| Warren Buffett was the only son of the Howard | | | | stay with him for years and he shared it often with |
| Buffett and Lelia Stahl. Leila worked as both a clerk | | | | others. Having bought three stock shares which cost |
| and secretary and after her marriage has a | | | | him $38 he immediately saw that stock price fall to |
| homemaker and mother. Howard worked as an | | | | $27, and then increase to $40. Fearing he may lose all |
| investment broker and spent four terms in Congress | | | | his money he sold his shares and made a small profit |
| as a U.S. representative. He was elected to | | | | of $5. Much to Warren's dismay the stock continue |
| "Congress in 1942 with a pledge to keep FDR from | | | | to increase in price and remained stable at $200. He |
| "fasten[ing] the chains of political servitude around | | | | learned the value of being patient and believing in his |
| America's neck." | | | | own decisions were solid factors in determining |
| He marked himself an oddball by returning a pay raise | | | | success in investing. |
| to the Treasury and by subjecting each piece of | | | | Warren Buffett loved number crunching - his love for |
| legislation to a simple test: "Will this add to, or | | | | math and money combined with the everyday |
| subtract from, human liberty?". Howard Buffett was | | | | encouragement of his father, in an investment firm |
| an extremely conservative man. While in Washington | | | | environment inspired Warren to attend Wharton |
| he was part of an elite organization, the John Birch | | | | School of Business. After two disappointing years he |
| Society, which fought against communism and liberal | | | | realized he knew substantially more than the |
| rebels. | | | | coursework could ever offer. |
| Presently, the John Birch Society is associated with | | | | He made the trip back home to Omaha and begun |
| the extreme right of American Politics. Warren was | | | | classes at the University of Nebraska. Soon after |
| very close to his father often following him to work. | | | | Buffet stumbled upon a text that would change |
| And his father made good use of his presence, | | | | himself and the world of investment forever. Warren |
| employing Warren to write prices and quotes on the | | | | read Ben Graham's The Intelligent Investor. Almost |
| board in his investment firm. His close bond with his | | | | instantaneously Buffett was hooked and resigned |
| father was further encourage but a tense relationship | | | | himself to becoming a student of Graham. |
| with his mother. Leila was prone to immense anger | | | | Luckily, for the investment world, Harvard Business |
| and violent outbursts. | | | | school failed to accept Warren and he went on to |
| Warren learned early that it was best to just avoid | | | | attend Columbia University where Graham was a |
| her. Regardless of their relationship, she seemed to | | | | professor of business. Graham and Buffett shared |
| have given birth to a full grown entrepreneur. | | | | similar beliefs in regards to investing and they soon |
| Warren's childhood is full of anecdotes which | | | | became fast friends. |
| exemplify his early ability to make money. | | | | Graham believe that profit could be made through |
| When Warren was six he bought and sold bottles of | | | | investing in companies that were below cost or |
| Cola making an easy 5 cent profit on each six pack. | | | | undervalued in the market. In 1954 Graham offered |
| He continued his business savvy in Washington Dc, | | | | Warren a job for $12,000 a year at his firm. |
| where he worked several paper routes. After saving | | | | Buffett spent two years learning from his revered |
| close to $1200 and moving back to Omaha he | | | | teacher gaining skills, confidence, and a net worth of |
| bought and then rented acres of farmland. Other | | | | $140,000. After Graham retired and his company was |
| childhood business ventures included pinball machines, | | | | closed, Warren once again returned to Omaha to |
| horse racing tip sheets, and buying and selling stock. | | | | open his own business - Buffett Partnership. |
| At 11 years old he would learn a lesson that would | | | | |