1）搞錢，要從娃娃抓起！
他7 歲讀到一本書《1000種賺到1000美元的方法》，他就開始賣口香糖、可樂，挨家挨戶去推銷，一點點存現金流。
11歲： 買了人生第一支股票，經歷了從38刀跌到27刀。
14歲： 靠送報紙存下的1200刀買下40英畝農場。
大學畢業： 存款已達9800刀（相當於現在的18萬刀！）
🧱 2）他早期的第一桶金是生意
高中時期他和朋友買了一個二手彈珠機，25 美元，放到理髮店裡收硬幣。現金流穩定了，就再買第二台、第三台，放更多地點。 16 歲把這個小生意賣掉，賺了 1,200 美元。
而他很聰明的一點是，他會告訴店主這個需要維修等，其實根本不需要，每週還的去假裝維修，為的就是把主動權掌握自己手上。
他很早就懂得用一個小資產產生現金流，再用現金流擴張資產。
📚 3）真正改變命運的轉折
20歲出頭，他讀到本‧葛拉漢的《聰明的投資者》。他甚至為了跟葛拉漢學習，跑去讀商學院。他也願意為了學習，多次請求免費為葛拉漢工作。
他早期很典型地做“煙蒂投資”：買快死但便宜到離譜的公司，只要最後還能“抽一口”，就能賺到一筆。
🧾 4）25歲開合夥基金
25 歲，他拉了親友的錢當合夥基金，總共約 10.5 萬美元。
他用極少的自有資金啟動，但他用的是水位制的分割結構──前 6%不收，超過部分抽 25%。
這意味著：只要他持續跑贏市場，他的財富就會越來越快地滾動增產。
🗺️ 5）早期經典戰役：Sanborn Map
Sanborn 是個快沒落的地圖公司，但帳上有一大堆證券資產。股價 45 美元，但光現金和投資組合價值就值 65 美元。
巴菲特買持股 43%，上董事會，推動公司回購/釋出價值，最後賺了 44%。
🧪 6）風格改變：American Express
60年代，American Express遇到沙拉油醜聞，股價崩壞。別人恐慌，他去餐廳觀察：人們還在刷卡，品牌信任沒崩。於是他把合夥基金 40%資金押在 AmEx 上。
這是他第一次真正從「便宜資產」轉向「好生意」：他開始相信，某些企業的護城河不在資產負債表，而在消費者心裡。
🧒 1) Start making money from a young age!
At age 7, he read a book called "1000 Ways to Make $1000," and he started selling chewing gum and cola door-to-door, gradually building up cash flow.
At age 11: He bought his first stock, experiencing its price drop from $38 to $27.
At age 14: He used the $1200 he earned delivering newspapers to buy a 40-acre farm.
After graduating from college: His savings reached $9800 (equivalent to $180,000 today!).
🧱 2) His early fortune came from business.
In high school, he and a friend bought a used pinball machine for $25 and placed it in a barbershop to collect coins. Once the cash flow stabilized, they bought a second and a third machine, placing them in more locations. At 16, he sold this small business, earning $1200.
His cleverness lay in his ability to tell shop owners things needed repair, when they didn't actually require it. He would even go to the shop every week pretending to do repairs, all to maintain control.
He understood early on how to generate cash flow from a small asset and then use that cash flow to expand his assets.
📚 3) The Turning Point That Truly Changed His Fate
In his early twenties, he read Benjamin Graham's *The Intelligent Investor*. He even went to business school to learn from Graham. He was also willing to work for Graham for free multiple times to learn from him.
In his early career, he typically engaged in "cigar butt investing": buying companies that were about to fail but were ridiculously cheap, hoping to make a profit as long as they could still "take a puff" at the end.
🧾 4) Starting a Partnership Fund at 25
At 25, he raised money from relatives and friends to start a partnership fund, totaling approximately $105,000.
He started with very little of his own capital, but he used a tiered profit-sharing structure—no commission on the first 6%, and 25% on anything exceeding that.
This means that as long as he consistently outperforms the market, his wealth will grow exponentially faster.
🗺️ 5) Early Classic Battle: Sanborn Map
Sanborn was a declining map company, but it had a large amount of securities on its balance sheet. The stock price was $45, but its cash and portfolio value alone was worth $65.
Buffett bought a 43% stake, joined the board, and pushed for buybacks/value release, ultimately earning a 44% profit.
🧪 6) Style Shift: American Express
In the 1960s, American Express encountered a salad oil scandal, causing its stock price to plummet. While others panicked, he observed restaurants: people were still using credit cards; brand trust hadn't collapsed. So he invested 40% of his partnership fund in AmEx.
This was the first time he truly shifted from "cheap assets" to "good businesses": he began to believe that some companies' moats weren't on their balance sheets, but in the minds of consumers.
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