2) His worst investment ever
I asked this question on Twitter once. I asked, “where did Warren Buffett lose both his self-esteem and 20% net worth in that order.”
Everyone came back with very smart responses.
Conoco Phillips. Wrong.
This is where he lost 1 billion dollars. In Conoco Philips, Warren lost not even 2% of his net worth (and certainly not his self-esteem).
The Berkshire Hathaway BUSINESS. Wrong
The Berkshire Hathaway business itself was a bust. But the stock zoomed and Buffett made the bulk of his net worth on Berkshire Hathaway.
No, the answer is a Sinclair gas station he bought in 1951 with a friend of his.
On the weekends he’d even squeegee people’s windows. But the Texaco station right across the street destroyed him.
He lost $2000, when his savings was about $9600 at the time. He put a lot of work and love into that little baby and it all went down the drain.
But that experience probably gave him the desire to have a more passive management style. A style he later mastered at Berkshire.