10 Wealthiest Americans and How They Got Rich
2) Warren Buffett
Warren Buffett is the man in command at Berkshire Hathaway, and is one of the most successful investors of all time. Many people know of Mr. Buffett, but few know how he made his first millions. In 1956, Buffett started several investment partnerships. By 1969, his stake was worth 20 million dollars after he liquidated his investment partnership. Assets that were under management had grown to 100 million dollars by this time. Buffett was the General Partner of Berkshire Hathaway, and as long as he remained so, he would a cut of the profits. The entire 13 years he ran the partnership he never had a losing year. He would invest in companies that generally undervalued securities and work-outs and control situations. Work-outs were companies that needed corporate actions to succeed instead of supply and demand. Control situations would have Berkshire Hathaway take control of a company or a large portion. This strategy worked because Warren Buffett is now the 2nd wealthiest American today.
