How to run Berkshire Hathaway... if you're from a non-target

If there is one common link between all of us on this site it is the hunger of ambition and the thirst for success. Today, the most successful investor alive, answers WSO's most frequently asked questions .

Whether it's "how to break in from a non-target?" or "what would Mr. Buffett do?", this story answers both and so much more. For all of you guys worried about breaking in and getting a job, this story should be the ultimate answer to all of your career related questions. Today, we are once again reminded that hard, work, faith and dedication are the ultimate resume builders and boosters. That no man can be stopped, when that man does not stop himself.

The not-at-all tall tale of Todd "Puffy" Combs should be mandatory poster material for many of you guys wanting to make it big in finance. Without regurgitating the WSJ article, I will point to a few memorable tidbits about the career of the man slated heir apparent to the throne of the Berkshire Hathaway kingdom:

He graduated from Florida State University in 1993.

Worked as an analyst for state financial regulator.

Moved on to Progressive, working in the auto insurance division, analyzing risk and setting rates for auto-insurance policies.

Enrolled in Columbia Business School in 2000, becoming one of 40 students picked for brand new Value Investing Program.

2002, a role in Equity Research at Copper Arch Capital LLC.

2005, Stone Point Capital in Greenwich starts a new fund and chooses Combs to run it.

Naturally, I have left a lot out. Needless to say the man's intelligence, drive and ability are unquestionable...

The two most important characteristics which define the man:

1) He wanted it bad enough

2) He made it happen

The two ultimate traits of all winners are the game breakers that make the difference.

It all comes back to the simple rule that "if you've got game, you will get to play".

This goes out to all my monkeys in cubicles Street-wide and to those sitting on the side lines waiting and wondering when they will get their shot at stardom.

Believe it and you can achieve it. Having the drive makes the Bugatti is inevitable.

 
Best Response

Great article Midas. What I think this also illustrates is that nothing is easy and things take time. This site has a mentality that if you do not get into banking right way, especially at a BB, you are fucked. Sometimes you have to take the long road with things. This guy clearly steadily moved up the chain and it paid off. Take note monkeys. Life is not over if you don't get BB IBD.

 

Great post, and to expand on what Anthony said I believe that just as long as you place yourself somewhere were you can truly show your talent it really won't matter whether your in a BB or in a commercial bank/etc..

Sure it'd be harder, but as Midas wrote

"if you've got game, you will get to play"
People like Coldplay and voted for the Nazis, you can't trust people Jeremy
 
Creating opportunities is slavery, seizing them is divinity.

Most of us have opportunities every single day to make our lives richer...get the substance, not the style. Keep your eyes open.

Never.

Ever.

Sleep.

I love you

 

it would be more impressive if he hadn't graduated from Columbia Value Investing. Anyone know the specific background of the Montclair State College grad before he became Head of Credit Trading at MS? Or Ivan Boesky's background between graduating from a TTT law school with no UG degree in '65 and becoming a famous arbitrageur by '86? I don't usually read biographies but I always wondered.

 

It's an awesome story to be sure. Thanks for digging that up 3M because I couldn't find the guy's background anywhere yesterday. Still can't believe the guy worked at Progressive.

Seigniorage, as meteoric as Boesky's rise was, it depended in large part on fraudulent practices, nearly from the get-go. Page 42 of Den of Thieves has the broad lines of his early career. And Howard Hubler isn't exactly the most respected guy on the street either.

 
<span class=keyword_link><a href=/resources/skills/finance/buy-side>Buyside</a></span> <span class=keyword_link><a href=https://www.e-junkie.com/ecom/gb.php?ii=1145861&amp;c=cart&amp;aff=44880&amp;ejc=2&amp;cl=175031 rel=nofollow>CFA</a></span>:
Columbia MBA wipes the “non-target” label out.

Correct.

Men are so simple and so much inclined to obey immediate needs that a deceiver will never lack victims for his deceptions. -Niccolo Machiavelli
 

and its absolutely not harvard/wharton or bust -- many kids come from undergrads as varied as williams, columbia, dartmouth, yale, and MIT and still manage to do well in top firms. they might be shut out of goldman/KKR but many many options are available if you try

 

Nisi tempore sapiente qui aut. Occaecati quos esse enim iusto quas iusto sit. Consequatur voluptatibus et maiores quod. Adipisci accusantium aut autem velit nam rerum consequatur. Explicabo et corporis dolorum culpa. Sed dolores quod ut repellat nobis eos.

Ex architecto vel tempore et enim atque saepe. Reprehenderit soluta at tempora excepturi laborum recusandae ut. Autem voluptas deleniti et sint atque et eius. Nemo quis vero velit ut ullam deleniti.

Et est minima et numquam et voluptatibus. Est voluptatem error numquam fugit doloremque tempora. Ut ab mollitia non odit.

Hic aut ullam et perspiciatis. Mollitia at vero repellat. Molestias animi suscipit corrupti sed.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”