On 09-May-2017 In News
You may have thought that Warren Buffet, one of the world's richest men, must be using the most sophisticated and technologically advanced devices.But you are wrong. The leading US business magnate lives a rather simple life. According to reports, Warren Buffet who is the Chairman and Chief Executive of Berkshire Hathaway, doesn’t use the latest smartphone. What is it that has made him aloof to the world of technology? Has Warren Buffet, 86, a representative of the old school of thought, deliberately choosen to stay away from technological advancements? Or is he a Luddite, one who has an irrational fear for new technology? Let’s peep into the world of Warren Buffet that is far removed from what other billionares enjoy.
It is intriguing to see that the world that spends half its time on technology has had no influence on a man, who is a shareholder in Apple company. He doesn't have a mobile phone of the latest technology. He still sticks to his old Nokia flip phone.
In an interview to CNN in 2013, Buffet had said, “I don’t throw anything away until I’ve had it for 20 or 25 years.” While showing off his phone in jest, he said, “This is the one Alexander Graham Bell gave me.” Alexander Graham Bell was Scottish scientist and inventor, who is referred to as “Father of the Telephone” for patenting the first telephone.
Surprisingly, he doesn't even use email. So far, he has sent only one email. Neither fear of technology, nor penchant to possess one, Buffett is a prudent man who chooses to live life on his own terms. One of his famous quote’s reads, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.”He once famously said, "Don't buy a stock if you are not willing to keep it for 10 years."
He lives almost the same way he used to when he started his business. Living in the same three-bedroom house in Omaha that he bought in 1958 for USD 31,500, Warren drove an eight-year-old Cadillac till recently.In the CNN interview, he said, “I only drive about 3,500 miles a year, so I will buy a new car very infrequently.” The CEO of General Motors convinced him to upgrade to a new car. It was after this that Buffett replaced his 2006 DTS with a brand new Cadillac XTS in 2014. The private jet that he owns is used for urgent business meetings.
Buffett has a huge following among his business partners. As an investor, his credibility is so high that his listeners value each word he utters. He bucks the trend. This is because he lives without getting influenced by trends. This is possibly the reason that he doesn’t get influenced by the latest fads.
In his latest remarks on India's growing economy, Warren Buffet in an interview to Economic Times on May 8, 2017, said, “I think the potential for India is incredible,” describing the country as a “huge, enormous market.” Showing his interest in investing in the country, he said he'd immediately “hop on a plane” to India if he finds a right investment opportunity. “If you tell me a wonderful company in India that might be available for sale, I'll be there tomorrow,” he told the interviewer.
Known as `Woodstock for capitalists', Warren Buffett in his latest remarks on Trump administration’s domestic policies said the the tax system is not crippling "our business around the world.” However, he criticised the policies of US President Donald Trump. “As a percentage of our gross domestic product, the cost of maintaining our American health care system - hospitals, H.M.O.s, doctor visits, prescription drugs, medical devices, insurance companies, Medicare, Medicaid - is rising at an alarming rate.”
" Stay away from credit cards and invest in yourself." Guided by another principle, Warren Buffet says, “Money doesn’t create man; it is the man who created the money.”