Warren Buffett may have been born with business in his blood. He purchased his first stock when he was 11 years old and worked in his family’s grocery store in Omaha.His father, Howard Buffett, owned a small brokerage, and Warren would spend his days watching what investors were doing and listening to what they said. As a teenager, he took odd jobs, from washing cars to delivering newspapers, using his savings to purchase several pinball machines that he placed in local businesses.
His entrepreneurial successes as a youth did not immediately translate into a desire to attend college. His father pressed him to continue his education, with Buffett reluctantly agreeing to attend the University of Pennsylvania. He then transferred to the University of Nebraska, where he graduated with a degree in business in three years.
After being rejected by the Harvard Business School, he enrolled in graduate studies at Columbia Business School. While there, he studied under Benjamin Graham – who became a lifelong friend – and David Dodd, both well-known securities analysts. It was through Graham’s class in securities analysis that Buffett learned the fundamentals of value investing. He once stated in an interview that Graham’s book, The Intelligent Investor, had changed his life and set him on the path of professional analysis to the investment markets.
Buffett married Susan Buffett in 1952. They had three children, Susie, Howard and Peter. In 1957, Buffett had three partnerships operating the entire year. In Omaha he purchased a five-bedroom stucco house where he presently lives for $31,500. In 1958 Buffett’s third child, Peter was born.Buffett operated five partnerships for the entire year.
And then the company grew to six partnerships operating the whole year and Buffett was introduced to Charlie in 1959. This was named Sanborn Map Company. Brick by brick he reached at the ultimate position by extending and expanding his business while planting himself with a position on the Board of Sanborn.
Finally in 1962, Warren Buffet became a millionaire and merged all his partnerships together into one. In 1999, he was named the top money manager of the Twentieth Century in a survey by the Carson Group.
Confident that the technology bubble would burst, Warren Buffett continued to do what he did best: Allocate capital to great businesses that were selling below intrinsic value. His efforts were rewarded. When the markets finally did come to their senses, Warren Buffett was once again a star. Berkshire’s stock recovered to its previous levels after falling to around $45,000 per share, and the man from Omaha was once again seen as an investment icon.