"In 1950 ... Buffett had made and saved $9,800. In 1954 ... his starting salary was $12,000 a year. In 1956, ... Buffett's personal savings were over $174,000."

"In 1950 ... Buffett had made and saved $9,800. In 1954 ... his starting salary was $12,000 a year. In 1956, ... Buffett's personal savings were over $174,000." So with the generous assumptions that Buffett's salary was paid in full in advance each year and he made $12000 every year and he had no personal expenses and he paid no tax on his gains, Buffett would have needed a rate of return of 15%-ish to hit those savings numbers. Or 22% if he saved only $8000 per year from his paid-in-full in-advance salary. Pretty much any set of assumptions is pretty outlandish. Can someone clarify how he hit those numbers?