It looks like the question is about how Warren Buffett was allowed to invest at age 11. He could do that through a custodial account , where an adult manages the account while the minor is the beneficial owner; older investor discussions also note that people could sometimes buy stocks through brokers or with paper certificates in that era.

What that means

  • A child usually could not open a normal brokerage account alone.
  • A parent or guardian could set up an account for the child.
  • The adult handled the legal side, while the child’s money was invested in the child’s name.

Why it was possible then

  • Stock buying was much less automated.
  • People often placed orders through brokers by phone or in person.
  • The rules and process were looser than today in many places, so a minor’s investing could happen with adult supervision.

In plain language

He was not likely walking in completely on his own as an 11-year-old and opening a standard account. The most likely answer is that an adult helped arrange it, which made the purchase legal and practical.

TL;DR

Warren Buffett was allowed to invest as a kid because it was probably done through an adult-managed custodial setup, not a normal solo account.