Often called "the Oracle of Omaha", Buffett is Chairman of Berkshire Hathaway and arguably the greatest investor of all time. His wealth fluctuates with the performance of the market but in 2008 his net worth was once estimated at $62 billion.
Buffett is a value investor. His company Berkshire Hathaway is basically a holding company for his investments. Major holdings he has had at some point include Geico, NetJets, Proctor and Gamble, Coca-Cola, American Express and Gillette. Critics predicted an end to his success when his conservative investing style meant missing out on the dotcom bull market. Of course, he had the last laugh after the dotcom crash because, once again, Buffett's time tested strategy proved successful.
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. 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.
After Harvard Business School, in the worst admission decision in history, rejected Buffett as "too young" he applied to Columbia where famed investors Ben Graham and David Dodd taught - an experience that would forever change his life.
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.
"In the luxury business, you have to build on heritage."
"We enjoy the process far more than the proceeds."
"Entrepreneurial business favours the open mind." Richard Branson
The world's arbiter of good taste--and one of the richest men in Europe--controls fashion companies such as Hermès, Louis Vuitton and Bulgari. This year LVMH bought a stake in Chinese casual-wear company Trendy International Group.
As chairman and majority owner of LVMH Moët Hennessy Louis Vuitton SA, which includes high-end brands Givenchy, Tag Heuer watches, Donna Karan, Fendi and Moët & Chandon champagne, and of Dior and other companies, Bernard Arnault is required on a daily basis to balance the business needs of his sprawling empire with the exquisite good taste those brands must convey. What Arnault thinks matters globally. His is a $22 billion company in a $200 billion business. “They say God is in the detail,” says Sidney Toledano, CEO of Dior and a longtime Arnault buddy. “Here, the boss is in the detail.”
“I just don’t like it. I don’t like it at all,” Arnault complains as he examines a red-rimmed cotton canvas bag. The shelves of Dior’s sunlit showroom are neatly stacked with dozens of purses, totes and clutches in leather, shearling and python. To one side sit $1,900 serpent-shaped crystal-encrusted sandals with 6-inch-heels and shiny patent-leather ballerinas. Yet Arnault is fixated on this one $750 tote. He tugs disapprovingly on a round plastic pendant on the bag’s handle. “Can this be taken off?” he asks the cluster of Dior executives standing behind him. He takes the bag off its perch and continues: “The black and gray versions of the bag are already bordering on the commercial, but the red goes too far…it’s just not Dior.”
In the emerging markets LVMH is counting on for its future growth—countries such as China, India and Russia, where owning branded products is still a way to exude status and achievement—there is also economic uncertainty. Arnault remains sanguine. “In 1998, the Russian economy was on the brink, and then it rebounded. It happened quite quickly. India too—I have no doubt it will rebound,” he says, opening a silver pill box and popping an artificial sweetener into his coffee.
“China is the most interesting part of the world for me now. I go there two or three times a year, most recently in Dalian, where we’ve just opened in a new mall. There are so many people who are getting to the stage where they want to consume, who want to be part of a club.” Over the next five years, Arnault expects China to account for 20 percent of LVMH’s sales. “China is feeling the effects of the crisis, but less than the U.S. And when you consider that Chinese tourists are now buying as much as Japanese tourists, when there were virtually none just 10 years ago, I’m not so worried.”
His first business venture was a magazine called Student at the age of 16. In 1970, he set up a mail-order record business. In 1972, he opened a chain of record stores, Virgin Records, later known as Virgin Megastores. His Virgin brand grew rapidly during the 1980s, as he set up Virgin Atlantic and expanded the Virgin Records music label.
He is the 4th richest citizen of the United Kingdom, according to the Forbes 2012 list of billionaires, with an estimated net worth of US$4.6 billion. "Chance favours the prepared mind. The more you practice, the luckier you become," says Richard Branson as he smiles a very enthusiastic grin.
He was born in Blackheath, London, the son and eldest child of barrister Edward James Branson and Eve Huntley Branson. His grandfather, the Right Honourable Sir George Arthur Harwin Branson, was a judge of the High Court of Justice and a Privy Councillor.
Richard was educated at Scaitcliffe School (now Bishopsgate School) until the age of thirteen. He then attended Stowe School until the age of sixteen. He has dyslexia and had poor academic performance as a student, but later discovered his ability to connect with others. He struggled in school and dropped out at age 16—a decision that ultimately lead to the creation of Virgin Records. His entrepreneurial projects started in the music industry and expanded into other sectors making Richard a billionaire. His Virgin Group holds more than 200 companies, including the recent Virgin Galactic, a space-tourism company. He is also known for his adventurous spirit and sporting achievements. On one of his last days at school, his headmaster, Robert Drayson, told him he would either end up in prison or become a millionaire.
He says, "Entrepreneurial business favours the open mind. It favours people whose optimism drives them to prepare for many possible futures, pretty much purely for the joy of doing so." Richard's parents had a significant impact on his life. He had very talented parents who had an abundance of love for their children and were supportive of his endeavors from an early age. For example, when he was 15 he decided to breed budgies and persuaded his father to build a huge aviary. His father built it. They always encouraged him to go ahead and do what he wanted. His parents always treated him and his two sisters as equals. His parents always encouraged them to have their own opinions and rarely gave them advice unless they asked for it.
Andre Romelle Young, known by his stage name Dr. Dre, is an American record producer, rapper and entrepreneur. He is the founder and current CEO of Aftermath Entertainment and Beats Electronics. Dre was previously the co-owner of and an artist on, Death Row Records. He has produced albums for and overseen the careers of many rappers, including Snoop Dogg, Eminem, Xzibit, 50 Cent, The Game, and Kendrick Lamar. He is credited as a key figure in the popularization of West Coast G-funk, a style of rap music characterized as synthesizer-based with slow, heavy beats. In early 2014, Dr. Dre was ranked as the second richest figure in the American hip hop scene by Forbes with a net worth of $550 million prior to the rumoured upcoming sale of Beats Electronics to Apple for a reported $3.2 billion in May.
Beats Electronic, which includes the Beats by Dre headphones line and online streaming service Beats Music, reportedly pulls in revenues over $1 billion each year. The Beats headphones have dominated the market and edged out any new competition of headphones priced over $99 since 2008. The line got an even bigger push with Iovine’s weekly appearance on “American Idol.” Reports conclude that Beats Music is serious competition for Spotify and Apple’s iTunes Radio. The Hip-Hop mogul Dr. Dre and record executive Jimmy Iovine may have a new titles: billionaires after the Financial Times reported that Apple plans to acquire the company.
Back in 1996 Dr Dre established his own label, Aftermath Entertainment. He produced a compilation album titled Dr. Dre Presents the Aftermath in 1996, and released a solo album titled 2001 in 1999. During the 2000s, he focused on production for other artists, while occasionally contributing vocals to songs. Dr. Dre signed Eminem and 50 Cent to his record label in 1998 and 2003 respectively, while contributing production on their albums. He has won six Grammy Awards, including Producer of the Year. Dr. Dre has also had acting roles in movies such as Set It Off, The Wash and Training Day. Rolling Stone ranked Dre at 56 on their list of "100 Greatest Artists of All-Time".
"I'm gonna try and change the course of Hip Hop again." Dr. Dre
Evan Williams went from 140 characters to more than $3 billion in less than a decade. The Twitter cofounder saw his net worth soar after his social media company went public to great fanfare in October. Though he still sits on Twitter’s board, Williams now focuses his efforts on blogging platform Medium, which raised $25 million in January.
Born in Clarks, Nebr., Williams grew up working on his family's soybean and corn farm. He dropped out of U. of Nebraska, learned to write computer code and, with a friend, launched a software-development outfit from which they created blogging platform Blogger. They sold it to Google in 2003. He spent 2 years at Google, then left to work on a startup that became Twitter. Williams was CEO from 2008 to 2010, before leaving to start social blogging platform Medium. He still has a nearly 10% stake in Twitter."
"Twitter isn't a social network, it's an information network." Evan Williams
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Elizabeth Holmes makes her debut on the Forbes 400 as the youngest self-made woman billionaire at just 31. She dropped out her sophomore year of Stanford to found Palo Alto, Calif.-based blood testing company Theranos in 2003 with money she saved for college. With a painless prick, her labs can quickly test a drop of blood at a fraction of the price of commercial labs which need more than one vial.
Theranos has raised $400 million from venture capitalists, valuing the company at $9 billion, and Holmes' 50% stake at $4.5 billion. She has assembled a stellar board that includes elder statesmen George Shultz and Henry Kissinger. Last year, Walgreens, the largest U.S. retail pharmacy chain, with more than 8,100 stores, announced plans to roll out Theranos Wellness Centers inside its pharmacies.
At 19-years-old, Elizabeth Holmes dropped out of her chemical engineering degree at Stanford University and used her tuition money to pursue a business idea she hoped would change the landscape of healthcare.
With a major fear of needles, she decided the current system for testing blood - implemented in the 1960s - was archaic, expensive, painful and slow.Holmes endeavored to change that method and develop a way that would eradicate the need for vials of blood to be taken and for blood tests to have to take place at the doctors or a lab.
"The minute you have a back-up plan, you've admitted you're not going to succeed."
lon Reeve Musk is the South African born, Canadian-American entrepreneur, engineer, inventor and investor who is CEO and CTO of SpaceX, CEO and product architect of Tesla Motors, and chairman of SolarCity. He is the founder of SpaceX and a cofounder of PayPal, Inc., Tesla Motors, and Zip2. He has also envisioned a conceptual high-speed transportation system known as the Hyperloop. No matter what's said about Elon there's no question that he's in it for humanity.
When he became hyper-rich after eBay bought PayPal he didn't spend his millions to develop a social media app. Instead he bought into an electric car company, declared that he wanted to send astronauts to Mars and invested in solar power.
Musk will soon reveal two new Tesla products: a "home" battery and a much bigger "utility scale" battery. Effectively Tesla will offer customers the opportunity to buy (or lease) a Tesla battery without shelling out $100,000 for a Tesla vehicle.
If you're a cynic you might say that Musk is just trying to create a new story for Wall Street to counter some of the skepticism that's emerged over Tesla's immediate financial prospects. The stock has been trading higher ahead of the announcement after dipping at the end of last year (it's still well down from its peak of $219 hit last September).
But that's not what Musk is doing. If you look at his companies Tesla, SpaceX, and SolarCity it's clear that together they represent his penchant for sustainable energy and his vision for a cleaner more responsible future for mankind.
To prevent global warming you need to completely change the transportation matrix and replace the internal combustion engine all together. That is part of Tesla's role for a cleaner future. To power Tesla's cars you need electricity that isn't generated by fossil fuels. That's clearly the contribution of SolarCity in the grand scheme of things. Musk wants to capture the free energy of the Sun and help save the planet. No wonder they based the Iron Man character on him.
And just in case some extinction level event should decimate the planet or it becomes uninhabitable SpaceX could play an important role in preserving mankind with their quest to habitate Mars. As Musk puts it, "It make us multi-planetary." We could use Mars as a lifeboat. Musk's whole system runs on power gathered from the Sun and if you want to do that at any kind of scale you need to store the energy.
"When something is important enough, you do it even if the odds are not in your favor."
Welcome to the world's most exclusive magazine. Billionaire Magazine wishes you all that is wonderful! There are always a great many happenings in the world of luxury and achievement. Derek Redmond, one of the world’s most inspirational athletes turned motivational speakers talks with the Billionaire Magazine team about success and motivation. Derek’s shown true dedication to his career through numerous athletic accolades, titles and gold medals. He is a two-time Olympian, a World Champion 4x400m Relay 1991, World Silver Medallist 1987 and two-times British 400m record breaker. Continue Reading...