Correct me if I'm wrong, but I don't think Buffett got all that much money from his family. Probably the best part of his upbringing was early exposure to stocks at a time they were not popular, and having school expenses paid. Lucky, but not like he was handed $1 million, which seems to be what you're implying.

He made his early money repairing and selling pinball machines at a profit, and running a massive paper route operation. He started around age 11 or so.

He got something worth more than $1M. A father who was a US Representative who was smart enough to be operating his own investment firm, and who was probably able to guide him to the right schools and network of people to magnify odds of success. Knowing the right people is such a huge lever in the investment business, especially back in those days without computer trading and internet.

I don't think the comparison is between Buffet and a goat herder. It's between Buffet and everyone else that had the same money to invest.

"99% luck and 1% talent" essentially means Buffet's success is down to luck.

There are many many people who were born as privileged as Buffet was, who got as many doors opened as he did, but there is only one Buffet. He may be extremely lucky, or he is a genius. It's impossibly hard to quantify the reasons.

> Basically, if Buffet's father was anything other than a US Rep and businessman, he never would've stood a chance. He would be working 40 hour weeks making someone else rich like the rest of us.

Mark Cuban was a counter example. Or Oprah Wilfrey. They stood a chance despite not having rich parents.