This old fart talks out of both sides of his mouth. He made a bad costly bet on derivitives and the federal reserve indirectly bailed him out. In fact they will have to bury him only 3 feet underground so he can continue to collect govt handouts (tax or legislative). When he inherited a few million from his father he threw the dice and bot futures and almost lost it all but was saved by govt financial bailout efforts at the time. But the real savior was buying GEICO (insurance for govt employees but later expanded). He invests basically in protected monopolies and govt backed entities (FNM and FRE). Whats so genius about that.
Mikehunt, before you make statements please know the facts. First Warren didn't start off with " Millions". Warren raised about 100,000 from friends & family to finance a financial partnership in which everyone would be treated as partners. Mike when did warren invest both FNM & FME. I have been a stock holder since 1989. True he had Fannie in the mid 90's however, BRK got out a decade ago. One last thing, when did Warren " lose it all "?
Buffet is NOT a genius. He's bought into gov bailouts and got lucky a few times. Believe it or not, Buffet has INSIDE information that most retail Joe's don't have. There is nothing genius about his investments. Most of his strategies are just plain common sense. Of course, inside information and political connections can make a person very rich.