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his sophomore year of high school, Buffett and a friend spent $25 to purchase a used pinball machine, which they placed in the local barber shop. Within months, they owned several machines in different barber shops.

Buffett's interest in the stock market and investing was inborn and also dated to his childhood, to the days he spent in the customers' lounge of a regional stock brokerage near his father's own brokerage company’s office. At the age of ten, on a trip to New York City, he made a point to visit the New York Stock Exchange. And about this same time he purchased shares of Cities Service for himself and his sister (Doris). As a result the incident, taught him one of the basic lessons of investing: Patience Is A Virtue.

沃伦•巴菲特的教育-Warren Buffett's Education

While in high school, he invested in a business owned by his father and bought a farm worked by a tenant farmer. In 1947, a seventeen year old Warren Buffett graduated from High School. It was never his intention to go to college; he had already made $5,000 delivering newspapers (this is equal to $42,610.81 in 2000). His father had other plans, and Buffett entered college at The Wharton Business School at The University of Pennsylvania. Buffett stayed two years, complaining that he knew more than his professors. When his father (Howard Buffett) was defeated in the 1948 Congressional race, Warren returned home to Omaha and transferred to the University of Nebraska-Lincoln, where in 1950, at the age of nineteen, he finished his studies for a B.S. in Economics. Working full-time, he managed to graduate in only three years. Warren Buffett approached graduate studies with the same resistance he displayed a few years earlier. He was finally persuaded to apply to Harvard Business School, which is famous for its worst admission decision in history, rejected him as 'too young'. Slighted, Warren Buffett enrolled at Columbia Business School after learning that Benjamin Graham ( The author of 'The Intelligent Investor' - one of his favorite books on investing) and David Dodd, two well-known securities analysts, taught there. An experience that would forever change his life. He received a M.S. in Economics from Columbia Business School in 1951. Buffett also attended the New York Institute of Finance. In Buffett’s own words:

“
I’m 15 percent Fisher and 85 percent Benjamin Graham.

The basic ideas of investing are to look at stocks as business, use the market's fluctuations to your advantage, and seek a margin of safety. That’s what Ben Graham taught us. A hundred years from now they will still be the cornerstones of investing.

本杰明·格雷厄姆,巴菲特的导师-Ben Graham - Buffett's Mentor

During the period of 1920's, Ben Graham had become well known. At a time when the rest of the world was approaching the investment arena as a enormous game of roulette, he searched for stocks that were so inexpensive they were almost completely full of risk. One of his best known calls was the Northern Pipe Line, an oil transportation company managed by the Rockefellers. The stock was trading at $65 a share, but after studying the balance sheet, Graham realized that the company had bond holdings worth $95 for every share. The value investors tried to convince management to sell the portfolio, but they refused. Shortly thereafter, he waged a surrogate war and secured a spot