Warren Buffet on the best advice he’s ever received
Young Buffett’s mentors told him it was a bad time to start, and Buffett even denied Buffett the chance to come work for him at his investment firm.
Sharing this with the publication, the investor said: “One thing in their minds was that Dow Jones Industrialists had been above 200 all year, and yet there had never been a year that it did not sell below 200.”
“So they both said, ‘It’ll be fine, but now’s not the right time to start,'” Buffet told the magazine for their compilation, ‘The Best Advice I Ever Got.’ He added that the mentors were trying to suggest he needed more maturity before he started.
“I was so immature. I didn’t just look young, I was young. I was skinny. My hair was horrible. Maybe their advice was their polite way of saying that before I started to sell stocks, I needed to mature a bit or I wasn’t going to be successful. But they didn’t tell me that, they said the other,” the CEO of Berkshire Hathaway said.
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Sharing how his teacher Graham told him the importance of having facts right, Buffet quoted him, “You are neither right nor wrong because others agree with you. You are right because your facts and your reasoning are correct.”
Despite rejections from his mentors, the young Buffett went ahead to do what he wanted, returning to his native Omaha to sell stocks in his father’s business. During this time, he also continued to stalk Graham about work and tried to sell him stock.
In 1954, Graham finally offered Buffett a role. He worked for his teacher for two years in New York before deciding to return to Omaha. By the time he stepped down, Buffett had built up a large personal fund and was considering how to use it.
Buffet then shared that a few months later, seven people wanted him to invest their money for them, and a partnership was the way to do that. “And that’s where it all started,” he noted. Today, the CEO of Berkshire Hathaway is one of the most successful investors in the world and has a fortune of $97 billion.