The Great Depression Online




Great Depression Online Archive Issue:

Getting Rich Over and Over Again

Great Depression Online
Long Beach, CA
October 30, 2009

Inside This Issue You Will Discover…

*** No Stocks Worth Buying
*** The Richest Man in the World
*** Getting Rich Over and Over Again
*** And More

“Rule No. 1: Never lose money.  Rule No. 2: Never forget Rule No. 1.” – Warren Buffett

No Stocks Worth Buying

In 1966 Warren Buffett did the unthinkable.  He closed down his investment partnership to new money.  After having successfully parlayed his returns over and over again through the bull market of the 1950s early 1960s, Buffett was out of good ides.  He’d looked around every corner and under every rock and couldn’t find a stock worth buying. 

In his letter to shareholders, Buffett wrote…

“…unless it appears that circumstances have changed (under some conditions added would improve results) or unless new partners can bring some asset to the partnership other than simply capital, I intend to admit no additional partners to BPL.”

Then, in 1969, following a successful year, Buffett liquidated the partnership and transferred assets to his partners…this time saying he was “unable to find any bargains in the current market.”

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Warren Buffett has made and kept more money through the stock market than any other private investor in the entire world.  As a matter of fact, he has become nearly the richest person in the world without ever starting his own business, owning a patent, or developing new business or investment methods.  He has become a billionaire exclusively through investing, and is the only billionaire to have done so.

You Can Too 

~~~~~~~~~~~~~~~~~~~~~~~~~

Wall Street scoffed at him.  For didn’t Buffett know about the nifty-fifty.  It was the proven, intelligent way to make a fortune in stocks.

Buffett, of course, new all about the nifty-fifty.  What’s more, he’d actually taken the time to evaluate all fifty stocks and found them all to be far too expensive.  It didn’t take long for Buffett to be proven right…stocks fell 36.4 percent over the next nine years.

The Richest Man in the World

By the mid-1970s, everyone just knew stocks were a horrible investment…they were down 39.6 percent over the previous two years.  Yet, Buffett, through his controlling interest in Berkshire Hathaway, was buying shares of companies no one seemed to care about…See’s Candy, GEICO, and later on, Coca-Cola.

Where others saw red ink, losses, and a doomed economy, Buffett saw value, bargains…stocks at fire sale prices.  Again, Buffett was right.

In 1956, Buffett had $174,000 in personal savings.  Six years later he was a millionaire.  But by 1979, Buffett’s net worth reached $620 million.

Still, at that point, Buffett’s accumulation of wealth had only just begun.  He bought boring, uninteresting, companies and continued to make a fortune.  When others went bananas over tech stocks in the late 1990s, Buffett stayed away…saying he didn’t understand them.  Instead he bought insurance companies.

And by 2008, Buffett was the richest man in the world…worth $62 billion.

Time and time again, how did Buffett do it?

Getting Rich Over and Over Again

In a profession that’s full of one hit wonders, who disappear from the scene as quickly as they first appeared, Warren Buffett has a 50-year track record of success.

So how does he do it?

More than anything else, strict adherence to the value investing philosophy is what brought Buffett immense wealth.  In fact, Buffett studied under Benjamin Graham, the Grandfather of value investing, at Columbia Business School, in the early 1950s.

The basic ideas of investing,” said Buffett, “are to look at stocks as business, use the market’s fluctuations to your advantage, and seek a margin of safety.  That’s what Ben Graham taught us.  A hundred years from now they will still be the cornerstones of investing.”

It’s as simple as that

Sincerely,

M.N. Gordon
Great Depression Online

P.S.  You may be surprised at just how simple and practical Warren’s principles and strategies are.  At a time when “get rich quick” money-making schemes are on the rise, it is inspiring and refreshing to gain the insights of a man who accumulated his wealth with good old-fashioned, time-proven investment strategies.

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