Buffett's $47,000 shoes and handbags spree

Warren Buffet's rash promise to his daughter cost him, but he still emerged a winner.

Warren Buffett has never been a big spender. He still lives in the same house in Omaha he bought for $31,500 in 1958; he still pays himself just $100,000 a year; he's not a collector of art or gadgets or football clubs. His only concession to extravagance is his private jet, which he calls The Indefensible.

His canniness with money extends to his family, as Alice Schroeder shows in a new biography. When his daughter, Susie, was in her 30s, she "struggled with a few extra pounds. Her father made a deal in which, for losing a certain amount of weight, she could shop for clothes for a month, no limit. The only catch was that she had to pay him back if she regained the weight within a year."

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