On the 123rd day of the book copying, the copying continued.
Buffett's career:
In 1957, Buffett established the non-binding Buffett Investment Club, which managed $300,000 and rose to $500,000 by the end of the year.
Warren Buffett
In 1962, the capital of Buffett's partnership reached $7.2 million, of which $1 million belonged to Buffett personally. At that time, he merged several partner businesses into one "Buffett Partners Limited". The minimum investment amount was expanded to $100,000. The situation is a bit like a Chinese private equity fund or private investment company.
In 1964, Buffett's personal fortune reached $4 million, and by this time he had $22 million in his hands.
In the spring of 1966, the U.S. stock market was bullish, but Buffett was restless, and although his stock was soaring, he found it difficult to find cheap stocks that met his criteria.
In October 1967, Buffett's funds reached $65 million.
In 1968, Buffett's stock achieved its best result in history: 46 percent growth, while the Dow Jones index grew 9 percent. Buffett's funds rose to $104 million, of which $25 million belonged to Buffett.
In May 1968, when the stock market was on the rise, Buffett informed his partners that he was retiring. He then gradually liquidated almost all of the shares of Buffett's partners.
In June 1969, the stock market plummeted, gradually turning into a stock crash, and by May 1970, each stock was down 50% or more than at the beginning of the previous year.
Between 1970~1974, the US stock market was like a deflated leather ball, without a trace of anger, and sustained inflation and low growth made the US economy enter a period of "stagflation". However, the once-lost Buffett was secretly overjoyed because he saw that the money was about to roll in - he found too many cheap stocks.
In 1972, Buffett set his sights on the newspaper industry again, because he discovered that owning a brand-name newspaper was like owning a toll bridge, and any passers-by had to leave the money to buy the road. Beginning in 1973, he secretly cannibalized the Boston Globe and The Washington Post on the stock market, and his intervention led to a huge increase in The Post's profits, averaging 35 percent per year. 10 years later, the $10 million Buffett invested has appreciated to 200 million.
In 1980, he bought a 7% stake in Coca-Cola for $120 million at $10.96 per share. By 1985, Coca-Cola changed its business strategy and began withdrawing its money and investing in beverage production. The unit price of its shares has risen fivefold to $51.50. As for how much money has been earned, the amount can be staggered by investors all over the world.
In mid-1992, Buffett bought 4.35 million shares of General Dynamics, a high-tech defense industry company, for $74 a share, and by the end of the year the stock price had risen to $113. The $322 million stock that Buffett owned six months ago is worth $491 million.
By the end of 1994, it had grown into the $23 billion Berkshire industrial kingdom, which had long ceased to be a spinning mill and had become Buffett's sprawling investment financial group. From 1965~1998, Buffett's stock increased by an average of 20.2% per year, 10.1 percentage points higher than the Dow Jones index. If anyone had invested $10,000 in Buffett's company in 1965, he would have received $4.33 million in return by 1998, which means that whoever chose Buffett 33 years ago would have been on the rocket to make a fortune.
In March 2000, Buffett became honorary president of the RCA Institute of Certified Analysts.
Since 2000, Buffett has raised money for the Glide Foundation through online auctions. The reserve price starts at $50,000 for the chance to have dinner with Buffett.
In June 2006, Buffett announced that he would donate about 10 million Berkshire Hathaway B shares to the Bill & Melinda Gates Foundation's program, the largest charitable donation ever made in the United States.
On the evening of March 1, 2007, Berkshire Hathaway, the investment flagship company under Warren Buffett, announced its fiscal year 2006 results, showing that thanks to the hurricane "no-show", the company's main insurance business made a lot of profits, Berkshire's profit in 2006 increased by 29.2%. Earnings were $11.02 billion (up from $8.53 billion in the same period in 2005) and earnings per share were $7,144 ($5,338 in 2005).
In the 42 years from 1965~2006, the average annual growth rate of Berkshire's net assets reached 21.46%, with a cumulative growth of 361156%; Over the same period, the average annual growth rate of S&P 500 companies was 10.4%, with a cumulative increase of 6479%.
