Early in his career, Warren Buffett had 70% of his assets in two failing companies, Sanborn Maps and Dempster Mill. Charlie Munger identified Dempster Mill as the main problem and introduced Buffett to accountant Harry Bottell, who relocated to run the mill and turned it around, saving Buffett's portfolio.
Warren Buffett almost failed at the beginning of his career. Can you tell the story? Oh yeah. So he had 70% of his assets into these two investments. One was called Sanborn Maps and the other was called Dempster Mill. So this is pre-Berkshire Hathaway.
And so those companies, they're not doing well. And he said he goes to Munger and asks him something.
Yeah. So he just met this guy, Charlie Munger. It was like bromance. And I think it was actually Charlie who said, Warren, what's your biggest problem you're facing? And he said, well, I've got these two problem children, especially Dempster. Do you know anybody? That actually, I do know this guy. His name's Harry Bottell. He's an accountant out here in LA. We should go talk to him. They took Harry Bottled Lunch and pitched him on moving his family to the middle of nowhere. Harry Bottled reluctantly agreed, turns it around, makes Dempster Mill a fortunate surprise on the upside, and he starts stacking geese, as we talked about. So
