Veteran investor Warren Buffett wanted to get into the securities business soon after graduating from Columbia University in 1951. But two of his mentors advised him otherwise.
His father Howard Buffett and teacher Ben Graham told him that it was a bad time to start. Graham also refused to let Buffett come work for him at his investment company.
"One thing on their minds was that the Dow Jones industrials had been above 200 all year, and yet there had never been a year when it didn't sell below 200," Warren Buffett had told Fortune magazine in 2005 for their compilation titled "The Best Advice I Ever Got".
"So they both said, 'You'll do fine, but this is not a good time to start'," he added.