5Know-How Is Good, “Know-Who” Is Better

NEARLY 9 IN 10 MIDDLE-CLASS SURVEY RESPONDENTS BELIEVE THAT FINANCIAL SUCCESS REQUIRES PUTTING ONE’S OWN CAPITAL AT RISK.

LESS THAN 4 IN 10 SELF-MADE MILLIONAIRES BELIEVE IN THE NEED TO RISK ANY OF ONE’S OWN CAPITAL.

images The Ogre of Omaha

In 1951, a twenty-one-year-old stockbroker we’ll call “Ed” bought a Sinclair gas station in a 50-50 partnership with a buddy from his National Guard days. The two friends didn’t know much about running a gas station, but they had a good location near a busy intersection in eastern Nebraska and America’s love affair with the car was taking off. It seemed like a can’t-miss proposition. ...

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