Warren Buffett is a multibillionaire and one of the wealthiest people on the planet. But he started as an ordinary young man with a dream of making millions.
Here is a question asked by a shareholder in the Berkshire Hathway meeting & the reply from Buffett.
(This video is from the Secrets of Investing YouTube channel)
Berkshire Meeting Q & A
Q: Mr. Buffett how can I make $30 billion?
A: “Start young, Charlie always said that the thing about it is we started building this little snowball on top of a very long hill. So, we started at a very early age in rolling the snowball down. And, of course, the snowball. The nature of compound interest is it behaves like a snowball sticky snow. The trick is to have a very long hill, which means after either starting very young or living to be very old. I would do it the same way if I were doing it in the investment world”
A: “I mean, if I were getting out of school today & I had $10,000 to invest, I’d start with the As. I would start going right through companies & I probably would focus on smaller companies because I would be working with smaller sums. There’s more chance that something is overlooked in that arena. As Charlie said earlier, it won’t be like doing that in 1951, when you could leap through & find all kinds of things that just left off the page at you. But that’s the only way to do it”
A: “You have to buy businesses or little pieces of business are called stocks, & you have to buy them at attractive prices & you have to buy into good businesses & that advice will be same 100 years from now in terms of investing, that’s what it’s all about. You can’t expect anybody else to do it for you. They will not tell you about wonderful little investments. It’s not the way the investment business is set up”
