After he reads that book, he makes a statement that by the time he was 35 years old, he'd be a millionaire.
When you break down the lives of extremely successful people, you find that their success didn't come from an earth shattering break-through.
Rather, it came from obsessing about a simple idea, fanatically.
Time for a thread about one such idea. 👇👇👇
After he reads that book, he makes a statement that by the time he was 35 years old, he'd be a millionaire.
How he got there is an interesting story.
As soon as he reads that book, he decides he should have 1000 dollars before he finishes school.
He watches Dan fix an old pinball machine (that he bought for $15) in two hours.
Warren asks him if he can fix more.
Dan says yes.
They call the firm "Wilson Coin Operated Company".
They go to local barbers and pitch the barbers an ingenious business plan.
The barber has to let the company install a fixed up pinball machine in a corner of the barber shop.
Every week, whatever money gets collected in the pinball machine, they'd share it 50-50.
Out of the 50% share, Warren and Dan shared 50-50.
They make $2.5 from that machine per week.
That's $10 a month ; $120 a year.
They installed ~25 such machines across Omaha in barber shops.
Then, they start renting out the Rolls Royce for weddings during weekends, at $100 per weekend.
The ROC was through the roof.
This was way past his $1000 goal.
At age 17, he wanted a framework to compound this capital and get to $1m by age 35.
Let's take a slight detour to 1626 Manhattan now.
They ended up selling Manhattan for $24.
Looking at Manhattan now, you'd think it is worth way more than that.
What would have happened had the Native Indians given that $24 to their investment officer, and he compounded it at 7% p.a?
According to the rule of 72,
Compounding at about ~7% per annum,
you can double your money every 10 years.
1646 - $96
1656 - $192
1666 - $284
and so on, doubling every 10 years.
By 2020, they would be having over $20 Trillion, had they compounded at 7% per annum.
This is an astonishing figure.
While he conservatively estimated at $20 per square foot for 1965, even today, the potential of the sum paid compounded at 7% p.a doesn't come anywhere close to Manhattan's current value.
He wanted to get to a million before age 35.
He found Ben Graham, and adopted the value investing framework. The rest is history.
When he was 40, his net worth was less than $40 million.
When he was 50, his net worth was around $300-400 million approximately.
That's like 1/3rd of 1% of his current net worth.
That's what we see in the graphic here.
This right here, is the power of compounding at work.
You may not have 70+ years of runway ahead of you.
What should you do?
@MohnishPabrai discovered Warren Buffett at age 29, and he realised if he could compound $1M at 26% per annum, he could get to $1B by age 60.
Going back, if you double your capital every 10 years, you can achieve 1000x in 100 years (at a rate of 7% p.a).
If you compound at ~28% p.a, you'll reach 1000x in 25 years, doubling your capital every 2.5 years.
Needless to say, there are always going to be opportunities.
You need a framework to capture them and maximize your CAGR as much as possible.
More from Shravan Venkataraman 🔥🚀💰
Hedge Funds spend millions of dollars per year to access high quality financial datasets.
Retail sources cost anywhere from $5k-50k per year.
But, here are 11 data sources that have HIGH QUALITY and FREE data you can access right away.
🧵 👇
1/ Alpha Vantage | https://t.co/ExlS7Jdnsz
Provides real time & historical equities, forex, and cryptocurrencies data across 60+ exchanges.
They provide both intraday and D/W/M timeframe data.
You can also access economic & fundamental data for last 20 years through them.
2/ IEX | https://t.co/drqeoU8Ee1
Investors Exchange provides historical data going back upto 15 years for US equities through API access.
You'll need an API key in order to access the API.
3/ EconDB | https://t.co/6mZxDeaJfh
This website provides economic data and economic indicators for almost all the countries in the world.
You can search for your preferred dataset through their search engine here
4/ Quandl | https://t.co/fW4PEQaW66
Quandl has financial and alternate data across 50+ exchanges, from over 300 sources.
They also have information on capital markets, energy, shipping, healthcare, education, demography, economics and society.
Retail sources cost anywhere from $5k-50k per year.
But, here are 11 data sources that have HIGH QUALITY and FREE data you can access right away.
🧵 👇
1/ Alpha Vantage | https://t.co/ExlS7Jdnsz
Provides real time & historical equities, forex, and cryptocurrencies data across 60+ exchanges.
They provide both intraday and D/W/M timeframe data.
You can also access economic & fundamental data for last 20 years through them.
2/ IEX | https://t.co/drqeoU8Ee1
Investors Exchange provides historical data going back upto 15 years for US equities through API access.
You'll need an API key in order to access the API.
3/ EconDB | https://t.co/6mZxDeaJfh
This website provides economic data and economic indicators for almost all the countries in the world.
You can search for your preferred dataset through their search engine here
4/ Quandl | https://t.co/fW4PEQaW66
Quandl has financial and alternate data across 50+ exchanges, from over 300 sources.
They also have information on capital markets, energy, shipping, healthcare, education, demography, economics and society.
In today's round up, I have some amazing threads, resources, and plenty of solid advice for business, finance, career from twitter.
Here's the roundup of 17 of the best and the most useful threads, tweets, and resources I found last week. 🧵
1/ How to find spreadsheets on any topic in the
2/ A thread by @wes_kao on making your customers hungry and excited to buy from
3/ Life brings you a lot of afflictions. But if you look around, there's a lot of beauty around you. Most often, drowning in the afflictions, we can't recognise or appreciate the beauty.
@wdmorrisjr wrote a damn good thread on finding beauty around us.
4/ This one is for all the job goers and job seekers.
@SahilBloom who recently hit 500k followers and has several accomplishments to his belt (career wise) wrote this thread on standing out in a hiring
Here's the roundup of 17 of the best and the most useful threads, tweets, and resources I found last week. 🧵
1/ How to find spreadsheets on any topic in the
How to find spreadsheets on any topic in the world:
— Blake Emal (@heyblake) February 13, 2022
1. Go to Google
2. Search site:docs(dot)Google(dot)com/spreadsheets \u201cYOUR TOPIC\u201d
3. Search, scroll, succeed pic.twitter.com/VJsYQKyi0J
2/ A thread by @wes_kao on making your customers hungry and excited to buy from
How to get customers excited, hungry to buy, and ready to say yes:
— Wes Kao \U0001f3db (@wes_kao) February 13, 2022
3/ Life brings you a lot of afflictions. But if you look around, there's a lot of beauty around you. Most often, drowning in the afflictions, we can't recognise or appreciate the beauty.
@wdmorrisjr wrote a damn good thread on finding beauty around us.
You\u2019re not looking for more success, stuff, or sex.
— David Morris (@wdmorrisjr) February 13, 2022
You\u2019re searching for beauty.
Here\u2019s how to find it: \U0001f9f5
4/ This one is for all the job goers and job seekers.
@SahilBloom who recently hit 500k followers and has several accomplishments to his belt (career wise) wrote this thread on standing out in a hiring
10 ways to stand out in a hiring process (that don\u2019t involve your resume):
— Sahil Bloom (@SahilBloom) February 13, 2022
More from Culture
Best books I read in 2020
1. Atomic Habits by @JamesClear
“If you show up at the gym 5 days in a row—even for 2 minutes—you're casting votes for your new identity. You’re not worried about getting in shape. Youre focused on becoming the type of person who doesn’t miss workouts”
Good Reasons for Bad Feelings
https://t.co/KZDqte19nG
2. “social anxiety is overwhelmingly common. Natural selection shaped us to care enormously what other people think..We constantly monitor how much others value us..Low self-esteem is a signal to try harder to please others”
The True Believer by Eric Hoffer
https://t.co/uZT4kdhzvZ
“Hatred is the most accessible and comprehensive of all unifying agents...Mass movements can rise and spread without belief in a God, but never without a believe in a devil.”
Grandstanding
https://t.co/4Of58AZUj8
"if politics becomes a morality pageant, then the contestants have an incentive to keep problems intact...politics becomes a forum to show off moral qualities...people will be dedicated to activism for its own sake, as a vehicle to preen"
Warriors and Worriers by Joyce Benenson
https://t.co/yLC4eGHEd4
“Across diverse cultures, a man who lives in the house with another man’s children is about 60 times more likely than the biological father to kill those children.”
1. Atomic Habits by @JamesClear
“If you show up at the gym 5 days in a row—even for 2 minutes—you're casting votes for your new identity. You’re not worried about getting in shape. Youre focused on becoming the type of person who doesn’t miss workouts”
Good Reasons for Bad Feelings
https://t.co/KZDqte19nG
2. “social anxiety is overwhelmingly common. Natural selection shaped us to care enormously what other people think..We constantly monitor how much others value us..Low self-esteem is a signal to try harder to please others”
The True Believer by Eric Hoffer
https://t.co/uZT4kdhzvZ
“Hatred is the most accessible and comprehensive of all unifying agents...Mass movements can rise and spread without belief in a God, but never without a believe in a devil.”
Grandstanding
https://t.co/4Of58AZUj8
"if politics becomes a morality pageant, then the contestants have an incentive to keep problems intact...politics becomes a forum to show off moral qualities...people will be dedicated to activism for its own sake, as a vehicle to preen"
Warriors and Worriers by Joyce Benenson
https://t.co/yLC4eGHEd4
“Across diverse cultures, a man who lives in the house with another man’s children is about 60 times more likely than the biological father to kill those children.”
A thread of very good, wonderful, truly Super Bowls.
Translucent agate bowl with ornamental grooves and coffee-and-cream marbling. Found near Qift in southern Egypt. 300 - 1,000 BC. 📷 Getty Museum https://t.co/W1HfQZIG2V
Technicolor dreambowl, found in a grave near Zadar on Croatia's Dalmatian Coast. Made by melding and winding thin bars of glass, each adulterated with different minerals to get different colors. 1st century AD. 📷 Zadar Museum of Ancient Glass https://t.co/H9VfNrXKQK
100,000-year-old abalone shells used to mix red ocher, marrow, charcoal, and water into a colorful paste. Possibly the oldest artist's palettes ever discovered. Blombos Cave, South Africa. 📷https://t.co/0fMeYlOsXG
Reed basket bowl with shell and feather ornaments. Possibly from the Southern Pomo or Lake Miwok cultures. Found in Santa Barbara, CA, circa 1770. 📷 British Museum https://t.co/F4Ix0mXAu6
Wooden bowl with concentric circles and rounded rim, most likely made of umbrella thorn acacia (Vachellia/Acacia tortilis). Qumran. 1st Century BCE. 📷 https://t.co/XZCw67Ho03
Translucent agate bowl with ornamental grooves and coffee-and-cream marbling. Found near Qift in southern Egypt. 300 - 1,000 BC. 📷 Getty Museum https://t.co/W1HfQZIG2V
Technicolor dreambowl, found in a grave near Zadar on Croatia's Dalmatian Coast. Made by melding and winding thin bars of glass, each adulterated with different minerals to get different colors. 1st century AD. 📷 Zadar Museum of Ancient Glass https://t.co/H9VfNrXKQK
100,000-year-old abalone shells used to mix red ocher, marrow, charcoal, and water into a colorful paste. Possibly the oldest artist's palettes ever discovered. Blombos Cave, South Africa. 📷https://t.co/0fMeYlOsXG
Reed basket bowl with shell and feather ornaments. Possibly from the Southern Pomo or Lake Miwok cultures. Found in Santa Barbara, CA, circa 1770. 📷 British Museum https://t.co/F4Ix0mXAu6
Wooden bowl with concentric circles and rounded rim, most likely made of umbrella thorn acacia (Vachellia/Acacia tortilis). Qumran. 1st Century BCE. 📷 https://t.co/XZCw67Ho03
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So it's now October 10, 2018 and....Rod Rosenstein is STILL not fired.
He's STILL in charge of the Mueller investigation.
He's STILL refusing to hand over the McCabe memos.
He's STILL holding up the declassification of the #SpyGate documents & their release to the public.
I love a good cover story.......
The guy had a face-to-face with El Grande Trumpo himself on Air Force One just 2 days ago. Inside just about the most secure SCIF in the world.
And Trump came out of AF1 and gave ol' Rod a big thumbs up!
And so we're right back to 'that dirty rat Rosenstein!' 2 days later.
At this point it's clear some members of Congress are either in on this and helping the cover story or they haven't got a clue and are out in the cold.
Note the conflicting stories about 'Rosenstein cancelled meeting with Congress on Oct 11!"
First, rumors surfaced of a scheduled meeting on Oct. 11 between Rosenstein & members of Congress, and Rosenstein just cancelled it.
He's STILL in charge of the Mueller investigation.
He's STILL refusing to hand over the McCabe memos.
He's STILL holding up the declassification of the #SpyGate documents & their release to the public.
I love a good cover story.......
The guy had a face-to-face with El Grande Trumpo himself on Air Force One just 2 days ago. Inside just about the most secure SCIF in the world.
And Trump came out of AF1 and gave ol' Rod a big thumbs up!
And so we're right back to 'that dirty rat Rosenstein!' 2 days later.
At this point it's clear some members of Congress are either in on this and helping the cover story or they haven't got a clue and are out in the cold.
Note the conflicting stories about 'Rosenstein cancelled meeting with Congress on Oct 11!"
First, rumors surfaced of a scheduled meeting on Oct. 11 between Rosenstein & members of Congress, and Rosenstein just cancelled it.
Rep. Andy Biggs and Rep. Matt Gaetz say DAG Rod Rosenstein cancelled an Oct. 11 appearance before the judiciary and oversight committees. They are now calling for a subpoena. pic.twitter.com/TknVHKjXtd
— Ivan Pentchoukov \U0001f1fa\U0001f1f8 (@IvanPentchoukov) October 10, 2018
Tip from the Monkey
Pangolins, September 2019 and PLA are the key to this mystery
Stay Tuned!
1. Yang
2. A jacobin capuchin dangling a flagellin pangolin on a javelin while playing a mandolin and strangling a mannequin on a paladin's palanquin, said Saladin
More to come tomorrow!
3. Yigang Tong
https://t.co/CYtqYorhzH
Archived: https://t.co/ncz5ruwE2W
4. YT Interview
Some bats & pangolins carry viruses related with SARS-CoV-2, found in SE Asia and in Yunnan, & the pangolins carrying SARS-CoV-2 related viruses were smuggled from SE Asia, so there is a possibility that SARS-CoV-2 were coming from
Pangolins, September 2019 and PLA are the key to this mystery
Stay Tuned!
1. Yang
Meet Yang Ruifu, CCP's biological weapons expert https://t.co/JjB9TLEO95 via @Gnews202064
— Billy Bostickson \U0001f3f4\U0001f441&\U0001f441 \U0001f193 (@BillyBostickson) October 11, 2020
Interesting expose of China's top bioweapons expert who oversaw fake pangolin research
Paper 1: https://t.co/TrXESKLYmJ
Paper 2:https://t.co/9LSJTNCn3l
Pangolinhttps://t.co/2FUAzWyOcv pic.twitter.com/I2QMXgnkBJ
2. A jacobin capuchin dangling a flagellin pangolin on a javelin while playing a mandolin and strangling a mannequin on a paladin's palanquin, said Saladin
More to come tomorrow!
3. Yigang Tong
https://t.co/CYtqYorhzH
Archived: https://t.co/ncz5ruwE2W
4. YT Interview
Some bats & pangolins carry viruses related with SARS-CoV-2, found in SE Asia and in Yunnan, & the pangolins carrying SARS-CoV-2 related viruses were smuggled from SE Asia, so there is a possibility that SARS-CoV-2 were coming from
