As Warren Buffett Steps Down - What Made Him So Great

Buffett attributes his success to buying entire businesses per Ben Graham's framework, trusted deputies, and reputational capital, not stock-picking genius.

• Career origin story: Buffett bought his first stock at 11 in 1942—three shares of Cities Service preferred for $114.75—after reading every stock-market book in the Omaha library.
• Turning point: Reading Ben Graham's The Intelligent Investor at 19-20 shifted him from chart-reading speculator to buying businesses, not stocks, for their long-term value.

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