In 1965, Dorothy and Myer Kripke, a middle-aged couple from Omaha, Nebraska, reportedly faced a common financial dilemma: how to plan for retirement. They had saved up $67,000, equivalent to about $650,000 today. But they were uncertain about how to grow and protect their nest egg, according to Benzinga.
While Buffett has not confirmed it, according to the story, which recently resurfaced on Threads, Dorothy suggested to her husband that it might be a good idea invest their savings with their friend and neighbor Warren Buffett, who at the time was a young, up-and-coming money manager. Buffett agreed to manage their funds.
A Wise Investment
His investment strategies led the Kripkes’ $67,000 to into millions. By the mid-1990s, their investment was valued at around $25 million, and by 2014, it had reached approximately $180 million. Today, the couples’ shares would be worth close to $400 million.
Buffett, 94, faired very, very well himself. Now known as the “Oracle of Omaha,” he has become a legendary investor and CEO of Berkshire Hathaway with a net worth of approximately $138 billion, according to Forbes. He is the ninth-richest person in the world.
Berkshire Hathaway Inc. was originally a textile manufacturing company, Buffett transformed it when he took control in the 1960s. Under him, it turned to investing and acquiring a wide range of companies, eventually becoming one of the largest and most diversified holding companies in the world.
Buffett, who has lived in same Omaha, Nebraska, home he bought in 1958 for $31,500, is famous for his investment philosophy, which emphasizes patience and long-term growth. As he puts it, “Time is the friend of the wonderful business, the enemy of the mediocre.”
