1. WB came at a time where little IQ could get you a lot ahead. People were not skilled. There was a time where some knowledge of writing, reading and basic math could make a factory director. Now the same knowledge might not get you at the door of that same factory.
2. WB came at a time where it was easy to acquire and build. These were times when land was cheap. Competition was easy. And lots of sectors were not developed yet. Not the same circumstances now. Or, it is. I mean if I tell you there is some cheap land somewhere: let's go and build and invest. In 20 years it'll be worth a lot. Would you go for the deal?
3. WB age is 88. I'd rather have a couple million USD in my thirties than having a billion by the time I'm 80.
4. WB probably made extreme lifestyle sacrifices to have more digits in his bank account and more troubles/reports to read everyday.
TL;DR: WB suggests that you should be wise and reasonable. That's good. People suggests that you should follow WB. That's bad (unless reading financial statements is your hobby).
Warran Buffet did indeed have a couple million USD when he was in his 30s, back 55 years ago when a couple of million were worth around 20 million in today's money. Measured in today's money he probably had 2 million at some point in his mid/late 20s. He became a billionaire at 50-something.
> 4. WB probably made extreme lifestyle sacrifices to have more digits in his bank account and more troubles/reports to read everyday.
Possibly...I think those are just personal preferences. Apparently he rather likes his old house in the middle of nowhere. Apparently he prefers burgers and coca-cola to Michelin star restaurants with rare vintages. He seems to actually enjoy reading and buying up companies. He seems to be one of those few people who happened to get into a trade/profession that they had and aptitude for and enjoy.
There are many things going on here:
1. WB came at a time where little IQ could get you a lot ahead. People were not skilled. There was a time where some knowledge of writing, reading and basic math could make a factory director. Now the same knowledge might not get you at the door of that same factory.
2. WB came at a time where it was easy to acquire and build. These were times when land was cheap. Competition was easy. And lots of sectors were not developed yet. Not the same circumstances now. Or, it is. I mean if I tell you there is some cheap land somewhere: let's go and build and invest. In 20 years it'll be worth a lot. Would you go for the deal?
3. WB age is 88. I'd rather have a couple million USD in my thirties than having a billion by the time I'm 80.
4. WB probably made extreme lifestyle sacrifices to have more digits in his bank account and more troubles/reports to read everyday.
TL;DR: WB suggests that you should be wise and reasonable. That's good. People suggests that you should follow WB. That's bad (unless reading financial statements is your hobby).