Warren Buffett's Berkshire Hathaway will host its annual meeting on Saturday.
The event draws huge interest in the financial world and is sometimes called "Woodstock for Capitalists" or "Buffettpalooza." Business Insider will cover it, and you can check back on Saturday for a blow-by-blow of the day.
Buffett and Vice Chairman Charlie Munger will answer five hours of questions. Typically, the crowd pays closer attention to Buffett's words of investing wisdom rather than Berkshire Hathaway's operations.
That's no surprise considering Buffett's vast wealth and lifetime of accomplishments.
Following are interesting things we've gleaned from the billionaire's eventful, 86-year-long life.
The "Oracle of Omaha" was born in 1930 in Omaha, Nebraska, to Howard and Leila Buffett. His father was four-term US congressman from Nebraska and a stockbroker.
Source: Investopedia
While most kids were playing stickball out in the street, Buffett was rubbing elbows with Wall Street's most powerful players.
At age 10, Buffett had his "road to Damascus" moment, on Wall Street.
During a visit to New York City, Buffett and his father joined At Mol, a Dutchman who was a member of the New York Stock Exchange, for lunch.
"After lunch, a guy came along with a tray that had all these different kinds of tobacco leaves on it," Buffett recalled. "He made a cigar for Mr. Mol, who picked out the leaves he wanted. And I thought, this is it. It can't get any better than this. A custom-made cigar."
It was at that moment Buffett realized he would dedicate his life to making money.
Source: Business Insider
Buffett caught the investing bug early. When he was 11 years old he purchased his first stock.
He bought three shares of Cities Services Preferred at $38 per share. The young Buffett held on to them despite a quick price drop, to $27 per share, but sold them as soon as they reached $40.
Buffett's small profit could have been tremendous if he had waited it out a little longer, as the price of Cities Services Preferred's stock ultimately soared to nearly $200 per share.
The experience imparted an important financial lesson, which has informed his investment decisions to this day: Buy and hold.
Source: Biography.com
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