Three Most Admired on Forbes 400

Forbes annual list of the 400 richest people in the world is out. Guess what. Bill Gates, the man, who was the richest man in the world for the past 13 years, is now number 3 on the list. The number 1 spot, is once again held by the guy who was number 2, for the past 13-years. That of course is the Oracle of Omaha, Warren Buffett. As most of my readers know, he is one of the people I most admire.

In fact, three of the men that I most admire, are on the top 400 richest people list. All three are people I would love to meet, but realistically, probably never will. Still, one can dream, and dreams sometimes do come true. So without further ado, let's take a look at the profiles of those three people.

1. #1 Warren Buffett





America's most beloved investor is now the world's richest man. Soared past friend and bridge partner Bill Gates as shares of Berkshire Hathaway climbed 25% since the middle of last July. Son of Nebraska politician delivered newspapers as a boy. Filed first tax return at age 13, claiming $35 deduction for bicycle. Studied under value investing guru Benjamin Graham at Columbia. Took over textile firm Berkshire Hathaway 1965. Today holding company invested in insurance (Geico, General Re), jewelry (Borsheim's), utilities (MidAmerican Energy), food (Dairy Queen, See's Candies). Also has non-controlling stakes in Anheuser-Busch, Coca-Cola, Wells Fargo. Insurance operations flourished in 2007. "That party is over. It's a certainty that insurance-industry profit margins, including ours, will fall significantly in 2008." The Oracle of Omaha issued a challenge to members of The Forbes 400 in October; said he would donate $1 million to charity if the collective group of richest Americans would admit they pay less taxes, as a percentage of income, than their secretaries. Had long promised to give away his fortune posthumously. Irrevocably earmarked the majority of his Berkshire shares to charity in 2006, mostly to the Bill & Melinda Gates Foundation. Gift was valued at $31 billion on day of announcement; donation will far exceed that sum so long as Berkshire shares continue to rise.
Forbes Magazine





2. #307 Ronald Burkle





Son of a grocery store manager spent childhood stacking bread, chasing shopping carts. Joined union local as a box boy at age 13. Tried college, returned home to stock shelves at dad's Stater Bros. store. Rose to store manager, eventually vice president of Stater Bros.' parent, Petrolane. Tried to purchase company via leveraged buyout; failed, was fired. Severance: $8,450. Founded investment company Yucaipa 1986; made fortune buying and selling supermarket chains Fred Meyer, Jurgensen's, Ralph's. Often buys distressed operations in poor neighborhoods to pay low prices, avoid bidding wars. Worker friendly: uses union sources to find hidden value in possible takeovers. Internal rate of return from 1985 to 2003: 43% a year. Failed to buy Tribune newspaper company with fellow Los Angeles billionaire Eli Broad; advised Dow Jones' union during company's negotiations with Rupert Murdoch over sale of Wall Street Journal, other assets to News Corp. Close friend of Bill Clinton; former president became Yucaipa adviser in 2001, reportedly cashed out recently for perhaps $20 million.
- Forbes Magazine



For my Topeka, KS readers, Burkle was the guy that bought Falley's and Food 4 Less from Lou Falley. Burkle was responsible for introducing Food4Less into California.


3. #368 Donald Trump





Son of Brooklyn developer borrowed heavily, built big, lived large, became a billionaire during 1980s. Eviscerated in 1990 real estate crash; stayed flamboyant, embraced reality TV. Now other builders pay him millions to license "Trump" brand. Despite looming housing woes, the Donald's retail, office and hotel business is up. Recently signed Gucci in record lease in New York's Trump Tower; Trump Chicago hotel opened January. Annually disputes FORBES' net worth estimate: "I'm worth $7 billion."
- Forbes Magazine

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