In the mid 1950s a young investor fresh from a Walk Street hedge fund pitched his investment partnership to doctors and dentists in Omaha, Nebraska. Those who p

In the mid 1950s a young investor fresh from a Walk Street hedge fund pitched his investment partnership to doctors and dentists in Omaha, Nebraska. Those who participated earned an average 35% annual return for the next 12 years, increasing their investment by 35 times. Then around 1970 investor shut down the partnerships and switched to running a public company he controlled. Investors who rolled over their investments could buy into the company for around $12 per share IIRC. By the late 70s the stock traded for hundreds of dollars per share. In 1990 it hit $7,000, and $70,000 in 1998. There is a group of Omaha residents who invited this young kid named Warren Buffett into their living rooms in the mid 50s, liked what he said enough to give him $10K, and ended up as billionaires because they believed in him.