>Finally crossed the billion mark in his fifties >Multiplied his net worth by 200 after thatWhy is this so uncommon? I feel like very often you see young people who become very rich then just kinda stagnate around that wealth point where Warren never slowed down
if youre good at investing you have no problems scaling, these rich young people eventually cap out their income due to market saturation in whatever industry theyre good at. finance is a hack because you can just hop to the next industry
>>61027127>string together a series of wins>never have a major setbackYeah seems really easy, opGo for it
>>61027224Kraft Heinz
>>61027224He actually had a lot of fuck ups in his early age, the gas station and windmill company come to mind
Who? Anyone who crosses a bill (and isn't something dumb like a singer or sports celebrity) tends to keep it compounding onward
>>61027466Not at fucking 28% like WBAlso a ton of them try to get in on the next big thing and lose a ton of it
>>61027127Jesus Christ this meme is trash
>>61027224thats literally not it tho...the mentality is that you're going to have bad investments but the good ones you do make you should be able to then sit on your hands and hold onto it (hopefully you're actually as rich as warren and you picked a company thats hit rock bottom so now you're a majority owner with some influence)a good analogy he uses is why would you spend the time in finding michael jordan just to go on and sell him after he reached the finals with the celtics or w/e
>>61028427To be fair when it comes to stock picks he rarely does it anymore. He doesn't think it's an important part of Berkshire at this point and prefers buying companies in their entirety since you actually get the profits those companies make and can reinvest them elsewhere.
>>61028445thats not entirely true thothey do put a lot of money into stocks still as you can see from their 400 bill iirc portfolio (maybe im off the number as i dont really remember it, but it was pretty big even tho they hold a large cash/bond position)they do buy lots of companies outright or majority stakes and their biggest winner geico was that exact situation of buying a company with potential in distress
>>61028467AmEx was another company in distress situation, their stock tanked because of a scandal that he correctly assumed wouldn't actually bother the people using the cards.The most recent big stock move he did was United Health after their CEO got shot, I'm surprised he didn't try to buy the entire thing though.
Buffett kept down on a lot of expenses and just let his wealth compound.
>>61028445Its more that berkshire is so big and well known, any move they make is market moving. They cant make small bets or guesses, because a million retards will pile in. And they have so much capital that any real buy moves the price.This might abate when Buffet is dead. Hence the huge cash reserve they then may be able to deploy without as much of the retard following pilling in.
>>61028476That was a bad bet. Turns out their fundamentals are shit. UH is all about aggressive upselling to medicaid. Overdiagnosing, asking for unnecessary treatment etc. That has now been restricted by Trump so their bottomline has been badly hurt.
>>61027127>I feel like very often you see young people who become very rich then just kinda stagnate around that wealth point where Warren never slowed downSome people get lucky once. Some people also have super retarded spending habits. If you're actually worth billions you can afford to fly private, but if you're just worth $10MM-$50MM netjets is a very very expensive habit
>>61028763Funny enough Warren owns netjets