Buffett became a billionaire 31 years ago on May 29th 1990, at the age of 59.
Buffett became a millionaire 29 years earlier in January 1962. He hit a net worth of 1m, when he was 30 and his company had 7m in assets.
Since 1962, Buffett’s net worth gain averages 4.7 million dollars a day.
Since 1990, Buffett’s average net worth gain has been 9 million dollars per day.
But cool thing is not really much has changed since 1962.
Still based in Omaha.
Core office staff is still about 20-30 people.
Strategy hasn’t changed.
This being in a world where over 90% of day traders lose money and over 70% of hedge funds lose money.
Berkshire Hathaway lost money only two years since starting in 1965 and one of which required a global disease pandemic to make it happen.
There’s a lot to be discussed about Warren Buffett & Berkshire Hathaway, but this is probably the simplest way to look at it.
22% of Berkshire is Apple stock.
13% is Bank of America
11% is Wells Fargo
10% is Coca Cola
8% is American Express
8% is Kraft Heinz
3% is Bancorp
3% is JP Morgan
2% is Moody’s
2% is Goldman
Those are the major ones in Berkshire Hathaway’s portfolio of companies they own stock in.
For what they own.
Geico-Bought for 2.3 billion
Dairy Queen-585 million
Fruit of the Loom-835 million
NetJets-725 million
Biggest purchase ever was BFSF railroads for 26 billion, but that company had 3.8 billion in profit the year purchased.
Why mention all of this?
Warren Buffett built over 100 billion in wealth in 60 years, because his ultimate skill in patience.
Tech stocks-Doesn’t touch
Crypto-Doesn’t touch
AMC/GameStop type stunts-Doesn’t touch
Warren Buffett’s strategy to getting so wealthy is patience.
Something I don’t believe 99% of people day trading, owning hedge funds or owning businesses believe in that idea.