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153-636: Wyman-Gordon is now ultimately owned by Warren Buffett’s Berkshire Hathaway as a result of the latter company’s acquisition of PCC in January 2016. The Worcester Drop Forge Works was founded in Worcester, Massachusetts , in 1883 by Horace Wyman and Lyman Gordon. It was later renamed the Wyman-Gordon Company. The company began with eight people in a small wooden factory building, forging crankshafts for looms . A 50-horsepower steam engine provided power for

306-542: A National Historic Mechanical Engineering Landmark . Wyman-Gordon was a pioneer in forging titanium, with the first main use being for compressor disks in Pratt & Whitney engines. Westinghouse and General Electric also used the company's titanium forgings, and its products were used in building the engine of the LGM-30 Minuteman missile. Demand continued to grow during the 1960s and 1970s, with military demand due to

459-491: A margin of safety . That's what Ben Graham taught us. A hundred years from now they will still be the cornerstones of investing. Buffett worked from 1951 to 1954 at his father's firm, Buffett-Falk & Co., as an investment salesman; from 1954 to 1956 at Graham-Newman Corp. as a securities analyst; from 1956 to 1969 at several investment partnerships as the general partner; and from 1970 as chairman and CEO of Berkshire Hathaway Inc . In 1951, Buffett discovered that Graham

612-470: A $ 35 deduction for the use of his bicycle and watch on his paper route. In 1945, as a high school sophomore, Buffett and a friend spent $ 25 to purchase a used pinball machine, which they placed in the local barber shop . Within months, they owned several machines in three different barber shops across Omaha. They later sold the business to a war veteran for $ 1,200. Buffett's interest in the stock market and investing dated back to his schoolboy days spent in

765-610: A $ 569 million post-tax charge against its fourth-quarter 2015 profits. At the end of 2015, the company had 20 orders outstanding. On January 29, 2016, Boeing announced that it had begun the preliminary work on the modifications to a commercial 747-8 for the next Air Force One presidential aircraft, then expected to be operational by 2020. On July 12, 2016, Boeing announced that it had finalized an order from Volga-Dnepr Group for 20 747-8 freighters, valued at $ 7.58 billion (~$ 9.44 billion in 2023) at list prices. Four aircraft were delivered beginning in 2012. Volga-Dnepr Group

918-459: A 5,000-nautical-mile (9,300 km; 5,800 mi) range with a typical 452-passenger payload, and an increased MTOW of 750,000 lb (340 t) was offered. The first -100B order, one aircraft for Iran Air , was announced on June 1, 1978. This version first flew on June 20, 1979, received FAA certification on August 1, 1979, and was delivered the next day. Nine -100Bs were built, one for Iran Air and eight for Saudi Arabian Airlines . Unlike

1071-590: A 520,000-pound (240 t) MTOW and Pratt & Whitney JT9D -7A engines derated to 43,000 pounds-force (190 kN) of thrust. Following the -100SR, Boeing produced the -100BSR, a 747SR variant with increased takeoff weight capability. Debuting in 1978, the -100BSR also incorporated structural modifications for a high cycle-to-flying hour ratio; a related standard -100B model debuted in 1979. The -100BSR first flew on November 3, 1978, with first delivery to All Nippon Airways (ANA) on December 21, 1978. A total of 20 -100BSRs were produced for ANA and JAL. The -100BSR had

1224-544: A 600,000 pounds (270 t) MTOW and was powered by the same JT9D-7A or General Electric CF6 -45 engines used on the -100SR. ANA operated this variant on domestic Japanese routes with 455 or 456 seats until retiring its last aircraft in March 2006. In 1986, two -100BSR SUD models, featuring the stretched upper deck (SUD) of the -300, were produced for JAL. The type's maiden flight occurred on February 26, 1986, with FAA certification and first delivery on March 24, 1986. JAL operated

1377-520: A company based in Moses Lake, Washington , built a state-of-the-art facility for International Titanium to produce titanium sponge, and built a new facility in Millbury, Massachusetts , to alloy the sponge with other metals. Because the company now had complete control of its supply chain, customers were more certain of Wyman-Gordon's delivery capability, leading to increased orders. Harry G. Stoddard became

1530-428: A fantastic ability to simply consume capital. It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation, or pays no income taxes during years of 5 percent inflation. In his article, " The Superinvestors of Graham-and-Doddsville ", Buffett rebutted the academic efficient-market hypothesis , that beating

1683-452: A fully occupied 747. Nonetheless, many flag-carriers purchased the 747 due to its prestige "even if it made no sense economically" to operate. During the 1970s and 1980s, over 30 regularly scheduled 747s could often be seen at John F. Kennedy International Airport . The recession of 1969–1970 , despite having been characterized as relatively mild, greatly affected Boeing. For the year and a half after September 1970, it only sold two 747s in

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1836-428: A good spread of support on the ground and safety in case of tire blow-outs. The main gear are redundant so that landing can be performed on two opposing landing gears if the others are not functioning properly. The 747 also has split control surfaces and was designed with sophisticated triple-slotted flaps that minimize landing speeds and allow the 747 to use standard-length runways. For transportation of spare engines,

1989-405: A high-capacity airliner with enough range to cover Pan Am's New York–Middle Eastern routes and Iran Air's planned Tehran–New York route. The Tehran–New York route, when launched, was the longest non-stop commercial flight in the world. The 747SP is 48 feet 4 inches (14.73 m) shorter than the 747-100. Fuselage sections were eliminated fore and aft of the wing, and the center section of

2142-437: A higher maximum takeoff weight (MTOW) variant, and the -100SR (Short Range), with higher passenger capacity. Increased maximum takeoff weight allows aircraft to carry more fuel and have longer range. The -200 model followed in 1971, featuring more powerful engines and a higher MTOW. Passenger, freighter and combination passenger-freighter versions of the -200 were produced. The shortened 747SP (special performance) with

2295-603: A key reason for the purchase was to diversify Berkshire Hathaway from the financial industry. Measured by market capitalization in the Financial Times Global 500 , Berkshire Hathaway was the eighteenth largest corporation in the world as of June 2009. In 2009, Buffett divested his failed investment in ConocoPhillips , saying to his Berkshire investors, I bought a large amount of ConocoPhillips stock when oil and gas prices were near their peak. I in no way anticipated

2448-403: A long "spine" running the length of the aircraft with the wing spar passing through it, while Boeing blended the two, with a longer pod that ran from just behind the nose to just behind the wing. In 1965, Lockheed's aircraft design and General Electric's engine design were selected for the new C-5 Galaxy transport, which was the largest military aircraft in the world at the time. Boeing carried

2601-410: A longer range was also developed, and entered service in 1976. The 747 line was further developed with the launch of the 747-300 on June 11, 1980, followed by interest from Swissair a month later and the go-ahead for the project. The 300 series resulted from Boeing studies to increase the seating capacity of the 747, during which modifications such as fuselage plugs and extending the upper deck over

2754-560: A lot, but people have really changed their habits like I haven't seen". Additionally, Buffett feared that inflation levels that occurred in the 1970s—which led to years of painful stagflation —might re-emerge. In 2009, Buffett invested $ 2.6 billion as a part of Swiss Re 's campaign to raise equity capital. Berkshire Hathaway already owned a 3% stake, with rights to own more than 20%. Also in 2009, Buffett acquired Burlington Northern Santa Fe Corp. for $ 34 billion in cash and stock. Alice Schroeder , author of Snowball , said that

2907-497: A much larger and more capable aircraft was needed, especially to carry cargo that would not fit in any existing aircraft. These studies led to initial requirements for the CX-Heavy Logistics System (CX-HLS) in March 1964 for an aircraft with a load capacity of 180,000 pounds (81.6 t) and a speed of Mach 0.75 (430 kn; 800 km/h), and an unrefueled range of 5,000 nautical miles (9,300 km; 5,800 mi) with

3060-421: A new jet airliner 2 + 1 ⁄ 2 times size of the 707, with a 30% lower cost per unit of passenger-distance and the capability to offer mass air travel on international routes. Trippe also thought that airport congestion could be addressed by a larger new aircraft. In 1965, Joe Sutter was transferred from Boeing's 737 development team to manage the design studies for the new airliner, already assigned

3213-558: A new plant at Canning Vale, near Perth. These alloys are designed to handle extreme heat (as in jet engines) and are extremely durable. Wyman-Gordon also acquired PFI investment cast facilities (1988), Arwood investment cast facilities (1990), and Cameron Forge (1994). In May 1999, Precision Castparts Corporation agreed to pay $ 721 million for Wyman-Gordon, while also assuming $ 104 million in debt. The combined company would be able to supply both castings and forgings for airplane engines. The purchase would have potentially reduced competition in

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3366-682: A payload of 115,000 pounds (52.2 t). The payload bay had to be 17 feet (5.18 m) wide by 13.5 feet (4.11 m) high and 100 feet (30 m) long with access through doors at the front and rear. The desire to keep the number of engines to four required new engine designs with greatly increased power and better fuel economy. In May 1964, airframe proposals arrived from Boeing, Douglas , General Dynamics , Lockheed , and Martin Marietta ; engine proposals were submitted by General Electric , Curtiss-Wright , and Pratt & Whitney . Boeing, Douglas, and Lockheed were given additional study contracts for

3519-425: A philanthropist). At 15, Warren made more than $ 175 monthly delivering Washington Post newspapers. In high school, he invested in a business owned by his father and bought a 40-acre farm worked by a tenant farmer. He bought the land when he was 14 years old with $ 1,200 of his savings. By the time he finished college, Buffett had amassed $ 9,800 in savings (about $ 125,000 today). In 1947, Buffett matriculated at

3672-422: A portion of its investment portfolio. 77% of the outstanding shares were turned in. Buffett had reaped a 50 percent return on investment in just two years. In 1962, Buffett became a millionaire with the success of his partnerships, which by then had grown to 11 entities and held in excess of $ 7,178,500, of which over $ 1,025,000 belonged to Buffett. At the start of the year, he merged the various partnerships into

3825-471: A pronounced 37.5° wing sweep , allowing a Mach 0.85 (490 kn; 900 km/h) cruise speed , and its heavy weight is supported by four main landing gear legs, each with a four-wheel bogie . The partial double-deck aircraft was designed with a raised cockpit so it could be converted to a freighter airplane by installing a front cargo door, as it was initially thought that it would eventually be superseded by supersonic transports . Boeing introduced

3978-462: A range of 4,620 nautical miles (8,556 km), was the original variant launched in 1966. The 747-200 soon followed, with its launch in 1968. The 747-300 was launched in 1980 and was followed by the 747-400 in 1985. Ultimately, the 747-8 was announced in 2005. Several versions of each variant have been produced, and many of the early variants were in production simultaneously. The International Civil Aviation Organization (ICAO) classifies variants using

4131-477: A series of investment partnerships. In 1957, Buffett operated three investment partnerships. By 1959, the total had grown to six partnerships. That year, Buffett met future partner Charlie Munger . In 1961, Buffett revealed that 35% of the partnerships' assets were invested in the Sanborn Map Company . He explained that Sanborn stock sold for only $ 45 per share in 1958, but the company's investment portfolio

4284-447: A shortened code formed by combining the model number and the variant designator (e.g. "B741" for all -100 models). The first 747-100s were built with six upper deck windows (three per side) to accommodate upstairs lounge areas. Later, as airlines began to use the upper deck for premium passenger seating instead of lounge space, Boeing offered an upper deck with ten windows on either side as an option. Some early -100s were retrofitted with

4437-496: A single airline before or since. Ultimately, the high-winged CX-HLS Boeing design was not used for the 747, although technologies developed for their bid had an influence. The original design included a full-length double-deck fuselage with eight-across seating and two aisles on the lower deck and seven-across seating and two aisles on the upper deck. However, concern over evacuation routes and limited cargo-carrying capability caused this idea to be scrapped in early 1966 in favor of

4590-561: A stockbroker while taking a Dale Carnegie public speaking course. Using what he learned, he felt confident enough to teach an "Investment Principles" night class at the University of Nebraska-Omaha . The average age of his students was more than twice his own. During this time he also purchased a Sinclair gas station as a side investment but it was unsuccessful. In 1954, Buffett accepted a job at Benjamin Graham 's partnership. His starting salary

4743-550: A subsidiary in a deal that presented difficulties — according to the Rational Walk investment website, "underwriting standards proved to be inadequate", while a "problematic derivatives book" was resolved after numerous years and a significant loss. Gen Re later provided reinsurance after Buffett became involved with Maurice R. Greenberg at AIG in 2002. During a 2005 investigation of an accounting fraud case involving AIG, Gen Re executives became implicated. On March 15, 2005,

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4896-517: A supporter of index funds for people who are either not interested in managing their own money or do not have the time. Buffett is skeptical that active management can outperform the market in the long run, and has advised both individual and institutional investors to move their money to low-cost index funds that track broad, diversified stock market indices. Buffett said in one of his letters to shareholders that "when trillions of dollars are managed by Wall Streeters charging high fees, it will usually be

5049-405: A test aircraft was flown to Renton to have test equipment removed and a cabin installed. Pilot Ralph C. Cokely undershot the airport's short runway and the 747's right, outer landing gear was torn off and two engine nacelles were damaged. However, these difficulties did not prevent Boeing from taking a test aircraft to the 28th Paris Air Show in mid-1969, where it was displayed to the public for

5202-514: A textile manufacturing firm, Berkshire Hathaway, assuming its name to create a diversified holding company . Buffett emerged as the company's chairman and majority shareholder in 1970. In 1978, fellow investor and long-time business associate Charlie Munger joined Buffett as vice-chairman. Since 1970, Buffett has presided as the chairman and largest shareholder of Berkshire Hathaway, one of America's foremost holding companies and world's leading corporate conglomerates . He has been referred to as

5355-488: A vice president of Wyman-Gordon in 1911 and was appointed President in 1931. He also had interests in banking and was part owner of the Worcester Telegram . His son Robert Waring Stoddard joined the company in 1929 and succeeded Harry G. Stoddard as president in 1955, holding that position until being elected chairman in 1967. He was one of the founders of the right-wing and anticommunist John Birch Society . Stoddard

5508-448: A wider single deck design. The cockpit was therefore placed on a shortened upper deck so that a freight-loading door could be included in the nose cone; this design feature produced the 747's distinctive "hump". In early models, what to do with the small space in the pod behind the cockpit was not clear, and this was initially specified as a "lounge" area with no permanent seating. (A different configuration that had been considered to keep

5661-544: Is Rolls-Royce . In 2000, Wyman-Gordon built a manufacturing facility in Plzeň , Czech Republic. The 5,400 m (58,000 sq ft) plant makes titanium, nickel, and steel alloy rotary parts for the power generation and aerospace industries, using immersion ultrasound to test the products. In December 2000, Wyman-Gordon acquired the Drop Dies and Forging Company, which had been founded in 1919 by Joseph F. Rice. In January 2011, it

5814-620: Is a national board member of Girls, Inc. , and does charitable work through the Susan A. Buffett Foundation. Boeing 747 The Boeing 747 is a long-range wide-body airliner designed and manufactured by Boeing Commercial Airplanes in the United States between 1968 and 2023. After the introduction of the 707 in October 1958, Pan Am wanted a jet 2 + 1 ⁄ 2 times its size, to reduce its seat cost by 30%. In 1965, Joe Sutter left

5967-564: Is an American businessman, investor, and philanthropist who currently serves as the chairman and CEO of Berkshire Hathaway . As a result of his investment success, Buffett is one of the best-known investors in the world. As of October 2024, he had a net worth of $ 147 billion, making him the eighth-richest person in the world . Buffett was born in Omaha, Nebraska . The son of US congressman and businessman Howard Buffett , he developed an interest in business and investing during his youth. He entered

6120-468: Is doing something that is deeply evil to make money for himself." Buffett's writings include his annual reports and various articles. Buffett is recognized by communicators as a great story-teller, as evidenced by his annual letters to shareholders. He has warned about the pernicious effects of inflation: The arithmetic makes it plain that inflation is a far more devastating tax than anything that has been enacted by our legislatures. The inflation tax has

6273-507: Is the parent of three major Russian air-freight carriers – Volga-Dnepr Airlines , AirBridgeCargo Airlines and Atran Airlines . The new 747-8 freighters would replace AirBridgeCargo's current 747-400 aircraft and expand the airline's fleet and will be acquired through a mix of direct purchases and leasing over the next six years, Boeing said. On July 27, 2016, in its quarterly report to the Securities and Exchange Commission , Boeing discussed

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6426-459: Is to figure out how nobody gets left too far behind. After the difficulties of the economic crisis , Buffett managed to bring its company back to its pre-recession standards: in Q2 2014, Berkshire Hathaway made $ 6.4 billion in net profit, the most it had ever made in a three-month period. On August 14, 2014, the price of Berkshire Hathaway's shares hit $ 200,000 a share for the first time, capitalizing

6579-652: The Buffalo Courier-Express . Both papers lost money until the Courier-Express folded in 1982. In 1979, Berkshire began to acquire stock in ABC . Capital Cities announced a $ 3.5 billion purchase of ABC on March 18, 1985, surprising the media industry, as ABC was four times bigger than Capital Cities at the time. Buffett helped finance the deal in return for a 25% stake in the combined company. The newly merged company, known as Capital Cities/ABC (or CapCities/ABC),

6732-445: The 737 development program to design the 747. In April 1966, Pan Am ordered 25 Boeing 747-100 aircraft, and in late 1966, Pratt & Whitney agreed to develop the JT9D engine, a high-bypass turbofan . On September 30, 1968, the first 747 was rolled out of the custom-built Everett Plant , the world's largest building by volume . The 747's first flight took place on February 9, 1969, and

6885-463: The 767 and Airbus A300 / A310 twinjets ). Having tried replacing coach seats on its 747s with piano bars in an attempt to attract more customers, American Airlines eventually relegated its 747s to cargo service and in 1983 exchanged them with Pan Am for smaller aircraft; Delta Air Lines also removed its 747s from service after several years. Later, Delta acquired 747s again in 2008 as part of its merger with Northwest Airlines , although it retired

7038-508: The Boeing 747-400 fleet in December 2017. International flights bypassing traditional hub airports and landing at smaller cities became more common throughout the 1980s, thus eroding the 747's original market. Many international carriers continued to use the 747 on Pacific routes. In Japan, 747s on domestic routes were configured to carry nearly the maximum passenger capacity. The 747-100 with

7191-620: The S&;P 500 was "pure chance", by highlighting the results achieved by a number of students of the Graham and Dodd value investing school of thought. In addition to himself, Buffett named Walter J. Schloss , Tom Knapp, Ed Anderson ( Tweedy, Browne LLC ), William J. Ruane ( Sequoia Fund ), Charlie Munger (Buffett's partner at Berkshire), Rick Guerin (Pacific Partners Ltd.), and Stan Perlmeter (Perlmeter Investments). In his November 1999 Fortune article, he warned of investors' unrealistic expectations: Let me summarize what I've been saying about

7344-537: The United States Congress , and after moving with his family to Washington, D.C., Warren finished elementary school, attended Alice Deal Junior High School and graduated from what was then Woodrow Wilson High School in 1947, where his senior yearbook picture reads: "likes math; a future stockbroker". After finishing high school and finding success with his side entrepreneurial and investment ventures, Buffett wanted to skip college to go directly into business but

7497-652: The Washington Post Company . Buffett became close friends with Katharine Graham , who controlled the company and its flagship newspaper and joined its board. In 1974, the SEC opened a formal investigation into Buffett and Berkshire's acquisition of Wesco Financial , due to possible conflict of interest. No charges were brought. In 1977, Berkshire indirectly purchased the Buffalo Evening News for $ 32.5 million. Antitrust charges started, instigated by its rival,

7650-706: The Wharton School of the University of Pennsylvania in 1947 before graduating from the University of Nebraska at 19. He went on to graduate from Columbia Business School , where he molded his investment philosophy around the concept of value investing pioneered by Benjamin Graham . He attended New York Institute of Finance to focus on his economics background and soon pursued a business career. He later began various business ventures and investment partnerships, including one with Graham. He created Buffett Partnership Ltd. in 1956 and his investment firm eventually acquired

7803-491: The Wharton School of the University of Pennsylvania . He would have preferred to focus on his business ventures, but enrolled due to pressure from his father. Warren studied there for two years and joined the Alpha Sigma Phi fraternity. He then transferred to the University of Nebraska where he graduated with a Bachelor of Science in business administration in 1951. After being rejected by Harvard Business School in

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7956-651: The YAL-1 and SOFIA airborne observatory. Initial competition came from the smaller trijet widebodies: the Lockheed L-1011 (introduced in 1972), McDonnell Douglas DC-10 (1971) and later MD-11 (1990). Airbus competed with later variants with the heaviest versions of the A340 until surpassing the 747 in size with the A380 , delivered between 2007 and 2021. Freighter variants of the 747 remain popular with cargo airlines. The final 747

8109-574: The drop hammers and other equipment. The fathers of the founders were both managers at the Crompton Loom Works and helped their sons' business win contracts for the crankshafts and for pistol and micrometer components. The company won contracts from railroads for automatic couplers and from bicycle manufacturers for sprockets , spindles, and pedals, having gained a reputation for the high quality of its early work. From around 1902, it also began filling orders for crankshafts from manufacturers of

8262-917: The subprime mortgage crisis of 2007 and 2008, part of the Great Recession starting in 2007, that he had allocated capital too early resulting in suboptimal deals. "Buy American. I am." he wrote for an opinion piece published in the New York Times in 2008. Buffett called the downturn in the financial sector that started in 2007 " poetic justice ". Buffett's Berkshire Hathaway suffered a 77% drop in earnings during Q3 2008 and several of his later deals suffered large mark-to-market losses. On September 23, 2008, Berkshire Hathaway acquired 10 percent of perpetual preferred stock of Goldman Sachs . Some of Buffett's put options (European exercise at expiry only) that he wrote (sold) were running at around $ 6.73 billion mark-to-market losses as of late 2008. The scale of

8415-401: The tailplane (horizontal stabilizer); detailed investigations showed, however, that the best estimate of the exposure to depleted uranium was ".. several orders of magnitude less than the workers' limit for chronic exposure." The flight test program was hampered by problems with the 747's JT9D engines. Difficulties included engine stalls caused by rapid throttle movements and distortion of

8568-459: The "Oracle" or "Sage" of Omaha by global media as a result of having accumulated a massive fortune derived from his business and investment success. He is noted for his adherence to the principles of value investing, and his frugality despite his wealth. Buffett has pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Bill & Melinda Gates Foundation . He founded

8721-503: The -100BSR SUD with 563 seats on domestic routes until their retirement in the third quarter of 2006. While only two -100BSR SUDs were produced, in theory, standard -100Bs can be modified to the SUD certification. Overall, 29 Boeing 747SRs were built. The 747-100B model was developed from the -100SR, using its stronger airframe and landing gear design. The type had an increased fuel capacity of 48,070 US gal (182,000 L), allowing for

8874-499: The -200 in 1971, with uprated engines for a heavier maximum takeoff weight (MTOW) of 833,000 pounds (378 t) from the initial 735,000 pounds (333 t), increasing the maximum range from 4,620 to 6,560 nautical miles [nmi] (8,560 to 12,150 km; 5,320 to 7,550 mi). It was shortened for the longer-range 747SP in 1976, and the 747-300 followed in 1983 with a stretched upper deck for up to 400 seats in three classes. The heavier 747-400 with improved RB211 and CF6 engines or

9027-487: The 300 series were produced. In 1985, development of the longer range 747-400 began. The variant had a new glass cockpit , which allowed for a cockpit crew of two instead of three, new engines, lighter construction materials, and a redesigned interior. Development costs soared, and production delays occurred as new technologies were incorporated at the request of airlines. Insufficient workforce experience and reliance on overtime contributed to early production problems on

9180-513: The 747 Advanced that were eventually adopted. Similar in nature to the 747-X, the stretched 747 Advanced used technology from the 787 to modernize the design and its systems. The 747 remained the largest passenger airliner in service until the Airbus A380 began airline service in 2007. On November 14, 2005, Boeing announced it was launching the 747 Advanced as the Boeing 747-8 . The last 747-400s were completed in 2009. As of 2011 , most orders of

9333-545: The 747 can accommodate a non-functioning fifth-pod engine under the aircraft's port wing between the inner functioning engine and the fuselage. The fifth engine mount point was also used by Virgin Orbit 's LauncherOne program to carry an orbital-class rocket to cruise altitude where it was deployed. After the aircraft's introduction with Pan Am in 1970, other airlines that had bought the 747 to stay competitive began to put their own 747s into service. Boeing estimated that half of

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9486-463: The 747 had been a major challenge, and building its assembly plant was also a huge undertaking. Boeing president William M. Allen asked Malcolm T. Stamper, then head of the company's turbine division, to oversee construction of the Everett factory and to start production of the 747. To level the site, more than four million cubic yards (three million cubic meters) of earth had to be moved. Time

9639-496: The 747 was certified in December of that year. It entered service with Pan Am on January 22, 1970. The 747 was the first airplane called a " Jumbo Jet " as the first wide-body airliner. The 747 is a four-engined jet aircraft , initially powered by Pratt & Whitney JT9D turbofan engines, then General Electric CF6 and Rolls-Royce RB211 engines for the original variants. With a ten-abreast economy seating, it typically accommodates 366 passengers in three travel classes . It has

9792-466: The 747-400, several stretching schemes for the 747 were proposed. Boeing announced the larger 747-500X and -600X preliminary designs in 1996. The new variants would have cost more than US$ 5 billion to develop, and interest was not sufficient to launch the program. In 2000, Boeing offered the more modest 747X and 747X stretch derivatives as alternatives to the Airbus A38X . However, the 747X family

9945-463: The 747-400. The -400 entered service in 1989. In 1991, a record-breaking 1,087 passengers were flown in a 747 during a covert operation to airlift Ethiopian Jews to Israel . Generally, the 747-400 held between 416 and 524 passengers. The 747 remained the heaviest commercial aircraft in regular service until the debut of the Antonov An-124 Ruslan in 1982; variants of the 747-400 surpassed

10098-553: The 747-8 were for the freighter variant. On February 8, 2010, the 747-8 Freighter made its maiden flight . The first delivery of the 747-8 went to Cargolux in 2011. The first 747-8 Intercontinental passenger variant was delivered to Lufthansa on May 5, 2012. The 1,500th Boeing 747 was delivered in June 2014 to Lufthansa. In January 2016, Boeing stated it was reducing 747-8 production to six per year beginning in September 2016, incurring

10251-400: The 90-horsepower engines of Curtis Jenny biplanes. This was followed by contracts to produce airframe and engine forgings for almost all U.S. military aircraft. Wyman-Gordon maintained a close relationship with manufacturers of commercial and military airplanes after the war, making growing numbers of parts for engines, crankshafts, propellers, airframes, and landing gear. The company expanded

10404-512: The AIG board forced Greenberg to resign from his post as chairman and CEO after New York state regulators claimed that AIG had engaged in questionable transactions and improper accounting. On February 9, 2006, AIG agreed to pay a $ 1.6 billion fine. In 2010, the U.S. government agreed to a $ 92 million settlement with Gen Re, allowing the Berkshire Hathaway subsidiary to avoid prosecution in

10557-433: The AIG case. Gen Re also made a commitment to implement "corporate governance concessions", which required Berkshire Hathaway's chief financial officer to attend General Re's audit committee meetings and mandated the appointment of an independent director. In 2002, Buffett entered in $ 11 billion worth of forward contracts to deliver U.S. dollars against other currencies. By April 2006, his total gain on these contracts

10710-455: The An-124's weight in 2000. The Antonov An-225 Mriya cargo transport , which debuted in 1988, remains the world's largest aircraft by several measures (including the most accepted measures of maximum takeoff weight and length); one aircraft has been completed and was in service until 2022. The Scaled Composites Stratolaunch is currently the largest aircraft by wingspan . After the arrival of

10863-474: The Giving Pledge in 2010 with Bill Gates , whereby billionaires pledge to give away at least half of their fortunes. Warren Edward Buffett was born on August 30, 1930 in Omaha, Nebraska , as the second of three children and the only son of Leila (née Stahl) and Congressman Howard Buffett . He began his education at Rose Hill Elementary School. In 1942, his father was elected to the first of four terms in

11016-548: The North Grafton press. In 1951, construction began on a plant that opened in 1955 with two presses, one with 35,000 tons of force and the other 50,000 tons. The 50,000-ton press was the largest machine in the world at the time, 10 stories high and with foundations extending 100 ft (30 m) into bedrock. In 1983, the American Society of Mechanical Engineers designated the 50,000-ton forging press in North Grafton as

11169-427: The U.S. Federal Reserve to a hedge fund and stated that the bank is generating "$ 80 billion or $ 90 billion a year probably" in revenue for the U.S. government. Buffett also advocated further on the issue of wealth equality in society: We have learned to turn out lots of goods and services, but we haven't learned as well how to have everybody share in the bounty. The obligation of a society as prosperous as ours

11322-474: The Vietnam war and growing demand from commercial civilian airplane manufacturers. The support beam for the Boeing 747 landing gear was larger than any closed-die titanium forging that had ever been made in the past. In 1980, Wyman-Gordon was hit by a severe shortage of titanium that hurt its ability to fulfil orders for hundreds of types of aircraft. In the early 1980s, the company bought International Titanium ,

11475-633: The Worcester factory and opened a new plant in Harvey, Illinois . During World War II (1939–1945) the company expanded again to supply many types of forged components to airplane manufacturers. Every American plane in combat service included Wyman-Gordon components. In 1944, Wyman-Gordon was chosen to receive an 18,000-ton closed-die hydraulic press, the largest in the United States. The War Production Board had found from captured airplanes that Germany had larger presses than U.S. engineers had thought practical, and

11628-688: The Wyman-Gordon facility in Houston. By consolidating production in one plant, the company would cut costs and speed up the production cycle. Wyman-Gordon purchased the UEF aerospace division of United Engineering Forgings in May 2000 for £22m, calling the new subsidiary Wyman Gordon Lincoln. The division based in Lincoln, England , makes forged engine discs, engine shafts, and components of airframes and landing-gear. Its main customer

11781-408: The aircraft's upper deck; instead of using a conventional slide, volunteer passengers escaped by using a harness attached to a reel. Tests also involved taxiing such a large aircraft. Boeing built an unusual training device known as "Waddell's Wagon" (named for a 747 test pilot, Jack Waddell) that consisted of a mock-up cockpit mounted on the roof of a truck. While the first 747s were still being built,

11934-458: The airframe, along with General Electric and Pratt & Whitney for the engines. The airframe proposals shared several features. As the CX-HLS needed to be able to be loaded from the front, a door had to be included where the cockpit usually was. All of the companies solved this problem by moving the cockpit above the cargo area; Douglas had a small "pod" just forward and above the wing, Lockheed used

12087-457: The ceremonial 747 contract-signing banquet in Seattle on Boeing's 50th Anniversary, Juan Trippe predicted that the 747 would be "…a great weapon for peace, competing with intercontinental missiles for mankind's destiny". As launch customer, and because of its early involvement before placing a formal order, Pan Am was able to influence the design and development of the 747 to an extent unmatched by

12240-504: The company agreed to change its hiring practices. As late as the 1970s, Wyman-Gordon was a major player in automotive forging. Due to growth of international competition in this market, the company decided to focus on aerospace. Wyman-Gordon India, a joint venture, went public in February 1962. In 1964, Wyman-Gordon India started mass production of forged steel crankshafts and other components for an Indian-made jeep that Mahindra & Mahindra

12393-581: The company at $ 328 billion. While Buffett had given away much of his stock to charities by this time, he still held 321,000 shares worth $ 64.2 billion. On August 20, 2014, Berkshire Hathaway was fined $ 896,000 for failing to report as required the December 9, 2013 purchase of shares in USG Corporation . A 2023 ProPublica article based on a leak of confidential IRS data alleged that Buffett had made equity trades in his personal portfolio involving companies that Berkshire Hathaway bought or sold during

12546-399: The company had working capital of $ 19 per share. This did not include the value of fixed assets (factory and equipment). Buffett took control of Berkshire Hathaway at a board meeting and named a new president, Ken Chace, to run the company. In 1966, Buffett closed the partnership to new money. He later claimed that the textile business had been his worst trade. He then moved the business into

12699-465: The concept but was committed to developing the engine for the C-5 Galaxy and did not enter the commercial market until later. Pratt & Whitney was also working on the same principle and, by late 1966, Boeing, Pan Am and Pratt & Whitney agreed to develop a new engine, designated the JT9D to power the 747. The project was designed with a new methodology called fault tree analysis , which allowed

12852-507: The crisis in debt and equity markets. In 2008, Buffett became the richest person in the world, garnering a total net worth estimated at $ 62 billion by Forbes and at $ 58 billion by Yahoo , dethroning Bill Gates , who had been number one on the Forbes list for 13 consecutive years. In 2009, Gates regained the top position on the Forbes list, with Buffett shifted to second place. Both of

13005-508: The customers' lounge of a regional stock brokerage near his father's own brokerage office. His father took interest in cultivating and educating the young Warren's curiosity surrounding the subject of business and investing, even at one point taking him to visit the New York Stock Exchange when he was 10. At 11, he bought three shares of Cities Service Preferred for himself, and three for his sister Doris Buffett (who also became

13158-470: The device allowed pilots to practice taxi maneuvers from a high upper-deck position. In 1968, the program cost was US$ 1 billion (equivalent to $ 6.7 billion in 2023 dollars). On September 30, 1968, the first 747 was rolled out of the Everett assembly building before the world's press and representatives of the 26 airlines that had ordered the airliner. Over the following months, preparations were made for

13311-422: The difficulties of knowing when to sell in the company's 2004 annual report: That may seem easy to do when one looks through an always-clean, rear-view mirror. Unfortunately, however, it's the windshield through which investors must peer, and that glass is invariably fogged. In March 2009, Buffett said in a cable television interview that the economy had "fallen off a cliff ... Not only has the economy slowed down

13464-550: The dramatic fall in energy prices that occurred in the last half of the year. I still believe the odds are good that oil sells far higher in the future than the current $ 40–$ 50 price. But so far I have been dead wrong. Even if prices should rise, moreover, the terrible timing of my purchase has cost Berkshire several billion dollars. The merger with the Burlington Northern Santa Fe Railway ( BNSF ) closed upon BNSF shareholder approval during Q1 of 2010. This deal

13617-412: The early 747 sales were to airlines desiring the aircraft's long range rather than its payload capacity. While the 747 had the lowest potential operating cost per seat, this could only be achieved when the aircraft was fully loaded; costs per seat increased rapidly as occupancy declined. A moderately loaded 747, one with only 70 percent of its seats occupied, used more than 95 percent of the fuel needed by

13770-490: The effects of a failure of a single part to be studied to determine its impact on other systems. To address concerns about safety and flyability, the 747's design included structural redundancy, redundant hydraulic systems, quadruple main landing gear and dual control surfaces. Additionally, some of the most advanced high-lift devices used in the industry were included in the new design, to allow it to operate from existing airports. These included Krueger flaps running almost

13923-425: The empennage. As Boeing did not have a plant large enough to assemble the giant airliner, they chose to build a new plant. The company considered locations in about 50 cities, and eventually decided to build the new plant some 30 miles (50 km) north of Seattle on a site adjoining a military base at Paine Field near Everett , Washington. It bought the 780-acre (320 ha) site in June 1966. Developing

14076-403: The entire length of the fuselage were rejected. The first 747-300, completed in 1983, included a stretched upper deck, increased cruise speed, and increased seating capacity. The -300 variant was previously designated 747SUD for stretched upper deck, then 747-200 SUD, followed by 747EUD, before the 747-300 designation was used. Passenger, short range and combination freighter-passenger versions of

14229-409: The entire length of the wing's leading edge, as well as complex three-part slotted flaps along the trailing edge of the wing. The wing's complex three-part flaps increase wing area by 21% and lift by 90% when fully deployed compared to their non-deployed configuration. Boeing agreed to deliver the first 747 to Pan Am by the end of 1969. The delivery date left 28 months to design the aircraft, which

14382-473: The evacuation of 560 volunteers from a cabin mock-up via the aircraft's emergency chutes. The first full-scale evacuation took two and a half minutes instead of the maximum of 90 seconds mandated by the Federal Aviation Administration (FAA), and several volunteers were injured. Subsequent test evacuations achieved the 90-second goal but caused more injuries. Most problematic was evacuation from

14535-504: The events of an emergency if they cannot do so through the cabin. The 747's maximum takeoff weight ranges from 735,000 pounds (333 t) for the -100 to 970,000 pounds (440 t) for the -8. Its range has increased from 5,300 nautical miles (9,800 km; 6,100 mi) on the -100 to 8,000 nautical miles (15,000 km; 9,200 mi) on the -8I. The 747 has redundant structures along with four redundant hydraulic systems and four main landing gears each with four wheels; these provide

14688-433: The first flight, which took place on February 9, 1969, with test pilots Jack Waddell and Brien Wygle at the controls and Jess Wallick at the flight engineer's station. Despite a minor problem with one of the flaps, the flight confirmed that the 747 handled extremely well. The 747 was found to be largely immune to " Dutch roll ", a phenomenon that had been a major hazard to the early swept-wing jets. During later stages of

14841-410: The first time. Finally, in December 1969, the 747 received its FAA airworthiness certificate , clearing it for introduction into service. The huge cost of developing the 747 and building the Everett factory meant that Boeing had to borrow heavily from a banking syndicate. During the final months before delivery of the first aircraft, the company had to repeatedly request additional funding to complete

14994-432: The five years following the agreement, and Buffett also received a 10% dividend (callable within three years). In February 2009, Buffett sold some Procter & Gamble Co. and Johnson & Johnson shares from his personal portfolio. In addition to suggestions of mistiming, the wisdom in keeping some of Berkshire's major holdings, including The Coca-Cola Company, which in 1998 peaked at $ 86, raised questions. Buffett discussed

15147-411: The flight by more than six hours to the following day when Clipper Victor (registration N736PA) was used. The 747 enjoyed a fairly smooth introduction into service, overcoming concerns that some airports would not be able to accommodate an aircraft that large. Although technical problems occurred, they were relatively minor and quickly solved. After the initial 747-100, Boeing developed the -100B ,

15300-431: The flight deck out of the way for freight loading had the pilots below the passengers, and was dubbed the "anteater".) One of the principal technologies that enabled an aircraft as large as the 747 to be drawn up was the high-bypass turbofan engine . This engine technology was thought to be capable of delivering double the power of the earlier turbojets while consuming one-third less fuel. General Electric had pioneered

15453-541: The flight test program, flutter testing showed that the wings suffered oscillation under certain conditions. This difficulty was partly solved by reducing the stiffness of some wing components. However, a particularly severe high-speed flutter problem was solved only by inserting depleted uranium counterweights as ballast in the outboard engine nacelles of the early 747s. This measure caused some concern when these aircraft crashed, for example El Al Flight 1862 at Amsterdam in 1992 with 622 pounds (282 kg) of uranium in

15606-663: The industry. To gain approval for the deal from the Federal Trade Commission , PCC was required to divest two of Wyman-Gordon's foundries, one in Albany, Oregon, and the other in Groton, Connecticut. The acquisition was completed on 12 January 2000. At least in the short term, it was planned that Wyman-Gordon would retain a separate identity. In April 2000, PCC announced that it was closing Wyman-Gordon's Buffalo, New York, pipe-making plant. The 12,000-ton extrusion press would be moved to

15759-645: The instrument at stockholder meetings and other opportunities. His love of the instrument led to the commissioning of two custom Dairy Queen ukuleles by Dave Talsma, one of which was auctioned for charity. In 1952, Buffett married Susan at Dundee Presbyterian Church . The following year, they had their first child, Susan Alice . She was followed by Howard (b. 1954) and Peter (b. 1958). The couple began living separately in 1977, although they remained married until Susan's death in July 2004. Their only daughter Susan lives in Omaha,

15912-613: The insurance sector, and, in 1985, the last of the mills that had been the core business of Berkshire Hathaway was sold. In a second letter, Buffett announced his first investment in a private business — Hochschild, Kohn and Co, a privately owned Baltimore department store. In 1967, Berkshire paid out its first and only dividend of 10 cents. In 1969, Buffett liquidated the partnership and transferred their assets to his partners including shares of Berkshire Hathaway. He lived solely on his salary of $ 50,000 per year and his outside investment income. In 1973, Berkshire began to acquire stock in

16065-466: The main deck, the cockpit creates a hump. This raised cockpit allows front loading of cargo on freight variants. The upper deck behind the cockpit provides space for a lounge and/or extra seating. The "stretched upper deck" became available as an alternative on the 747-100B variant and later as standard beginning on the 747-300. The upper deck was stretched more on the 747-8. The 747 cockpit roof section also has an escape hatch from which crew can exit during

16218-422: The managers who reap outsized profits, not the clients". In 2007, Buffett made a bet with numerous managers that a simple S&P 500 index fund will outperform hedge funds that charge exorbitant fees. By 2017, the index fund was outperforming every hedge fund that made the bet against Buffett. Buffet has a long-standing aversion to using the services of investment banks via Berkshire Hathaway. This dynamic

16371-410: The men's values dropped, to $ 40 billion and $ 37 billion respectively—according to Forbes, Buffett lost $ 25 billion over a 12-month period during 2008/2009. In October 2008, the media reported that Buffett had agreed to buy General Electric (GE) preferred stock. The operation included special incentives: he received an option to buy three billion shares of GE stock, at $ 22.25, over

16524-549: The model number 747. Sutter began a design study with Pan Am and other airlines to better understand their requirements. At the time, many thought that long-range subsonic airliners would eventually be superseded by supersonic transport aircraft. Boeing responded by designing the 747 so it could be adapted easily to carry freight and remain in production even if sales of the passenger version declined. In April 1966, Pan Am ordered 25 Boeing 747-100 aircraft for US$ 525 million (equivalent to $ 3.8 billion in 2023 dollars). During

16677-452: The move came as a surprise to many investors and observers. During the interview, in which he revealed the investment to the public, Buffett stated that he was impressed by the company's ability to retain corporate clients and said, "I don't know of any large company that really has been as specific on what they intend to do and how they intend to do it as IBM". In May 2012, Buffett's acquisition of Media General, consisting of 63 newspapers in

16830-508: The needle" at Berkshire with newspaper acquisitions, but he anticipates an annual return of 10 percent. The Press of Atlantic City became Berkshire's 30th daily newspaper, following other purchases such as Virginia, U.S.' Roanoke Times and The Tulsa World in Oklahoma, U.S. During a presentation to Georgetown University students in Washington, D.C. , in late September 2013, Buffett compared

16983-606: The new PW4000 engine (the JT9D successor), and a two-crew glass cockpit , was introduced in 1989 and is the most common variant. After several studies, the stretched 747-8 was launched on November 14, 2005, with new General Electric GEnx engines, and was first delivered in October 2011. The 747 is the basis for several government and military variants, such as the VC-25 ( Air Force One ), E-4 Emergency Airborne Command Post, Shuttle Carrier Aircraft , and some experimental test aircraft such as

17136-417: The new configuration. The -100 was equipped with Pratt & Whitney JT9D -3A engines. No freighter version of this model was developed, but many 747-100s were converted into freighters as 747-100(SF). The first 747-100(SF) was delivered to Flying Tiger Line in 1974. A total of 168 747-100s were built; 167 were delivered to customers, while Boeing kept the prototype, City of Everett . In 1972, its unit cost

17289-446: The nose door and raised cockpit concepts over to the design of the 747. The 747 was conceived while air travel was increasing in the 1960s. The era of commercial jet transportation, led by the enormous popularity of the Boeing 707 and Douglas DC-8 , had revolutionized long-distance travel. In this growing jet age, Juan Trippe , president of Pan American Airways (Pan Am), one of Boeing's most important airline customers, asked for

17442-446: The original -100, the -100B was offered with Pratt & Whitney JT9D-7A, CF6-50, or Rolls-Royce RB211-524 engines. However, only RB211-524 (Saudia) and JT9D-7A (Iran Air) engines were ordered. The last 747-100B, EP-IAM was retired by Iran Air in 2014, the last commercial operator of the 747-100 and -100B. The development of the 747SP stemmed from a joint request between Pan American World Airways and Iran Air , who were looking for

17595-404: The potential loss prompted the SEC to demand that Berkshire produce, "a more robust disclosure" of factors used to value the contracts. Buffett also helped Dow Chemical pay for its $ 18.8 billion takeover of Rohm & Haas . He thus became the single largest shareholder in the enlarged group with his Berkshire Hathaway, which provided $ 3 billion, underlining his instrumental role during

17748-554: The potential termination of 747 production due to insufficient demand and market for the aircraft. With a firm order backlog of 21 aircraft and a production rate of six per year, program accounting had been reduced to 1,555 aircraft. In October 2016, UPS Airlines ordered 14 -8Fs to add capacity, along with 14 options, which it took in February 2018 to increase the total to 28 -8Fs on order. The backlog then stood at 25 aircraft, though several of these were orders from airlines that no longer intended to take delivery. On July 2, 2020, it

17901-401: The presence of Pan Am chairman Najeeb Halaby . Instead of champagne, red, white, and blue water was sprayed on the aircraft. The 747 entered service on January 22, 1970, on Pan Am's New York–London route; the flight had been planned for the evening of January 21, but engine overheating made the original aircraft (Clipper Young America, registration N735PA) unusable. Finding a substitute delayed

18054-426: The production line on December 6, 2022, and was delivered on January 31, 2023. Boeing hosted an event at the Everett factory for thousands of workers as well as industry executives to commemorate the delivery. The Boeing 747 is a large, wide-body (two-aisle) airliner with four wing-mounted engines. Its wings have a high sweep angle of 37.5° for a fast, efficient cruise speed of Mach 0.84 to 0.88, depending on

18207-496: The project. Had this been refused, Boeing's survival would have been threatened. The firm's debt exceeded $ 2 billion, with the $ 1.2 billion owed to the banks setting a record for all companies. Allen later said, "It was really too large a project for us." Ultimately, the gamble succeeded, and Boeing held a monopoly in very large passenger aircraft production for many years. On January 15, 1970, First Lady Pat Nixon christened Pan Am's first 747 at Dulles International Airport in

18360-457: The recently invented automobile. Horace Wyman died in 1905 and Lyman Gordon in 1914; George F. Fuller (1869–1962) succeeded to the company presidency upon Gordon's death. Fuller had joined the company as an accountant, but had invented several ways to improve the quality of the forged metal components. The company grew steadily under his leadership. When World War I broke out, the U.S. government contracted with Wyman-Gordon to supply forgings for

18513-425: The same quarter or the quarter before, raising concerns about conflicts of interest. On three dates between 2009 and 2012, Buffett sold shares of Johnson and Johnson, Walmart, and Wells Fargo, with the sales totaling $ 80 million in value. Although Buffett has not commented, Berkshire Hathaway's Vice Chairman Charlie Munger dismissed the allegations, saying "I don’t think there’s the slightest chance that Warren Buffett

18666-552: The single entity Buffett Partnership, Ltd., which would be his primary investment vehicle for the remainder of the decade. Buffett invested in and eventually took control of a textile manufacturing company, Berkshire Hathaway . He began buying shares in Berkshire from Seabury Stanton , the owner, whom he later fired. Buffett's partnerships began purchasing shares at $ 7.60 per share. In 1965, when Buffett's partnerships began purchasing Berkshire aggressively, they paid $ 14.86 per share while

18819-520: The south-eastern U.S., was announced. The company was the second news print purchase made by Buffett in one year. Interim publisher James W. Hopson announced on July 18, 2013, that the Press of Atlantic City would be sold to Buffett's BH Media Group by ABARTA, a private holding company based in Pittsburgh , U.S. At the Berkshire shareholders meeting in May 2013, Buffett explained that he did not expect to "move

18972-470: The spring of 1950, Buffett enrolled at Columbia Business School of Columbia University upon learning that Benjamin Graham taught there. He earned a Master of Science in economics from Columbia in 1951. After graduating, Buffett attended the New York Institute of Finance . The basic ideas of investing are to look at stocks as business, use the market's fluctuations to your advantage, and seek

19125-430: The standard 747. The initial 747SR model, the -100SR, had a strengthened body structure and landing gear to accommodate the added stress accumulated from a greater number of takeoffs and landings. Extra structural support was built into the wings, fuselage, and the landing gear along with a 20% reduction in fuel capacity. The initial order for the -100SR – four aircraft for Japan Air Lines (JAL, later Japan Airlines ) –

19278-456: The stock market: I think it's very hard to come up with a persuasive case that equities will over the next 17 years perform anything like—anything like—they've performed in the past 17. If I had to pick the most probable return, from appreciation and dividends combined, that investors in aggregate—repeat, aggregate—would earn in a world of constant interest rates, 2% inflation, and those ever hurtful frictional costs, it would be 6%! Buffett has been

19431-434: The turbine casings after a short period of service. The problems delayed 747 deliveries for several months; up to 20 aircraft at the Everett plant were stranded while awaiting engine installation. The program was further delayed when one of the five test aircraft suffered serious damage during a landing attempt at Renton Municipal Airport , the site of Boeing's Renton factory . The incident happened on December 13, 1969, when

19584-422: The variant. The sweep also reduces the wingspan, allowing the 747 to use existing hangars . Its seating capacity is over 366 with a 3–4–3 seat arrangement (a cross section of three seats, an aisle, four seats, another aisle, and three seats) in economy class and a 2–3–2 layout in first class on the main deck. The upper deck has a 3–3 seat arrangement in economy class and a 2–2 layout in first class. Raised above

19737-521: The world, both to Irish flag carrier Aer Lingus . No 747s were sold to any American carrier for almost three years. When economic problems in the US and other countries after the 1973 oil crisis led to reduced passenger traffic, several airlines found they did not have enough passengers to fly the 747 economically, and they replaced them with the smaller and recently introduced McDonnell Douglas DC-10 and Lockheed L-1011 TriStar trijet wide bodies (and later

19890-422: The years after World War II caused a drastic switch in requirements, demanding fewer forgings, but forgings that were larger, lighter, stronger and more tolerant of heat than anything made so far. The new components produced by Wyman-Gordon were of much greater value, compensating for their decreased number. The Korean War stimulated demand for new airplanes, requiring even larger components than could be built by

20043-465: Was $ 12,000 a year (about $ 136,000 today). There he worked closely with Walter Schloss . Graham was adamant that stock picks should provide a wide margin of safety after weighing the trade-off between their price and their intrinsic value. In 1956, Benjamin Graham retired and closed his partnership. At this time Buffett, who had amassed personal savings over $ 174,000 (about $ 1.95 million today) , decided to return to Omaha, where he would quickly start

20196-540: Was US$ 24M (174.8M today). Responding to requests from Japanese airlines for a high-capacity aircraft to serve domestic routes between major cities, Boeing developed the 747SR as a short-range version of the 747-100 with lower fuel capacity and greater payload capability. With increased economy class seating, up to 498 passengers could be carried in early versions and up to 550 in later models. The 747SR had an economic design life objective of 52,000 flights during 20 years of operation, compared to 24,600 flights in 20 years for

20349-508: Was also reported in Barron's , Insider , and Seeking Alpha , among others. In 1949, Buffett developed a crush on a young woman whose boyfriend had a ukulele . In an attempt to compete, he bought one of the instruments and has been playing it ever since. Though the attempt to capture her attention was unsuccessful, his music interest became a key part of his becoming a part of Susan Thompson 's life, and led to their marriage. Buffett often plays

20502-501: Was announced on October 30, 1972; rollout occurred on August 3, 1973, and the first flight took place on August 31, 1973. The type was certified by the FAA on September 26, 1973, with the first delivery on the same day. The -100SR entered service with JAL, the type's sole customer, on October 7, 1973, and typically operated flights within Japan. Seven -100SRs were built between 1973 and 1975, each with

20655-523: Was announced that over the course of the previous eight months, Buffett had bought 64 million shares of International Business Machine Corp (IBM) stock, worth around $ 11 billion. This unanticipated investment raised his stake in the company to around 5.5 percent—the largest stake in IBM alongside that of State Street Global Advisors . Buffett had said on numerous prior occasions that he would not invest in technology because he did not fully understand it, so

20808-566: Was delivered to Atlas Air in January 2023 after a 54-year production run, with 1,574 aircraft built. As of December 2023 , 64 Boeing 747s (4.1%) have been lost in accidents and incidents , in which a total of 3,746 people have died. In 1963, the United States Air Force started a series of study projects on a very large strategic transport aircraft. Although the C-141 Starlifter was being introduced, officials believed that

20961-468: Was forced to sell some stations due to Federal Communications Commission ownership rules. The two companies also owned several radio stations in the same markets. In 1987, Berkshire Hathaway purchased a 12% stake in Salomon Inc., making it the largest shareholder and Buffett a director. In 1990, a scandal involving John Gutfreund (former CEO of Salomon Brothers ) surfaced. A rogue trader , Paul Mozer,

21114-655: Was given Federal Reserve approval to buy back Berkshire's preferred stock in Goldman. Buffett had been reluctant to give up the stock, which averaged $ 1.4 million in dividends per day, saying: I'm going to be the Osama bin Laden of capitalism. I'm on my way to an unknown destination in Asia where I'm going to look for a cave. If the U.S. Armed forces can't find Osama bin Laden in 10 years, let Goldman Sachs try to find me. In November 2011, it

21267-520: Was manufacturing. This was the first time crankshafts had been produced in India. Later the company changed its name to WG Forge & Allied Industries Limited. In the long run, the company was not successful. It was referred to the Board for Industrial and Financial Reconstruction , which tried to revive it, but without success. In 1992, it went into liquidation. In the late 1980s, the need for military components

21420-713: Was on the board of GEICO insurance. Taking a train to Washington, D.C., on a Saturday, he knocked on the door of GEICO's headquarters until a janitor admitted him. There he met Lorimer Davidson, GEICO's vice president, and the two discussed the insurance business for hours, and Buffett made his first purchase of GEICO stock. Davidson would eventually become Buffett's lifelong friend and a lasting influence, and would later recall that he found Buffett to be an "extraordinary man" after only fifteen minutes. Buffett wanted to work on Wall Street but both his father and Ben Graham urged him not to. He offered to work for Graham for free, but Graham refused. Buffett returned to Omaha and worked as

21573-559: Was opposed to the Civil Rights Act of 1964 , which would make racial discrimination illegal. In 1964, the company employed black workers only as janitors. Abbie Hoffman was the press officer for a group of civil-rights agitators who targeted the Worcester plant for picketing. Later, they filed petitions with the Massachusetts Commission Against Discrimination and the U.S. Air Force. In July that year

21726-457: Was over $ 2 billion. Buffett announced in June 2006 that he would gradually give away 85% of his Berkshire holdings to five foundations in annual gifts of stock, starting in July 2006—the largest contribution going to the Bill and Melinda Gates Foundation . In 2007, in a letter to shareholders, Buffett announced that he was looking for a younger successor, or perhaps successors, to run his investment business. Buffett ran into criticism during

21879-661: Was overruled by his father. Buffett showcased an interest in business and investing at a young age. He was inspired by a book he borrowed from the Omaha public library at age seven, One Thousand Ways to Make $ 1000 . Much of Buffett's early childhood years were enlivened with entrepreneurial ventures. In one of his first business ventures, Buffett sold chewing gum, Coca-Cola , and weekly magazines door to door . He worked in his grandfather's grocery store. While still in high school, he made money delivering newspapers, selling golf balls and stamps, and detailing cars, among other means. On his first income tax return in 1944, Buffett took

22032-559: Was reduced as the Cold War ended, coupled with a decline in demand for commercial aircraft parts. By 1993, the aerospace industry was just 60% of its size in the mid-1980s. Wyman-Gordon had to lay off employees. Despite financial difficulties, in March 1992, the company announced a joint venture with Pratt & Whitney and Perth, Western Australia -based Western Aerospace to form Western Australian Speciality Alloys. The new company would process Australian ores into nickel -based superalloys at

22185-550: Was reported that Boeing planned to end 747 production in 2022 upon delivery of the remaining jets on order to UPS and the Volga-Dnepr Group due to low demand. On July 29, 2020, Boeing confirmed that the final 747 would be delivered in 2022 as a result of "current market dynamics and outlook" stemming from the COVID-19 pandemic , according to CEO David Calhoun. The last aircraft, a 747-8F for Atlas Air registered N863GT, rolled off

22338-709: Was reported that Wyman-Gordon had expressed interest in a joint venture with Bharat Heavy Electricals Limited to manufacture boiler tubes in India. Wyman-Gordon serves the marine, aerospace, power, fuel, and construction industries. It uses forging and extrusion presses that are among the world's largest, including a 35,000-ton press in Houston and a 30,000-ton press in Livingston, coupled with custom-made dies to produce various complex components. Its plants process steel, titanium, and nickel-based materials, among others. Warren Buffett Warren Edward Buffett ( / ˈ b ʌ f ɪ t / BUF -it ; born August 30, 1930)

22491-409: Was so short that the 747's full-scale mock-up was built before the factory roof above it was finished. The plant is the largest building by volume ever built, and has been substantially expanded several times to permit construction of other models of Boeing wide-body commercial jets. Before the first 747 was fully assembled, testing began on many components and systems. One important test involved

22644-604: Was submitting bids in excess of what was allowed by Treasury rules. When this was brought to Gutfreund's attention, he did not immediately suspend the rogue trader. Gutfreund left the company in August 1991. Buffett became chairman of Salomon until the crisis passed. In 1988, Buffett began buying The Coca-Cola Company stock, eventually purchasing up to 7% of the company for $ 1.02 billion. It would turn out to be one of Berkshire's most lucrative investments and one which it still holds. In 1998 Buffett acquired General Re (Gen Re) as

22797-606: Was two-thirds of the normal time. The schedule was so fast-paced that the people who worked on it were given the nickname "The Incredibles". Developing the aircraft was such a technical and financial challenge that management was said to have "bet the company" when it started the project. Due to its massive size, Boeing subcontracted the assembly of subcomponents to other manufacturers, most notably Northrop and Grumman (later merged into Northrop Grumman in 1994) for fuselage parts and trailing edge flaps respectively, Fairchild for tailplane ailerons, and Ling-Temco-Vought (LTV) for

22950-642: Was unable to attract enough interest to enter production. A year later, Boeing switched from the 747X studies to pursue the Sonic Cruiser , and after the Sonic Cruiser program was put on hold, the 787 Dreamliner . Some of the ideas developed for the 747X were used on the 747-400ER , a longer range variant of the 747-400. After several variants were proposed but later abandoned, some industry observers became skeptical of new aircraft proposals from Boeing. However, in early 2004, Boeing announced tentative plans for

23103-602: Was using that equipment to forge large aircraft components from lightweight magnesium . Seeking to replicate this capability in the U.S., the War Production Board contracted with the Mesta Machine Co. of Pittsburgh to fabricate a new large press to be operated by Wyman-Gordon. A new plant was built around the press in North Grafton, Massachusetts , completed after the war in 1946. The introduction of jet engines in

23256-414: Was valued at approximately $ 44 billion (with $ 10 billion of outstanding BNSF debt) and represented an increase of the previously existing stake of 22%. In June 2010, Buffett defended the credit-rating agencies for their role in the US financial crisis, claiming: Very, very few people could appreciate the bubble . That's the nature of bubbles—they're mass delusions. On March 18, 2011, Goldman Sachs

23409-420: Was worth $ 65 per share. This meant that Sanborn's map business was being valued at "minus $ 20". Buffett eventually purchased 23% of the company's outstanding shares as an activist investor , obtaining a seat for himself on the board of directors, and allied with other dissatisfied shareholders to control 44% of the shares. To avoid a proxy fight , the board offered to repurchase shares at fair value, paying with

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