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Harold Alfond

invented outlet store, sold Dexter

3 transcript mentions
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3 total · by year · from the transcripts
’19’20’21’22’23’24’25’263
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$25K529 balance at age 18 from $500 seed plus $50/monthEP 215 · 42:29 · SHAAN · Harold Alfond

In the moments

2 linked receipts
Billy

Harold Alfond invented the outlet store, then sold Dexter Shoe to Buffett for $433M

Billy of the Week Harold Alfond went from shoe-store boy to factory owner, and turned imperfect factory seconds into the first outlet store, spawning outlet malls. He sold Dexter Shoe to Berkshire Hathaway for $433 million in an all-stock deal.

“And so that was kind of like one of his inventions. Anyways, he ends up selling the company to Berkshire Hathaway. So he sells it to Warren Buffett for $433 million. In an all-stock deal of Berkshire. And I think you added some notes here, but all I know is that later on, um, Warren Buffett apparently said like, you know, this was one of the worst investments I ever made.”
EP 215 · 39:33 · SHAAN
Read at 39:33
mfmindex.com№ 0215-2373
Number

$500 at birth becomes $25K at 18 with $50/month added

Shaan breaks down Harold Alfond's Maine college-savings pledge: a one-time $500 seed grows ~4x to about $2,000 by age 18 on its own, but adding $50 a month compounds it to roughly $25,000, enough for state college tuition. Alfond has seeded 117,000 babies and given away $60M to the program.

$25K
529 balance at age 18 from $500 seed plus $50/month · USD
“If you had just, if you just took the $500, by the time you're 18, it's about $2,000, right? So it's gone up about 4x in the 18 years. But if you contribute $50 a month, it's $25,000 by the time you're 18.”
EP 215 · 42:29 · SHAAN
Read at 42:29
mfmindex.com№ 0215-2549