Episode Details

Warren Buffett born August 30, 1930, Omaha, Nebraska. 

Age 7: Reads "One Thousand Ways to Make $1000," starts selling newspapers. 

Age 11: Buys first stocks (Cities Service). 

Age 14: Saves $1,200, buys 40-acre farm. High school: Runs pinball machine business. 

1951: Graduates with $9,800 saved. Columbia: Studies under Benjamin Graham (value investing). 

1956: Launches Buffett Partnership. 1962: Millionaire ($7.2M managed). 

1965: Acquires Berkshire Hathaway textile mill ($7.60/share, $19 working capital/share). Transforms to insurance holding company. 

1988: Coca-Cola investment ($1.02B for 7%, held decades). 

Berkshire: $25 (1965) → $200K+ (2014). ~20% annual returns, double the market. 

Investment thesis: Circle of competence, margin of safety, durable competitive advantage, forever holds. 

Key quotes: "Be fearful when greedy, greedy when fearful." "Price is what you pay, value is what you get." "Temperament, not intellect." 

Applied to CRE: Midwest office dislocated (Chicago 25% distress). That's margin of safety. Buy beaten-down assets with fundamental value. Hold long-term. That's the goldmine.