Here's 20-Year-Old Warren Buffett's Investing Advice From 1951

Warren Buffett's been investing for a long time.

ValueWalk's Jacob Wolinsky just posted this piece by the then 20-year-old investment salesman Warren E. Buffett. It's dated Thursday, December 6, 1951 and it comes from a publication called The Commercial and Financial Chronicle. The article title: "The Security I Like Best." Wolinksy credits London Value Investor for unearthing it.

The security in question? GEICO, or the Government Employees Insurance Company, which had gone public three years earlier.

At the time of its writing, GEICO shares were at eight-times earnings, or about $31.

"[I]t appears that no price is being paid for the tremendous growth potential of the company," he said at the time.

In 1996, Buffett's Berkshire Hathaway finally bought the remaining shares of GEICO it didn't own 1996. Its shares were worth $68 at the time.

Which is why we are still writing about Mr. Buffett today.

"Full employment, boomtime profits and record dividend payments do not set the stage for depressed security prices," wrote Buffett at the time.

Those words have held true ever since.

Check it out:

The Security I Like Best Buffett 1951