Warren Buffett made his son pay rent on a 400-acre farm, priced by his body weight.
Howard Buffett didn’t know he was rich.
His sister told her class their dad was a security guard. He was a security analyst.
Howard tried 3 colleges. He finished 0.
Warren wasn’t worried. “It made no difference to me whether he found it in a college or not.”
Then Howard chose farming. Warren bought the land. Howard paid the rent.
The terms:
Target weight: 182.5 pounds.
Howard weighed about 200.
Over the line: 26% of gross income.
Under it: 22%.
“Financial incentives are supposed to work in some things,” Warren said. “They don’t work very well at weight.”
Why not just give him the farm?
“I don’t think he’s entitled to be given a farm just because his last name is Buffett.”
September 18, 2026. Howard, 71, became chairman of Berkshire Hathaway.
Warren wouldn’t give his son a farm. The board gave him a $1 trillion company.
Muhammad Ali, 30, told Johnny Carson why champions go broke. At 38, he was still taking punches for $8M.
November 1972. The Tonight Show.
A ban had cost Ali over 3 years of his prime. The Frazier fight paid $2.5M.
Carson asks if he'll end up broke.
Beau Jack, a former champion, is "shining shoes somewhere down in Florida."
Ali blames the men around the fighters.
"He cannot watch his money. He cannot watch his accountants. He cannot watch his lawyers or his managers."
"Half of them are crooked and conniving."
The managers went to school for money. The fighter didn't.
"They always remember the name Joe Louis."
Louis made millions. He ended up owing the IRS over $1M and greeting tourists at Caesars Palace.
And Ali's own money?
"I have accountants and everybody checking everybody."
8 years later, he lost to Holmes.
Parkinson's followed in 1984.
In 2006, he sold 80% of his own name for $50M.
The money held. The body didn't.
"It won't be because I wasn't watching."
Muhammad Ali, 30, told Johnny Carson why champions go broke. At 38, he was still taking punches for $8M.
November 1972. The Tonight Show.
A ban had cost Ali over 3 years of his prime. The Frazier fight paid $2.5M.
Carson asks if he'll end up broke.
Beau Jack, a former champion, is "shining shoes somewhere down in Florida."
Ali blames the men around the fighters.
"He cannot watch his money. He cannot watch his accountants. He cannot watch his lawyers or his managers."
"Half of them are crooked and conniving."
The managers went to school for money. The fighter didn't.
"They always remember the name Joe Louis."
Louis made millions. He ended up owing the IRS over $1M and greeting tourists at Caesars Palace.
And Ali's own money?
"I have accountants and everybody checking everybody."
8 years later, he lost to Holmes.
Parkinson's followed in 1984.
In 2006, he sold 80% of his own name for $50M.
The money held. The body didn't.
"It won't be because I wasn't watching."