Warren Buffett, in his final Thanksgiving letter to Berkshire Hathaway shareholders, reveals he bought his only home in Omaha for $31,500 in 1958, now worth $1.5 million. Despite a net worth of $154 billion, he remains frugal, citing real estate as a “lousy” investment due to hidden costs (1-5).

Jeff Bezos, on the other hand, owns multiple properties worth over $700 million, including a $53 million house. While diversifying investments, Bezos still falls short of Buffett’s nearly 5,000% return on his Omaha home, showcasing the power of long-term, buy-and-hold strategies (6-9).

Buffett’s success lies in understanding businesses and holding investments through market swings. By staying the course during the 2008 financial crisis, he invested in discounted stocks, leading to his sixth-richest person status and Berkshire Hathaway’s 19.9% annual returns (10-11).

Buffett’s belief in simplicity and patience is reflected in his stock market success, emphasizing value over stock price. Despite his view of real estate as a “lousy” investment, the average five-year U.S. home price return has been +26%. However, current market conditions suggest a potential 10-year break-even point (12).

Read more at Yahoo Finance: How billionaire Warren Buffett made a killing over the decades with 1 simple real estate investing strategy