Warren Buffett bought 3,500 tons of silver in 1997. The purchase helped make Thomas Kaplan a billionaire.
Warren Buffett made an unusual move in 1997 when he bought 111 million ounces, or nearly 3,500 tons, of silver. The famed investor's purchase helped make Thomas Kaplan a billionaire.Kaplan was in his early 30s, with a doctorate in history from Oxford University but zero industry experience, when he founded a mining company named Apex Silver Mines in 1993. Despite his lack of credentials, he received a $10 million investment from billionaire investor George Soros in 1994.
"I remember it vividly because there but for the grace of God, it became public that he had done this the week when I was taking my silver company public," Kaplan continued, referring to Apex.These 11 stocks loved by hedge funds have beaten the market during both the coronavirus collapse and its subsequent recovery, RBC saysBuffett and his partner Charlie Munger's silver investment didn't just benefit Kaplan.
"From that moment on, I never had to explain to people the rationale for owning silver," Kaplan told Business Insider, referring to the metal having many industrial uses and serving as a store of value.Buffett's endorsement of silver enabled Apex to list its shares successfully, paving the way for Kaplan to cash out most of his stock by 2004.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warren Buffett: Most people shouldn't pick individual stocks—here's how to invest insteadInvesting legend Warren Buffett warns against picking individual stocks and offers a low-cost, reliable alternative if you're looking to invest your money.
Read more »
Warren pivots on Medicare for All in bid to become Biden's VPElizabeth Warren is pitching herself as a governing partner to Joe Biden, despite their past clashes over policy
Read more »
Weekend Reads: How Buffett stopped being BuffettAlso, what to expect in the new school year, big tech conferences and tech stock picks.
Read more »
Jerry Sloan, coaching great of Jazz glory days, dies at 78Basketball coach Jerry Sloan, who guided the Utah Jazz during their glory days, dies aged 78 after suffering from Parkinson’s disease and Lewy body dementia
Read more »
Warren Buffett: Most people shouldn't pick individual stocks—here's how to invest insteadInvesting legend Warren Buffett warns against picking individual stocks and offers a low-cost, reliable alternative if you're looking to invest your money.
Read more »