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(Topic ID: 219563)

Warren Buffett's first biz was pinball


By lyonsden

2 years ago



Topic Stats

  • 14 posts
  • 11 Pinsiders participating
  • Latest reply 2 years ago by Blake
  • No one calls this topic a favorite

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    AAyUd0I.jpgWarren&Bill (resized).jpg

    #1 2 years ago

    Pretty neat:

    https://apple.news/Aq8wABqFySTGJ2QhRHa-blw

    Before Warren Buffett started making billions, he was a teen hustling to grow his bank account. His various early business schemes earned him $5,000, the equivalent of about $53,000 today, before he turned 20.

    One of his most lucrative ideas involved setting up pinball machines in barber shops, he told longtime friend Bill Gates during a visit to a candy store in Omaha during this year's Berkshire Hathaway shareholder meeting: "I bought a machine for $25 in 1946 and built a small empire out of it."

    #2 2 years ago

    Finally, rock solid arguments I can use on my GF for investing in a third pinball machine.

    #3 2 years ago

    "Warren Buffett's first biz was pinball"

    Then he got smart.

    #4 2 years ago

    Smart all right - he got out quick.

    #5 2 years ago

    I bet he wasn't paying for permits, tax stamps, protection or any other things modern ops have to deal with either

    #6 2 years ago
    Quoted from Cheddar:

    I bet he wasn't paying for permits, tax stamps, protection or any other things modern ops have to deal with either

    its funny how certain states are regulating these games still. I checked in about a year ago with both town and state officials here in Vermont in regards to coin operated equipment of all kinds (vids, pins, vending) and besides slot machines or cash payout machines there are zero regulations, permits, tax stamps or laws governing the business.

    Thanks
    Blake

    #7 2 years ago

    Here is the photo, from the news report.
    AAyUd0I.jpgWarren&Bill (resized).jpg

    #8 2 years ago

    That's why he's called "the Otaku of Omaha"

    #9 2 years ago

    Real answer is that he probably did this during the 30 year period when pinball was illegal in the US...

    #10 2 years ago
    Quoted from mcbPalisade:

    Real answer is that he probably did this during the 30 year period when pinball was illegal in the US...

    Perhaps he did it in the 99% of the country where it was legal.

    #11 2 years ago
    Quoted from Cheddar:

    I bet he wasn't paying for permits, tax stamps, protection or any other things modern ops have to deal with either

    No joke... It's $3300 a year for an arcade license in Pittsburgh (6 or more machines). I heard somewhere individual machine tax stamps are $750/year.

    #12 2 years ago
    Quoted from mcbPalisade:

    Real answer is that he probably did this during the 30 year period when pinball was illegal in the US...

    Most of the country did not ban pinball in general. There were high authority people like the NY city mayor who did not approve of them and when manufacturers started to produce payout pinball machines that was the straw that broke the camels back. After which many citys and a few states made them illegal. The biggest being new York, Chicago, and los angeles. Many citys and states had laws restricting play during certain times or holidays specifically for kids. Ironically enough, Peep Show arcade machines in Penny Arcades during this time were still available to and catered to mothers and children.

    Thanks
    Blake

    #13 2 years ago
    Quoted from mcbPalisade:

    Real answer is that he probably did this during the 30 year period when pinball was illegal in the US...

    Most of the country did not ban pinball in general. There were high authority people like the NY city mayor who did not approve of them and when manufacturers started to produce payout pinball machines that was the straw that broke the camels back. After which many citys and a few states made them illegal. The biggest being new York, Chicago, and los angeles. Many citys and states had laws restricting play during certain times or holidays specifically for kids. Ironically enough, Peep Show arcade machines in Penny Arcades during this time were still available to and catered to mothers and children.

    Thanks
    Blake

    #14 2 years ago
    Quoted from JodyG:

    No joke... It's $3300 a year for an arcade license in Pittsburgh (6 or more machines). I heard somewhere individual machine tax stamps are $750/year.

    the $750/ machine / year seems outrageously flawed. I have seen anywhere from $25-$100 / machine for the states that still mandate them. I would love for someone who is paying these fees to chime in. and again in Vermont there is no charge of any kind.

    thanks
    Blake

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