Even You Could Have If You Used His Approach
In the early 1950s Warren Buffett started buying stock in American companies.
His investment philosophy was to select companies that had top-notch management and provided quality products to potentially large numbers of customers. He held the stock in these companies for decades, collecting dividends and reaping valuation gains unless the underlying company faltered.
Buffett rode the capitalistic US economy through the greatest expansion of business profitability in history. This expansion ran from approximately 1950 through 2005.
Over 50 years Buffett has accumulated a fortune because he implemented and held to this simple investment philosophy.
Buffett should thank the United States of America’ capitalistic system and her millions of entrepreneurs and top-notch managers. Instead he revels in the adoration of many unthinking Americans who portray him as a sage. In recent years he has thanked the US and her people by pandering to the political elite, demanding that wealthy and somewhat-less-than wealthy people pay more taxes.
Buffett demonstrates that he is a simpleton rather than a genius when he makes such demands. If he were even just smart, he might understand that to take more from the wealthy — that is, the investing class — inhibits future investment in businesses.
Understand that if Buffett had been taxed more heavily over the years that he was investing, he would not have had as much money to invest and would therefore be less wealthy today.