Big Banks Cost Buffett Nearly $1.6 Billion in the First Week of Earnings Season
There's little denying that Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) CEO Warren Buffett is one of the greatest investment minds of our time. Buffett has managed to grow his net worth to $90 billion from just $10,000 in seed capital in the mid-1950s, all while creating more than $400 billion in value for Berkshire's shareholders. Not too shabby.
Maybe more interesting is the fact that Buffett isn't doing anything particularly special when it comes to the stock-picking process. There aren't any fancy software programs at work here. Rather, Buffett and his team buy brand-name companies with sustainable competitive advantages and hang onto these investments for a long period of time, thereby allowing compounding to do its work.
Berkshire Hathaway CEO Warren Buffett at his company's annual shareholder meeting. Image source: The Motley Fool.
Source Fool.com
