Posted by: Ravi Saraogi | October 18, 2008

Circa 1929: Goldman’s tryst with Buffet

Reading about Warren Buffet’s biography The Snowball, by Alice Schroeder here, I came across something interesting,

“In 1940, a stockbroker from the Midwest took his ten-year-old son on a trip to New York City. They dropped in at the office of Sidney Weinberg, who was trying to restore the reputation of Goldman Sachs, the investment bank that had been disgraced during the great crash of 1929. Weinberg took the time to chat to the precocious youngster, even asking the name of his favourite stock.”

The stockbroker mentioned above was Buffet’s father Howard Buffet. The “ten year old son” obviously refers to the Sage of Omaha himself and Sidney Weinberg, was the head of Goldman between 1930 and 1969. Who would have guessed that after 68 years, the same “ten year old” will come to the rescue of Goldman by investing USD 5 billion in the erstwhile investment bank?

Published by Ravi Saraogi


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