The Oracle of Omaha turns 90 today
Warren Buffet celebrates his 90th birthday today as the world's sixth-richest man. At $82.1 billion, he's done well for himself.
But what Jason Zweig notes in the WSJ is that the genesis of his genius was in playing the long game and starting as early as possible.
Around the age of 10, he read a book about how to make $1,000 and intuitively grasped the importance of time. In five years, $1,000 earning 10% would be worth more than $1,600; 10 years of 10% growth would turn it into nearly $2,600; in 25 years, it would amount to more than $10,800; in 50 years, it would compound to almost $117,400.
Today's markets are as get-rich-quick as ever but the long game always wins.