Manhattan Reborn 1978

Cripps organized his thoughts and introduced the prepared information to David.

Business alumnus Warren Buffett.

Warren Buffett was born on August 1930, 8, in Omaha, Nebraska.

In 1947, he entered the University of Pennsylvania to study finance and business management. Two years later, he transferred to the University of Nebraska-Lincoln and received a bachelor's degree in economics within one year.

In 1950, Buffett applied to Harvard University but was rejected.

Then he was admitted to Columbia University Business School and studied with the famous investment theorist Benjamin Graham.

During this period of study, his mentor Graham opposed speculation and advocated evaluating stock values ​​by analyzing a company's profitability, assets, future prospects and other factors. He imparted a wealth of knowledge and know-how to Buffett.

In 1951, at the age of 21, Buffett received a master's degree in economics from Columbia University. When he graduated, he received the highest rating of A+!

Ok.

Meet the top student again!

In 1957, he founded the Teffett Investment Club and managed $30 million in funds, which rose to $50 million by the end of the year.

In 1962, Buffett established "Buffett Partners, Inc."

In 1966, the U.S. stock market was booming, but Buffett was restless. Although the stocks in her hands were soaring, he found it difficult to find cheap stocks that met his standards.

In October 1967, the funds under Buffett's control reached $10 million.

At the beginning of 1968, his company's stock achieved its best performance in history: "a 46% increase."The Dow Jones Index only increased by 9%!

The funds under Buffett's control have risen to more than $2500 million, of which $[-] million belongs to him personally.

In May of the same year, when the stock market was booming, Buffett informed his partners that he was retiring.

He then gradually liquidated nearly all of the company's stock.

In June 1969, the stock market experienced a cliff-like decline, which gradually turned into a stock market crash.

In May 1970, the value of every stock dropped by more than 5% or more than a year ago!

1970 - During this year, the stock market was like a deflated rubber ball, meaninglessly angry.

Continued inflation and low growth have completely entered a cold winter period for the U.S. economy.

At this point, Warren Buffett's name is constantly on the lips of people on Wall Street.

Many people have asked Buffett for investment tips.

Because of this incident, Buffett gave several speeches at Columbia University and stated his investment strategy.

That’s what people talked about later, value investing!

David recorded these four words and Warren Buffett's name in his notebook and marked them with five stars!

Buffett was born in 30 years and is now 48 years old, about the same age as David Sr.

His legendary investment experience was not widely known to people around the world until the advent of the Internet era in the 21st century.

In David's opinion, this old man is definitely one of the examples of applying what he has learned.

Buffett transformed the knowledge he learned from his mentor, coupled with his keen intuition, rigorous investment standards, etc., into his own investment philosophy that belongs to this era.

The first time David heard of Warren Buffett's name was on the news.

The "Lunch with Buffett" charity auction started in 2000.

All proceeds from this auction were donated to the GLIDE Foundation, a charity located in San Francisco.

The lowest winning bid in this auction was $2001 in 1.

When David knew about the news, it was reported by Voice of China's "Evening News Peak" in 2014.

On June 2014, 6, the annual charity lunch auction of Warren Buffett, the stock god, came to an end.

In the end, this year’s meal cost nearly $217 million!

This greatly exceeded the transaction price of more than 100 million dollars last year and returned to the average level of more than 200 million dollars in the past few years.

David, who had never paid much attention to this type of news at the time, felt like after hearing it for the first time, he had lost more than 1000 million in one meal?

Are these people fools?

hehe~

By the time he arrived in 2019, he learned from the news that the transaction price of the 20th Buffett Ceshan lunch auction had reached 456 dollars.

David has calmed down a lot.

He didn't know whether the lunch at the steakhouse was good or not.

However, these people who spend money to auction must have their own purposes and ideas.

David in his previous life felt that he had eaten this melon anyway, but what about the others?

who cares!

Now. .

David looked at Cripps. He felt that if he had the opportunity in the future, he would have lunch with Buffett and have a good chat about his investment experience.

Wouldn't this save millions of dollars?

The two finished talking about Buffett.

Cripps took the coffee from Martin, took a comfortable sip, and started chatting with David about another business tycoon, Sam Walton.

In 1918, Sam Walton was born in the small town of Kingfisher, Oklahoma.

At the age of 18, he entered the University of Missouri to pursue a bachelor's degree in economics and served as the student body president of the university.

In 1940, shortly after the outbreak of World War II, Sam signed up to join the army and joined the U.S. Army Intelligence Department.

In 51, he returned to his hometown and borrowed $2 from his father-in-law, plus the $5000 he had saved while serving in the military. Together with his wife, he opened a store called "5&10" in Bentonville, Arkansas.

By 1960, Walton had 15 stores located in the Bentonville area, with an annual turnover of $140 million.

In 1962, he founded the first WalMart discount department store in Rogers City, with a business area of ​​1500 square meters.

In the first year, the turnover of his Wal-Mart store reached more than 70 U.S. dollars.

In 1969, Sam established Wal-Mart Stores Co., Ltd.

In 1972, Wal-Mart's shares were successfully listed on the New York Stock Exchange.

Until this year, the Wal-Mart department store under Sam Walton’s name had annual sales of close to 10 billion U.S. dollars!

Cripps told David: "Wal-Mart has a mission to help customers save every penny."

"Sam now delivers on his promise of the cheapest prices."

“Walmart has promoted the concept of super-class service and distinctive employees.”

"It will allow every customer who walks into Walmart to feel at home and attentive service."

David kept nodding.

He had been to the Wal-Mart owned by Uncle Sam Walton more than once in his previous life.

The service inside is really good.

But the price. .

Are there any cheap products?

have!Just a part.

Most of the rest are sold at regular prices, not as cheap as imagined. .

Um. .

David thought about it, Wal-Mart is undoubtedly a high-quality stock now, and its future growth potential is very high.

You can consider adding investment in it to the focus list of prudent investments.

Next year, David can acquire part of Wal-Mart's shares in the secondary market, then resell them and mortgage them with a bank to withdraw cash for investment.

In this way, the annual appreciation of Wal-Mart's stock itself can easily cover the loan interest, while the cash in David's hand has not decreased.

Isn’t that how capital works?

Borrow the neighbor's hen to lay eggs, then save the eggs and go to the chicken dealer to mortgage them in exchange for a chicken.

Then I went to my neighbor and told him, "Look, I already have my own hens. You can safely lend me a few more hens."

With such a cycle, David felt that he could play this routine game of capital until the end of the world!

Cripps, who was sitting opposite David, kept observing David's expression.

After he saw the smile on David's lips, he finally revealed the purpose of coming here to meet David today.

The number of graduates from Columbia University in recent years is more than three times the number of graduates from Princeton University.

Half of these students have chosen to leave New York and return to their hometowns or look for opportunities in other cities.

Most of the remaining half are working as low-level workers. It’s hard to get ahead!

Especially in the second half of this year.

Wall Street has begun drastic layoffs, and all companies in New York are reducing personnel expenses to varying degrees.

These Columbia University graduates who had just started working soon became unemployed.

David listened to this and nodded.

The situations of several universities are similar, and the problems they face are surprisingly consistent.

David feels that Cripps can check the current development status of the company.

So he has nothing to hide.

David made it clear to Calips that he was responsible for brainstorming, coming up with ideas, and solving some problems in the company.

He is not responsible for specific company development work, these are all done by Polly and Pine.

However, when it comes to the employment of Columbia students, the company can solve part of the staffing problem.

After finally receiving a clear answer from David, Cripps thanked David with a smile on his face.

David looked at Martin. He had held a job fair here yesterday.

He also wants to learn from Martin, who is an activist, and do whatever he can do immediately.

Thinking of this, he stood up directly, took the two of them to the first floor, and found the phone.

David asked the two of them to wait, picked up the phone and called Polly first.

After getting through, David told Polly about recruiting graduates from Columbia University and Princeton University into the company.

Of course Polly was in favor of this, she was in favor!

There are three good things about new graduates: they have less money, they are capable, and they are easy to teach.

Who doesn't like this?

David asked Polly again: "How many people do you need now?"

Polly's eyes swept across the table and thought for a moment: "The group is currently short of people in administration, finance, and legal affairs. It needs about 20-30 people."

"Trade, services, security, clothing design, clothing processing, advertising, transportation, and affordable stores also require administrative logistics, secretarial, and financial personnel."

"I don't have specific statistics on the specific number of personnel, but the work of a hundred people can still be arranged."

"Okay! Then let's decide to recruit 150 people first. If there is any need later, you can contact me and I will take care of it!"

"Okay, let's do this first, I'll kill Polly!"

click~

David put down the phone happily, feeling very beautiful.