Wednesday, October 7, 2015

When Warren Buffett Was a Paperboy

From Ben Bernanke's new book, The Courage to Act: A Memoir of a Crisis and Its Aftermath (p. 311):
According to Buffett, as a boy he organized several paper routes into a single business, making the other delivery boys his first employees. He told me that the Chritmas cards he sent his customers each Christmas read: "Merry Christmas. Third notice!"

And more Christmas cheer for Buffett, post-paperboy career. Bernanke writes (pp311-12):
Buffett supported the Fed throughout the crisis, boosting the Fed's political standing...Certainly by investing in Goldman at that particular moment [during the crisis], Buffett cast a critical vote of confidence...His investmnet, on highly favorable terms, also paid off quite well for his shareholders.

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