Working Wisdom: quote about business and globalization

“Price is what you pay. Value is what you get.”

Warren Buffett (born 30 August 1930) is an American businessman and investor. He is the long-serving chairman (since 1970) and CEO of the company Berkshire Hathaway Inc., a multinational conglomerate owning several companies of its own plus shares in businesses including the Kraft Heinz Company, American Express, The Coca-Cola Company, American Express and Apple as well as numerous major US airline carriers. Buffett is regarded as one of the most successful investors in the world and Forbes currently ranks him third in its World’s Billionaires List. He has been referred to as the “Wizard”, “Oracle” or “Sage” of his birthplace Omaha.

Buffett is noted for his adherence to value investing (using analysis to buy stocks at less than their intrinsic value), which he has taken a step further by focusing on finding an outstanding company at a sensible price, rather than investing in generic companies at a bargain price. Warren Buffett is renowned for being a very frugal person despite his immense wealth. This quote comes from his Chairman’s Letter in 2008, in which he wrote: “Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.” He is also a philanthropist who has pledged to give away much of his fortune to worthy causes (primarily via the Bill & Melinda Gates Foundation).