This article utilizes (among other sources) letters to investors from Bill Ruane's early years in the 1970s and 1980s which were found in archives and have never appeared on the internet to our knowledge. While we cannot post the original documents we provide quotes and analysis on them in a series of articles.
Warren Buffett started managing money for others in 1956 after he lost his job working with Benjamin Graham, who is widely considered to be the Godfather of value investing.
Q4 hedge fund letters, conference, scoops etc
Benjamin Graham offered Warren Buffett a job at his own partnership in 1954 with a starting salary of $12,000 a year. Unfortunately, Buffett was only able to work with his mentor for a few years as in 1956, Graham decided it was time to retire and folded up his investment partnership.
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In May of that year, soon after Warren Buffett and his family returned home to Omaha, Buffett set up his own investment business, Buffett Associates, Ltd. with initial funding of $105,000 from friends and family members. Buffett himself only invested $100 in the enterprise.
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