That his decision to invest $5 billion in Goldman was right was proven within hours as Buffett made a notional profit of $783 million (over Rs 3,620 crore) no soon than the deal was made.
So who is Warren Buffett? And what makes him such a legendary investor? What are his mantras for success? Read on . . .
The world's second richest man, Warren Buffett, is the chairman of the Berkshire Hathaway. He is one of the most successful investors the world has ever seen.
As a young boy, Buffett, the son of a stockbroker, always yearned to make more money. He started making pocket money by delivering newspapers.
When he was just eleven years old, Buffett bought his first stock. He purchases 6 shares of Cities Service preferred stock: 3 shares for himself, 3 for his sister, Doris, at $38 per share. The stock fell to $27 but went up to $40. Warren and Doris sold their stock for a small margin. Immediately after that, the stock zoomed to $200 per share, much to his disappointment.
That's when he learnt a very important lesson in life: Patience pays!
Image: Demonstrators protest the proposed $700 billion Wall Street bailout near Bowling Green Park in the Financial District in New York. | Photograph: Nicholas Roberts/AFP/Getty Images
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