1960, Buffett, who just turned 30, met a more enthusiastic partner named William. Angel's friendly cardiologist. "Tao. Angel made a model train for Buffett and put it in the attic, willing to do anything for him. " "Warren asked me if I was interested in calling 10 doctors and asking them to invest $65,438+0,000 each," Anger recalled, so I found a group of doctors at Clarkson Hospital in a hotel at 49 Dodge Street. "

In public, Buffett had to show his face as a money manager, while in a restaurant-a cabin on the top of a mountain-he put it in Dell. After Carnegie learned it, he improved his speech skills at night school to show off. His black outline was set off by the dark summer sky, and he talked endlessly about Benjamin. Graham and Shakespeare were interrupted by a few well-meaning self-deprecations from time to time, and he spoke for nearly an hour.

The conversation at Clarkson Coffee Shop the next day was all about the same topic. An obstetrician said, "We shouldn't give money to that young man. He will go abroad." Arthur. Green, who had listened to Buffett's class, announced that he was not prepared to invest, because Buffett once satirized AT&T as an "old woman's stock" and he thought AT&T was "stupid". These words were said by Green later, but 1 1 doctors decided to take their chances. In Omaha, at least Buffett has made remarkable achievements.

The following year, Buffett made a bet of $654.38 million on a company, which was his biggest investment ever. If these doctors know, they will be dumbfounded. Dempster Machinery Factory is an 80-year-old windmill and agricultural tool factory located in Beatrice, Nebraska, 90 miles south of Omaha. The windmill manufacturing business can't emulate Xerox, so Dempster is struggling with stagnant sales and worrying profits. Buffett studied this kind of stock a few years ago-it is a cheap and typical Graham-style stock. 196 1 This year, he couldn't wait to buy the controlling share and invested115 of the partner's assets.

Buffett appointed himself as chairman (unusual for investors), a move that shows that he will never.

Willing to be only one investor.

1957: + 10.4% -8.4%

1958: +40.9% +38.5%

1959: +25.9% + 19.9%

1960: +22.8% -6.3%

196 1: +45.9% +22.2%

Five-year cumulative income +25 1.0%+74.3%.

This last pair of figures is worth seeing. Jones grew by 3/4, while Buffett's portfolio doubled and a half.

Buffett made friends with Weinberg, and Weinberg and his brothers invested 65,438+million. Another broker friend Henry. Brandt also made investments and recommended Buffett to customers.

Lawrence. Tisch was killed by Howard. Newman (Graham Newman's predecessor) fired a person and also invested 65,438+million.

Then there was a man named David. A native of new york, Rasl, his family's business is mainly to save troubled enterprises. Rasl flew to Omaha to buy the windmill company in Dempster, and Buffett met him at the airport. Strath said:

I have a typical New York attitude towards my servants. I have been to Harvard and studied at MIT. I just finished some business and feel good about myself. After we drove for a while, he began to ask some questions about the company mainly owned by our family. Hartford has Billings Company and Spencer Company, which make molds and metal scissors. Only about 2% is held by the public. I'm still not sure how he knows all this. Then he started asking me some questions about the balance sheet. He is much better than me in this respect, which makes me feel cold all over.

Strath, a "typical" new york native, immediately decided to invest.

Buffett Partnership, which started with 105000 USD, has reached 7.2 million capital by 1962, which is higher than Graham Newman in its heyday. A total of * * * 654.38+0 million belongs to Buffett personally. 1962.4438+0 If my performance is not good, I hope my partner will withdraw.

1963 438+0 There is no doubt that we will have such a period ... when we only eat tomatoes. ...

1964438+0 I firmly believe that we are out of line. Jones won't last long ...

1965 438+0 We don't think it is possible to keep overtaking for a long time. Jones 16.6 percentage points.

1966. 1 Anyone who believes that he can always achieve such achievements as 1965 should probably attend the weekly meeting of Halley's Comet Observer Club. In the years when we suffered losses, there would be times when we were below the standard. Jones' age-that's for sure.

The performance of 1966.7 should undoubtedly be considered abnormal.

Although he said so, his wings will never be soft. In the second five years of business operation, Buffett's performance is also shown in the following table:

The road of partner enterprises. Jones

1962: + 13.9% -7.6%

1963: +38.7% +20.6%

1964: +27.8% + 18.7%

1965: +47.2% + 14.2%

1966: +20.4% - 15.6%

After deducting Buffett's profit share, his limited partner's investment increased by 704.2%, that's right. For an initial investor like Edwin, Jones made six times the profit. The Davies. Every $6,543,800 has become $804,000 (the Davies, like everyone else, have been injecting more money).

The total assets of Buffett's partnership have increased to 44 million by the beginning of 1966.

In other words, Buffett runs a fairly large enterprise (although it is still much smaller than a huge mutual fund), and by the time he was 35, he had become quite rich. In June 1960 65438+ 10, he wrote to his partner: "Susie and I invested 6849936 yuan, which will prevent me from sneaking out to watch the movie in the afternoon."

An employee lied that "the wolf is coming" and was fired by the partner. These partners are short because of the shocking reality: Buffett beat him. The target of the Jones index has been lowered by 10 percentage point. From now on, he will work towards a moderate goal: making a profit of 9% or more every year. Jones 5 percentage points-any goal is lower than before. Those partners who had better opportunities rationally decided to leave him. "You must believe that I deeply regret this decision."

At the same time, there are also hints here. Buffett has more than 100000000000 private property, and he wants to take a less stressful approach than when he was "young and frivolous". Surprisingly, he began to think about many problems at the mature age of 3 1. He wants to engage in a non-economic activity or a business activity that does not take money as the only consideration.

Buffett's investment record obviously won't miss any details. Shortly after his letter was sent, he reported that the number of partnerships had increased by 30% in 1967. Jones increased by 65,438+07 percentage points, most of which came from American Rapid Transit Company. It has soared to 180 USD/share, accounting for 40% of the total portfolio at its peak. In this130,000 investment, Buffett made a profit of 20 million (he never told his partner the source of his wealth). He is also from Walter. Disney made a profit of 50%. Indeed, the Paris peace talks gave the market a shot in the arm. 65438 +0968+February, Dao. The Jones index climbed to 990, and Wall Street pinned its hopes on a series of unrealistic goals: ending the Vietnam War and making progress. The Jones index rose to 1000.

Buffett's partner company locked in a profit of 40 million yuan at 1968, which is the profit rate.

59%, his assets increased to104 million dollars. Without inspiration, he managed an unprecedented amount of funds, and with the peak of the market, Buffett experienced the most prosperous year. He defeated Tao. The Jones index is not just a gap of 5%-this is the minimum target set by itself-but 50 percentage points. He said that this result should be regarded as an abnormal behavior, just like winning 13 pier in bridge competition.