1/ I met Rick Guerin many years ago in Omaha. He had some great stories about his early days managing money alongside Buffett and Munger. dailyjournal.com/articles/36000…
2/ Rick said that in the early days, equities were considered a wasteland — reputable investors dealt in bonds, and nobody thought much about corporate control. Rick and his buddies would buy into public companies and overhaul their boards.
3/ He said it was basically easy money - nothing like investing “today” (this was maybe 15 years ago). He and his buddies eventually got bored and moved along with their lives.
4/ He said everyone was surprised Warren stuck with it. Back then, Rick and his friends thought Buffett might be president one day, or something like that.
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