Warren Buffett has mentioned at Berkshire Hathaway annual meetings that during his first decade as an investor (1950 to 1960), he generated an annualized return of 50 percent. In Buffett’s case, he was managing just a few thousand dollars in 1950 and single-digit millions in 1960. Greenblatt was managing a few million at the outset 20 years ago and a few hundred million 10 years later.
