The Power of Finding a Great Jockey and Holding on
This is a great story of a “Buffett billionaire”, someone who bought Berkshire shares and just held on.
Horejsi bought 40 shares of Berkshire Hathaway
Inc. for $265 each with the company’s cash after friends told
him about Warren Buffett, the company’s then-little known
chairman. He bought another 60 shares two weeks later at $295
and 200 more at $330 a month after that.
Today, he’s a billionaire. The 4,300 Class A shares of the
Omaha, Nebraska-based conglomerate Horejsi says he holds is
bigger than the stake controlled by Bill Gates, 57, the world’s
richest person and Buffett’s bridge partner. He has a net worth
of at least $1.1 billion, according to the Bloomberg
Billionaires Index, and has never appeared on an international
Perhaps the most interesting part of the story is that these shares weren’t purchased in 1957 when Buffett was running his partnerships and it wasn’t in 1973, the year Berkshire began to acquire Washington Post stock, and it wasn’t even in 1977, the year Buffett was featured in Fortune magazine writing his now famous article, “How inflation swindles the equity investor.” No, it was the year 1980 when Horejsi invested $94,300 in Berkshire stock.