms in the United States Congress, after finishing high school and finding success with his side entrepreneurial and investment ventures, Buffett wanted to skip college to go directly into business, but was overruled by his father. Buffett displayed an interest in business and investing at a young age, much of Buffetts early childhood years were enlivened with entrepreneurial ventures. One of his first business ventures, Buffett sold chewing gum, Coca-Cola bottles and he worked in his grandfathers grocery store. While still in school, he made money delivering newspapers, selling golf balls and stamps. On his first income tax return in 1944, Buffett took a $35 deduction for the use of his bicycle, in 1945, as a high school sophomore, Buffett and a friend spent $25 to purchase a used pinball machine, which they placed in the local barber shop. Within months, they owned several machines in three different barber shops across Omaha, the business was sold later in the year for $1,200 to a war veteran. Buffetts interest in the market and investing dated to schoolboy days he spent in the customers lounge of a regional stock brokerage near his fathers own brokerage office. On a trip to New York City at age ten, he made a point to visit the New York Stock Exchange, at 11, he bought three shares of Cities Service Preferred for himself, and three for his sister Doris Buffett. At the age of 15, Warren made more than $175 monthly delivering Washington Post newspapers, in high school, he invested in a business owned by his father and bought a 40-acre farm worked by a tenant farmer. He bought the land when he was 14 years old with $1,200 of his savings, by the time he finished college, Buffett had accumulated $9,800 in savings. In 1947, Buffett entered the Wharton School of the University of Pennsylvania and he would have preferred to focus on his business ventures, however, he enrolled due to pressure from his father. Warren studied there for two years and joined the Alpha Sigma Phi fraternity and he then transferred to the University of Nebraska–Lincoln where at 19, he graduated with a Bachelor of Science in Business Administration. After being rejected by Harvard Business School, Buffett enrolled at Columbia Business School of Columbia University upon learning that Benjamin Graham taught there and he earned a Master of Science in Economics from Columbia in 1951
William Henry Bill Gates III is an American business magnate, investor, author, and philanthropist. In 1975, Gates and Paul Allen co-founded Microsoft, which became the worlds largest PC software company, during his career at Microsoft, Gates held the positions of chairman, CEO and chief software architect, and was the largest individual shareholder until May 2014. Gates has authored and co-authored several books, since 1987, Gates has been included in the Forbes list of the worlds wealthiest people and was the wealthiest from 1995 to 2007, again in 2009, and has been since 2014. Between 2009 and 2014, his wealth doubled from US$40 billion to more than US$82 billion, between 2013 and 2014, his wealth increased by US$15 billion. Gates is currently the richest person in the world, with a net worth of US$85.6 billion as of February 2017. Gates is one of the entrepreneurs of the personal computer revolution. He has been criticized for his business tactics, which have been considered anti-competitive, Gates stepped down as chief executive officer of Microsoft in January 2000. He remained as chairman and created the position of chief architect for himself. In June 2006, Gates announced that he would be transitioning from full-time work at Microsoft to part-time work and he gradually transferred his duties to Ray Ozzie and Craig Mundie. He stepped down as chairman of Microsoft in February 2014, taking on a new post as adviser to support the then newly appointed CEO Satya Nadella. Gates was born in Seattle, Washington on October 28,1955 and he is the son of William H. Gates Sr. and Mary Maxwell Gates. His ancestry includes English, German, Irish, and Scots-Irish and his father was a prominent lawyer, and his mother served on the board of directors for First Interstate BancSystem and the United Way. Gates maternal grandfather was JW Maxwell, a bank president. Gates has one sister, Kristi, and one younger sister. He is the fourth of his name in his family, but is known as William Gates III or Trey because his father had the II suffix, early on in his life, Gates parents had a law career in mind for him. When Gates was young, his family attended a church of the Congregational Christian Churches. The family encouraged competition, one reported that it didnt matter whether it was hearts or pickleball or swimming to the dock. There was always a reward for winning and there was always a penalty for losing, at 13, he enrolled in the Lakeside School, a private preparatory school
Wyman-Gordon is a company that designs and manufactures complex metal components. Founded in 1883 as a manufacturer of crankshafts for looms, it has a history of making forged metal components. Wyman-Gordon is now a subsidiary of Precision Castparts Corp. and is based in Houston and it has 13 plants in five countries, and employed about 2,500 people as of 2012. The Worcester Drop Forge Works was founded in Worcester, Massachusetts in 1883 by Horace Wyman and Lyman Gordon and it was later renamed the Wyman-Gordon Company. The company began with eight people in a wooden factory building, forging crankshafts for looms. A 50-horsepower steam engine provided power for the hammers and other equipment. The fathers of the founders were both managers at the Crompton Loom Works and helped their sons business win contracts for the crankshafts and for pistol and micrometer components. The company won contracts from railroads for automatic couplers and from manufacturers for sprockets, spindles. From around 1902, it began filling orders for crankshafts from manufacturers of the recently invented automobile. Horace Wyman died in 1905 and Lyman Gordon in 1914, George F. Fuller succeeded to the presidency upon Gordons death. Fuller had joined the company as an accountant, but had invented several ways to improve the quality of the metal components. The company grew steadily under his leadership, when World War I broke out, the U. S. government contracted with Wyman-Gordon to supply forgings for the 90-horsepower engines of Curtis Jenny biplanes. This was followed by contracts to produce airframe and engine forgings for almost all U. S. military aircraft, the company expanded the Worcester factory and opened a new plant in Harvey, Illinois. During World War II the company expanded again to many types of forged components to airplane manufacturers. Every American plane in service included Wyman-Gordon components. In 1944, Wyman-Gordon was chosen to receive an 18, 000-ton closed-die hydraulic press, seeking to replicate this capability in the U. S. the War Production Board contracted with the Mesta Machine Co. of Pittsburgh to fabricate a new large press to be operated by Wyman-Gordon. A new plant was built around the press in North Grafton, Massachusetts, the new components produced by Wyman-Gordon were of much greater value, compensating for their decreased number. The Korean War stimulated demand for new airplanes, requiring even larger components than could be built by the North Grafton press
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. The company wholly owns GEICO, BNSF Railway, Lubrizol, Dairy Queen, Fruit of the Loom, Helzberg Diamonds, FlightSafety International, Pampered Chef, and NetJets, and also owns 43. Berkshire Hathaway averaged a growth in book value of 19. 7% to its shareholders for the last 49 years, while employing large amounts of capital. In the early part of Buffetts career at Berkshire, he focused on investments in publicly traded companies. According to the Forbes Global 2000 list and formula, Berkshire Hathaway is the fourth largest public company in the world, Berkshire Hathaway traces its roots to a textile manufacturing company established by Oliver Chace in 1839 as the Valley Falls Company in Valley Falls, Rhode Island. Chace had previously worked for Samuel Slater, the founder of the first successful textile mill in America, Chace founded his first textile mill in 1806. In 1929 the Valley Falls Company merged with the Berkshire Cotton Manufacturing Company established in 1889, in Adams, the combined company was known as Berkshire Fine Spinning Associates. Hathaway had been successful in its first decades, but it suffered during a decline in the textile industry after World War I. At this time, Hathaway was run by Seabury Stanton, whose investment efforts were rewarded with renewed profitability after the Depression, after the merger Berkshire Hathaway had 15 plants employing over 12,000 workers with over $120 million in revenue and was headquartered in New Bedford. However, seven of those locations were closed by the end of the decade, in 1962, Warren Buffett began buying stock in Berkshire Hathaway after noticing a pattern in the price direction of its stock whenever the company closed a mill. Eventually, Buffett acknowledged that the business was waning and the companys financial situation was not going to improve. In 1964, Stanton made a tender offer of $11 1⁄2 per share for the company to buy back Buffetts shares. A few weeks later, Warren Buffett received the offer in writing. Buffett later admitted that this lower, undercutting offer made him angry, instead of selling at the slightly lower price, Buffett decided to buy more of the stock to take control of the company and fire Stanton. However, this put Buffett in a situation where he was now majority owner of a business that was failing. Buffett initially maintained Berkshires core business of textiles, but by 1967, he was expanding into the insurance industry, Berkshire first ventured into the insurance business with the purchase of National Indemnity Company. In the late 1970s, Berkshire acquired an equity stake in the Government Employees Insurance Company, in 1985, the last textile operations were shut down. Buffett claimed that had he invested that money directly in insurance businesses instead of buying out Berkshire Hathaway, Berkshires class A shares sold for $258,000
Benjamin Moore & Co.
Benjamin Moore & Co. also known as Benjamin Moore Paints or simply Benjamin Moore, is an American company that produces paint. It is owned by Berkshire Hathaway, founded in 1883, Benjamin Moore is based in Montvale, New Jersey. The Moore Brothers founded the company in Brooklyn, New York, with one product, Moores Prepared Calsom Finish, reviews of Benjamin Moore products have generally been favorable and note their high-end quality. They have also noted for their use in traditional indoor settings. Other products have been reviewed favorably in The New York Times and Good Housekeeping
The Marmon-Herrington Company, Inc. is an American manufacturer of axles and transfer cases for trucks and other vehicles. Earlier, the company built military vehicles and some tanks during World War II, Marmon-Herrington had a partnership with Ford Motor Company, producing trucks and other commercial vehicles, such as buses. The company may be best known for its all-wheel-drive conversions to other truck makers units, founded in 1931, Marmon-Herrington was based in Indianapolis, Indiana, with a plant in Windsor, Ontario, and remained in Indianapolis until 1963. It is now based in Louisville, Kentucky, the company was founded in 1931 by Walter C. Marmon and Arthur W. Herrington and focused on building all-wheel-drive trucks and it was the successor to the Marmon Motor Car Company, a maker of automobiles from 1902 to 1933. Construction of all-wheel-drive vehicles and conversion of existing vehicles to AWD were among the companys products, Marmon-Herrington also made multi-stop delivery vans and passenger vehicles. The company designed an armoured vehicle which could be constructed on a commercial truck chassis. Instead the American government was approached with a request that it produce a replacement for the Tetrarch, the design offered by Christie in mid-1941 was rejected as it failed to meet the specified size requirements, as was a modified design the company produced in November. The company also manufactured airport fire trucks, like the Marmon Herrington MB-1 and they were mainly used by the military, like the USAF and US Navy. Post-War civilian adaptations, known as Brush Breakers, were also produced, the companys foray into transit buses began in 1946, when it produced its first electric trolley bus. The end of World War II had brought a drop in the need for military vehicles. The principal models were the TC44, TC48, and TC49, a single order of the 40-seat TC40 model was produced for San Francisco, and likewise the TC46 was produced for only one customer, Philadelphia, before MH replaced it with the TC48 model. Trolley bus production lasted from 1946 until 1959, in total,1,624 vehicles were produced, the last of San Franciscos 260 MH trolley buses were retired in 1976 and Philadelphias last units in 1981. By the late 1950s the market for new buses in North America had dried up. Recife overhauled some of its TC49s in the 1980s, and several remained in service until 2001, the Illinois Railway Museum has preserved two ex-Chicago Transit Authority Marmon-Herrington trolley coaches and one ex-Milwaukee unit. In the early 1960s, the Pritzker family bought the company, and soon the focus on full vehicle manufacturing ended, marmon-Herringtons longtime main plant and headquarters in Indianapolis was closed in 1963. The remaining production became part of an association of companies which in 1964 adopted the name Marmon Group. During the Cold war era, Marmon diversified its line by adding aircraft, missiles and rockets ground support equipment, manufactured by its subsidiary, Cardair, based in Chicago