Warren Buffett (born August 30, 1930) is an American investor, businessman and philanthropist. He is one of the world's most successful investors, and the largest shareholder and CEO of Berkshire Hathaway. He was ranked by Forbes as the second richest American with an estimated net worth of $50 billion as of September 17, 2008.

Often called the "Oracle of Omaha", Buffett is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth. His 2006 annual salary was about $100,000, which is small compared to senior executive remuneration in other comparable companies. When he spent $9.7 million of Berkshire's funds on a business jet in 1989, he jokingly named it "The Indefensible" because of his past criticisms of such purchases by other CEOs. He lives in the same house in the central Dundee neighborhood of Omaha that he bought in 1958 for $31,500, today valued at around $700,000.

Buffett is also a notable philanthropist. In 2006, he announced a plan to give away his fortune to charity, with 83% of it going to the Bill & Melinda Gates Foundation. In 2007, he was listed among Time's 100 Most Influential People in The World. He also serves as a member of the board of trustees at Grinnell College.

Early life and Benjamin Graham

Warren Buffett was born in Omaha, Nebraska on August 30, 1930, to Howard and Leila (Stahl). As the son of a local stockbroker, it is likely that he was exposed to markets at a very young age. One of his influential mentors was Benjamin Graham. Graham's philosophy had such an impact on Buffett that he enrolled in Columbia Business School to study directly under him. In Buffett's own words: “I'm 15 percent Fisher and 85 percent Benjamin Graham.” As Buffett would often say about Graham's teachings: “The basic ideas of investing are to look at stocks as business, use the market's fluctuations to your advantage, and seek a margin of safety. That's what Ben Graham taught us. A hundred years from now they will still be the cornerstones of investing.”

Philanthropy

In June 2006, Buffett gave approximately 10 million Berkshire Hathaway Class B shares to the Bill & Melinda Gates Foundation (worth approximately USD 30.7 billion as of June 23, 2006) making it the largest charitable donation in history and Buffett one of the leaders in the philanthrocapitalism revolution. The foundation will receive 5% of the total donation on an annualized basis each July, beginning in 2006. Buffett will also join the board of directors of the Gates Foundation, although he does not plan to be actively involved in the foundation's investments.Fact: date=September 2008

He also announced plans to contribute additional Berkshire stock valued at approximately $6.7 billion to the Susan Thompson Buffett Foundation and to other foundations headed by his three children. This is a significant shiftFact: date=September 2008