2. You need to be looking for the next Berkshire Hathaway.
You might not find stocks that go from $10 (where Buffett started buying his shares) to $100,000, but it's not so bad if you can find stocks that go from $400 to $100,000 -- as many Berkshire millionaires were able to do. I met a guy once at the 2003 Berkshire annual meeting who bought 200 shares in 1976 when they were trading around $100. He sold 100 of his shares when the stock doubled, figuring he'd lock in some gains. The 100 shares he held on to are now worth $10 million. Think about that. There's a Stockpickr portfolio we set up based on criteria from value blogger "One Guy's Investments" of the next Berkshire Hathaway:- It's run by great investors who are trying to emulate Buffett's investment style;
- It has enormous cash flows and/or float by which to invest; and
- It doesn't split its stocks.
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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