CINXE.COM

<!DOCTYPE html><html lang="en" prefix="og: https://ogp.me/ns#" itemscope="" itemtype="https://schema.org/WebPage" data-reactroot=""><head><title data-rh="true" itemProp="name">Buffett Timeline</title><meta data-rh="true" name="viewport" content="initial-scale=1.0, width=device-width"/><meta data-rh="true" http-equiv="X-UA-Compatible" content="IE=Edge"/><meta data-rh="true" property="AssetType" content="wildcard"/><meta data-rh="true" property="pageNodeId" content="105099041"/><meta data-rh="true" itemProp="description" name="description"/><meta data-rh="true" property="og:type" content="website"/><meta data-rh="true" property="og:title" content="Buffett Timeline"/><meta data-rh="true" property="og:description"/><meta data-rh="true" property="og:url" content="https://buffett.cnbc.com/buffett-timeline/"/><meta data-rh="true" property="og:site_name" content="CNBC"/><meta data-rh="true" http-equiv="pics-label" content="(pics-1.1 &quot;http://www.icra.org/ratingsv02.html&quot; l gen true for &quot;http://www.msnbc.msn.com&quot; r (nz 1vz 1lz 1oz 1cz 1) &quot;http://www.rsac.org/ratingsv01.html&quot; l gen true for &quot;http://www.msnbc.msn.com&quot; r (l 0n 0s 0v 0))"/><meta data-rh="true" itemProp="dateCreated" content="2018-03-29T20:58:13+0000"/><meta data-rh="true" itemProp="dateModified" content="2019-01-22T22:07:38+0000"/><meta data-rh="true" itemProp="lastReviewed" content="2019-01-22T22:07:38+0000"/><meta data-rh="true" itemProp="inLanguage" content="en-US"/><meta data-rh="true" itemProp="sourceOrganization" content="CNBC"/><meta data-rh="true" property="og:image" itemProp="image" content="https://image.cnbcfm.com/api/v1/image/105144400-WBA-OG-Tag.jpg?v=1524171804"/><meta data-rh="true" name="twitter:image:src" content="https://image.cnbcfm.com/api/v1/image/105144400-WBA-OG-Tag.jpg?v=1524171804"/><meta data-rh="true" name="twitter:card" content="summary_large_image"/><meta data-rh="true" name="twitter:site" content="@CNBC"/><meta data-rh="true" name="twitter:url" content="https://buffett.cnbc.com/buffett-timeline/"/><meta data-rh="true" name="twitter:title" content="Buffett Timeline"/><meta data-rh="true" name="twitter:description"/><meta data-rh="true" name="twitter:creator" content="@CNBC"/><meta data-rh="true" property="article:publisher" content="https://www.facebook.com/cnbc"/><meta data-rh="true" property="article:published_time" content="2018-03-29T20:58:13+0000"/><meta data-rh="true" property="article:modified_time" content="2019-01-22T22:07:38+0000"/><meta data-rh="true" itemProp="contentRating" content="NR"/><meta data-rh="true" name="tp:PreferredRuntimes" content="universal"/><meta data-rh="true" name="tp:PreferredFormats" content="M3U,MPEG4"/><meta data-rh="true" name="tp:initialize" content="false"/><meta data-rh="true" itemProp="primaryImageOfPage" content="https://image.cnbcfm.com/api/v1/image/105144400-WBA-OG-Tag.jpg?v=1524171804"/><meta data-rh="true" name="parsely-metadata" content="{&quot;nodeid&quot;:105099041,&quot;originalImage&quot;:&quot;https://sc.cnbcfm.com/applications/cnbc.com/resources/img/editorial/2015/03/30/102546467-Most-Popular--Image-Placeholder-Large.jpg&quot;}"/><link data-rh="true" itemProp="url" rel="canonical" href="https://buffett.cnbc.com/buffett-timeline/"/><link data-rh="true" rel="icon" type="image/png" href="/favicon.ico"/><link data-rh="true" href="https://plus.google.com/+CNBC" rel="author"/><script data-rh="true" type="text/javascript" src="https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/scripts/libraries/JW/jwplayer-unlimited-8.2.3/jwplayer.js"></script><script data-rh="true" type="text/javascript" src="https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/scripts/libraries/JW/newrelic-video-jwplayer.min.js" defer=""></script><script data-rh="true" type="text/javascript" src="https://sb.scorecardresearch.com/c2/plugins/streamingtag_plugin_jwplayer.js" defer=""></script><script data-rh="true" type="application/ld+json">{"@context":"https://schema.org","@type":"WebPage","description":null,"mainEntityOfPage":"https://buffett.cnbc.com/buffett-timeline/","url":"https://buffett.cnbc.com/buffett-timeline/","headline":"Buffett Timeline","dateCreated":"2018-03-29T20:58:13+0000","datePublished":"2018-03-29T20:58:13+0000","dateModified":"2019-01-22T22:07:38+0000","publisher":{"@type":"Organization","name":"CNBC","url":"https://www.cnbc.com/","logo":{"@type":"ImageObject","url":"http://sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/cnbc-hdr-logo2.png","width":360,"height":60},"sameAs":["https://www.facebook.com/cnbc","https://www.instagram.com/cnbc","https://www.linkedin.com/company/cnbc","https://twitter.com/cnbc"]},"image":{"@type":"ImageObject","url":"https://image.cnbcfm.com/api/v1/image/105144400-WBA-OG-Tag.jpg?v=1524171804","width":"720","height":"405"},"thumbnailUrl":"https://image.cnbcfm.com/api/v1/image/105144400-WBA-OG-Tag.jpg?v=1524171804&w=720&h=405","keywords":["buffett","Warren Buffett Archive"]}</script><script data-rh="true">var __CNBC_META_DATA={"id":105099041,"brand":"buffett","template":"buffettTimeline","layout":[],"type":"wildcard","title":"Buffett Timeline","premium":false,"native":false,"section":{"id":105047667,"headline":"Explore","tagName":"Warren Buffett Archive","url":"https://buffett.cnbc.com/warren-buffett-archive/","type":"franchise","title":"The definitive collection|||Buffett in his own words","eyebrow":"Warren Buffett Archive","subType":"section","__typename":"franchise","tagNameFormatted":"warren buffett ","tagNameFormattedFull":"warren buffett archive"},"description":null,"url":"https://buffett.cnbc.com/buffett-timeline/","datePublished":"2018-03-29T20:58:13+0000","creatorOverwrite":null,"expires":null,"promoImage":null,"relatedTags":[],"author":[],"featuredMedia":null,"seoTitle":"Buffett Timeline","dateFirstPublished":"2018-03-29T20:58:14+0000","dateLastPublished":"2019-01-22T22:07:38+0000","relatedTagsFiltered":[],"headline":"Buffett Timeline","tagName":null,"tagNameFormatted":"NA","tagNameFormattedFull":"NA","slug":"DO NOT DELETE - Buffett Timeline","sourceOrganization":null,"projectTeamContent":[],"relatedTagsFilteredFormatted":"NA","relatedTagsFilteredFormattedFull":"NA","additionalSectionContent":[],"additionalSectionContentFormatted":"NA","additionalSectionContentFormattedFull":"NA","relatedContent":[],"sectionHierarchy":[{"id":105047667,"tagName":"Warren Buffett Archive","tagNameFormatted":"warren buffett ","tagNameFormattedFull":"warren buffett archive","order":1,"__typename":"sectionHierarchy"}],"sectionHierarchyFormatted":"warren buffett ","sectionHierarchyFormattedFull":"warren buffett archive","projectContent":[],"projectTeamContentFormatted":"NA","projectTeamContentFormattedFull":"NA","projectContentFormatted":"NA","projectContentFormattedFull":"NA","creatorOverwriteFormatted":"NA","sourceOrganizationFormatted":"NA","sourceOrganizationFormattedFull":"NA","authorFormatted":"NA","authorFormattedFull":"NA","subDomain":"https://buffett.cnbc.com","liveURL":"/buffett-timeline/","pageName":"105099041|buffett-timeline","shortDatePublished":"03/29/2018","shortDateLastPublished":"01/22/2019","shortDateFirstPublished":"03/29/2018","publisher":{"name":"CNBC","logo":"http://sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/cnbc-hdr-logo2.png","__typename":"publisher"},"__typename":"page"};var mpscall = {"id":105099041,"slug":"DO NOT DELETE - Buffett Timeline","type":"wildcard","title":"Buffett Timeline","headline":"Buffett Timeline","pubdate":1522357094,"cat":"Warren Buffett Archive","adunits":"Top Banner|Box Rail|Box Inline|Logo|Mid Responsive|Countdown Clock|Sponsor Logo|Native Ultra Dense|Native Three Up|Native Ticker|Box Search","dateline":1522357093,"nid":105099041,"site":"cnbc-buffett","content_id":105099041,"path":"/id/105099041","cag[template]":"buffettTimeline","is_sponsored":0,"is_premium":0,"cag[source]":"","cag[brand]":"buffett","cag[creator]":"","cag[company]":"","cag[team]":"","cag[section]":"Warren Buffett Archive","cag[tags]":"","cag[additional_sections]":"","subtype":"section","cag[datePublished]":1522357093,"cag[dateLastPublished]":1548194858,"cag[dateFirstPublished]":1522357094,"cag[creator_overwrite]":null,"cag[project]":""} || {};mpscall.path = mpscall.path || window.location.pathname + (window.location.search ? '?' + window.location.search : ''); var mpsopts = mpsopts || {"host":"mps.cnbc.com","updatecorrelator":true,"callback":"mpsCallback"} || {};var mps=mps||{};mps._ext=mps._ext||{};mps._adsheld=[];mps._queue=mps._queue||{};mps._queue.mpsloaded=mps._queue.mpsloaded||[];mps._queue.mpsinit=mps._queue.mpsinit||[];mps._queue.gptloaded=mps._queue.gptloaded||[];mps._queue.adload=mps._queue.adload||[];mps._queue.adclone=mps._queue.adclone||[];mps._queue.adview=mps._queue.adview||[];mps._queue.refreshads=mps._queue.refreshads||[];mps.__timer=Date.now?Date.now():(function(){return+new Date})();mps.__intcode="v2";if(typeof mps.getAd!="function")mps.getAd=function(adunit){if(typeof adunit!="string")return false;var slotid="mps-getad-"+adunit.replace(/W/g,"");if(!mps._ext||!mps._ext.loaded){mps._queue.gptloaded.push(function(){typeof mps._gptfirst=="function"&&mps._gptfirst(adunit,slotid);mps.insertAd("#"+slotid,adunit)});mps._adsheld.push(adunit)}return'<div id="'+slotid+'" class="mps-wrapper" data-mps-fill-slot="'+adunit+'"></div>'};(function(){head=document.head||document.getElementsByTagName("head")[0],mpsload=document.createElement("script");mpsload.src="//"+mpsopts.host+"/fetch/ext/load-"+mpscall.site+".js?nowrite=2";mpsload.id="mps-load";head.insertBefore(mpsload,head.firstChild)})();</script><script data-rh="true" src="//fm.cnbc.com/applications/cnbc.com/resources/search/buffett-search-prod.js?v=1" type="text/javascript"></script><link href="https://static-buffett.cnbcfm.com/dist/main-3c551945ece18e2660eb.css" rel="stylesheet" as="style" media="screen, projection" type="text/css" charSet="UTF-8"/></head><body><div id="root"><div class="App-containerClick" data-reactroot=""><div id="BrandPageWrapper"><div class="JumpLink-container"><a href="#MainContent" alt="" class="JumpLink-link" target="" title="" role="" tabindex="" data-type="" aria-label="">Skip Navigation</a></div><div id="BuffettNavigation" class="Buffett-buffettNav"><div id="sponsored-logo" class="timeline sponsoredLogoWrapper"></div><div class="Buffett-timeline Buffett-hubs Buffett-globalNavigationWrapper"><div class="Buffett-globalNavigationContainer"><div class="Buffett-globalNavigationBranding"><div class="Buffett-globalNavigationMenuWrapper"><a href="//buffett.cnbc.com" alt="" class="" target="" title="" role="" tabindex="" data-type="" aria-label=""><img class="Buffett-globalNavigationLogo" src="data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0idXRmLTgiPz4KPCEtLSBHZW5lcmF0b3I6IEFkb2JlIElsbHVzdHJhdG9yIDIyLjAuMSwgU1ZHIEV4cG9ydCBQbHVnLUluIC4gU1ZHIFZlcnNpb246IDYuMDAgQnVpbGQgMCkgIC0tPgo8c3ZnIHZlcnNpb249IjEuMSIgaWQ9IkxheWVyXzEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgeG1sbnM6eGxpbms9Imh0dHA6Ly93d3cudzMub3JnLzE5OTkveGxpbmsiIHg9IjBweCIgeT0iMHB4IgoJIHZpZXdCb3g9IjAgMCAyNTMgMTgiIHN0eWxlPSJlbmFibGUtYmFja2dyb3VuZDpuZXcgMCAwIDI1MyAxODsiIHhtbDpzcGFjZT0icHJlc2VydmUiPgo8c3R5bGUgdHlwZT0idGV4dC9jc3MiPgoJLnN0MHtmaWxsOiNGRkZGRkY7fQoJLnN0MXtmaWxsOiNEMUJCN0U7fQo8L3N0eWxlPgo8Zz4KCTxwb2x5Z29uIGNsYXNzPSJzdDAiIHBvaW50cz0iMjYuMiwyLjEgMjAuNCwyLjEgMjAuNCwzLjQgMjIuNCw0IDE5LjUsMTMuNSAxNi4yLDMuNyAxOCwzLjQgMTgsMi4xIDkuOSwyLjEgOS45LDMuNCAxMS41LDMuNyAKCQkxMi4zLDUuOCA5LjgsMTMuNSA2LjUsMy43IDguMywzLjQgOC4zLDIuMSAwLDIuMSAwLDMuNCAxLjgsMy43IDYuOSwxNy45IDkuOSwxNy45IDEzLjEsOC4yIDE2LjYsMTcuOSAxOS43LDE3LjkgMjQuNCwzLjkgCgkJMjYuMiwzLjQgCSIvPgoJPHBhdGggY2xhc3M9InN0MCIgZD0iTTY4LjQsMTUuMmMtMiwwLTMuNy0xLjEtNC4xLTMuNkg3MmMtMC4xLTMuMi0xLjUtNS45LTUuMS01LjljLTIuOSwwLTYuNCwyLjMtNi40LDYuNmMwLDIuOSwxLjgsNS43LDUuOCw1LjcKCQljMy4zLDAsNC43LTEuOSw1LjgtMy4yTDcxLjUsMTRDNzEuNSwxNCw3MC4yLDE1LjIsNjguNCwxNS4yeiBNNjYuMyw3LjFjMS40LDAsMS44LDEuNCwxLjgsMi45aC00QzY0LjMsOC4xLDY1LjIsNy4xLDY2LjMsNy4xeiIvPgoJPHBhdGggY2xhc3M9InN0MCIgZD0iTTM2LDE1LjFWMTBjMC0yLjktMS4xLTQuMy00LjUtNC4zYy0zLjEsMC01LjgsMS44LTUuOCwzLjJjMCwwLjksMC42LDEuNCwxLjUsMS40YzAuNywwLDEuNC0wLjIsMS44LTAuNFY3LjQKCQljMC4yLTAuMSwwLjgtMC4yLDEuMS0wLjJjMS40LDAsMS45LDEuMywxLjksMi44djAuN2wtMywwLjdjLTIuMiwwLjUtMy43LDEuMy0zLjcsMy4zYzAsMS45LDEuNSwzLjIsMy41LDMuMmMxLjgsMCwyLjYtMS4xLDMuMy0yLjIKCQloMC4xYzAuMywxLjIsMC43LDIuMiwyLjQsMi4yYzEuNCwwLDMuMy0wLjksMy4zLTAuOXYtMUgzN0MzNi4zLDE2LDM2LDE1LjksMzYsMTUuMXogTTMyLDE1LjFjLTAuMiwwLjItMC43LDAuNS0xLjIsMC41CgkJYy0wLjgsMC0xLjYtMC42LTEuNi0xLjdjMC0wLjgsMC40LTEuNCwxLjktMS44bDAuOS0wLjJWMTUuMXoiLz4KCTxwYXRoIGNsYXNzPSJzdDAiIGQ9Ik00Nyw1LjZjLTEuMywwLTIuMiwxLjEtMi44LDIuMmwtMC4xLDAuMmgwbC0wLjgtMi4zaC0wLjFsLTQuNiwxLjNWOGwxLjYsMC4zVjE2bC0xLjYsMC4zdjEuM2g3Ljl2LTEuMwoJCUw0NC4zLDE2VjguNmwwLjQtMC4ybDIuOSwxLjRjMCwwLDEuMi0wLjgsMS40LTIuMkM0OS4xLDYuNSw0OC4zLDUuNiw0Nyw1LjZ6Ii8+Cgk8cGF0aCBjbGFzcz0ic3QwIiBkPSJNNTguMSw1LjZjLTEuMywwLTIuMiwxLjEtMi44LDIuMmwtMC4xLDAuMmgwbC0wLjgtMi4zaC0wLjFsLTQuNiwxLjNWOGwxLjYsMC4zVjE2bC0xLjYsMC4zdjEuM2g3Ljl2LTEuMwoJCUw1NS4zLDE2VjguNmwwLjQtMC4ybDIuOSwxLjRjMCwwLDEuMi0wLjgsMS40LTIuMkM2MC4xLDYuNSw1OS4zLDUuNiw1OC4xLDUuNnoiLz4KCTxwYXRoIGNsYXNzPSJzdDAiIGQ9Ik0xNjMuNSwxNS42Yy0wLjgsMC0xLjgtMC4yLTEuOC0xLjdWNy43aDIuOFY2LjFoLTIuOVYyLjVoLTEuMWwtMi44LDMuM2wtMS42LDAuNnYxLjJoMS42bC0wLjEsNy4zCgkJYzAsMS45LDAuNywzLjEsMi45LDMuMWMyLjMsMCw0LjMtMS4xLDQuMy0xLjFsLTAuMy0xLjNDMTY0LjUsMTUuNiwxNjQuMSwxNS42LDE2My41LDE1LjZ6Ii8+Cgk8cGF0aCBjbGFzcz0ic3QwIiBkPSJNODYuOCw5LjVjMC0yLjctMS40LTMuOS0zLjktMy45Yy0xLjksMC0zLjMsMS4zLTQsMmgwbC0wLjUtMi4xaC0wLjFsLTQuOCwxLjNWOGwxLjYsMC4zVjE2bC0xLjYsMC4zdjEuM2g2LjkKCQl2LTEuM0w3OS4xLDE2VjguNEM3OS41LDguMyw4MCw4LjEsODAuNiw4YzEuNSwwLDIuMiwwLjksMi4yLDIuNlYxNmwtMS4yLDAuM3YxLjNoNi45di0xLjNMODYuOCwxNlY5LjV6Ii8+Cgk8cGF0aCBjbGFzcz0ic3QwIiBkPSJNMTczLjUsMTUuNmMwLDAtMC40LDAtMSwwYy0wLjgsMC0xLjgtMC4yLTEuOC0xLjdWNy43aDIuOFY2LjFoLTIuOVYyLjVoLTEuMWwtMi44LDMuM2wtMS42LDAuNnYxLjJoMS42CgkJbC0wLjEsNy4zYzAsMS45LDAuNywzLjEsMi45LDMuMWMyLjMsMCw0LjMtMS4xLDQuMy0xLjFMMTczLjUsMTUuNnoiLz4KCTxwYXRoIGNsYXNzPSJzdDAiIGQ9Ik0xNTEuNCwxNS4yYy0yLDAtMy43LTEuMS00LjEtMy42aDcuOGMtMC4xLTMuMi0xLjUtNS45LTUuMS01LjljLTIuOSwwLTYuNCwyLjMtNi40LDYuNmMwLDIuOSwxLjgsNS43LDUuOCw1LjcKCQljMy4zLDAsNC43LTEuOSw1LjgtMy4ybC0wLjYtMC43QzE1NC42LDE0LDE1My4zLDE1LjIsMTUxLjQsMTUuMnogTTE0OS4zLDcuMWMxLjQsMCwxLjgsMS40LDEuOCwyLjloLTQKCQlDMTQ3LjMsOC4xLDE0OC4zLDcuMSwxNDkuMyw3LjF6Ii8+Cgk8cGF0aCBjbGFzcz0ic3QwIiBkPSJNMTQxLjIsMS40YzAuMywwLDAuNywwLjEsMSwwLjJsMC43LDIuNWMwLDAsMC40LDAuMSwwLjksMC4xYzEuNCwwLDEuOC0wLjYsMS44LTEuNmMwLTEuMy0xLjQtMi43LTMuNi0yLjcKCQljLTEuOCwwLTMuMywwLjgtNC41LDEuOWMtMC42LTAuOC0yLTEuNS0zLjktMS41Yy0zLjMsMC01LjgsMi4yLTYuNCw1LjRsLTEuNiwwLjV2MS4yaDEuNlYxNmwtMS42LDAuM3YxLjNoNy4xdi0xLjNsLTEuNS0wLjNWNy42CgkJaDQuNFYxNmwtMS41LDAuM3YxLjNoNy42di0xLjNsLTIuMi0wLjNWNy42aDIuOVY2LjFoLTIuOVY0LjNDMTM5LjYsMi40LDE0MC4xLDEuNCwxNDEuMiwxLjR6IE0xMzUuNyw1Ljd2MC40aC00LjRWNS45CgkJYzAtMy4yLDAuOC00LjEsMi4xLTQuMWMwLjYsMCwxLjIsMC4zLDEuNSwwLjVsMSwyLjFDMTM1LjcsNC44LDEzNS43LDUuMywxMzUuNyw1Ljd6Ii8+Cgk8cGF0aCBjbGFzcz0ic3QwIiBkPSJNMTAyLjYsOS4zTDEwMi42LDkuM2MyLjctMC40LDUuMi0xLjQsNS4yLTMuN2MwLTIuNC0yLjEtMy42LTYuNi0zLjZsLTcuNiwwdjEuM2wxLjksMC4zVjE2bC0yLDAuM3YxLjNsNy4yLDAKCQljNC43LDAsOC0xLjEsOC00LjNDMTA4LjcsMTAuNCwxMDUuOSw5LjMsMTAyLjYsOS4zeiBNOTkuOCwzLjNjMi41LDAuMSwzLjgsMS4zLDMuOCwzYzAsMS40LTAuOSwyLjQtMy44LDIuNlYzLjN6IE0xMDEuNywxNi40CgkJYy0wLjksMC0xLjgtMC41LTEuOC0xLjRWOS45aDFjMi4yLDAuNCwzLjQsMS43LDMuNCwzLjhDMTA0LjMsMTUuNSwxMDMuMSwxNi40LDEwMS43LDE2LjR6Ii8+Cgk8cGF0aCBjbGFzcz0ic3QwIiBkPSJNMTIzLDUuN2wtNS44LDAuNnYxLjJsMS43LDAuM1YxNWMtMC4zLDAuMy0wLjksMC42LTEuNywwLjZjLTEuNCwwLTEuOC0xLjEtMS44LTIuNVY1LjdsLTUuNiwwLjZ2MS4ybDEuNiwwLjMKCQl2Ni41YzAsMi45LDIuMiwzLjcsMy45LDMuN2MyLjIsMCwzLjQtMS4zLDQtMi4xbDEuMSwyLjJsNC4zLTAuOXYtMS4ybC0xLjYtMC4zVjUuN3oiLz4KPC9nPgo8cGF0aCBjbGFzcz0ic3QxIiBkPSJNMTc5LDE3LjRsMC4xLTAuOGwxLjQtMC41bDguMi0xNC4xbDAuOS0wLjFsMS0wLjNsMi4yLDE0LjZsMS41LDAuNGwtMC4yLDAuOGgtNmwwLjItMC45bDItMC41bC0wLjYtNGgtNS41CglsLTIuMSwzLjlsMi4xLDAuNmwtMC4yLDAuOUgxNzl6IE0xODguNiw0bC0zLjYsNi42aDQuNUwxODguNiw0TDE4OC42LDR6IE0xOTUuOCwxNy41bDAuNy0yLjhjMS0zLjksMS41LTYuNiwxLjUtNi42bC0xLjgtMC40VjcuNQoJYzAsMCwxLjQtMS41LDIuOC0xLjVjMS4yLDAsMS40LDEuMSwwLjksMi43bC0xLjIsNC4yaDAuM2MxLjktNC4zLDMuMS02LjgsNS4xLTYuOGMwLjcsMCwxLjIsMC40LDEuMiwxLjJjMCwxLTAuOCwyLTEuMywyLjRoLTAuOQoJYzAuNC0wLjcsMC4zLTEuNC0wLjItMS42Yy0xLDAuNS0yLjIsMi42LTMuMyw1Yy0wLjYsMS4zLTEsMi4xLTEuNiw0LjNsLTEuOSwwLjVMMTk1LjgsMTcuNXogTTIxMC40LDcuNGMtMS42LDAtMyw0LTMsNi41CgljMCwxLjcsMC43LDIuMywxLjUsMi4zYzEsMCwyLjYtMS4xLDMuNi0yLjZsMC40LDAuM2MtMC43LDEuNC0yLjksNC01LjEsNGMtMS44LDAtMi45LTEuNS0yLjktMy40YzAtMi41LDEuMy01LjMsMy44LTcuMQoJYzEtMC43LDIuMi0xLjMsMy4xLTEuM2MxLjIsMCwyLjMsMC42LDIuMywxLjNjMCwwLjctMC43LDEuNi0wLjgsMS43QzIxMi40LDguMywyMTEuMyw3LjQsMjEwLjQsNy40eiBNMjIwLjQsMGwtMi44LDExLjNoMC4xCgljMS41LTIuNCwzLjUtNS4zLDUuOC01LjNjMS4xLDAsMS42LDAuNywxLjEsMi42bC0xLjgsNy4ybDAuMSwwYzEtMC4zLDEuOS0xLjMsMi40LTIuMmwwLjUsMC4yYy0wLjYsMS44LTIuNywzLjktNCwzLjkKCWMtMS4xLDAtMS42LTAuOC0xLjEtMi41bDEuNy02LjVjMC4xLTAuNiwwLTAuOS0wLjQtMC45Yy0xLjgsMC01LDUuNi01LjYsOC40bC0wLjIsMWwtMiwwLjVsLTAuNC0wLjNsMy44LTE1LjZsLTEuNC0wLjZsMC4yLTAuNQoJTDIyMC40LDB6IE0yMjkuMiw4LjJsLTEuOCw3LjFjLTAuNCwxLjYsMC4xLDIuNSwxLjEsMi41YzEuMywwLDMuNC0yLDQtMy45bC0wLjUtMC4yYy0wLjYsMC45LTEuNSwxLjktMi41LDIuMmwtMC4xLDBsMS43LTcuMwoJYzAuNC0xLjgsMC0yLjUtMS0yLjVjLTEuNiwwLTMsMS41LTMsMS41bDAsMC4yTDIyOS4yLDguMnogTTIzMCwxLjZjMCwwLjcsMC42LDEuNCwxLjQsMS40YzAuOCwwLDEuNC0wLjYsMS40LTEuNAoJYzAtMC44LTAuNi0xLjQtMS40LTEuNEMyMzAuNywwLjIsMjMwLDAuOCwyMzAsMS42eiBNMjM3LjUsOC4yYy0wLjEtMS42LTAuNy0yLjItMS43LTIuMmMtMC45LDAtMS43LDAuNS0yLjYsMS41bDAsMC40CgljMC4zLTAuMSwwLjctMC4yLDEuMS0wLjJjMC41LDAsMC45LDAuMiwxLjIsMC41bDAuNSw5LjJsMC45LDAuNGgwLjJsMS43LTEuOWMyLjUtMi43LDQuOC01LjMsNC44LTcuOWMwLTEuMi0wLjYtMS45LTEuOC0xLjkKCWMtMC44LDAtMS43LDAuNS0yLjcsMS41bDAsMC40YzAuNC0wLjEsMC44LTAuMiwxLjEtMC4yYzEsMCwxLjYsMC41LDEuNiwxLjVjMCwxLjYtMS42LDQtMy45LDYuNEwyMzcuNSw4LjJ6IE0yNDcsMTcuNwoJYy0yLjEsMC0yLjktMS43LTIuOS0zLjRjMC0zLDEuNi01LjQsMy41LTYuOWMxLTAuOCwyLjMtMS40LDMuNC0xLjRjMS40LDAsMiwwLjYsMiwxLjdjMCwyLjItMy4xLDQtNi41LDQuNAoJYy0wLjEsMC40LTAuMSwwLjgtMC4xLDEuMmMwLDEuNywwLjUsMi43LDEuNiwyLjdjMS4xLDAsMi4zLTEsMy0xLjlsMC41LDAuM0MyNTAuOSwxNS41LDI0OS4zLDE3LjcsMjQ3LDE3Ljd6IE0yNTAuMiw3CgljLTEuMiwwLTIuOSwyLTMuNiw0LjVjMS45LTAuNCw0LjItMi4yLDQuMi0zLjhDMjUwLjgsNy4yLDI1MC42LDcsMjUwLjIsN3oiLz4KPC9zdmc+Cg==" alt="Warren Buffett Archive"/></a></div><div class="Buffett-globalNavigationSearchAndOffsite"><button class="Buffett-globalNavigationSearch"><span class="Buffett-globalNavigationSearchText">Search</span><span class="icon-search"></span></button><a href="//cnbc.com" alt="" class="Buffett-globalNavigationOffsite" target="" title="" role="" tabindex="" data-type="" aria-label=""><img src="data:image/svg+xml;base64,<?xml version="1.0" encoding="UTF-8"?>
<svg width="540px" height="401px" viewBox="0 0 540 401" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
    <!-- Generator: Sketch 47.1 (45422) - http://www.bohemiancoding.com/sketch -->
    <title>logo/vertical/white</title>
    <desc>Created with Sketch.</desc>
    <defs>
        <polygon id="path-1" points="0.00108027329 92.6037736 135.288514 92.6037736 135.288514 1.31611972 0.00108027329 1.31611972"></polygon>
        <polygon id="path-3" points="3.55032425 92.6037736 138.856757 92.6037736 138.856757 1.31611972 3.55032425 1.31611972 3.55032425 92.6037736"></polygon>
    </defs>
    <g id="Symbols" stroke="none" stroke-width="1" fill="none" fill-rule="evenodd">
        <g id="logo/vertical/white">
            <g id="Page-1" transform="translate(0.000000, -4.000000)">
                <g id="Group-3" transform="translate(0.000000, 314.949292)">
                    <mask id="mask-2" fill="white">
                        <use xlink:href="#path-1"></use>
                    </mask>
                    <g id="Clip-2"></g>
                    <path d="M94.5378,31.8190425 C92.5629429,22.1650991 84.6365143,19.6146368 75.7882286,18.7927783 C47.1798,16.1265613 42.0960857,37.5218915 42.0960857,46.5469009 C42.0960857,61.9924387 46.6089429,74.7408915 74.7352286,74.7408915 C79.8922286,74.7408915 94.1868,69.435467 94.1868,60.7615802 L134.586514,60.7615802 C132.974229,86.4629858 89.7472286,92.6057028 70.9243714,92.6057028 C31.8708,92.6057028 -1.5552,85.3517406 0.0570857143,46.8980236 C1.1988,19.4680142 27.1535143,0.183278302 78.7620857,1.36783491 C107.532514,2.05850472 135.141943,11.0256368 135.288514,31.8190425 L94.5378,31.8190425 Z" id="Fill-1" fill="#FFFFFF" mask="url(#mask-2)"></path>
                </g>
                <g id="Group-6" transform="translate(401.142857, 314.949292)">
                    <mask id="mask-4" fill="white">
                        <use xlink:href="#path-3"></use>
                    </mask>
                    <g id="Clip-5"></g>
                    <path d="M98.1330429,31.8190425 C96.1119,22.1650991 88.2009,19.6146368 79.3564714,18.7927783 C50.7596143,16.1265613 45.6913286,37.5218915 45.6913286,46.5469009 C45.6913286,61.9924387 50.1733286,74.7408915 78.2726143,74.7408915 C83.4566143,74.7408915 97.7666143,69.435467 97.7666143,60.7615802 L138.181757,60.7615802 C136.542471,86.4629858 93.3270429,92.6057028 74.4926143,92.6057028 C35.4390429,92.6057028 1.99761429,85.3517406 3.60604286,46.8980236 C4.76318571,19.4680142 30.7217571,0.183278302 82.3419,1.36783491 C111.081471,2.05850472 138.741043,11.0256368 138.856757,31.8190425 L98.1330429,31.8190425 Z" id="Fill-4" fill="#FFFFFF" mask="url(#mask-4)"></path>
                </g>
                <polygon id="Fill-7" fill="#FFFFFF" points="142.526057 318.180007 194.967771 318.180007 239.702914 380.915205 240.057771 380.915205 240.057771 318.180007 273.6882 318.180007 273.6882 405.281573 223.445057 405.281573 176.468914 342.561808 176.129486 342.561808 176.129486 405.281573 142.526057 405.281573"></polygon>
                <path d="M320.947071,387.037472 L331.4925,387.037472 C351.1215,387.037472 358.3305,384.957745 358.3305,378.201528 C358.3305,370.947566 349.246929,368.55916 334.5975,368.55916 L320.947071,368.55916 L320.947071,387.037472 Z M320.947071,351.986943 L331.4925,351.986943 C347.781214,351.986943 356.394214,350.740651 356.394214,343.972858 C356.394214,336.776774 349.246929,334.330491 334.5975,334.330491 L320.947071,334.330491 L320.947071,351.986943 Z M284.076643,318.178849 L347.781214,318.178849 C378.399214,318.178849 396.415929,326.721547 396.415929,339.632057 C396.415929,347.283443 388.871357,356.690443 372.038786,359.472415 L372.038786,359.738651 C392.300357,360.911632 399.756214,373.687094 399.756214,381.350057 C399.756214,396.726142 382.237071,405.284274 347.954786,405.284274 L284.076643,405.284274 L284.076643,318.178849 Z" id="Fill-9" fill="#FFFFFF"></path>
                <path d="M269.384014,32.6706113 C276.1803,21.6083189 287.431586,10.0135547 299.558443,5.10555472 C320.417871,-4.39404906 348.397586,-0.323341509 365.419157,14.7131962 C381.896871,29.6494132 390.263014,50.1071302 386.278586,72.9879792 C390.378729,72.2510075 394.421014,69.6426679 398.698586,68.1803 C424.306157,60.9803566 451.317729,68.8053755 467.722157,90.7254604 C480.026443,106.406366 483.251014,130.730291 475.868443,149.633036 C472.192586,159.128781 465.9363,167.686913 457.793871,175.002611 L458.642443,175.836045 C482.429443,176.978158 505.811443,195.468045 513.020443,218.125102 C520.838871,240.9828 513.953871,265.426338 497.2563,282.129743 C483.575014,295.611309 466.025014,300.303234 446.511729,299.894234 L92.2524429,299.894234 C63.1310143,300.538602 40.6631571,287.643526 28.5594429,261.76463 C19.0708714,239.532008 23.7573,211.121942 41.5117286,194.210177 C52.6858714,182.518951 66.6603,177.711272 81.8265857,175.307432 C64.6854429,159.449036 56.4543,137.721875 61.2564429,114.435885 C64.6854429,95.5331396 80.7697286,76.4258943 99.2261571,69.8548849 C115.514871,63.3764792 137.546871,64.5263094 152.489443,73.2889415 L153.002443,72.671583 C148.505014,46.9778943 159.872014,23.788366 181.182729,9.60455472 C200.183014,-3.24807736 230.534871,-2.93939811 249.1263,10.7466679 C257.488586,15.8707434 264.373586,24.637234 269.384014,32.6706113" id="Fill-11" fill="#FFFFFF"></path>
                <path d="M369.696343,42.282883 C366.884486,35.4880811 361.962771,29.4456849 356.115343,24.2212887 C341.716629,11.8895528 318.338486,9.28121321 301.725771,18.8927132 C285.8652,27.3505245 276.473057,43.4249962 276.357343,60.8615151 L277.001486,61.498166 L297.7722,61.710383 C299.1492,62.6479962 301.316914,62.5322415 301.725771,64.5270811 C293.2902,71.0016283 278.876057,76.7507792 280.646486,90.2014774 L302.898343,230.550213 L303.426771,229.936713 L364.890343,91.5751 C372.828343,77.7848547 377.3142,57.6396755 369.696343,42.282883" id="Fill-13" fill="#645FA9"></path>
                <path d="M237.5514,229.717165 L262.584257,69.011033 C264.373971,57.3159481 261.457971,46.7668349 256.435971,37.4755896 C251.012829,28.5084575 242.253257,21.181184 233.053971,17.2262311 C215.7084,9.91053302 193.915543,13.5606651 180.670114,27.0422311 C167.4864,39.987467 162.082543,58.8863538 167.910686,76.9518066 L230.770543,217.288967 L237.215829,230.230344 C237.451114,230.141599 237.640114,229.937099 237.5514,229.717165" id="Fill-15" fill="#C8234A"></path>
                <path d="M460.619614,105.145411 C469.070614,119.549157 467.196043,141.368921 457.792329,154.734732 C451.960329,164.141732 442.352186,168.829798 434.2059,174.999525 L304.027329,264.373742 L303.718757,264.373742 L305.184471,260.094675 L374.177186,104.308119 C384.522043,85.9301283 404.251329,76.6273075 425.126186,79.4594396 C439.420757,82.0677792 453.719186,91.3744585 460.619614,105.145411" id="Fill-17" fill="#0088CF"></path>
                <path d="M90.7878857,164.552661 L235.577314,264.371812 L236.7036,264.371812 L164.9106,104.310048 C152.779886,82.7951047 127.114457,73.9205764 104.353457,82.2819255 C90.4677429,87.5024632 78.7767429,100.659916 75.0276,114.758841 C70.0017429,133.545831 76.0806,152.124463 90.7878857,164.552661" id="Fill-19" fill="#F26F21"></path>
                <path d="M492.450686,267.217063 C502.776257,254.26411 505.603543,233.366525 498.3984,218.125488 C493.696543,207.692129 483.675686,197.227903 473.041543,193.06845 C459.259971,186.489724 440.066829,187.940516 427.411543,196.08579 L298.093114,286.108233 L452.475257,286.000195 C468.544114,286.413054 482.209971,279.625969 492.450686,267.217063" id="Fill-21" fill="#0DB04B"></path>
                <path d="M241.609886,286.106304 L112.291457,196.087719 C99.6361714,187.942445 80.4468857,186.491653 66.6614571,193.070379 C56.0273143,197.229832 46.0103143,207.694058 41.3046,218.127417 C34.0994571,233.364596 36.9383143,254.262181 47.2523143,267.215134 C57.4930286,279.62404 71.1588857,286.411125 87.2277429,286.002125 L241.609886,286.106304 Z" id="Fill-23" fill="#FCB813"></path>
            </g>
        </g>
    </g>
</svg>" class="Buffett-globalNavigationOffsiteLogo" alt="cnbc"/><span class="Buffett-globalNavigationOffsiteName">CNBC.com</span><span class="Buffett-globalNavigationOffsiteArrow icon-offsite-arrow"></span></a></div></div></div><div class="Buffett-globalNavigationMenuContainer"><ul class="Buffett-globalNavigationMenu"><li class="Buffett-globalNavigationMenuItem"><a href="/annual-meetings/" alt="Annual Meetings" class="" target="" title="" role="" tabindex="" data-type="" aria-label="">Annual Meetings</a></li><li class="Buffett-globalNavigationMenuItem"><a href="/cnbc-interviews/" alt="CNBC Interviews" class="" target="" title="" role="" tabindex="" data-type="" aria-label="">CNBC Interviews</a></li><li class="Buffett-globalNavigationMenuItem"><a href="/buffett-a-z/" alt="Buffett A-Z" class="" target="" title="" role="" tabindex="" data-type="" aria-label="">Buffett A-Z</a></li><li class="Buffett-active Buffett-globalNavigationMenuItem"><a href="/buffett-timeline/" alt="Timeline" class="" target="" title="" role="" tabindex="" data-type="" aria-label="">Timeline</a></li><li class="Buffett-globalNavigationMenuItem"><a href="/video/2018/05/07/warren-buffett-investor-teacher-icon-documentary.html" alt="Documentary" class="" target="" title="" role="" tabindex="" data-type="" aria-label="">Documentary</a></li><li class="Buffett-globalNavigationMenuItem"><a href="/about-buffett/" alt="About" class="" target="" title="" role="" tabindex="" data-type="" aria-label="">About</a></li></ul></div></div><span></span></div><div id="MainContent" class="BrandPageWrapper-timeline BrandPageWrapper-contentWrapperBuffett BrandPageWrapper-contentWrapper"><div><div><div><div><div class="BuffettTimeline-page"><div class="Timeline-timeline"><button class="Timeline-timelineButton"><span class="icon-buffett-timeline"></span></button><div class="Timeline-timelineProgressBar" style="height:calc(0% - 30px)"><div class="Timeline-timelineSymbol"></div></div><span><div class="Timeline-timelineSelected"><div class="Timeline-timelineWrapper"><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">1930</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">1942</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">1943</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">1949</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">1956</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">1958</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">1972</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">1983</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">1992</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">1998</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">1999</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">2006</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">2008</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">2012</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">2014</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">2017</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div><div class="Timeline-timelineChapter" role="button" tabindex="-1"><div class="Timeline-timelineDate">2018</div><span class="icon-buffett-diamond Timeline-timelineDiamond"></span></div></div></div></span></div><div><div id="slide-0"><div class="IntroCard-introCardWrapper"><div class="IntroCard-introCardBackground" style="background-image:url(&quot;?w=600&quot;)"></div><div class="IntroCard-introCardContainer"><img class="IntroCard-mobileLogo" src="data:image/svg+xml;base64,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" alt="Warren Buffett Archive"/><div><h2 class="IntroCard-introCardTitle">The Warren Buffett &amp; <span>Berkshire Hathaway Timeline</span></h2><p class="IntroCard-introCardSupportingText"></p></div><div class="IntroCard-introCardCtaWrapper"><button class="IntroCard-introCardCta">Start Timeline</button></div></div></div></div><div id="slide-1"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>1930</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Buffett&#x27;s birth</h3><div class="ChapterCard-chapterCardBody"><p>Warren Edward Buffett is born on August 30,1930 in Omaha, Nebraska as the second of three children to Howard and Leila Buffett, who married in 1925.</p><p></p><p>Buffett&#x27;s older sister Doris is born in 1928. His sister Roberta, known as &quot;Bertie,&quot; is born when Warren is three years old.</p></div></div></div></div></div></div><div id="slide-2"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>1942</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Buffett buys his first stock</h3><div class="ChapterCard-chapterCardBody"><p>After predicting to a childhood friend he will be a millionaire by the time he is 35, Buffett buys his first stock at the age of 11. Looking back, he laughingly tells CNBC, “I don’t know why I wasted that time beforehand. I got started late.”</p><p>Buffett pays $38.25 each for three shares of Cities Service preferred. It falls to around $27, then rebounds to $40, prompting Buffett to sell at a small profit.</p><p>It later tops $200 per share, teaching him a crucial lesson about the value of patience.</p></div></div></div></div></div></div><div id="slide-3"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>1943</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Buffett family moves to Washington</h3><div class="ChapterCard-chapterCardBody"><p>Buffett&#x27;s father, who owns a small brokerage firm in Omaha, runs for Congress as a supporter of the gold standard, winning the first of three terms.</p><p>Buffett delivers newspapers and tries various business ventures.</p><p>He arrives with around $120 and leaves several years later with $10,000, roughly $100,000 in 2018 dollars.</p></div></div></div></div></div></div><div id="slide-4"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>1949</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Discovers &quot;The Intelligent Investor&quot;</h3><div class="ChapterCard-chapterCardBody"><p>Throughout his teens, Buffett reads voraciously and tries a number of investment techniques.</p><p>Then, in 1949, while a student at the University of Nebraska, he reads &quot;The Intelligent Investor&quot; by Benjamin Graham. It profoundly shapes his investing philosophy, providing him with the three basic principles that will guide him from then on. </p></div></div></div></div></div></div><div id="slide-5"><div class="VideoCard-videoCardWrapper"><div class="VideoCard-videoCardContainer"><div class="VideoCard-videoCardVideoWrapper"><div class="VideoCard-videoCardVideo"><div class="Card-slideshow Card-buffett Card-standardBreakerCard Card-featuredRectangleMedia Card-card"><a href="https://buffett.cnbc.com/video/2018/04/03/buffett-on-meeting-lorimer-davidson.html" alt="" class="Card-mediaContainer" target="" title="" role="" tabindex="" data-type="" aria-label=""><div class=""><div class=" Card-rectangleMediaContainer Card-placeholder "><div style="height:100%" class="lazyload-placeholder"></div></div><div class="PlayButton-buffett PlayButton-container"><div class="PlayButton-featured PlayButton-base" data-type="buffett-video"><span class="PlayButton-flyout">watch now</span><span class="icon-buffett-video PlayButton-icon"></span></div></div><div class="Card-videoFooter"><div class="Card-videoFooterContent"><span class="Card-videoLabel">VIDEO</span><span class="Card-videoTime Card-videoLabel">5:52</span></div></div></div></a><div class="Card-textContent"><div class="Card-titleAndFooter"><div class="Card-videoContentWrapperSlideshow"><div><span class="Card-videoLabel">VIDEO</span><span class="Card-videoTime Card-videoLabel">5:52</span></div><div class=""><a href="https://buffett.cnbc.com/video/2018/04/03/buffett-on-meeting-lorimer-davidson.html" alt="" class="Card-titleDark Card-title" target="" title="" role="" tabindex="" data-type="" aria-label="">Buffett meets Lorimer &quot;Davy&quot; Davidson through &quot;extraordinary piece of luck&quot;</a></div></div></div></div></div></div><div class="VideoCard-videoCardTitle">Meets GEICO’s Lorimer Davidson</div><div class="VideoCard-videoCardDate">January, 1951</div></div><div class="VideoCard-videoCardContent"><div class="VideoCard-videoCardTitle">Meets GEICO’s Lorimer Davidson</div><div class="VideoCard-videoCardDate">January, 1951</div><div class="VideoCard-videoCardBody"><p>When he is 20, Buffett gets what he later calls &quot;a huge head start&quot; in the insurance business, meeting Lorimer &quot;Davy&quot; Davidson, CEO of the company that will become GEICO. </p><p>In this 2007 Berkshire video, Buffett recounts the unusual circumstances that led to a conversation in which he &quot;probably learned more … than I learned in college,&quot; and Davidson speaks about his long friendship with Buffett.</p></div></div></div></div></div><div id="slide-6"><div class="ImageTextCard-imageTextCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardContainer"><div class="ImageTextCard-imageTextCardContent"><div class="ImageTextCard-imageTextCardTitle">Marries Susan Thompson</div><div class="ImageTextCard-imageTextCardDate">1952</div><div class="ImageTextCard-imageTextCardImageWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardImageCaption"><span>Warren Buffett and Susan Thompson on their wedding day</span></div></div><div class="ImageTextCard-imageTextCardBody"><p>Warren Buffett and Susan Thompson are married in Omaha. Thompson had been college roommates with Buffett&#x27;s sister Roberta.</p><p>Susan’s progressive politics contribute to Buffett&#x27;s generally liberal views. </p><p>The couple start living separately in 1977 when Susan relocates to San Francisco to further her singing career.</p><p>They remain married until her death in 2004.</p></div></div></div></div></div><div id="slide-7"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>1956</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Starts first Buffett Partnership</h3><div class="ChapterCard-chapterCardBody"><p>After working for two years in New York with his mentor, Ben Graham at Graham-Newman, Buffett returns to Omaha in 1956. </p><p>At the age of 25, he starts a partnership with seven investors, including his father-in-law, his sister Doris, his aunt Alice, and a college roommate.</p><p>The initial investments total just over $105,000. Buffett puts $100 of his own money into the partnership.</p><p>His fee is 50 percent of profits above a 4 percent gain, but he also agrees to cover 25 percent of any losses.</p></div></div></div></div></div></div><div id="slide-8"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>1958</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Buys modest Omaha house</h3><div class="ChapterCard-chapterCardBody"><p>Two years after starting his first partnership, Buffett is doing well enough to afford a house in Omaha, paying $31,500. ($270,000 in 2018 dollars).</p><p>Despite becoming one of the world&#x27;s richest people over the next 60 years, he doesn&#x27;t trade up.</p><p>At the 2014 annual meeting, he tells shareholders, &quot;I have everything in life I want… My life would not be happier, and it&#x27;d be worse, if I had six or eight houses or, you know, a whole bunch of different things I could have. It just doesn&#x27;t correlate.&quot; </p></div></div></div></div></div></div><div id="slide-9"><div class="VideoCard-videoCardWrapper"><div class="VideoCard-videoCardContainer"><div class="VideoCard-videoCardVideoWrapper"><div class="VideoCard-videoCardVideo"><div class="Card-slideshow Card-buffett Card-standardBreakerCard Card-featuredRectangleMedia Card-card"><a href="https://buffett.cnbc.com/video/2016/05/05/munger-on-working-with-buffett-its-been-almost-hilarious-its-been-so-much-fun.html" alt="" class="Card-mediaContainer" target="" title="" role="" tabindex="" data-type="" aria-label=""><div class=""><div class=" Card-rectangleMediaContainer Card-placeholder "><div style="height:100%" class="lazyload-placeholder"></div></div><div class="PlayButton-buffett PlayButton-container"><div class="PlayButton-featured PlayButton-base" data-type="buffett-video"><span class="PlayButton-flyout">watch now</span><span class="icon-buffett-video PlayButton-icon"></span></div></div><div class="Card-videoFooter"><div class="Card-videoFooterContent"><span class="Card-videoLabel">VIDEO</span><span class="Card-videoTime Card-videoLabel">1:20</span></div></div></div></a><div class="Card-textContent"><div class="Card-titleAndFooter"><div class="Card-videoContentWrapperSlideshow"><div><span class="Card-videoLabel">VIDEO</span><span class="Card-videoTime Card-videoLabel">1:20</span></div><div class=""><a href="https://buffett.cnbc.com/video/2016/05/05/munger-on-working-with-buffett-its-been-almost-hilarious-its-been-so-much-fun.html" alt="" class="Card-titleDark Card-title" target="" title="" role="" tabindex="" data-type="" aria-label="">&quot;It&#x27;s been almost hilarious, it&#x27;s been so much fun&quot;</a></div></div></div></div></div></div><div class="VideoCard-videoCardTitle">Meets Charlie Munger</div><div class="VideoCard-videoCardDate">1959</div></div><div class="VideoCard-videoCardContent"><div class="VideoCard-videoCardTitle">Meets Charlie Munger</div><div class="VideoCard-videoCardDate">1959</div><div class="VideoCard-videoCardBody"><p>Buffett and Charlie Munger meet through mutual friends in 1959 and realize as they are laughing at their own jokes that they are “sort of made for each other.”</p><p>They work together informally until 1978 when Munger joins Berkshire as vice chairman.</p><p>In this 2016 interview for “On the Money,” they describe their friendship.</p></div></div></div></div></div><div id="slide-10"><div class="VideoCard-videoCardWrapper"><div class="VideoCard-videoCardContainer"><div class="VideoCard-videoCardVideoWrapper"><div class="VideoCard-videoCardVideo"><div class="Card-slideshow Card-buffett Card-standardBreakerCard Card-featuredRectangleMedia Card-card"><a href="https://buffett.cnbc.com/video/2018/03/25/buffett-on-the-dumbest-stock-i-ever-bought.html" alt="" class="Card-mediaContainer" target="" title="" role="" tabindex="" data-type="" aria-label=""><div class=""><div class=" Card-rectangleMediaContainer Card-placeholder "><div style="height:100%" class="lazyload-placeholder"></div></div><div class="PlayButton-buffett PlayButton-container"><div class="PlayButton-featured PlayButton-base" data-type="buffett-video"><span class="PlayButton-flyout">watch now</span><span class="icon-buffett-video PlayButton-icon"></span></div></div><div class="Card-videoFooter"><div class="Card-videoFooterContent"><span class="Card-videoLabel">VIDEO</span><span class="Card-videoTime Card-videoLabel">3:10</span></div></div></div></a><div class="Card-textContent"><div class="Card-titleAndFooter"><div class="Card-videoContentWrapperSlideshow"><div><span class="Card-videoLabel">VIDEO</span><span class="Card-videoTime Card-videoLabel">3:10</span></div><div class=""><a href="https://buffett.cnbc.com/video/2018/03/25/buffett-on-the-dumbest-stock-i-ever-bought.html" alt="" class="Card-titleDark Card-title" target="" title="" role="" tabindex="" data-type="" aria-label="">&quot;The dumbest stock I ever bought&quot;</a></div></div></div></div></div></div><div class="VideoCard-videoCardTitle">Buys Berkshire Hathaway</div><div class="VideoCard-videoCardDate">May 10, 1965</div></div><div class="VideoCard-videoCardContent"><div class="VideoCard-videoCardTitle">Buys Berkshire Hathaway</div><div class="VideoCard-videoCardDate">May 10, 1965</div><div class="VideoCard-videoCardBody"><p>After several years of acquiring what he sees as undervalued shares of Berkshire Hathaway, a struggling textile mill in New Bedford, Mass., Buffett takes control of the company in 1965.</p><p>Even though it will grow into a giant conglomerate worth more than $500 billion in 2018, Buffett calls the purchase one of his biggest mistakes.</p><p>In this 2010 interview with CNBC&#x27;s Becky Quick, he explains why.</p></div></div></div></div></div><div id="slide-11"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>1972</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Berkshire acquires See&#x27;s Candies</h3><div class="ChapterCard-chapterCardBody"><p>Berkshire cautiously buys a small California-based candy maker for a fully-valued $25 million.</p><p>It becomes one of Buffett’s favorite investments, a “dream business” with strong brand loyalty that churns out cash and needs almost no new capital.</p><p>Munger recalls it as an important lesson. It is the first time they “really stepped up for brand quality. And it was a hard jump for us. We’d been used to buying dollar bills for 50 cents.”</p></div></div></div></div></div></div><div id="slide-12"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>1983</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Stock Milestone</h3><div class="ChapterCard-chapterCardBody"><p>In May, the price of one share of Berkshire Hathaway stock tops $1000 for the first time.</p></div></div></div></div></div></div><div id="slide-13"><div class="ImageTextCard-imageTextCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardContainer"><div class="ImageTextCard-imageTextCardContent"><div class="ImageTextCard-imageTextCardTitle">Buys Coca-Cola stake</div><div class="ImageTextCard-imageTextCardDate">1988</div><div class="ImageTextCard-imageTextCardImageWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardImageCaption"><span></span></div></div><div class="ImageTextCard-imageTextCardBody"><p>Warren Buffett loves to drink Cherry Cokes and he loves Berkshire’s investment in Coca-Cola. </p><p>At the end of 2017, Berkshire’s almost 10 percent stake in the company is worth $18.4 billion. That’s a staggering gain of over 1300 percent from its $1.3 billion cost basis.</p><p>Buffett credits the soft-drink’s company’s decades of advertising for building a “mindshare” that can’t be matched by competitors.</p></div></div></div></div></div><div id="slide-14"><div class="ImageTextCard-imageTextCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardContainer"><div class="ImageTextCard-imageTextCardContent"><div class="ImageTextCard-imageTextCardTitle">Meets Bill Gates</div><div class="ImageTextCard-imageTextCardDate">July 5, 1991</div><div class="ImageTextCard-imageTextCardImageWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardImageCaption"><span></span></div></div><div class="ImageTextCard-imageTextCardBody"><p>Gates and Buffett first meet when Buffett is invited to dinner with Gates&#x27; parents at their Washington State vacation home. Gates resists his mother’s invitation to join them, telling her, “Look, he just buys and sells pieces of paper.”</p><p>After reluctantly agreeing to attend, he finds himself “lost in conversation” with Buffett.</p><p>“He was funny, but what impressed me most was how clearly he thought about the world. It was a deep friendship from our very first conversation.”</p></div></div></div></div></div><div id="slide-15"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>1992</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Stock milestone</h3><div class="ChapterCard-chapterCardBody"><p>In November, the price of one share of Berkshire Hathaway stock tops $10,000 for the first time.</p><p>The market value of the company is $14.9 billion.</p></div></div></div></div></div></div><div id="slide-16"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>1998</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Stock milestone</h3><div class="ChapterCard-chapterCardBody"><p>In January, the price of one share of Berkshire Hathaway stock tops $50,000 for the first time. </p><p>The market value of the company is $76.4 billion</p></div></div></div></div></div></div><div id="slide-17"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>1999</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">At height of internet bubble, Buffett warns investors are “expecting far too much”</h3><div class="ChapterCard-chapterCardBody"><p>Speaking in July at Allen &amp; Co’s annual Sun Valley media conference, Buffett argues that too many people believe the dramatic stock gains since 1981 will continue for the following 17 years.</p><p>But, he says, it is unrealistic to think that corporate profits and the economy will grow enough to keep fueling the bull market expectations.</p><p>And while he agrees the internet will change the world, he points out that very few investors at the beginning of the 20th century were able to pick the winners from two other transformative technologies: cars and airplanes.</p></div></div></div></div></div></div><div id="slide-18"><div class="ImageTextCard-imageTextCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardContainer"><div class="ImageTextCard-imageTextCardContent"><div class="ImageTextCard-imageTextCardTitle">Teams with Gates Foundation to give away almost all his wealth</div><div class="ImageTextCard-imageTextCardDate">June, 2006</div><div class="ImageTextCard-imageTextCardImageWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardImageCaption"><span></span></div></div><div class="ImageTextCard-imageTextCardBody"><p>Rather than go through the distraction and expense of creating his own charity, Buffett “outsources” most of the work to the Bill and Melinda Gates Foundation.</p><p>“What could you find that&#x27;s better than turning to a couple of people who are young, who are ungodly bright, whose ideas have been proven, who already have shown an ability to scale it up and do it right?”</p></div></div></div></div></div><div id="slide-19"><div class="ImageTextCard-imageTextCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardContainer"><div class="ImageTextCard-imageTextCardContent"><div class="ImageTextCard-imageTextCardTitle">Marries Astrid Menks</div><div class="ImageTextCard-imageTextCardDate">August 30, 2006</div><div class="ImageTextCard-imageTextCardImageWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardImageCaption"><span>Astrid, Warren, and daughter Susie, Photo: Berkshire Hathaway</span></div></div><div class="ImageTextCard-imageTextCardBody"><p>When Susan Buffett moves to California in the ‘70s, she asks a friend to look after her husband.</p><p>Astrid Menks becomes Buffett’s companion even as he remains in what his daughter approvingly calls an “unconventional” marriage.</p><p>Just before she dies in 2004, Susan says, “She takes great care of him, and he appreciates it and I appreciate it.”</p><p>On his 76th birthday, Buffett and Menks are married in a brief civil ceremony.</p></div></div></div></div></div><div id="slide-20"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>2006</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Stock milestone</h3><div class="ChapterCard-chapterCardBody"><p>In October, the price of one share of Berkshire Hathaway stock tops $100,000 for the first time.</p><p>The market value of the company is $162.6 billion.</p></div></div></div></div></div></div><div id="slide-21"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>2008</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Writes &quot;Buy American. I am&quot; op-ed for the NY Times</h3><div class="ChapterCard-chapterCardBody"><p>Near the height of the credit crisis following the September 15 collapse of Lehman Brothers, The New York Times publishes an op-ed by Buffett headlined, “Buy American. I Am”</p><p>“A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread.”</p><p>While he later admits he is a bit early, Buffett’s long-term optimism leads Berkshire Hathaway to invest in troubled companies including Goldman Sachs and General Electric, producing billion in profits in the following years.</p></div></div></div></div></div></div><div id="slide-22"><div class="ImageTextCard-imageTextCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardContainer"><div class="ImageTextCard-imageTextCardContent"><div class="ImageTextCard-imageTextCardTitle">Receives Presidential Medal of Freedom</div><div class="ImageTextCard-imageTextCardDate">February 15, 2011</div><div class="ImageTextCard-imageTextCardImageWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardImageCaption"><span>(Photo by Alex Wong/Getty Images)</span></div></div><div class="ImageTextCard-imageTextCardBody"><p>At a White House ceremony, President Obama calls Buffett “not only one of the world’s richest men, but also one of the most admired and respected.“</p><p>Obama praises him for demonstrating that “integrity isn’t just a good trait -- it is good for business” and for “devoting the vast majority of his wealth to those around the world who are suffering, or sick, or in need of help.&quot;</p></div></div></div></div></div><div id="slide-23"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>2012</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Treatment for prostate cancer</h3><div class="ChapterCard-chapterCardBody"><p>On April 17, Buffett reveals he has been diagnosed with stage I prostate cancer. But, he assures shareholders, “The good news is that I’ve been told by my doctors that my condition is not remotely life threatening or even debilitating in any meaningful way.”</p><p>In September, after completing two months of daily radiation treatments, Buffett is “so glad to say that’s over” and jokes about his long-standing plan to be the world’s oldest man.</p></div></div></div></div></div></div><div id="slide-24"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>2014</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Stock milestone</h3><div class="ChapterCard-chapterCardBody"><p>In August, the price of one share of Berkshire Hathaway stock tops $200,000 for the first time.</p><p>The market value of the company is $338.2 billion.</p></div></div></div></div></div></div><div id="slide-25"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>2017</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Stock milestone</h3><div class="ChapterCard-chapterCardBody"><p>In December, the price of one share of Berkshire Hathaway stock tops $300,000 for the first time.</p><p>The market value of the company is $489.4 billion.</p></div></div></div></div></div></div><div id="slide-26"><div class="ImageTextCard-imageTextCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardContainer"><div class="ImageTextCard-imageTextCardContent"><div class="ImageTextCard-imageTextCardTitle">&quot;Movement to succession&quot;</div><div class="ImageTextCard-imageTextCardDate">January 10, 2018</div><div class="ImageTextCard-imageTextCardImageWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ImageTextCard-imageTextCardImageCaption"><span></span></div></div><div class="ImageTextCard-imageTextCardBody"><p>Gregory Abel and Ajit Jain join the Berkshire Hathaway board as vice chairs. Buffett tells CNBC the appointments are &quot;part of a movement to succession over time&quot; but says he&#x27;s in very good health and has no plans to give up his CEO role anytime soon.</p><p>Abel, the CEO of Berkshire&#x27;s energy subsidiary, is put in charge of Berkshire&#x27;s non-insurance businesses. Jain, who had been running the reinsurance business, is given responsibility for all insurance operations.</p></div></div></div></div></div><div id="slide-27"><div class="ChapterCard-chapterCardWrapper"><div style="height:100%" class="lazyload-placeholder"></div><div class="ChapterCard-chapterCardContainer"><div><h2 class="ChapterCard-chapterCardTitle"><span>2018</span></h2><div class="ChapterCard-chapterCardTextWrapper"><h3 class="ChapterCard-chapterCardSubtitle">Bitcoin is &quot;probably rat poison squared&quot;</h3><div class="ChapterCard-chapterCardBody"><p>Buffett annoys cryptocurrency enthusiasts worldwide when he warns long-term investors to stay away from bitcoin, predicting &quot;in terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.&quot; When or how, he adds, &quot;I don&#x27;t know.&quot;</p><p>&quot;The idea that it has some huge intrinsic value is just a joke, in my view.&quot;</p></div></div></div></div></div></div></div></div></div></div></div></div></div><div id="MobileAdhesion-Homepage" class="MobileAdhesion-container"></div><div style="height:100%" class="lazyload-placeholder"></div></div><div class="UniversalVideoPlayer-videoContainer paused " style="top:-3000px;bottom:;left:-3000px;transform:;transform-origin:;transition:;position:"><div id="cnbc-video-player"><div><div id="jw-container" class="JWPlayer8-jwContainer"></div></div></div></div></div></div><script charSet="UTF-8">window.__s_data={"routing":{"locationBeforeTransitions":null},"navStatus":{"pageType":"","articleTitle":"","hasNewsAlert":false,"hasLiveAlert":false,"hasCountDownClock":false,"articleSettings":{},"megaMenuToggleFlag":false,"isExpanded":false,"isIntraSiteLink":false},"dataByMarketBanner":{},"selectedMarketBanner":"","dataByMarketMover":{},"videoDataWithPosition":{"top":"-3000px","left":"-3000px","data":{},"videoAttributes":{}},"videoIsPreloader":{"isPreloader":true,"autoPlay":false},"videoPlayerInfo":{"position":"0","layout":"HIDDEN","playback":false,"adPlayback":false},"videoEventsInfo":{"position":0},"videoTranscriptInfo":{"position":0,"transcript":null,"shouldTranscriptScrollToView":false,"syncedByUserAction":false},"placeholderInfo":{"placeholderState":"INITIAL","replayVideo":false,"firstVideoClickedOnPage":true},"videoRecommendationInfo":{"videoRecommendation":false},"videoEndCardInfo":{},"continuousPlayInfo":{"continuousToNextVideo":false,"playingIdx":0},"playBackInitiativeInfo":{"playBackInitiative":"Manual","isPlaylist":false},"dataByMarketTable":{},"dataByQuote":{},"quoteSearches":[],"xfinity":{"isXfinity":false},"authentication":{"user":null,"popupVisible":false,"surfSessionToken":"Not Logged In","signInOutCaption":"SIGN IN","tpToken":"","message":"","uid":"Not Logged In","isAuthenticated":false,"isLoggedIn":false,"isNewProUser":false},"metaTags":{"articleData":{},"pageData":{}},"dataByGDSMarketTable":{},"page":{"loading":false,"page":{"id":105099041,"brand":"buffett","template":"buffettTimeline","layout":[{"editable":false,"columns":[{"span":"12","editable":false,"modules":[{"name":"buffettTimeline","source":"105099041","canChangeLayout":false,"canChangeSource":false,"serverRenderPolicy":"ssr","attributes":{},"data":{"slides":[{"type":"Timeline Intro","body":[""],"title":"Berkshire Hathaway Timeline","subtitle":"","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"","card":null,"__typename":"slide"},{"type":"Chapter","body":["Warren Edward Buffett is born on August 30,1930 in Omaha, Nebraska as the second of three children to Howard and Leila Buffett, who married in 1925.","","Buffett's older sister Doris is born in 1928. His sister Roberta, known as \"Bertie,\" is born when Warren is three years old."],"title":"1930","subtitle":"Buffett's birth","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105174924-Buffett_Baby_4.jpg?v=1525189807","card":null,"__typename":"slide"},{"type":"Chapter","body":["After predicting to a childhood friend he will be a millionaire by the time he is 35, Buffett buys his first stock at the age of 11. Looking back, he laughingly tells CNBC, “I don’t know why I wasted that time beforehand. I got started late.”","Buffett pays $38.25 each for three shares of Cities Service preferred. It falls to around $27, then rebounds to $40, prompting Buffett to sell at a small profit.","It later tops $200 per share, teaching him a crucial lesson about the value of patience."],"title":"1942","subtitle":"Buffett buys his first stock","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087808-24046301066_f7b08865e7_b.jpg?v=1521988977","card":null,"__typename":"slide"},{"type":"Chapter","body":["Buffett's father, who owns a small brokerage firm in Omaha, runs for Congress as a supporter of the gold standard, winning the first of three terms.","Buffett delivers newspapers and tries various business ventures.","He arrives with around $120 and leaves several years later with $10,000, roughly $100,000 in 2018 dollars."],"title":"1943","subtitle":"Buffett family moves to Washington","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105183417-BUFFETT_TIMELINE_Buffett_Family_in_DC.jpg?v=1525387200","card":null,"__typename":"slide"},{"type":"Chapter","body":["Throughout his teens, Buffett reads voraciously and tries a number of investment techniques.","Then, in 1949, while a student at the University of Nebraska, he reads \"The Intelligent Investor\" by Benjamin Graham. It profoundly shapes his investing philosophy, providing him with the three basic principles that will guide him from then on. "],"title":"1949","subtitle":"Discovers \"The Intelligent Investor\"","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087810-BUFFETT-TIMELINE-Frame-04-IntelligentInvestor.jpg?v=1521989537","card":null,"__typename":"slide"},{"type":"Video Dominant","body":["When he is 20, Buffett gets what he later calls \"a huge head start\" in the insurance business, meeting Lorimer \"Davy\" Davidson, CEO of the company that will become GEICO. ","In this 2007 Berkshire video, Buffett recounts the unusual circumstances that led to a conversation in which he \"probably learned more … than I learned in college,\" and Davidson speaks about his long friendship with Buffett."],"title":"Meets GEICO’s Lorimer Davidson","subtitle":"January, 1951","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"","card":{"title":"Buffett meets Lorimer \"Davy\" Davidson through \"extraordinary piece of luck\"","image":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107292-BUFFETT-TIMELINE-Frame-05-Lorimer_Davidson.jpg?v=1522799864","videoTime":"5:52","videoUrl":"https:\u002F\u002Fbuffett.cnbc.com\u002Fvideo\u002F2018\u002F04\u002F03\u002Fbuffett-on-meeting-lorimer-davidson.html","__typename":"videoCard"},"__typename":"slide"},{"type":"Image\u002FText","body":["Warren Buffett and Susan Thompson are married in Omaha. Thompson had been college roommates with Buffett's sister Roberta.","Susan’s progressive politics contribute to Buffett's generally liberal views. ","The couple start living separately in 1977 when Susan relocates to San Francisco to further her singing career.","They remain married until her death in 2004."],"title":"Marries Susan Thompson","subtitle":"1952","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"Warren Buffett and Susan Thompson on their wedding day","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087819-BUFFETT-TIMELINE-Frame-06-Wedding.jpg?v=1521990265","card":null,"__typename":"slide"},{"type":"Chapter","body":["After working for two years in New York with his mentor, Ben Graham at Graham-Newman, Buffett returns to Omaha in 1956. ","At the age of 25, he starts a partnership with seven investors, including his father-in-law, his sister Doris, his aunt Alice, and a college roommate.","The initial investments total just over $105,000. Buffett puts $100 of his own money into the partnership.","His fee is 50 percent of profits above a 4 percent gain, but he also agrees to cover 25 percent of any losses."],"title":"1956","subtitle":"Starts first Buffett Partnership","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105147516-Buffett_Early_50s_edited-1.jpg?v=1524259805","card":null,"__typename":"slide"},{"type":"Chapter","body":["Two years after starting his first partnership, Buffett is doing well enough to afford a house in Omaha, paying $31,500. ($270,000 in 2018 dollars).","Despite becoming one of the world's richest people over the next 60 years, he doesn't trade up.","At the 2014 annual meeting, he tells shareholders, \"I have everything in life I want… My life would not be happier, and it'd be worse, if I had six or eight houses or, you know, a whole bunch of different things I could have. It just doesn't correlate.\" "],"title":"1958","subtitle":"Buys modest Omaha house","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087821-BUFFETT-TIMELINE-Frame-08-House.jpg?v=1521990768","card":null,"__typename":"slide"},{"type":"Video Dominant","body":["Buffett and Charlie Munger meet through mutual friends in 1959 and realize as they are laughing at their own jokes that they are “sort of made for each other.”","They work together informally until 1978 when Munger joins Berkshire as vice chairman.","In this 2016 interview for “On the Money,” they describe their friendship."],"title":"Meets Charlie Munger","subtitle":"1959","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"","card":{"title":"\"It's been almost hilarious, it's been so much fun\"","image":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087828-BUFFETT-TIMELINE-Frame-09-Munger.jpg?v=1521991735","videoTime":"1:20","videoUrl":"https:\u002F\u002Fbuffett.cnbc.com\u002Fvideo\u002F2016\u002F05\u002F05\u002Fmunger-on-working-with-buffett-its-been-almost-hilarious-its-been-so-much-fun.html","__typename":"videoCard"},"__typename":"slide"},{"type":"Video Dominant","body":["After several years of acquiring what he sees as undervalued shares of Berkshire Hathaway, a struggling textile mill in New Bedford, Mass., Buffett takes control of the company in 1965.","Even though it will grow into a giant conglomerate worth more than $500 billion in 2018, Buffett calls the purchase one of his biggest mistakes.","In this 2010 interview with CNBC's Becky Quick, he explains why."],"title":"Buys Berkshire Hathaway","subtitle":"May 10, 1965","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"","card":{"title":"\"The dumbest stock I ever bought\"","image":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087830-BUFFETT-TIMELINE-Frame-10-BuysBerkshire.jpg?v=1521992118","videoTime":"3:10","videoUrl":"https:\u002F\u002Fbuffett.cnbc.com\u002Fvideo\u002F2018\u002F03\u002F25\u002Fbuffett-on-the-dumbest-stock-i-ever-bought.html","__typename":"videoCard"},"__typename":"slide"},{"type":"Chapter","body":["Berkshire cautiously buys a small California-based candy maker for a fully-valued $25 million.","It becomes one of Buffett’s favorite investments, a “dream business” with strong brand loyalty that churns out cash and needs almost no new capital.","Munger recalls it as an important lesson. It is the first time they “really stepped up for brand quality. And it was a hard jump for us. We’d been used to buying dollar bills for 50 cents.”"],"title":"1972","subtitle":"Berkshire acquires See's Candies","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087834-BUFFETT-TIMELINE-Frame-11-shop-exterior-SSF.jpeg?v=1522799250","card":null,"__typename":"slide"},{"type":"Chapter","body":["In May, the price of one share of Berkshire Hathaway stock tops $1000 for the first time."],"title":"1983","subtitle":"Stock Milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},{"type":"Image\u002FText","body":["Warren Buffett loves to drink Cherry Cokes and he loves Berkshire’s investment in Coca-Cola. ","At the end of 2017, Berkshire’s almost 10 percent stake in the company is worth $18.4 billion. That’s a staggering gain of over 1300 percent from its $1.3 billion cost basis.","Buffett credits the soft-drink’s company’s decades of advertising for building a “mindshare” that can’t be matched by competitors."],"title":"Buys Coca-Cola stake","subtitle":"1988","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107318-BUFFETT-TIMELINE-Frame-13-GettyImages-488197959.jpg?v=1522801935","card":null,"__typename":"slide"},{"type":"Image Dominant","body":["Gates and Buffett first meet when Buffett is invited to dinner with Gates' parents at their Washington State vacation home. Gates resists his mother’s invitation to join them, telling her, “Look, he just buys and sells pieces of paper.”","After reluctantly agreeing to attend, he finds himself “lost in conversation” with Buffett.","“He was funny, but what impressed me most was how clearly he thought about the world. It was a deep friendship from our very first conversation.”"],"title":"Meets Bill Gates","subtitle":"July 5, 1991","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087844-BUFFETT-TIMELINE-Frame-14-Buffett-Gates.jpg?v=1521993815","card":null,"__typename":"slide"},{"type":"Chapter","body":["In November, the price of one share of Berkshire Hathaway stock tops $10,000 for the first time.","The market value of the company is $14.9 billion."],"title":"1992","subtitle":"Stock milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},{"type":"Chapter","body":["In January, the price of one share of Berkshire Hathaway stock tops $50,000 for the first time. ","The market value of the company is $76.4 billion"],"title":"1998","subtitle":"Stock milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},{"type":"Chapter","body":["Speaking in July at Allen & Co’s annual Sun Valley media conference, Buffett argues that too many people believe the dramatic stock gains since 1981 will continue for the following 17 years.","But, he says, it is unrealistic to think that corporate profits and the economy will grow enough to keep fueling the bull market expectations.","And while he agrees the internet will change the world, he points out that very few investors at the beginning of the 20th century were able to pick the winners from two other transformative technologies: cars and airplanes."],"title":"1999","subtitle":"At height of internet bubble, Buffett warns \ninvestors are “expecting far too much”","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107319-BUFFETT-TIMELINE-Frame-17-Sun_Valley_1999_16x9.jpg?v=1522801922","card":null,"__typename":"slide"},{"type":"Image Dominant","body":["Rather than go through the distraction and expense of creating his own charity, Buffett “outsources” most of the work to the Bill and Melinda Gates Foundation.","“What could you find that's better than turning to a couple of people who are young, who are ungodly bright, whose ideas have been proven, who already have shown an ability to scale it up and do it right?”"],"title":"Teams with Gates Foundation to give away almost all his wealth","subtitle":"June, 2006","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107324-BUFFETT-TIMELINE-Frame-18-GettyImages-71300040.jpg?v=1522801736","card":null,"__typename":"slide"},{"type":"Image\u002FText","body":["When Susan Buffett moves to California in the ‘70s, she asks a friend to look after her husband.","Astrid Menks becomes Buffett’s companion even as he remains in what his daughter approvingly calls an “unconventional” marriage.","Just before she dies in 2004, Susan says, “She takes great care of him, and he appreciates it and I appreciate it.”","On his 76th birthday, Buffett and Menks are married in a brief civil ceremony."],"title":"Marries Astrid Menks","subtitle":"August 30, 2006","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"Astrid, Warren, and daughter Susie, Photo: Berkshire Hathaway","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087858-BUFFETT-TIMELINE-Frame-19-Astrid_and_Susie.jpg?v=1521995586","card":null,"__typename":"slide"},{"type":"Chapter","body":["In October, the price of one share of Berkshire Hathaway stock tops $100,000 for the first time.","The market value of the company is $162.6 billion."],"title":"2006","subtitle":"Stock milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},{"type":"Chapter","body":["Near the height of the credit crisis following the September 15 collapse of Lehman Brothers, The New York Times publishes an op-ed by Buffett headlined, “Buy American. I Am”","“A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread.”","While he later admits he is a bit early, Buffett’s long-term optimism leads Berkshire Hathaway to invest in troubled companies including Goldman Sachs and General Electric, producing billion in profits in the following years."],"title":"2008","subtitle":"Writes \"Buy American. I am\" op-ed for the NY Times","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105175414-NYT-Buy_American.jpg?v=1525200649","card":null,"__typename":"slide"},{"type":"Image\u002FText","body":["At a White House ceremony, President Obama calls Buffett “not only one of the world’s richest men, but also one of the most admired and respected.“","Obama praises him for demonstrating that “integrity isn’t just a good trait -- it is good for business” and for “devoting the vast majority of his wealth to those around the world who are suffering, or sick, or in need of help.\""],"title":"Receives Presidential Medal of Freedom","subtitle":"February 15, 2011","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"(Photo by Alex Wong\u002FGetty Images)","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107334-BUFFETT-TIMELINE-Frame-22-GettyImages-109142342.jpg?v=1522801956","card":null,"__typename":"slide"},{"type":"Chapter","body":["On April 17, Buffett reveals he has been diagnosed with stage I prostate cancer. But, he assures shareholders, “The good news is that I’ve been told by my doctors that my condition is not remotely life threatening or even debilitating in any meaningful way.”","In September, after completing two months of daily radiation treatments, Buffett is “so glad to say that’s over” and jokes about his long-standing plan to be the world’s oldest man."],"title":"2012","subtitle":"Treatment for prostate cancer","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107336-BUFFETT-TIMELINE-Frame-23-Nebraska_Medicine_3.jpg?v=1522802054","card":null,"__typename":"slide"},{"type":"Chapter","body":["In August, the price of one share of Berkshire Hathaway stock tops $200,000 for the first time.","The market value of the company is $338.2 billion."],"title":"2014","subtitle":"Stock milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},{"type":"Chapter","body":["In December, the price of one share of Berkshire Hathaway stock tops $300,000 for the first time.","The market value of the company is $489.4 billion."],"title":"2017","subtitle":"Stock milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},{"type":"Image\u002FText","body":["Gregory Abel and Ajit Jain join the Berkshire Hathaway board as vice chairs. Buffett tells CNBC the appointments are \"part of a movement to succession over time\" but says he's in very good health and has no plans to give up his CEO role anytime soon.","Abel, the CEO of Berkshire's energy subsidiary, is put in charge of Berkshire's non-insurance businesses. Jain, who had been running the reinsurance business, is given responsibility for all insurance operations."],"title":"\"Movement to succession\"","subtitle":"January 10, 2018","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105182676-BUFFETT_TIMELINE_Abel-Jain.jpg?v=1525376072","card":null,"__typename":"slide"},{"type":"Chapter","body":["Buffett annoys cryptocurrency enthusiasts worldwide when he warns long-term investors to stay away from bitcoin, predicting \"in terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.\" When or how, he adds, \"I don't know.\"","\"The idea that it has some huge intrinsic value is just a joke, in my view.\""],"title":"2018","subtitle":"Bitcoin is \"probably rat poison squared\"","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F102493903-461203348.jpg?v=1440010933","card":null,"__typename":"slide"}],"__typename":"buffettTimeline"},"__typename":"module"}],"__typename":"column"}],"__typename":"layout"}],"type":"wildcard","title":"Buffett Timeline","premium":false,"native":false,"section":{"id":105047667,"headline":"Explore","tagName":"Warren Buffett Archive","url":"https:\u002F\u002Fbuffett.cnbc.com\u002Fwarren-buffett-archive\u002F","type":"franchise","title":"The definitive collection|||Buffett in his own words","eyebrow":"Warren Buffett Archive","subType":"section","__typename":"franchise","tagNameFormatted":"warren buffett ","tagNameFormattedFull":"warren buffett archive"},"description":null,"url":"https:\u002F\u002Fbuffett.cnbc.com\u002Fbuffett-timeline\u002F","datePublished":"2018-03-29T20:58:13+0000","creatorOverwrite":null,"expires":null,"promoImage":null,"relatedTags":[],"author":[],"featuredMedia":null,"seoTitle":"Buffett Timeline","dateFirstPublished":"2018-03-29T20:58:14+0000","dateLastPublished":"2019-01-22T22:07:38+0000","relatedTagsFiltered":[],"headline":"Buffett Timeline","tagName":null,"tagNameFormatted":"NA","tagNameFormattedFull":"NA","slug":"DO NOT DELETE - Buffett Timeline","sourceOrganization":null,"projectTeamContent":[],"relatedTagsFilteredFormatted":"NA","relatedTagsFilteredFormattedFull":"NA","additionalSectionContent":[],"additionalSectionContentFormatted":"NA","additionalSectionContentFormattedFull":"NA","relatedContent":[],"sectionHierarchy":[{"id":105047667,"tagName":"Warren Buffett Archive","tagNameFormatted":"warren buffett ","tagNameFormattedFull":"warren buffett archive","order":1,"__typename":"sectionHierarchy"}],"sectionHierarchyFormatted":"warren buffett ","sectionHierarchyFormattedFull":"warren buffett archive","projectContent":[],"projectTeamContentFormatted":"NA","projectTeamContentFormattedFull":"NA","projectContentFormatted":"NA","projectContentFormattedFull":"NA","creatorOverwriteFormatted":"NA","sourceOrganizationFormatted":"NA","sourceOrganizationFormattedFull":"NA","authorFormatted":"NA","authorFormattedFull":"NA","subDomain":"https:\u002F\u002Fbuffett.cnbc.com","liveURL":"\u002Fbuffett-timeline\u002F","pageName":"105099041|buffett-timeline","shortDatePublished":"03\u002F29\u002F2018","shortDateLastPublished":"01\u002F22\u002F2019","shortDateFirstPublished":"03\u002F29\u002F2018","publisher":{"name":"CNBC","logo":"http:\u002F\u002Fsc.cnbcfm.com\u002Fapplications\u002Fcnbc.com\u002Fstaticcontent\u002Fimg\u002Fcnbc-hdr-logo2.png","__typename":"publisher"},"__typename":"page"},"errors":null,"error":null},"menu":{"loading":false,"menu":{"header":{"hosts":{"buffett":"\u002F\u002Fbuffett.cnbc.com","cnbc":"\u002F\u002Fcnbc.com","dealornodeal":"\u002F\u002Fdealornodeal.cnbc.com\u002F","makeit":"\u002F\u002Fmakeit.cnbc.com"},"collapsed":[{"name":"annual_meetings","label":"Annual Meetings","host":"","path":"\u002Fannual-meetings\u002F","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"cnbc_interviews","label":"CNBC Interviews","host":"","path":"\u002Fcnbc-interviews\u002F","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"buffett_a_z","label":"Buffett A-Z","host":"","path":"\u002Fbuffett-a-z\u002F","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"timeline","label":"Timeline","host":"","path":"\u002Fbuffett-timeline\u002F","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"documentary","label":"Documentary","host":"","path":"\u002Fvideo\u002F2018\u002F05\u002F07\u002Fwarren-buffett-investor-teacher-icon-documentary.html","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"about_buffett","label":"About","host":"","path":"\u002Fabout-buffett\u002F","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]}],"expanded":[],"featured":[{"name":"search","label":"Search","host":"","path":"javascript:void(0);","attr":{"data":{"trknavattr":"featured:${parent}:${name}:${currentDocNID}"}},"items":[]},{"name":"cnbc","label":"CNBC.com","host":"www.cnbc.com","path":"\u002F","attr":{"data":{"trknavattr":"featured:${parent}:${name}:${currentDocNID}"}},"items":[]}],"edition":[]},"footer":{"hosts":{"buffett":"\u002F\u002Fbuffett.cnbc.com","cnbc":"\u002F\u002Fcnbc.com","dealornodeal":"\u002F\u002Fdealornodeal.cnbc.com\u002F","makeit":"\u002F\u002Fmakeit.cnbc.com"},"main":[{"name":"privacy_policy","label":"Privacy Policy","host":"https:\u002F\u002Fwww.nbcuniversal.com","path":"\u002Fprivacy\u002F","attr":{"data":{"trknavattr":"footer:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"terms_of_service","label":"Terms of Service","host":"https:\u002F\u002Fwww.cnbc.com","path":"\u002Fnbcuniversal-terms-of-service\u002F","attr":{"data":{"trknavattr":"footer:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"closed_captioning","label":"Closed Captioning","host":"https:\u002F\u002Fwww.cnbc.com","path":"\u002Fclosed-captioning\u002F","attr":{"data":{"trknavattr":"footer:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"contact_us","label":"Contact Us","host":"https:\u002F\u002Fhelp.cnbc.com","path":"\u002Fcontact","attr":{"data":{"trknavattr":"footer:${name}:${name}:${currentDocNID}"}},"items":[]}],"social":[]},"__typename":"menu"},"errors":null,"error":null},"request":{"hostname":"buffett.cnbc.com"},"sailthru":{"sailthruLoaded":false},"viewMode":{"mode":""}}; window.__c_data={"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"})":{"id":105099041,"brand":"buffett","template":"buffettTimeline","layout":[{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0","generated":true}],"type":"wildcard","title":"Buffett Timeline","premium":false,"native":false,"section":{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).section","generated":true},"description":null,"url":"https:\u002F\u002Fbuffett.cnbc.com\u002Fbuffett-timeline\u002F","datePublished":"2018-03-29T20:58:13+0000","creatorOverwrite":null,"expires":null,"promoImage":null,"relatedTags":[],"author":[],"featuredMedia":null,"seoTitle":"Buffett Timeline","dateFirstPublished":"2018-03-29T20:58:14+0000","dateLastPublished":"2019-01-22T22:07:38+0000","relatedTagsFiltered":[],"headline":"Buffett Timeline","tagName":null,"tagNameFormatted":"NA","tagNameFormattedFull":"NA","slug":"DO NOT DELETE - Buffett Timeline","sourceOrganization":null,"projectTeamContent":[],"relatedTagsFilteredFormatted({\"isTruncated\":true})":"NA","relatedTagsFilteredFormatted":"NA","additionalSectionContent":[],"additionalSectionContentFormatted({\"isTruncated\":true})":"NA","additionalSectionContentFormatted":"NA","relatedContentFiltered":[],"sectionHierarchy({\"isFiltered\":true})":[{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).sectionHierarchy({\"isFiltered\":true}).0","generated":true}],"sectionHierarchyFormatted({\"isFiltered\":true,\"isTruncated\":true})":"warren buffett ","sectionHierarchyFormatted({\"isFiltered\":true})":"warren buffett archive","projectContent":[],"projectTeamContentFormatted({\"isTruncated\":true})":"NA","projectTeamContentFormatted":"NA","projectContentFormatted({\"isTruncated\":true})":"NA","projectContentFormatted":"NA","creatorOverwriteFormatted":"NA","sourceOrganizationFormatted({\"isTruncated\":true})":"NA","sourceOrganizationFormatted":"NA","authorFormatted({\"isTruncated\":true})":"NA","authorFormatted":"NA","subDomain":"https:\u002F\u002Fbuffett.cnbc.com","liveURL":"\u002Fbuffett-timeline\u002F","pageName":"105099041|buffett-timeline","shortDatePublished":"03\u002F29\u002F2018","shortDateLastPublished":"01\u002F22\u002F2019","shortDateFirstPublished":"03\u002F29\u002F2018","publisher":{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).publisher","generated":true},"__typename":"page"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0":{"editable":false,"columns":[{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0","generated":true}],"__typename":"layout"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0":{"span":"12","editable":false,"modules":[{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0","generated":true}],"__typename":"column"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0":{"name":"buffettTimeline","source":"105099041","canChangeLayout":false,"canChangeSource":false,"serverRenderPolicy":"ssr","attributes":{"type":"json","json":{}},"data({\"mode\":\"\"})":{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"})","generated":true},"__typename":"module"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.0":{"type":"Timeline Intro","body":{"type":"json","json":[""]},"title":"Berkshire Hathaway Timeline","subtitle":"","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.1":{"type":"Chapter","body":{"type":"json","json":["Warren Edward Buffett is born on August 30,1930 in Omaha, Nebraska as the second of three children to Howard and Leila Buffett, who married in 1925.","","Buffett's older sister Doris is born in 1928. His sister Roberta, known as \"Bertie,\" is born when Warren is three years old."]},"title":"1930","subtitle":"Buffett's birth","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105174924-Buffett_Baby_4.jpg?v=1525189807","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.2":{"type":"Chapter","body":{"type":"json","json":["After predicting to a childhood friend he will be a millionaire by the time he is 35, Buffett buys his first stock at the age of 11. Looking back, he laughingly tells CNBC, “I don’t know why I wasted that time beforehand. I got started late.”","Buffett pays $38.25 each for three shares of Cities Service preferred. It falls to around $27, then rebounds to $40, prompting Buffett to sell at a small profit.","It later tops $200 per share, teaching him a crucial lesson about the value of patience."]},"title":"1942","subtitle":"Buffett buys his first stock","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087808-24046301066_f7b08865e7_b.jpg?v=1521988977","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.3":{"type":"Chapter","body":{"type":"json","json":["Buffett's father, who owns a small brokerage firm in Omaha, runs for Congress as a supporter of the gold standard, winning the first of three terms.","Buffett delivers newspapers and tries various business ventures.","He arrives with around $120 and leaves several years later with $10,000, roughly $100,000 in 2018 dollars."]},"title":"1943","subtitle":"Buffett family moves to Washington","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105183417-BUFFETT_TIMELINE_Buffett_Family_in_DC.jpg?v=1525387200","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.4":{"type":"Chapter","body":{"type":"json","json":["Throughout his teens, Buffett reads voraciously and tries a number of investment techniques.","Then, in 1949, while a student at the University of Nebraska, he reads \"The Intelligent Investor\" by Benjamin Graham. It profoundly shapes his investing philosophy, providing him with the three basic principles that will guide him from then on. "]},"title":"1949","subtitle":"Discovers \"The Intelligent Investor\"","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087810-BUFFETT-TIMELINE-Frame-04-IntelligentInvestor.jpg?v=1521989537","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.5":{"type":"Video Dominant","body":{"type":"json","json":["When he is 20, Buffett gets what he later calls \"a huge head start\" in the insurance business, meeting Lorimer \"Davy\" Davidson, CEO of the company that will become GEICO. ","In this 2007 Berkshire video, Buffett recounts the unusual circumstances that led to a conversation in which he \"probably learned more … than I learned in college,\" and Davidson speaks about his long friendship with Buffett."]},"title":"Meets GEICO’s Lorimer Davidson","subtitle":"January, 1951","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"","card":{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.5.card","generated":true},"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.5.card":{"title":"Buffett meets Lorimer \"Davy\" Davidson through \"extraordinary piece of luck\"","image":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107292-BUFFETT-TIMELINE-Frame-05-Lorimer_Davidson.jpg?v=1522799864","videoTime":"5:52","videoUrl":"https:\u002F\u002Fbuffett.cnbc.com\u002Fvideo\u002F2018\u002F04\u002F03\u002Fbuffett-on-meeting-lorimer-davidson.html","__typename":"videoCard"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.6":{"type":"Image\u002FText","body":{"type":"json","json":["Warren Buffett and Susan Thompson are married in Omaha. Thompson had been college roommates with Buffett's sister Roberta.","Susan’s progressive politics contribute to Buffett's generally liberal views. ","The couple start living separately in 1977 when Susan relocates to San Francisco to further her singing career.","They remain married until her death in 2004."]},"title":"Marries Susan Thompson","subtitle":"1952","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"Warren Buffett and Susan Thompson on their wedding day","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087819-BUFFETT-TIMELINE-Frame-06-Wedding.jpg?v=1521990265","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.7":{"type":"Chapter","body":{"type":"json","json":["After working for two years in New York with his mentor, Ben Graham at Graham-Newman, Buffett returns to Omaha in 1956. ","At the age of 25, he starts a partnership with seven investors, including his father-in-law, his sister Doris, his aunt Alice, and a college roommate.","The initial investments total just over $105,000. Buffett puts $100 of his own money into the partnership.","His fee is 50 percent of profits above a 4 percent gain, but he also agrees to cover 25 percent of any losses."]},"title":"1956","subtitle":"Starts first Buffett Partnership","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105147516-Buffett_Early_50s_edited-1.jpg?v=1524259805","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.8":{"type":"Chapter","body":{"type":"json","json":["Two years after starting his first partnership, Buffett is doing well enough to afford a house in Omaha, paying $31,500. ($270,000 in 2018 dollars).","Despite becoming one of the world's richest people over the next 60 years, he doesn't trade up.","At the 2014 annual meeting, he tells shareholders, \"I have everything in life I want… My life would not be happier, and it'd be worse, if I had six or eight houses or, you know, a whole bunch of different things I could have. It just doesn't correlate.\" "]},"title":"1958","subtitle":"Buys modest Omaha house","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087821-BUFFETT-TIMELINE-Frame-08-House.jpg?v=1521990768","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.9":{"type":"Video Dominant","body":{"type":"json","json":["Buffett and Charlie Munger meet through mutual friends in 1959 and realize as they are laughing at their own jokes that they are “sort of made for each other.”","They work together informally until 1978 when Munger joins Berkshire as vice chairman.","In this 2016 interview for “On the Money,” they describe their friendship."]},"title":"Meets Charlie Munger","subtitle":"1959","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"","card":{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.9.card","generated":true},"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.9.card":{"title":"\"It's been almost hilarious, it's been so much fun\"","image":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087828-BUFFETT-TIMELINE-Frame-09-Munger.jpg?v=1521991735","videoTime":"1:20","videoUrl":"https:\u002F\u002Fbuffett.cnbc.com\u002Fvideo\u002F2016\u002F05\u002F05\u002Fmunger-on-working-with-buffett-its-been-almost-hilarious-its-been-so-much-fun.html","__typename":"videoCard"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.10":{"type":"Video Dominant","body":{"type":"json","json":["After several years of acquiring what he sees as undervalued shares of Berkshire Hathaway, a struggling textile mill in New Bedford, Mass., Buffett takes control of the company in 1965.","Even though it will grow into a giant conglomerate worth more than $500 billion in 2018, Buffett calls the purchase one of his biggest mistakes.","In this 2010 interview with CNBC's Becky Quick, he explains why."]},"title":"Buys Berkshire Hathaway","subtitle":"May 10, 1965","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"","card":{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.10.card","generated":true},"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.10.card":{"title":"\"The dumbest stock I ever bought\"","image":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087830-BUFFETT-TIMELINE-Frame-10-BuysBerkshire.jpg?v=1521992118","videoTime":"3:10","videoUrl":"https:\u002F\u002Fbuffett.cnbc.com\u002Fvideo\u002F2018\u002F03\u002F25\u002Fbuffett-on-the-dumbest-stock-i-ever-bought.html","__typename":"videoCard"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.11":{"type":"Chapter","body":{"type":"json","json":["Berkshire cautiously buys a small California-based candy maker for a fully-valued $25 million.","It becomes one of Buffett’s favorite investments, a “dream business” with strong brand loyalty that churns out cash and needs almost no new capital.","Munger recalls it as an important lesson. It is the first time they “really stepped up for brand quality. And it was a hard jump for us. We’d been used to buying dollar bills for 50 cents.”"]},"title":"1972","subtitle":"Berkshire acquires See's Candies","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087834-BUFFETT-TIMELINE-Frame-11-shop-exterior-SSF.jpeg?v=1522799250","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.12":{"type":"Chapter","body":{"type":"json","json":["In May, the price of one share of Berkshire Hathaway stock tops $1000 for the first time."]},"title":"1983","subtitle":"Stock Milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.13":{"type":"Image\u002FText","body":{"type":"json","json":["Warren Buffett loves to drink Cherry Cokes and he loves Berkshire’s investment in Coca-Cola. ","At the end of 2017, Berkshire’s almost 10 percent stake in the company is worth $18.4 billion. That’s a staggering gain of over 1300 percent from its $1.3 billion cost basis.","Buffett credits the soft-drink’s company’s decades of advertising for building a “mindshare” that can’t be matched by competitors."]},"title":"Buys Coca-Cola stake","subtitle":"1988","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107318-BUFFETT-TIMELINE-Frame-13-GettyImages-488197959.jpg?v=1522801935","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.14":{"type":"Image Dominant","body":{"type":"json","json":["Gates and Buffett first meet when Buffett is invited to dinner with Gates' parents at their Washington State vacation home. Gates resists his mother’s invitation to join them, telling her, “Look, he just buys and sells pieces of paper.”","After reluctantly agreeing to attend, he finds himself “lost in conversation” with Buffett.","“He was funny, but what impressed me most was how clearly he thought about the world. It was a deep friendship from our very first conversation.”"]},"title":"Meets Bill Gates","subtitle":"July 5, 1991","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087844-BUFFETT-TIMELINE-Frame-14-Buffett-Gates.jpg?v=1521993815","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.15":{"type":"Chapter","body":{"type":"json","json":["In November, the price of one share of Berkshire Hathaway stock tops $10,000 for the first time.","The market value of the company is $14.9 billion."]},"title":"1992","subtitle":"Stock milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.16":{"type":"Chapter","body":{"type":"json","json":["In January, the price of one share of Berkshire Hathaway stock tops $50,000 for the first time. ","The market value of the company is $76.4 billion"]},"title":"1998","subtitle":"Stock milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.17":{"type":"Chapter","body":{"type":"json","json":["Speaking in July at Allen & Co’s annual Sun Valley media conference, Buffett argues that too many people believe the dramatic stock gains since 1981 will continue for the following 17 years.","But, he says, it is unrealistic to think that corporate profits and the economy will grow enough to keep fueling the bull market expectations.","And while he agrees the internet will change the world, he points out that very few investors at the beginning of the 20th century were able to pick the winners from two other transformative technologies: cars and airplanes."]},"title":"1999","subtitle":"At height of internet bubble, Buffett warns \ninvestors are “expecting far too much”","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107319-BUFFETT-TIMELINE-Frame-17-Sun_Valley_1999_16x9.jpg?v=1522801922","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.18":{"type":"Image Dominant","body":{"type":"json","json":["Rather than go through the distraction and expense of creating his own charity, Buffett “outsources” most of the work to the Bill and Melinda Gates Foundation.","“What could you find that's better than turning to a couple of people who are young, who are ungodly bright, whose ideas have been proven, who already have shown an ability to scale it up and do it right?”"]},"title":"Teams with Gates Foundation to give away almost all his wealth","subtitle":"June, 2006","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107324-BUFFETT-TIMELINE-Frame-18-GettyImages-71300040.jpg?v=1522801736","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.19":{"type":"Image\u002FText","body":{"type":"json","json":["When Susan Buffett moves to California in the ‘70s, she asks a friend to look after her husband.","Astrid Menks becomes Buffett’s companion even as he remains in what his daughter approvingly calls an “unconventional” marriage.","Just before she dies in 2004, Susan says, “She takes great care of him, and he appreciates it and I appreciate it.”","On his 76th birthday, Buffett and Menks are married in a brief civil ceremony."]},"title":"Marries Astrid Menks","subtitle":"August 30, 2006","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"Astrid, Warren, and daughter Susie, Photo: Berkshire Hathaway","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105087858-BUFFETT-TIMELINE-Frame-19-Astrid_and_Susie.jpg?v=1521995586","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.20":{"type":"Chapter","body":{"type":"json","json":["In October, the price of one share of Berkshire Hathaway stock tops $100,000 for the first time.","The market value of the company is $162.6 billion."]},"title":"2006","subtitle":"Stock milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.21":{"type":"Chapter","body":{"type":"json","json":["Near the height of the credit crisis following the September 15 collapse of Lehman Brothers, The New York Times publishes an op-ed by Buffett headlined, “Buy American. I Am”","“A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread.”","While he later admits he is a bit early, Buffett’s long-term optimism leads Berkshire Hathaway to invest in troubled companies including Goldman Sachs and General Electric, producing billion in profits in the following years."]},"title":"2008","subtitle":"Writes \"Buy American. I am\" op-ed for the NY Times","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105175414-NYT-Buy_American.jpg?v=1525200649","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.22":{"type":"Image\u002FText","body":{"type":"json","json":["At a White House ceremony, President Obama calls Buffett “not only one of the world’s richest men, but also one of the most admired and respected.“","Obama praises him for demonstrating that “integrity isn’t just a good trait -- it is good for business” and for “devoting the vast majority of his wealth to those around the world who are suffering, or sick, or in need of help.\""]},"title":"Receives Presidential Medal of Freedom","subtitle":"February 15, 2011","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"(Photo by Alex Wong\u002FGetty Images)","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107334-BUFFETT-TIMELINE-Frame-22-GettyImages-109142342.jpg?v=1522801956","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.23":{"type":"Chapter","body":{"type":"json","json":["On April 17, Buffett reveals he has been diagnosed with stage I prostate cancer. But, he assures shareholders, “The good news is that I’ve been told by my doctors that my condition is not remotely life threatening or even debilitating in any meaningful way.”","In September, after completing two months of daily radiation treatments, Buffett is “so glad to say that’s over” and jokes about his long-standing plan to be the world’s oldest man."]},"title":"2012","subtitle":"Treatment for prostate cancer","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105107336-BUFFETT-TIMELINE-Frame-23-Nebraska_Medicine_3.jpg?v=1522802054","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.24":{"type":"Chapter","body":{"type":"json","json":["In August, the price of one share of Berkshire Hathaway stock tops $200,000 for the first time.","The market value of the company is $338.2 billion."]},"title":"2014","subtitle":"Stock milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.25":{"type":"Chapter","body":{"type":"json","json":["In December, the price of one share of Berkshire Hathaway stock tops $300,000 for the first time.","The market value of the company is $489.4 billion."]},"title":"2017","subtitle":"Stock milestone","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105176101-Berkshire_chart-Gray-V2.jpg?v=1525213519","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.26":{"type":"Image\u002FText","body":{"type":"json","json":["Gregory Abel and Ajit Jain join the Berkshire Hathaway board as vice chairs. Buffett tells CNBC the appointments are \"part of a movement to succession over time\" but says he's in very good health and has no plans to give up his CEO role anytime soon.","Abel, the CEO of Berkshire's energy subsidiary, is put in charge of Berkshire's non-insurance businesses. Jain, who had been running the reinsurance business, is given responsibility for all insurance operations."]},"title":"\"Movement to succession\"","subtitle":"January 10, 2018","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F105182676-BUFFETT_TIMELINE_Abel-Jain.jpg?v=1525376072","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.27":{"type":"Chapter","body":{"type":"json","json":["Buffett annoys cryptocurrency enthusiasts worldwide when he warns long-term investors to stay away from bitcoin, predicting \"in terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.\" When or how, he adds, \"I don't know.\"","\"The idea that it has some huge intrinsic value is just a joke, in my view.\""]},"title":"2018","subtitle":"Bitcoin is \"probably rat poison squared\"","quote":"","author":"","quoteLinkUrl":"","quoteLinkText":"","imageCaption":"","imageurl":"https:\u002F\u002Fimage.cnbcfm.com\u002Fapi\u002Fv1\u002Fimage\u002F102493903-461203348.jpg?v=1440010933","card":null,"__typename":"slide"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"})":{"slides":[{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.0","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.1","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.2","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.3","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.4","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.5","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.6","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.7","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.8","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.9","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.10","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.11","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.12","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.13","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.14","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.15","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.16","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.17","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.18","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.19","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.20","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.21","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.22","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.23","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.24","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.25","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.26","generated":true},{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).layout.0.columns.0.modules.0.data({\"mode\":\"\"}).slides.27","generated":true}],"__typename":"buffettTimeline"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).section":{"id":105047667,"headline":"Explore","tagName":"Warren Buffett Archive","url":"https:\u002F\u002Fbuffett.cnbc.com\u002Fwarren-buffett-archive\u002F","type":"franchise","title":"The definitive collection|||Buffett in his own words","eyebrow":"Warren Buffett Archive","subType":"section","__typename":"franchise","tagNameFormatted":"warren buffett ","tagNameFormattedFull":"warren buffett archive"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).sectionHierarchy({\"isFiltered\":true}).0":{"id":105047667,"tagName":"Warren Buffett Archive","tagNameFormatted":"warren buffett ","tagNameFormattedFull":"warren buffett archive","order":1,"__typename":"sectionHierarchy"},"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"}).publisher":{"name":"CNBC","logo":"http:\u002F\u002Fsc.cnbcfm.com\u002Fapplications\u002Fcnbc.com\u002Fstaticcontent\u002Fimg\u002Fcnbc-hdr-logo2.png","__typename":"publisher"},"ROOT_QUERY":{"page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"})":{"type":"id","id":"$ROOT_QUERY.page({\"path\":\"\u002Fbuffett-timeline\u002F\",\"product\":\"web\",\"hostname\":\"buffett.cnbc.com\",\"mode\":\"\"})","generated":true},"menu({\"brand\":\"buffett\",\"product\":\"web\",\"region\":\"USA\"})":{"type":"id","id":"$ROOT_QUERY.menu({\"brand\":\"buffett\",\"product\":\"web\",\"region\":\"USA\"})","generated":true}},"$ROOT_QUERY.menu({\"brand\":\"buffett\",\"product\":\"web\",\"region\":\"USA\"})":{"header":{"type":"json","json":{"hosts":{"buffett":"\u002F\u002Fbuffett.cnbc.com","cnbc":"\u002F\u002Fcnbc.com","dealornodeal":"\u002F\u002Fdealornodeal.cnbc.com\u002F","makeit":"\u002F\u002Fmakeit.cnbc.com"},"collapsed":[{"name":"annual_meetings","label":"Annual Meetings","host":"","path":"\u002Fannual-meetings\u002F","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"cnbc_interviews","label":"CNBC Interviews","host":"","path":"\u002Fcnbc-interviews\u002F","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"buffett_a_z","label":"Buffett A-Z","host":"","path":"\u002Fbuffett-a-z\u002F","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"timeline","label":"Timeline","host":"","path":"\u002Fbuffett-timeline\u002F","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"documentary","label":"Documentary","host":"","path":"\u002Fvideo\u002F2018\u002F05\u002F07\u002Fwarren-buffett-investor-teacher-icon-documentary.html","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"about_buffett","label":"About","host":"","path":"\u002Fabout-buffett\u002F","attr":{"data":{"trknavattr":"navigation:${name}:${name}:${currentDocNID}"}},"items":[]}],"expanded":[],"featured":[{"name":"search","label":"Search","host":"","path":"javascript:void(0);","attr":{"data":{"trknavattr":"featured:${parent}:${name}:${currentDocNID}"}},"items":[]},{"name":"cnbc","label":"CNBC.com","host":"www.cnbc.com","path":"\u002F","attr":{"data":{"trknavattr":"featured:${parent}:${name}:${currentDocNID}"}},"items":[]}],"edition":[]}},"footer":{"type":"json","json":{"hosts":{"buffett":"\u002F\u002Fbuffett.cnbc.com","cnbc":"\u002F\u002Fcnbc.com","dealornodeal":"\u002F\u002Fdealornodeal.cnbc.com\u002F","makeit":"\u002F\u002Fmakeit.cnbc.com"},"main":[{"name":"privacy_policy","label":"Privacy Policy","host":"https:\u002F\u002Fwww.nbcuniversal.com","path":"\u002Fprivacy\u002F","attr":{"data":{"trknavattr":"footer:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"terms_of_service","label":"Terms of Service","host":"https:\u002F\u002Fwww.cnbc.com","path":"\u002Fnbcuniversal-terms-of-service\u002F","attr":{"data":{"trknavattr":"footer:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"closed_captioning","label":"Closed Captioning","host":"https:\u002F\u002Fwww.cnbc.com","path":"\u002Fclosed-captioning\u002F","attr":{"data":{"trknavattr":"footer:${name}:${name}:${currentDocNID}"}},"items":[]},{"name":"contact_us","label":"Contact Us","host":"https:\u002F\u002Fhelp.cnbc.com","path":"\u002Fcontact","attr":{"data":{"trknavattr":"footer:${name}:${name}:${currentDocNID}"}},"items":[]}],"social":[]}},"__typename":"menu"}};</script><script src="https://static-buffett.cnbcfm.com/dist/manifest-bb9544d59c0f0944a62f.js" charSet="UTF-8"></script><script src="https://static-buffett.cnbcfm.com/dist/2-20a807adb150fea1a5d3.js"></script><script src="https://static-buffett.cnbcfm.com/dist/34-ed3aaddca0f13c16c9fc.js"></script><script src="https://static-buffett.cnbcfm.com/dist/45-f662361c772a547498d3.js"></script><script src="https://static-buffett.cnbcfm.com/dist/95-46ccd0f3c6deeec7ff6c.js"></script><script src="https://static-buffett.cnbcfm.com/dist/45-f662361c772a547498d3.js"></script><script src="https://static-buffett.cnbcfm.com/dist/main-3c551945ece18e2660eb.js" charSet="UTF-8"></script><script charSet="UTF-8"></script></body></html>

Pages： 1 2 3 4 5 6 7 8 9 10