Warren Buffett

Who will replace the Oracle of Omaha at the helm of Berkshire Hathaway? Warren Buffett announced in February he'd finally made the decision, but he wouldn't give a name. In December, he chose his farmer son, Howard, as the future non-executive chairman and "guardian of the firm's values." New Senate legislation requiring the rich to pay at least a 30% tax rate has been dubbed th

e "Buffett Rule" in homage to the billionaire's frequent public statements that the wealthiest should pay more than the average Joe. His net worth is down $6 billion year on year because of a 7% slump in Berkshire's stock. In his latest annual letter he confessed to some mistakes, including being "dead wrong" about a housing comeback. The son of Nebraska stockbroker met value investor Benjamin Graham while studying economics at Columbia. Buffett took over textile firm Berkshire Hathaway in 1965.