Warren Buffet Quotes
The reason, why I do not choose quotes from millionaires, because there are millionaires, who are just lucky. They were at the right time in the right place and worked their ass off for a while and now they can enjoy their lives to the fullest and even for the next generation, but in fact, they are as brainless as anyone else and no special skills whatsoever. That is why I choose quotes from a billionaire. The next level after being a millionaire. Those people aren’t called rich, but super rich. There was a case, where a billionaire was called rich by a journalist and he wanted to sue her, because being described as rich was degrading for him. So super rich. Not rich. They are the real high achievers powerful enough to have a way bigger impact to the world like Mark Zuckerberg, Jeff Bezos, Bill Gates etc. In this blog post, I am writing about one of the top billionaires. In fact, he is the 3rd richest man in the world. So why not learning from one of the best of the best?
Before going to Warren Buffet Quotes, a little bit more about himself. He was born in the States of course, because all the top Billionaires were born in the States and he is known for being an investment legend consistently outperforming the market like S&P in the past. Right now, the price of a share of his company is worth about $220 600 to date 7th December 2019 making the most expensive stock in the world, but in terms of market capitalization, Apple has the highest market cap with $1233 billion. Warren Buffet was the 2nd child and was born on 30th August 1930. His father was a broker and congressman. The first money he made, when he was 6 years old buying a sixpack of Coca Cola for 25 cents and selling it for 30 Cents. Later on, he made money by working as a paperboy. When he was 11 years old he bought his first stocks. With 14 years old he bought a 16ha farm, which he rented out. With 17 years old, he bought with his friends a broken Rolls Royce for $350. After repairing it, they could rent it out for 35$ a day. 4 years later he acquired a Master Degree in Economics at the Columbia University in New York, where he met his Business Professor Benjamin Graham (Grossbaum) and learned the Value Investing method, which is the basis of his current investment strategy. Weirdly, his Business Professor did not become a billionaire. None of my Business Professors were even millionaires and I had about 20 Business Professors. It’s mostly the entrepreneurs, who become billionaires. Especially, the richest of the billionaires are only entrepreneurs.
After graduation, he worked in his father’s company. Then worked as an instructor at the University of Nebraska. On 1954, he started working for his Business Professor’s company. After 2 years, he started his own investment company, where he received $105 000 from his family and friends to start investing. For the next 13 years, he could achieve a yearly yield of 30%, whereas if you invest in the Dow Jones Index your investment of $10 000 would only turn into $15 000, which is enough to compensate for the inflation. During this time, when he became 30 years old, he was a millionaire. He bought the company Berkshire Hathaway, which was a textile company at that time. On 1970 he became CEO of the company, that he bought and turned it into a holding company, because the textile line of business was not profitable. During 1969 and 1974, there was a market crash, where stocks did not well, which is also called bear market. On 1973 he bought the Washington Post, which was highly profitable for him. On 1977, his wife left him and she introduced Astrid Menks to him. During this time, he continued buying companies until he became a billionaire on 1990 and the rest is history. Besides, he is kind of frugal and he still lives in his old house, where he bought in 1958 for $32 000 and gets breakfast at McDonald’s for $3.
That was a quick introduction to him in a nutshell. Now, let’s dive into Warren Buffet Quotes. I made a YouTube video out of it. Enjoy!
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