Warren Buffet, with a net worth of over $72 billion, became CEO of Berkshire Hathaway, a conglomerate holding company, 50 years ago. Although the Oracle of Omaha is now the second wealthiest person in the United States, he has some fascinating thoughts about firing employees, wage inequality, and his intriguing Coca-Cola "happy diet."
Since taking over Berkshire Hathaway in 1965, Buffet has transformed it into the U.S.'s fourth-largest company that is traded publically. It only follows Apple, Google, and Exxon Mobile, respectively.
The conglomerate has major stakes in industry giants such as Coca-Cola, American Express, and IBM. It also owns over 80 businesses, including See's Candy and Geico.
Interestingly, Buffet daily gets up to 750 calories from Coca-Cola, often guzzling five cans in a 24-hour period. Buffet has joked that he's approximately "one-quarter Coca-Cola."
Buffet's "happy diet" also includes ice cream and Utz Potato Stix. His justification is that by age, six-year-olds have the lowest mortality rate-so he wants to copy their diet.
The success of Buffet's Omaha-based company has made it relatively self-ruling, according to him. All of his decisions are "elective."
However, one thing Buffet does not like is making changes in his company's management, according to his interview on CNBC. He called the need to terminate workers "pure agony." He typically delays the act until he decides to fire the employee.
Buffet's net worth is over $72.7 dollars, making him the second wealthiest person in the U.S., only behind Microsoft's Bill Gates ($79.2 billion). Ironically Buffet publically opposes gross wage inequality, noting that the free market system fails to support the country's lowest fifth in earnings.
The Oracle proposes that one solution to wage inequality would be the Earned Income Tax Credit (EITC). This lowers taxes owed by low-income workers.
On the issue of increasing the nationwide minimum wage, Buffet is not opposed to it. However, he believes it twists the laws of supply-demand.
Warren Buffet, now 84 years old, became a millionaire at the age of 31. In 2006, he pledged to donate 85 percent of his fortune to charity, most of which to the Bill & Melinda Gates Foundation, according to New York Times.