Einstein is reputed to have said that "Compound interest is the eighth wonder of the...
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Warren Buffett: Einstein is reputed to have said that "Compound interest is the eighth wonder of the world" or something like that, and it goes back to that story you probably learned when you were in grade school where somebody did something for the king, and the king said, What can I do for you? And he said Well, lets take a chessboard and put one kernel of wheat on the first square and then double it on the second and double it on the third. And the king readily agreed to it, and by the time he figured out what two to the 64th amounted to, he was giving away the entire kingdom. So it's a pretty simple concept, but over time, it accomplishes extraordinary things
Full Transcript
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Einstein is reputed to have said that Compound interest
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is the eighth wonder of the world or something like that
00:00:05.063 --> 00:00:09.882
and it goes back to that story you probably learned when you were in grade school
00:00:09.926 --> 00:00:12.134
where somebody did something for the king
00:00:12.178 --> 00:00:13.761
and the king said What can I do for you
00:00:13.804 --> 00:00:16.639
And he said Well lets take a chessboard
00:00:16.682 --> 00:00:19.558
and put one kernel of wheat on the first square
00:00:19.602 --> 00:00:21.031
and then double it on the second
00:00:21.354 --> 00:00:23.145
and double it on the third
00:00:23.189 --> 00:00:25.731
And the king readily agreed to it and by the time he figured out
00:00:25.775 --> 00:00:29.026
what two to the 64th amounted to
00:00:29.007 --> 00:00:31.153
he was giving away the entire kingdom
00:00:31.197 --> 00:00:35.824
So it's a pretty simple concept but over time
00:00:35.868 --> 00:00:38.494
it accomplishes extraordinary things
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Movie Summary
The legendary investor started out as an ambitious, numbers-obsessed boy from Nebraska and ended up becoming one of the richest and most respected men in the world.
