{"id":412916,"date":"2020-08-14T05:27:23","date_gmt":"2020-08-14T09:27:23","guid":{"rendered":"https:\/\/financhill.com\/blog\/?p=412916"},"modified":"2020-07-19T12:25:15","modified_gmt":"2020-07-19T16:25:15","slug":"why-is-warren-buffett-famous","status":"publish","type":"post","link":"https:\/\/financhill.com\/blog\/investing\/why-is-warren-buffett-famous","title":{"rendered":"Why Is Warren Buffett Famous?"},"content":{"rendered":"

Ask anyone to name a famous investor, and that person will probably answer \u201cWarren Buffett.\u201d Everyone seems to know Warren Buffett, presumably because he\u2019s one of the wealthiest people in the world. That\u2019s not the only reason that people around the world know his name. So, why is Warren Buffett famous?<\/span><\/p>\n

Warren Buffett Was Benjamin Graham\u2019s Best Student<\/span><\/h2>\n

Benjamin Graham (1894-1976) and Warren Buffett crossed paths at Columbia Business School<\/a>, where Graham taught classes on value investing. <\/span><\/p>\n

Buffett chose to attend Columbia specifically because he knew that Graham taught there. Buffett had been influenced by Graham\u2019s 1949 book,\u00a0<\/span>The Intelligent Investor<\/em><\/a>, and he wanted to learn more from the famed investor and educator.<\/span><\/p>\n

Buffett credits Graham with teaching him how to think about investing wisely.<\/p>\n

By 30, Warren Buffett Was a Millionaire<\/span><\/h2>\n

Warren Buffett\u2019s father<\/a> served four terms in the United States Congress, so the family had plenty of connections. Warren, however, didn\u2019t become a millionaire just because of his family\u2019s political and financial ties.<\/span><\/p>\n

Buffett worked hard and used his mathematical abilities to start making money at a young age. During school, he sold small items to earn money. He and a friend bought a used pinball machine and put it in an Omaha barbershop. It didn\u2019t take long for them to collect enough money to buy more pinball machines. Soon, they were collecting quarters from barbershop pinball machines all over town.<\/span><\/p>\n

Creative thinking and hard work paid off throughout Buffett\u2019s life. By his mid-20s, Buffett had amassed a net worth of at least $174,000<\/strong>. During his early 30s, he poured nearly all of his savings into an investment partnership. A decade later, his stake of the partnership was worth $1.8 million!<\/strong><\/span><\/p>\n

How many people can say that they became millionaires by 30? It was just the beginning for Buffett.<\/span><\/p>\n

Buffett Turned Berkshire Hathaway Around<\/span><\/h2>\n

Berkshire Hathaway<\/a>\u00a0has been in business since 1839. The company started as a textile manufacturer that eventually expanded into managing investments. <\/span><\/p>\n

During the 1960s, Buffett noticed something odd about Berkshire Hathaway\u2019s stock price. When the company shut down one of its mills, the price would decline. Clearly, Berkshire Hathaway didn\u2019t have reliable management. It was just a matter of time before the company failed.<\/span><\/p>\n