Locator: 49759GOAT.
For me, the GOAT was Peter Lynch, not so much because of his investment "returns," but because of what he taught me. Peter Lynch and Warren Buffett / Charlie Munger had two completely different business models. For the mom-and-pop retail investor, Peter Lynch was the "go-to" mentor, not WB/CM.
Exhibit A.
AI prompt:
Warren Buffett is still referred to as the greatest of all However, having said that, I am most curious about several "break-points" regarding Warren Buffett, and have just bought Alice Schroeder's biography of Warren Buffett, c. 2008 and 2009, updated and condensed. [Condensed? LOL. It's still 804 pages long.]
Having paged through much of that part of the book of which I am most interested, it is absolutely fascinating.
Without question, the original golden age of investing began for those born in the early 1900s and lasted for those born as late as 1964.
For those born after 1964, everything changed with regard to investing and it began when those born in 1964, came of age in 1984, and Apple released the personal computer with great fanfare. Schwab was a singular event, established in 1974, that was the defining change in American investing.
That golden age lasted until 2020, ending with the Covid-19 pandemic. That period generated a relative handful of folks made famous through investing. Warren Buffett and Peter Lynch were the ur-Golden Age investors.
There was a one-year break, and then in 2021, a new age of investing began. The change from 2020 to 2025 was / is absolutely breath-taking, and unlike anything we've seen before. It has become impossible to keep track of the names and number of folks who have become millionaires and billionaires through investing.
Prior to 2020, it all made sense, with 20-20 hindsight.
Note, by birth year:
- "Greatest generation": born between 1901 and 1924.
- Silent generation: born 1925 - 1945
- Baby boomers: 1946 - 1964
By "coming of age years," age 18 to 32:
- first golden age of investing, 1974 to 2020
- birth year, coming of age, 18 years of age to 32 years of age
- 1942 - 1988: 32 years of age
- 1956 - 2000: 18 years of age
So, there were two cohorts during the first golden age of investing.
Warren Buffett was somewhat of an outlier. He turned 18 years old in 1948, turned 32 years of age in 1962. Think about that: 1948 -- 1962 -- the economic boom after the end of WWII. What a time to have come of age!
Peter Lynch: born in 1944. His coming of age years, 18 to 32 years of age: 1962 - 1976. Peter Lynch turned 18 years of age in 1962.
[Something I just noticed: 1962 -- the year Warren Buffett passed the "investing" baton to Peter Lynch! What were you doing in 1962?]
Now, the beginning of the second golden age of investing, beginning 2021:
- 18 year-olds: born in 2003
- 32 year-olds: born in 1989
- anyone born between 1989 and 2003 are absolutely in the sweet spot for investing
Personal notes:
- 1989 - 2003: essentially my dad's entire investing lifetime
- 1989 - 2003: essentially the first half of my entire investing lifetime
The best thing my generation can do (born 1951) is to invest like we were born between 1989 and 2003 and direct our estates to our grandchildren. Those who are currently financially able to be investors but who are not investing at their max right now are squandering the beginning of the second golden age of investing.
A long, long discussion with ChatGPT ended with this:
In addition to time, the "thing" we bring to the table is our own experience, lessons learned, and the experience of other great investors. Never quit reading. Never quit sharing lessons learned with your grandchildren.
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