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Unforgettable Encounters: The Fourth of July Weekend That Brought Warren Buffett and Bill Gates Together

Unforgettable Encounters: The Fourth of July Weekend That Brought Warren Buffett and Bill Gates Together

  Warren Buffett and Bill Gates have become close, longstanding friends and philanthropic partners despite their differences. Their iconic friendship was first fostered over Fourth of July weekend 1991. Warren Buffett has long been an investor who plays by his own rules. As CEO of Berkshire Hathaway, he oversees an expansive investment portfolio and collection of wholly owned businesses. 1. Bill Gates Bill Gates has long been recognized as an icon, but in midsummer 2006 his status reached new heights when he and other investors pledged to give away most of their fortune in accordance with George Soros and Mark Zuckerberg. Gates remains active with his holding company, Berkshire Hathaway, as well as being involved with his philanthropic efforts and media appearances. He's appeared regularly in documentaries and Saturday Night Live sketches; also, Annie Leibovitz photographed him for over 20 magazine covers including mainstream business titles as well as avant garde publications like Vanity Fair's special Africa issue in June 2007. Gates is an avid reader who devours more than 12 newspapers and 500 pages of corporate reports every day, including classic literature as well as sci-fi novels. Other well-read people include Facebook founder Mark Zuckerberg and Amazon CEO Jeff Bezos who each dedicate two hours per day to reading. Gates remains committed to his childhood goal of making an impactful contribution through philanthropy and the foundation he and Melinda established, where their focus lies primarily in global health and education issues. Bill and Melinda Gates stand out for their dedication to addressing issues often neglected by governments. Following in the footsteps of business magnate and philanthropist David Rockefeller, who prioritized global issues like poverty and disease over what he referred to as "vanity projects", Bill and Melinda have pursued similar aims through their Gates Foundation and Breakthrough Energy Coalition, both working to fund clean energy innovations that combat climate change while providing all people access to an acceptable quality of life. 2. Warren Buffe Warren Buffett, famously dubbed the Oracle of Omaha due to his incredible investment acumen, amassed an enormous personal fortune estimated at over $100 billion. Buffett is an acclaimed value investor who acquires strong businesses at underpriced prices and holds them for long term investment returns - his Berkshire Hathaway holding company includes companies such as See's Candies, Fruit of the Loom clothing line, Dairy Queen restaurant chain and GEICO auto insurance policy among many others. In addition, Buffett pledged 99 percent of his fortune for charity causes! Gabrielle Lowenstein's book, "The Mogul," details how Warren Buffett transformed his initial investment in Berkshire Textile into a multibillion-dollar conglomerate. As Lowenstein notes, Buffett wisely turned Berkshire into a holding company so as to invest in companies with strong economic potential such as Coca-Cola, Heinz Ketchup, Buffalo News and World Book International plus major positions with media companies, railroads utilities and insurance giants such as GEICO. Todd Combs and Ted Weschler, two of Buffett's investing lieutenants, prioritize companies with strong branding power and loyal customer bases that they can entrust management teams with. Apple fits this description perfectly: its innovation and superior branding have given it a commanding market share across products and services; plus it is highly profitable with iPhone accounting for half of U.S smartphone market profits! Warren Buffett is well known for his investing aphorisms, such as "There are no called strikes in investing" and "If you can't stand the heat, get out of the kitchen". His successful rule for purchasing stocks: "Be fearful when others are greedy; greedy when others are fearful" has earned him fame as one of the world's greatest investors as well as becoming history's most successful investor. 3. The Washington Post In 1877, The Washington Post was first founded as a Democratic Party organ in Washington D.C. However, over time it became an independent news outlet known for its political reporting including on Watergate - leading up to President Nixon's ouster - and continuing as one of America's most influential papers today. After Katherine Meyer died in 1946, Philip L. Graham took over as publisher. His goal was to restore its character, emphasizing sound editorial practices and comprehensive, accurate reporting; additionally he made his mark through interpretative reporting by Herbert L. Block's cartoons that gained wide approval - often drawing denunciation from their subjects but nonetheless drawing applause and readership alike. While The Post may be considered a local paper, its readers come from across the globe - meaning its coverage often covers global issues. Notably renowned for its politics as well as foreign policy coverage, The Post has long been one of the world's most influential newspapers. Buffett and Munger have received many questions from The Post staffers concerning its future vision, reader attraction strategies, competition from other news sources and competition for resources from Ryan who has met with high-profile Post staffers to hear out their concerns. At one point, the Post was eager to bolster its election-data operations ahead of 2020, and was exploring acquiring FiveThirtyEight or Decision Desk HQ as two data-driven political news outlets. But Ryan shocked everyone by rejecting both ideas as too expensive and lacking unique proprietary information for them to provide any benefit to the Post. He feared that acquisitions would divert attention away from the core mission of the newspaper and believes reorganizing and layoffs will improve quality reporting. Furthermore, The Post had made great strides into digital realm by adding color photographs and features on front pages starting in 1999. 4. The Washington Times At that time, The Washington Times was an esteemed newspaper with an enthusiastic and loyal readership. It covered both local and national news, such as government affairs, city planning and development activities, alley and tenement reform, sanitation improvements and road building repairs; political coverage including state and national elections as well as sports and business news. The Washington Times was first published in 1837 and continued publishing up until it merged with The Evening Star on January 31, 2000. Over its long existence, The Washington Times earned praise for its editorial and financial reporting and often stood comparison to The Wall Street Journal in terms of standards of journalism and quality staff (which included several Pulitzer Prize winners). This weekend, thousands of shareholders attended Berkshire Hathaway's Annual Shareholder Meeting under pouring rain to hear Warren Buffett discuss investments. But it wasn't just about economics or stocks - it also involved many issues impacting both our nation and global community. Buffett, worth over $70 billion, shared the stage with his long-term companion Charlie Munger and defied any expectation of age-related decline by holding their audience spellbound with their wisdom and charm. Buffett made many insightful observations throughout his lifetime, such as his reflection on one of his biggest mistakes which cost both him and his investors over $100 billion. In his annual letter to investors, Buffett details how in early 1967, when purchasing Berkshire Hathaway as a struggling textile manufacturer at that time, was when this mistaken decision took place. He initially purchased the company due to its relatively inexpensive purchase price, anticipating making quick profits before quickly exiting it. Instead, he and his investment partners created an incredible insurance and conglomerate empire including See's Candy Shops, World Book International, American Express Capital Cities/ABC services as well as key stakes in companies like GEICO Corporation. He now spends much of his time at his Omaha home, focusing on his philanthropy with the Bill and Melinda Gates Foundation. Buffett once told Fortune's Carol Loomis that rich people should leave enough wealth behind so as to allow their children to do anything but nothing; following Ben Graham's teachings of kindness and compassion being needed more in our world as antidotes for greed, strife and excess consumption.

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