35 Burst results for "Berkshire"
"berkshire" Discussed on The Hockey PDOcast
"A second one on the Alan at some point in that game. I can't remember, but the big thing has been like the goaltending has held them in when the defense is made mistakes, right? Like guys like arbor Jack guy who have been fun to watch, even if he wasn't performing admirably, coming out of nowhere. You know, he was employed at Costco during the pandemic when he couldn't play hockey. Didn't play hockey that year. Really surprised everyone, making the team at 21 years old and beating up Zach Cassidy and was extremely funny and throwing him around like a rag doll. But scoring goals, he's getting some power play time now. Obviously defensively has lots of things to work on. But when those guys mess up, both Jake Allen and Sam have been really strong. So having that at the beginning of the year to give those guys confidence is really fun. And I think we're going to end up seeing is the fact that Mike Matheson, who's their number one defenseman, presumptively that he's been out. He's going to miss I think still 8 weeks to certain season with an abdominal injury. I'm guessing what's going to happen is he's going to come back and they're going to start losing and everyone's going to be like, oh, it's all the veterans that are wrecking things, but this just the way the cookie crumbles sometimes, where yeah, they're getting good results right now, but I think everybody knows that the top line is not going to score on. I think it's like 18 or 19% of their shots at even strength right now. 20% overall. The goal is that attitude. But the goal is as well. Jake Allen is a good player, but can get tired. San montano has been superb this year. Like absolutely superb, but I don't think he's this good. Yeah. Yeah, I mean, let's focus on the fun stuff here. Let's talk about the offense in that first line.
"berkshire" Discussed on Squawk Pod
"Musk, our relationship with China and more on the crypto collapse at FTX and the lessons in the fall. These big collapses they can take recessions and depressions. I'm Sarah Ivan. From the open to the close. The NBC has you covered. From what's driving the market moves to how investors are reacting, we'll guide you through each trading session and bring you some of the biggest names and newsmakers in the business. Be sure to follow and listen to CNBC's closing bell podcast today. Welcome back to squawk pod from CNBC. Today we are bringing you Becky quick's special conversation recorded over Zoom with Berkshire vice chair Charlie Munger. The 98 year old investor is active in the culture of Berkshire Hathaway. He's also pretty savvy on the markets, and he is definitely skeptical about cryptocurrency. Munger has a lot of wisdom to share, a decades long career, right? So, settle in, Charlie's in his library at home, talking with Becky at CNBC headquarters, and we're picking up where we left off. But it isn't good for the country. And, you know, you look at these computer frauds where people disabled computers and then say, well, release it and let you have your computer back. They want to be paid in Bitcoin. We don't need a new wonderful non traceable medium that makes it better to commit frauds of various kinds. What is Bitcoin doing for anybody? Okay, people will say it's a store of wealth and it's better than holding gold. And it's as supposedly a store of wealth against inflation, although it hasn't been associate yourself with something. Like, say, gold, you know, but gold has been around for 2000 years. If you're a Jewish guy, living Vienna in 1939, golden useful. I don't equate Bitcoin with gold. But they try and equate Bitcoin with gold. It's the new gold. Charlie, let me ask you while we're talking about stuff. Just what you think about the markets overall. Again, back to this idea of the fed trying to take some of the error out of everything that got inflated in this incredibly liquid time. I basically like the existence of a fed. I think in a world of bad currencies, we need wise central banks and if you look at Japan today, you would find that the Central Bank has made our Central Bank a little mouse that tries to do anything. So we've learned that central banks can be really important. You can push them to great excess if you have to and have trouble. So by and large, I like central bankers. And by and large, I hate Bitcoin promoters. When you say that we look like a mouse compared to Japan central bank, is that a good thing? I mean, look what's happened to Japan? Yeah, it's really we haven't had to try it. But we get the kind of trouble Japan was in. Of course, we'll do the same damn thing. Do you worry about the fed creating a recession by slamming on the brakes too hard? Well, I think the fed is willing to have a little recession in order not to have out of control inflation. That's what this supposed to do. This supposed to be the one guy at the party that doesn't hang around the bump, let's go and get it drunk. Although a lot of people say they're the ones who provided the punchbowl. Well, I think that's pushing it. And besides, I think we were in enough trouble when this thing started. It was very aggressive. We would have had one hell of a mess, which would have been way worse than what we have now. You're talking about with the COVID lockdowns? I'm glad they were there. I'm glad they did with they did. But you're talking about the COVID situation, not necessary QE one, QE two, QE infinity. The whole operation of the Federal Reserve system. I think we've had pretty good people in it, trying to be contributors to civilization. Charlie, I know you zoom. This is evidence of that. We're talking right now via Zoom. Do you tweet? No. Why not? Well, I'm very old. Doing it. I have to draw the line somewhere and I draw it in to me. I like zooming, but I don't like tweeting. I pick up a lot of things on Twitter and one of the things I saw this past weekend was an account, a Twitter account that is supposedly Elon Musk memories that people put out there. And one of them this weekend was him recalling a lunch. I can't remember if it was in 2009 or 2014, where he said he sat down at a lunch, a business lunch with you and a lot of other people at the table. And you proceeded to tell him everything that you thought would go wrong potentially with Tesla. All the hurdles that would stand in the way. And he said it made him sad at that point. Elon Musk himself weighed in on that and said, yes, that was true. He remembered that lunch. I just wonder if you remembered that lunch. Well, I don't remember it, but I was certainly surprised. The Tesla did as well. As it did, but I do not equate Tesla with Bitcoin. Good. Tesla has made some real contributions to this civilization. Elon Musk has done some good things that other people couldn't do. That's great, but you don't remember that lunch at all. No. Because it made a bigger impression on him. And wanted to just ask you, everybody, we haven't had a successful new auto company in a long, long time, and we did try and get one. Remember the Kaiser car where they had a contest and aim the new car, the Kaiser company. I don't. Am I suggest we call it the Henry J? The old man's name was Henry. And that one of the prize and of course the damn thing went broke. Difficult to enter the car business successfully. When Tesla has done in a car business is a minor miracle. What else is catching your eye these days? When we spoke over the weekend, I think you talked a little bit about private equity. I don't like Richard X's and minions and so forth. And we have a lot of and you're never going to get rid longevity security markets. You're never going to get really crazy access and manias and crazy things that get wrong in crest and then collapse. But it's so simple if you have my approach to life, I just don't even look at them ever. Why would I look at that? I don't believe in magic. If somebody tells you you got some magic called Bitcoin, this is a better magic because it's got something like blockchain. I certainly ought to believe in the new magic, which has black stain. Magic in it. The old magic, which was very dust. It's just so easy to just put aside and say, this is beneath me. Think of the trouble.
"berkshire" Discussed on Squawk Pod
"This is squawk pod from CNBC. 98 year old Charlie Munger is a longtime vice chairman of Berkshire Hathaway. The conglomerate run by his friend of some 6 decades Warren Buffett, munger speaks his mind, especially when it comes to thoughtful investing. And to munger, innovations like cryptocurrency are not the way to go. In comments in interviews at recent Berkshire Hathaway annual meetings and other events, munger has called Bitcoin disgusting, stupid, and evil, rat poison, and even compared it to venereal disease. So with the recent headlines following the collapse of crypto exchange FTX, our Becky quick reached out to get munger's thoughts on the bankruptcy in the investor impact, and he did not hold back on Sam bankman freed or on those who worked with FTX, investors venture firms like Sequoia and others. Here's Becky and Charlie Munger. Charlie, first of all, thank you for taking the time to talk with us today. I thought of you because we've heard so much about crypto lately and in the past, you've called crypto everything from rat poison to venereal disease. And I just wondered what you're thinking about. Bitcoin about crypto about Sam bankman freed. You have to be following this at least a little. Yes. Mention Bitcoin to me because he's a bull charging. Rag or something. No, the way I look at it is that pains me that in my own country, I see people that were once reputable people. Helping these things exist, broadening their use and so forth. And this is a very, very bad thing. The country did not need a currency, it was good for kidnappers and so on. What do you think happened? Because there are a lot of big names, a lot of people. There are people who think they're just going to be on every deal of hot. And they don't care whether it's child prostitution or red coin. It was hot, they want to be in it. I think that's totally crazy. Reputation is very helpful in financial life. And destroy your reputation associating with gumballs, and there's gumball promotions. The huge mistake. Do you think those companies did any due diligence or what happened? I think they actually mean well. Those that you're seeing a lot of delusion is it's partly fraud and partly delusion. That's a bad combination. I don't like either fraud or delusion. And the delusion may be more extreme than a fraud. Delusion how so? Nobody's going to be the new thing that every 12 year old kid can be a billionaire or something. He just calls it munger coin. He starts trading at or something. It's crazy. It's demented. You believe in magic. I guess it depends on the context. I think I'm being someone who's trying to fool me. And of those big names that got drawn in, I mean, it's shocking to me when you consider that there was no CFO that there was no board of directors. But of course, in every crazy boomer, it was crazy access. You know, way back in 1929, it was the Goldman Sachs trading company. Remember Eddie joked about it for years. He said that they told me it would take care of my old age. Did it work perfectly? Three weeks later, I felt like an old man. No, the building knew in these crazy broad stores. Are there any good applications for those than the Goldman Sachs trading company? Why? Because they're trying to sell you something. There's nothing. This is real magic. We're so smart. We can just trade and make money without any work or knowledge or something. And that was because that's magic too. You point out that this is just watching this asset decline. I mean, in some ways, that's kind of what the fed has been hoping for, just the idea that they can deflate some of these assets that got blown up when there was all this liquidity out there. What does this mean from the broader perspective of the fed and what they're doing to try and tamp down asset prices at this point? Well, I think the authorities confused by the whole damn thing. But elderly people and they've done things a certain way for a long time. Now how to deal with the standard things like a mosquito catcher. They know how to stack mosquitos. This can't handle gnats. They slip through the net. It's just insane to none of the stuff you've ever been allowed. What do you think the holdup is? Because when I look at it, it seems like it's a big turf war turf battle between the SEC and the CFTC. It doesn't fit into existing, of course, it's hard for the regular hunters to do for to deal with a new activity. The whole Internet was new. And so. The danger flags are wagging, so clearly. You guys said, I'm going to sell you plenty of nothing and nothing's money for you. How can you hear that? I think this is a big joke, but people think this is a real asset. It's not a real asset. It's a bunch of fraudsters. And crazy. There is the argument that blockchain is different that blockchain is something that businesses and industries can build on. Is there a way to what people in? And by the way, that reminds me, Ben Graham. He said you're good ideas. Get you in a way more trouble in your bad ideas. That sounds very peculiar. Well, what he meant is that the thing is basically a good idea, meaning it's a good contribution to mathematics or something. But you've got a good idea. It's much easier to push that to register to access. That's why good ideas carry directed access, become bad ideas. And once you get that concept in your mind, of course, it's always going to be some good idea. Nobody's going to say I've got some that I want to show you. There's a new good thing to come up. Like fairy dust. You do have a way of putting it very precisely, Charlie. Becky spoke with Joe kernan and Andrew Ross Sorkin on the squawk set following this interview. You didn't hear it because they bleeped it out. They wouldn't let it run because it's on tape. They said, you can only curse when you're live. So what he said is nobody's going to tell you they want to sell you. Shit too. Right. This is what comes up with these things. Yeah, which caught me off guard. I was just caught up guard that you just said it allowed. Cable, you're allowed to say it. You're allowed to say it, but they wouldn't run it because it was on tape, even though I asked them not to bleep it. So your kid, your kids know that word. That's pretty cool. I hope they don't know any words. That's how I like it. You've never heard of it. That's how I like to think about the world. It's not too loud. That is true. And I realized universe. I don't think I don't know. I disagree with Charlie. Look, Charlie will tell you he's never been a fan of the new stuff. He has said he wouldn't take the risk that goes with it for some of those things associated with it. He says that he admires some of the people. There are actual arised by you don't need to like Bitcoin, but even just use this for blockchain that are going to, it's going to be part of the Charlie's always going to be conservative. You know, he's not going to jump into new things like that. And he doesn't like the excesses. He said it was a good idea that got carried to excess. And that's where you run into it. Those ideas are more dangerous because of wretched excess as he puts it. More Charlie Munger when squawk pod returns. I'm not against everything that's new. Including his thoughts on the fed, Elon
DOJ: Buffett company discriminated against Black homebuyers
"A mortgage company owned by Berkshire Hathaway is accused of discriminating against buyers of color I'm Lisa dwyer with the latest The Department of Justice says that a Pennsylvania mortgage company owned by Berkshire Hathaway and is run by billionaire businessman Warren Buffett discriminated against potential black and Latino homebuyers in Philadelphia New Jersey and Delaware officials are calling it the second largest redlining settlement in history The Department of Justice and the consumer financial production bureau said in their settlement with trident mortgage company that trident deliberately avoided writing mortgages in minority majority neighborhoods in west Philadelphia Camden New Jersey and in Wilmington Delaware The marketing materials used by trident involved exclusively white individuals in nearly all of the company's staff were white Trident will have to set aside $20 million to make loans and underserved neighborhoods I'm Lisa dwyer
Warren Buffett's final charity lunch draws record $19M bid
"Warren Buffett's final charity lunch draws a record $19 million bid The anonymous person who won the private lunch at a steakhouse in New York City will get to bring up to 7 guests The meal with the Berkshire Hathaway CEO benefits the San Francisco based charity glide which helps homeless people and those in poverty Buffett has raised $53 million since the auction began in 2000 his first wife who died used to volunteer there This year's event with the 91 year old billionaire will be the first one since the pandemic began and break the previous record of $4.5 million
Buffett to auction off one last private lunch for charity
"Billionaire billionaire billionaire billionaire Warren Warren Warren Warren Buffett Buffett Buffett Buffett is is is is promising promising promising promising he'll he'll he'll he'll hold hold hold hold one one one one more more more more luncheon luncheon luncheon luncheon to to to to raise raise raise raise money money money money for for for for a a a a California California California California homeless homeless homeless homeless charity charity charity charity the the the the famous famous famous famous fundraiser fundraiser fundraiser fundraiser that that that that benefits benefits benefits benefits the the the the glide glide glide glide foundation foundation foundation foundation has has has has been been been been on on on on hold hold hold hold for for for for two two two two years years years years because because because because of of of of the the the the pandemic pandemic pandemic pandemic but but but but coming coming coming coming back back back back later later later later this this this this spring spring spring spring with with with with bids bids bids bids being being being being accepted accepted accepted accepted until until until until June June June June seventeenth seventeenth seventeenth seventeenth the the the the last last last last luncheon luncheon luncheon luncheon with with with with Warren Warren Warren Warren Buffett Buffett Buffett Buffett in in in in twenty twenty twenty twenty nineteen nineteen nineteen nineteen went went went went for for for for four four four four point point point point five five five five million million million million dollars dollars dollars dollars organizers organizers organizers organizers say say say say this this this this will will will will be be be be the the the the final final final final luncheon luncheon luncheon luncheon offered offered offered offered with with with with the the the the ninety ninety ninety ninety one one one one year year year year old old old old Berkshire Berkshire Berkshire Berkshire Hathaway Hathaway Hathaway Hathaway executive executive executive executive who's who's who's who's dubbed dubbed dubbed dubbed the the the the oracle oracle oracle oracle of of of of Omaha Omaha Omaha Omaha because because because because of of of of his his his his investing investing investing investing prowess prowess prowess prowess the the the the one one one one question question question question that's that's that's that's off off off off limits limits limits limits will will will will be be be be which which which which stocks stocks stocks stocks Buffett Buffett Buffett Buffett might might might might buy buy buy buy next next next next I'm I'm I'm I'm Jackie Jackie Jackie Jackie Quinn Quinn Quinn Quinn
Discussing The Golden Handcuffs Trap With Graphic Designer Anthony Banks
"So you're you're working a staff job and you're thinking okay. Is this just me slowly dying. And i'm getting paid and there's a comfort and security in knowing that there's a regular paycheck distress over finding work all the time but then there's no real fast way to get ahead right. Yeah i mean there's there's always move out to up that's kind of what we do In our industry but then you just end up at another job. Kind of just biding your time. Until you think you're ready for a promotion or a pay raise or something and then you just move somewhere else at. It's it's just like a slow predictable path and it's not very appealing when i think ahead like ten twenty years. Yeah and how long have you had this job. I've been at this job a belt three and a half years which is about the the average stint that. I'll i'll be at any one place i see. So you're coming up on that and you're getting the aging yen. Okay let me ask you a couple of questions. Are there a lot of job opportunities. In nebraska there are I live In the capital. Which is lincoln. And i work in the biggest city which is omaha That's where berkshire-hathaway is based at of. There's there's a lot of industry here. There's a lot more design in advertising. Things like that than i would have ever imagined when i first moved here. I'm i'm originally from southern california and you have this. Perception of the mid west is just farms and cows and All that kind of stuff. And i've been shocked. At how much designed there is here. Okay so there's plant it's a healthy job market for a person with creative services or craig's skills right. Oh absolutely okay all right. Do you feel that. You have to stay for certain reason that i need to stay in my position I don't feel any compulsion to stay. I can't say in all honesty that this has been the best job company culture that experienced in. Gosh like but twenty years. I've been now all the stuff i mean. It's it's it's rare you know so it's the idea of of leaving it for really anything else especially another company. That's kind of not appealing. Because i know what the alternative could be like and that this is rare. So there's that part of it that's that's teetering me there and i mean they pay me well. I have great perks So it's all is that The golden handcuffs. A little
"berkshire" Discussed on MarketFoolery
"I can respect that whether you agree with it or not. That's a different story entirely. But these guys are running the show and they have a pretty good idea of what the business is doing. And i think they are very disciplined investors to me. I think the interesting question for berkshire hathaway really is what this company looks like in the future. I mean at some point or another. It boils down to greg able as the ceo. And todd and ted leading the way with those investment portfolios so you have to feel like there is going to be a pivot maybe towards tech or towards more forward-looking ideas whether that happens or not i guess remains to be seen. I feel like it. It has to at some point which which you know. What does this business look like. Then because if you have these cash cow insurance businesses in you have some folks who feel more comfortable. Investing in tech i mean. Munger buffett really. That's that's not really been their forte. I mean they've been very clear about that. This could be. This could be a little bit of a different looking investment portfolio here over the coming decade berkshire hathaway two point. Oh so to speak. Which could be exciting for investors. I think it could you know. I don't want to knock the underlying business. I mean you look at sort of the the profits generated from operations quarter. We'd look good. That's what's fueling. That's what's funding the share buyback. So the you know they've done such a good job finding an acquiring all these businesses that generate cash. It's just that for about a year. Now this has been the dominant story with you. Know with this stock. And i'm i'm sure if i were shareholder i'd be perfectly fine with this but just as someone who is not a shareholder. I'm like really you don't want to spend any. You don't wanna take twenty eight billion and go by mccormack and get some spice in that. That's gotta be some right. I mean seaver like it just. That's just like you'd find underneath the couch cushions right. Yeah i don't know it's really. You wonder what goes on behind closed doors. I mean allocating capital is difficult in the bigger. You get the more difficult. It gets particularly if you have such a long track record of success because expectations are even higher right. I mean people expect you to do something genius. Because you're warren buffett charlie munger investing is is easier as difficult as you want to make it and it feels like right now..
"berkshire" Discussed on MarketFoolery
"It would amount to a bolt on acquisition for a lot of bigger players out there in the tech space. I mean it wouldn't take anything just a just a by this company up and in added to your to your portfolio so i didn't didn't make the recommendation based on that but when i was doing the research for this business that was one thing that kept on coming back to my mind was like i just it really feels like given the technology that they own given the numbers that they continue to report an in given how many devices this company is in giving companies. Technology is in it. it's difficult for me to imagine. In ten years that it wouldn't be snapped up but stranger things have happened. Certainly speaking of deep pockets berkshire-hathaway second quarter profits were seven percent higher than a year ago. And we can talk about the reopening boosting berkshires railroad and energy businesses. But this really seems increasingly like share. Buyback story this. I mean they are buffett and munger are sticking to their guns in terms of not overpaying for acquisitions their cash pile is only getting larger even with the share buybacks. I think it's one hundred forty billion dollars now and look. I'm not if you're a shareholder. I mean the stocks up twenty three percent this year. you know. it's not exciting. But but a stock going north is true. Yep stock going up is is an interesting and noteworthy stock right. That's one that makes you smile. And i think that with berkshire hathaway. We're kind of getting what we more or less expect. I think with the business like this. At this point it's life not lighting the world on fire. but but still doing. Well i mean you look at the last three and five years i believe it's underperformed the market a little bit but you stretch that timeline further out and it starts to look better and that's that's kind of the idea behind this business. I mean you you look at the business like this and you sort of own it for a long long time and you never really worry about it and and this quarter. I think really explain why. I mean you saw nice bounce back from what was a difficult year last year. Operating earnings up twenty one percent from a year ago because of what you noted their performance and energy railroads obviously insurance is going to be a little bit more reliable but yeah it does feel like this is a does feel like this is a story where the conversations could become more and more about how do we return value to shareholders in. I know there are a lot of folks out there who would love to see berkshire start paying a dividend. I kind of feel like that would make sense at this point for them. I'm not a shareholder of berkshire hathaway. But it feels like they. Could they could do that. And and and it would. It would probably make a lot of investors feel. You'll pretty good. Because they are repurchasing a ton of stock to your point there they repurchase six billion dollars in stock during the quarter. I think that brings the six month total better than twelve billion basically on track for what they did last year. So yeah they're not going to go out there and overpay for anything and and it's it's a market where valuations are stretched really in a lot of ways and it feels like they just believe that berkshire hathaway today represents a better value than most of what's out there. And i mean..
"berkshire" Discussed on MarketFoolery
"It's monday august ninth. Welcome to market. I'm chris with me. Today jason buzzer. It's monday jason. How are you that monday. I'm well how are you doing. Are we've got berkshire-hathaway latest results..
Kathy Ireland, Supermodel and Entrepreneur, on Her Business 'Kathy Ireland Worldwide'
"An amazing career. As one of the top models in the world that's how you came to prominence. You're a woman of faith and now you have a huge business how to even describe it. You know kathy ireland worldwide kind of says it right there but you're you're into so many things. Let's just talk about that for a minute. Because i'm fascinated with this this you eric so grateful. I work with incredible team are remembers members. We've been together over thirty years. We've got our millennials than our jin z's but as far as how we would describe it we've been compared to mini conglomerate berkshire hathaway on a much much much much smaller valuation. Warren buffett is someone And i frequently will compete in newspaper tossing competitions. We both had paper routes his kids for the opening of the way shareholders meetings in that. We started with a single pair of socks. When i was pregnant aging model at my kitchen table and now our company encompasses everything from lighting to furniture dash in entertainment publishing. Children's it's fintech. it's great. We love what we do and me get to work with amazing people and serving credible
"berkshire" Discussed on The Playbook
"I mean that that is a space that we have commanded Since our inception and i feel like we need to make a stoller play in the luxury market. And we've already started taking some steps to do that But i think it's really important and critical as we continue to grow that we have a real focus on luxury while not forgetting the other price points that make up the bulk of our business. So that's that's the second thing and then the third thing. And i think this is really key because it's something that i've focused on real heavily in my former company and it's also something that berkshire hathaway who services focused on and to me. It's a real differentiator and that is our culture Because everybody has technology everybody has marketing. I might get something. That's better than you today but the at the end of the day. What is it that draws people to the brand and that is the respect the longevity the stability the security All of those things that are so meaningful to certainly our clients But also to realtors broker owners and one of the things that we need to exploit a little bit more is all of the our our ability to cross over one another in terms of not just being silent oriented in my company but reaching out across all of the the wealth of resources we have in the berkshire hathaway home services world. It's something that we've done a good job..
"berkshire" Discussed on The Playbook
"On this episode of the playbook. I have christie budnick. ceo of berkshire hathaway home services. And we're gonna learn about how important our mom is in becoming a ceo of one of the biggest companies in the world. Join me all this more on the playbook. This is entrepreneurs the playbook each week. I bring you some of the greatest athletes celebrities and entrepreneurs to talk about their personal and professional playbook to success in what made them champions on the field and in the boardroom..
David Vlez on Building the Branchless Bank
"So david i think an interesting entry point here is fun and interesting once since the news was just announced that berkshire hathaway made a very large investment into your company. And you just told me that they're the largest bank investor ever so that's quite an interesting dynamic. Can you walk us through this story. Why do you think berkshire was so interested in your business out of this down. To be completely honest we never really considered him as potentially investor as we've seen him very actively investing in traditional banks. Intriguing convents where one of the biggest investors and goldman sachs surprises. Today they to be best for bank of america and they tend to look more traditional recumbents in more mature industries but we had a conversation with them a few months ago and they started digging in and they were very very curious can really really good questions about the market size of the unit economics of the business about cohorts very thoughtful understanding financial services. In what we're doing here in the mark because howard getting with some of the traditional banks in latin america and in a few weeks they were very excited and very willing to lead around in. No bank can so for us has been we see days and i think the market has proceedings a bit of the big validation of the business model validation of or ability to show bags eventually your ability to surpass traditional banks in the future financial services. What do you think are the most important differentiator between what will call the incumbent banks that maybe berkshire invested in more traditionally versus new bank. What are the largest important differences for those out there listening to understand the thing. The first one is the consumer obsession and a culture that is based on consumer obsession. Nah i don't think this is shirley specific to financial services. I think what common denominator of incumbent industries either financial services. You look at insurance or even media or transportation is that after. Let's say six. Seven decades of traditional capitalism you ended up with a number of players oligopolies where four five companies effectively owned the markets.
Warren Buffett & Charlie Munger: Taking the High Road
"Warren buffett. And charlie munger have been business partners more than five decades. We were sort of made for each other. We've never had an argument in this whole time. We are strong minded in that time. The pair have built berkshires. Unique portfolio companies brands like the nsf. Railway geico duracell see's candies and basically left them alone. The way to get a good partner was to be a good partner and these are very effective ideas and they just work so fabulously well and they worked so well at berkshire. I caught up with squawk box. Anchor becky quick. Hi how are you. I'm good how are you over. Zoom about the buffett. Munger magic neither one of them ever really wanted to work for bosses or have a boss or work in corporate culture. They both said that they wouldn't survive it. They'd get fired. And i think that's why berkshire is the way that it is. They like to let people have their autonomy. They like to let the. They've got more than sixty businesses that they own outright and they let the managers run those businesses for a company that is now one of the ten biggest companies in the world by market capitalization. It's an incredibly decentralized organization. I mean there's twenty five people at the headquarters in omaha which by the way they don't even have a building that they run their corporate headquarters out of they. They lease a couple of floors from somebody else. And that's where the whole thing's run run from. If i were to tell you the details of this you'd think it was a scam. You know that. I'm going to tell you about one of the ten largest companies in the world. That's run out of these. Two floors in our mohammed. Twenty five people Okay yeah where. Where's the bridge that you want to sell me on top of that right.
Warren Buffett Resigns from Gates Foundation
"Berkshire Hathaway chairman Warren Buffett has resigned as a trustee of the bill and Melinda gates foundation bill and Melinda gates revealed they were divorcing after twenty seven years of marriage but said they continue to jointly run their foundation one of the largest philanthropies in the world Warren Buffett is one of three members of the foundation's board with recent donations he's given more than thirty three billion dollars to the bill and Melinda gates foundation now he says he's resigning in a statement Buffett said he's been an active trustee and that he's resigning from the post just as he's done with all corporate boards other than Berkshire Hathaway Buffett is now ninety years old describing his job but that said I'm clearly playing any game that for me has moved past the fourth quarter and into overtime I'm Jennifer king
Aaron Mullaniff and Katy Beehler Discuss Bookshare, an Accessible Online Library
"My name is aaron. And i'm working as since you started this officer with the ncbi for viewers and our listeners. Today that is actually kinds of blind all the way over in ireland and one of the services at insight which i have been heavily involved in over the last number of years is the library access service and about three years ago. We sold to go international to find best practice solutions to major problem. We were having When it came to blind division students accessing their curriculum in a timely former that question indeed has brought us to attack. Who are who. We ultimately partnered with to create the largest digital library in ireland which is now called berkshire are. I'm delighted to say that we've been joined here today by katie bieler. Who is product manager in global literacy at benedict who has played a huge role in bringing book shirt. Ireland so katie. Maybe we'll just start off by telling us a little bit about yourself on indeed butcher. Thanks our end banking introduction as you said. I am product manager global education and literacy I came to software product management by way of the publishing industry actually and have worked and software service products for almost ten years. Now i joined about two years ago. And i'm one of the leaf product managers on cher bookstore. Initiative is the world's largest digital library of accessible e books for people who read differently with people or book share people with dyslexia linus low vision. Zero quasi and other print disabilities can access over nine hundred. Fifty thousand evokes informat audio audio plus islands tax radio enlarge on the gook share team. I have the great privilege of helping to create another way. Book share members to read their books by adding smart speaker option.
"berkshire" Discussed on Acquired
"Hardware suite i've because you have to but they're the most connected my to carve out suburban the first is i somehow never saw goodfellas until this week and that movie is just so choice on so many levels. I mean it probably came. Just because i- listeners will know i just finished the sopranos and that was my previous carve out and wanted more and the cast has like twenty five overlapping people. It's the same freaking people. It's amazing but it's it's a frigging work of art for anyone who has who hasn't seen it. I mean it's like scorsese. As bast it's amazing direction. It's amazing cinematography that dialogue is exceptional. It's just a just a tremendous person's life. I've never been like a gangster movie person. Harare thought i was but this is so good then the the og. I have not seen it. I have to watch it. It's great and it's not like you know like obviously there's the godfather and i've got a long rabbit hole to go down like truly. Oh gee just watch one to don't do that. That's what i hear. And then my second one is the goodfellas soundtrack. It is like hit after hit after. Hit a george harrison eric clapton and aretha franklin and the the film sort of finishes with layla by derek and domino's and that is just like wrap up any epic epic story. I think we had the rights which layla the electrical trinity cousteau electric. Although the acoustic is also great is great. I'm an electric fan. They're both the electric creates more of a the sort of like epic conclusion mood that is appropriate for that will right air clapton and see if we can get the rights to use that on the fate out of this episode. Great great actually. We probably won't. I'm sure for sure whether or not you're a fan of of the movie of seen. Go listen to the soundtrack on spotify. So great when dino when goodfellas came out early nineties. I wanna say like ninety one something like that shortly before the solomon brothers scandal while while warren was still in his his real heyday. Exactly exactly all right. Listen we're going to leave it there with that. Thank you so much to our sponsors. They've been wonderful tiny cap chase vouch. Go check them all out. We have a slack. You know this come hang out with us. you'll like it. We have an l. p. program for people who want to be closer to the show you get to hang out on the zooms live with us or with people like brad stone when we're recording a book club episode with them. It's super fun. And frankly i don't you know all that stuff is great and if you want to engage more deeply in the show with you should but you know there's nothing like sharing an episode with a friend or social media you want to but just passed this along if he liked it. David i love getting to share these stories with new people. So and thank you for joining us on this journey. We're so lucky that we get to do this. And it's so much fun but like this has been a whole new level of fun. At least we saw eleven pm wrapped in this room for four hours. It has so funny. Awesome all right. Listen thank you so much next time. We'll see you next time..
"berkshire" Discussed on Acquired
"Yup i differ from you in answer but a hundred percent agree with you in spirit and rationale My answer. I am a break shareholder. As i said at the top of the series have been for many years so i'm gonna continue to hold partially due to nostalgia for that end of weight award halo affected. I get my free tickets to the shareholder meetings. Should they ever resume in in person But no the real reason. I'm going to continue to hold is actually just a portfolio management strategy. It's not a large allocation of my portfolio. Almost all of the rest of my portfolio is literally the rest of my portfolio is heavy growth tech stocks digital assets etc san francisco real estate. So this is like in your safety. This is in my mic wanna unquote safety portfolio. And the way i think about it is just like this is should i need emergency liquidity for something in the near term. You don't know what that would be. That's what my berkshire is. It's exactly what you saying. It's my bad term but equivalent of a widows and orphans fund like terrible terrible term but the capital that i can feel good about. I actually thought a lot about this. Over the past year. I used to keep an allocation in just like a fairly sizable allocation in cash for this purpose and then i was like well. That's just stupid today. Lake to keep caches is just dumb again. Not investment president vice but when when yields on ten year treasuries or like basically negative right just sitting there getting devalued in my bank exit literally every day. Because by you're getting poorer importer hold a gash again not investment advice. That's when i decided you know what i'm gonna reworked this and i'm gonna have my allocate. My liquidity allocation beat a berkshire. Because i can feel pretty confident. It's not going to lose money. And i'll at least get some return on the capital so i that's kinda sad i think berkshire that i of it as like an alternative to cash. But i kind of think that's where the stock is at at this point fascinating ten hours in and this is where we arrive not with a bang bang. I will say the journey is the reward. And i do want to sort of sum up this grading this series. Of course we'll get out here in a second but the completion of this with possibly the best take on warren buffett of anyone ho nam from altos. Which is an investment firm that we very much respect recently tweeted that he is the only investor to build a company worth over half a trillion dollars and has puts it a few amazing founders. Have done it. But no investor comes close.
"berkshire" Discussed on Acquired
"And that's not a real growth engine so it's really hard for them to consume capital internally in a way that would meet any hurdle rate that would be exciting like they kind of have to keep going shopping to deploy capital at this point. There's an element there. That's a little bit scary. If you're thinking about investing in tech company berkshire which of course he never really should be thinking about one or the other. they're completely different buckets. but they don't have an internal growth engine inside that company. The last one is a little bit. More nuanced dangle. On the thing that i mentioned before about if you do as sort of some parts analysis on berkshire than you have to look at everything. That's currently marked to market which is eye-popping. You know there's definitely a lot of people out there that think that the stock is trading to a discount of the intrinsic book value of the holdings in that of course would be the if you fully valued the cash on their balance sheet but if you think about the multiples of the stocks that they own i mean apple has gone from being valued at something like seven x earnings to now like three x ratings and to believe the like berkshire is underpriced argument. It's fundamentally based on agreeing. That apple is worth what it's training for which maybe is true with apple. But you're also agreeing that like be. Nsf is sort of worth industry multiples for railroads. Which if you'd look around are also meaningfully expanded recently. I just think asset prices are really high. So there's definitely the element of like if you believe berkshires undervalued than. I think you're being pretty generous with how you value the sum of all the parts. Yup i that's true. But there's the capital allocation question of like well all assets are overvalued right now so if you're gonna take capital out of berkshire where you're going to write. Everything is only worth talking about when you compare it to. Its next best. Option of anybody has any really good options for really assets. That are under price. Right now the acquired slack acquired fm slash slack. Go go go let let folks hang out. In the investments channel.
"berkshire" Discussed on Acquired
"For thirty seven billion dollars in berkshires largest deal ever bigger even oh skipped over the railroad in two thousand nine the but they finally ns about the railroad good for that. That was a good deal. That was yep that has done well for berkshire warren buffett from two thousand and eight to twenty eleven. He was good. He was good in those years but precision cast parts man of for thirty seven billion dollars last year. They took a ten billion dollar right down on that deal. So that's a dog. Then the worst though we elitist do. Oh my god tony sixteen. He starts investing in airlines. This is the who said that he was going to shoot down. Orville and wilbur. What was he thinking. Well the interesting thing is so. He sold the airlines in a panic sale. Right when the pandemic dip started and we all know of course there was about five days where you can actually buy the dip. Before it came skyrocketing back and we didn't endure a real market crash in this global pandemic 'cause monetary policy. Anyway jerome powell yeah. Buffet basically sells at the bottom with these airlines. And it's interesting. Because i don't fault him for the sale. It is a very reasonable thing to sell the airlines. Then because if the government didn't bail them out they could have all gone to zero. I mean the government was paying some airlines payroll to sort of make it through that period. So i don't even though he sold it. I think right around the worst. The bottom i blame the by your knew that he even had a comment years before that he had sort of like a is it like a romantic fascination or like a dirty habit about the about owning your lines or something like that like he knew and he still did it like the newspapers anymore so he wants airlines now to be fair to worry and again the scuttle but it here is and there's some comments to this effect that it actually was. I think ted who i got interested in the airlines. And they talked about it. You know and then warren so okay. It's kind of funny..
"berkshire" Discussed on Acquired
"Owned jewellery chains in america to go by yup and this is real like one thing that becomes clear in that. You know warren keeps harping on. Were so big. It's hard to move the needle and like that's really true. Great he has been forecasting this for twenty five years. That's really true at this point. Lake the law of gravity tying berkshire to the s. and p. Five hundred is like there's a lot of gravity. Yep so the giving pledge of course. It's like two thousand six when warren mixes major gift to the gates foundation. But it's not until two thousand ten that they all launch. The giving pledge wanted a takes a long. I assume it took so long because not too. Many people wanted to give away a lot of money in the intervening years between two thousand. Six and two thousand ten has a little thing called the financial crisis happened. Dun dun dun as discussed so many times on this show beginnings of airbnb and uber and cryptocurrency and on and on and on what's that article embedded into the Genesis block of bitcoin. Yes it was chancellor on brink of second bailout for banks which allegedly is mocking the fractional reserve banking system but yes it is a very deep reference in the midst of the financial crisis indeed indeed. So here's warren an entirely too. He's freshly unencumbered by the weight of having to deal with his wealth. He's back in the saddle. He's not literally unretired but like figuratively unretired again for the third time ready to go to work and he entirely have seen this movie before they were there they were leading players in the dress rehearsal of solomon in the early nineties so the lake i well. I think we know what to do here. The whole thing kicks off. I remember this so well. In march of two thousand eight. When bear stearns the storied investment bank failed. Just like solomon. the problem. At bear was nominally. It failed because they had to in-house hedge funds that were mortgage backed security hedge funds in those had huge losses white failed. It failed because bears counterparty stopped trusting their paper and stop being willing to trade with them like we saw salomon. A huge amount of their capital base turns over overnight. Because you're settling trades and you've counterparties on this trade if your counterparties no longer trust that you're good for the money they're gonna stop trading with you and then it all vicious cycle comes to a screeching halt. That's what happened with bare so during the course of one week in march from march tenth through Which is monday through the end of the week. Which would have been the fourteenth friday. So bear stearns stock head started the week trading at sixty three dollars a share and by friday the toast. They're bankrupt over the weekend now. The fed engineers and asset sale to.
"berkshire" Discussed on Acquired
"Berkshire's market cap for january. Wow spoiler alert does not go. Well famously charlie is asked about the deal when it gets announced generally is like the bluntest character as we have seen and as we will see at the end of this episode. Charlie's responsible the deal when asked about it is that warren only called him quote very late in the game on this one so he's his cadillac. I'm washing my hands of this and think if there's one lesson in this series among many it is that if charlie munger is your business partner you should probably always call charlie early in the game. Not the game See salomon brothers and so what. What was the really alluring thing about buying jenry 'cause massively multiplied the amount of float at their disposal by by. They got a bunch of float to be honest. The alluring thing about buying jerry. Was that warren thought that berkshire stock was overvalued and he wanted to take advantage of this moment in time and use it to a big acquisition and he also this according to allison snowball most if not all of january's investments kiss. We've talked about insurance companies with their float. They invest the float insecurities and warren in berkshire preferred to do that. in equities. Most of gen rees investments were in debt and relatively conservative bonds and polite and so warrants worried about a equities crash coming along here tech bubble. He wants to essentially dilute berkshire security holdings he doesn't want to sell security because that would be a signal to the market like warren buffett is selling stocks. That might tip everything over into the crash. He's like how can i change the mix of securities that we have at berkshire without me doing something like that. I can do this. All-stock deal by jenry essentially get a portfolio of twentyish billion dollars in bonds. That are going to be insulated. From equity prices. Point that some financial jujitsu engineering right there. He definitely over. Thought this one because generous sucked To be blunt. it's funny. You said that. I just pulled up the historical a price to book ratio of berkshire..
"berkshire" Discussed on Acquired
"What thirty-five acts on their initial investment of the stuff that they own that are public markets. Before they wade into apple. Which we'll talk about later. Coca cola is their biggest single holding of stock that they don't wholly own business. Yeah it of course no longer is but yeah i mean. This is huge evan. This is one of the key legs of the berkshire stool is coke and also speaks to how different the company is now. You can barely see the coke equity value in there. Okay so back to the meeting of these two businesses here so in nineteen ninety seven. There is this amazingly perfect moment. I think this moment kevin marks A major transition point in business and industry in the world and it starts at the rise of tech and the rise of the internet and how much the world is going to change at. it reminds me of. There's the famous quote in history. I think it's about germany. Like eighteen fifties where the quotas the german history reached. Its turning point and germany failed to turn. This applies to worrying here. Investing in corporate history reached. Its turning point and warren. Fales too tired. So summer nineteen ninety-seven. We are at of course the allen and company sun valley conference and there is a panel discussion hosted by don keough with the participants three participants being one warren to roberto goizueta at the ceo of coke and three bill gates so here it is old school like the consumer brand coat and bill gates and microsoft and warren on the same stage. Everybody thinks this is going to be like a back affair. You know maybe sort of a genteel changing of the guard or something like that. But bill goes off script here so bill would later say that he meant this as a compliment but he trots out warren's him sandwich freeze when talking about roberto and done onstage. The the moderator of the panel is the president of coke and you've got the ceo of coke as one of the participants and then the other participant is like the largest shareholder and coke right and gates. His friend gates says it like you guys got it easy. Ham sandwich could run your business. And he is that to microsoft. He contrast that with microsoft where he says running microsoft is such a high wire. Act that he suspects. He's going to have to retire before he gets too old like indeed well before he gets age sixty because you need a young person. Incharge who can adapt and navigate the constant change in the technology. Business is the other panelists. Roberto is sixty five and tragically later. That year would die unexpectedly very quickly of lung cancer. Don is seventy one and warren is sixty seven so gates's literally to slapping them all in the face here and roberto sort of has the sort of stereotypical fiery cuban temporary here. He is hugely offended by this. I don't think he walks off stated he never talks to gates again for the rest of his life after this episode. I don't know how don reacted to it. Warren kinda shrug it off like he does like bills my friend. He's built. He's kind of like he's like a wild animal. You can't like brigham in public too much but the thing is like this is a major social faux pas and gates's part but like he's totally free and right all he's right and it is clearly. This seminal moment for warren where he sort of like looking laughed and he seeing the past he seeing the things he already owns these seeing these cash flowing..
"berkshire" Discussed on MarketFoolery
"That's outpacing the market I read the the shareholder letters. he's written recently. They're all really interesting and entertaining. Reads in the stop. Today's valued a bit under book value. Which is how. I would value business like this and so It is similar to those businesses is a little bit different as the email noted which i think makes it a little bit of a riskier proposition. But the flip side. Is that if you have a good manager you have a good you get operator running the business and it and it seems like mr foley has a pretty good track record There could certainly be some opportunity there because they're going to continue to acquire Interest in new business in diversified portfolios. so Yeah that's actually one of them. I'm going to keep an eye on and talk a little bit more about it with With matt frankel. Four industry focus financials when week soon and not a particularly big competent. I mean just from a market cap standpoint. It's we're talking about a three billion dollar fund here so not to get overly enthusiastic. But certainly we've talked before about berkshire hathaway in particular and their inability to just by virtue of the size at berkshire hathaway and how much cash they have. They're somewhat limited in the moves they can make in terms of their own investments and can i holdings is is able to not that any businesses problem free. You know. they don't have that problem no they don't you're right and i think it gives them the opportunity particularly now in this. We've seen so much happening in. The space for example can is been investing in that opportunity. It's interesting they have. In their annual in their in their annual report the sh the letter to shareholders in their most recent report. They have a nice break down on on page four that actually they are calculating their intrinsic value per share in adding up the pieces of all of their investments. They just labeled out there..
Tech Shares Tumble, NASDAQ Plunges to Finish at Session Lows
"We are all over. The pharaohs action shares a roadblocks and simon property group. Post docs on the move on results will bring it in numbers but we start off with a bloodbath for big tax. The nasdaq plunging two and a half percent today for its biggest loss since mid-march the selling widespread across technology and intensifying into the clothes and nasdaq finishing app session lows and it wasn't just the high fliers crashing back to earth tech. Titans all seeing massive losses. Facebook netflix amazon apple alphabet losing a combined seven hundred billion dollars in market capitalisation. Today alone. That is more than one whole berkshire-hathaway wiped out in a single trading session.
Greg Abel to Succeed Warren Buffett When Berkshire Hathaway CEO Retires
"Has some big shoes to fill. The Berkshire Hathaway vice chairman will succeed billionaire Warren Buffett as CEO. Buffet confirmed the succession plan to CNBC after Berkshire's Charlie Munger spilled the beans during the company's annual meeting over the weekend. 90 year old buff, it says while he has no plans to retire, if anything happened to him, Abel would be the one to take the top post that
"berkshire" Discussed on True Crime Fan Club Podcast
"In two thousand eighteen berkshire county in massachusetts saw an explosion of violent murders in the years between two thousand nine and two thousand nineteen there were approximately twenty five homicides in berkshire county with approximately twenty five percent of these in twenty eighteen. Okay onto the show. The new year began with the murder of krista steel nuts. Lean by her husband. Mark steel nuts. Lean on january fourth. Two thousand eighteen on january fifth. Mark went to the atoms police department and reported that he had done something very bad and that he should be put in handcuffs holding out his hands to be cuffed. He went on to tell the interviewing officer that he had struck krista several times with a hammer and then stabbed her in the back with a stainless steel kitchen. Knife officers found christie's body in the basement of the couple's home wrapped in a tarp. Mark told officers. Krista often belittled him and called him names mark said he snapped at around five pm. On january fourth according to marx attorney he and krista had been arguing although his attorney would not reveal the nature of the argument he simply said that mark krista had been at one another verbally for some lengthy period of time afterwards. According to statements made to the police mark maintained his composure. Cleaning out taking a shower and then going to the liquor store. The autopsy report indicated that krista had suffered blunt force trauma. Some of which was consistent with defensive injuries. According to the medical examiner krista suffered from multiple base alert skull fractures caused by blunt force trauma the stab wound to her back east through the upper lobe of her right lung and punctured her heart which caused her death. By loss of blood krista lease deal nuts. Lean had been born christopher steele in minnesota in nineteen seventy five. Her father willie steele said crista played with barbie dolls and put pajamas on her head as long hair when she was five her parents divorced and krista had to go into foster care when she was in fifth grade she was placed with a police officer and his wife flourishing under their care. She attended sunday. School took piano lessons and went on family vacations. She missed her family and visited her cousins and grandparents on.
Parting shot: Yo-Yo Ma plays for fellow vaccine recipients
"Newly vaccinated Massachusetts residents got a special treat when famed cellist yo yo ma read out his instrument after getting his second dose of coronavirus vaccine the mini concert took place in Pittsfield Massachusetts Montecasino along the wall of the observation area Saturday at Berkshire community college which is holding a vaccine clinic inside the Patterson field house in video provided by Berkshire community college one patient can be seen turning a folding chair around to get a front row seat at the concert and at one point in stops by to drop money in the famed performers cello case Richard hall of the Berkshire called in nineteen vaccine collaborative told the Berkshire eagle moss said he wanted to give something back the quick concert came a year after mom started posting recordings of himself on social media using the hashtag songs of comfort I'm Jennifer king
Warren Buffett's fortune tops $100B as his stock soars
"Warren Buffett. Come on down and welcome to a pretty exclusive club. After Berkshire Hathaway stock went up this week, it's CEO Warren Buffett saw his net worth go up. I nearly $2 billion Giving him a net worth of more than $100 billion, according to the Bloomberg Billionaires Index. That makes him just the sixth member of that $100
I Cant Afford One Bitcoin! What Can I Do?
"Bitcoin is hot. Stop amidst this current bull market. We've seen a rush of new users who like most new users have no what's going on and one question of particular comes up a whole lot that i wanted to talk about today. What do i do if i can't afford one bitcoin. I'm adam levine and this is speaking of bit point. Today's always i'm joined by the other host of the show. Andreas 'em and operas. Hello stephanie murphy. I am jonathan mahan. Hey thanks to all the hosts into you listener for sitting on today's session. So i was talking to some people new to the cryptocurrency space last week and they were talking about what they were looking at making the first coins and they said that bitcoin just cost too much that it was too expensive that even if they agreed with all of the fundamental values the changes that will happen in the world. How bitcoin is a hedge for that and that bitcoin was going to. Let's say three x or five x in the next ten years and they saw that is real that they just didn't feel like transferring their wealth into something that they would never have one that they would never have one bitcoin that even if they spent a decade doing everything they could they would only ever have less than one bitcoin as a failure state as something that like emotionally. They couldn't get past. And i started thinking about myself when i was in college. I learning about bitcoin. And honestly i don't know if bitcoin had hit thirty or forty thousand dollars instead of dollar if i could have seen it as something that i wanted to get into just because of that mountain cliff of believing in something but then feeling like a failure. Because you don't even have quote unquote one of it. What do you guys think about that. What do you think people should be thinking about when it comes to that. I think that's an important psychological marker that people check in with when they're thinking about do i wanna buy this. How much does it cost to buy. One of this thing and i mean the real solution to that is to reframe. You're thinking there's other units to measure bitcoin in lots of wallets denominate their balances in mila. Bits now which is one thousandth of a bitcoin and you can change that in the settings and so you know if you could afford one million. Bitcoin would you by that. What about wants to toshi. The units are actually quite arbitrary. And it doesn't help that. The news and everything reports the price in terms of one bitcoin but that is also kind of helpful for a very long term perspective to see that it went from being worth nothing up to you know nearly fifty thousand dollars. There's other things that exhibit similar behavior for example. Some stocks have extremely high unit prices. And of course you can buy fractions of them berkshire. Hathaway is a famous example of that other things that have this kind of tendency. Are things like precious metals. You know you don't say well. I'm not gonna invest in gold because i can't afford a whole kilogram bar. Well yeah i mean. You can't but that doesn't mean that you can't get an airing. It's still gold is just a different value. And the unifies works both ways so for example instead of saying why can't afford a bitcoin but i can't afford a bit which is millions of a bitcoin. You can't afford a bit and that has a nice name. It's not merely bitcoin. Which kind of makes it sounds like a bitcoin with too many feet. That's a bad greek joke. It's not a unit that has no relationship you could also just measuring soto. She's because we all know of course are the standard as i keep getting reminded and you could choose any arbitrary unit but you can also go the other way right. You could redefined for example. Ten bitcoin as a chad hike. Very few people can really afford to buy a whole chad. But could i buy one tenth of a chat of bitcoin or desi chavez. I prefer to call it it. Oh all of these things are completely arbitrary and you can torment yourself on way or rejoice the out there in a completely arbitrary way and this is the key here arbitrary. It's not rational to focus. On any specific unit and we have a word for things that humans do the deviate from rationality or norm and those are called cognitive by and this particular thing is called unit bias. It's of well known cognitive bias and is studied in psychology from a number of different perspectives. It's not just the. I want to own one bitcoin. It's also the if you give me a twenty four ounce cup of soda. I'm going to drink the whole thing. Just because it comes in that size even though i may be only wanted half of it or if you create a heaping plate of french fries or if you give me a giant bag of doritos i'm gonna finish everything. Unit biases be studied a lot in terms of portions for eating. Because it actually one of the things that drives a number of eating disorders because it's a cognitive bias. It's a bug in your ability to think rationally about certain situations and that bug can lead to behavior that is against your own self interest and so this is a normal thing to have unit bias and sometimes says expresses itself in hilarious ways like for example to jonathan's example of people saying well. I can't buy a whole bitcoin. you get the opposite. Which is people who bought into dosage and are looking at it at six cents going. Yeah we can get it to a dollar dollar while allowing me to answer that watson dollar. What you don't understand dear sir is that there are one hundred twenty nine does and they are produced at a rate of what is it. One point four million a day and so to get does to a dollar. It's total market capitalization would have to reach a hundred and thirty five billion dollars or basically where a theorem walls last week. Now i don't know how you measure the utility of does and even if you think cerium is shit. Coin will not that bad
Apple bounces back after a rough last week, 270 stores reopen
"Apple bouncing back after a rough week last week. This comes after Berkshire Hathaway Chairman Warren Buffett saying in his annual letter to investors published this weekend that His investment firm owns nearly 5.5% of Apple, mainly because Apple's been repurchasing their own stock, So his percentage has gone up to also apple announcing that all of their 270 U. S. Retail stores are open for business. Some of them are appointment only, but they are all Open for
Buffett is buying back more Berkshire stock this year after record $25 billion repurchase in 2020
"Berkshire Hathaway said today. It brought back a record $24.7 billion worth of its own stock last year and said there's more to come The conglomerate said it repurchased a total of $9 billion in the fourth quarter.
What Will Amazon Do Next in 2021?
"The other day announced a new ceo. And so we're is amazon. Going in two thousand twenty one and how can small business owners actually participate hit. Help is jason boys. A season entrepreneur and nationally rise x. nationally recognized expert on amazon. He's considered the world's leading expert in dot com third party sellers. He's the founder and ceo of avenue seven media llc a seller group that harnesses the power of amazon for direct to consumer product brands. He's also the co author of the amazon jungle. The truth about amazon and the sellers guide to thriving on the world's most perilous e commerce marketplace jason. Welcome to the show. Thank you bury. Congratulations to you. Six hundred and twenty six show twelve years you know. He started with just one person. So tell me how you've been doing during this pandemic. Our business has been booming Amazon scott galloway came out and wrote a book about The pandemic amazon a company that was built for something like a worldwide pandemic and they've benefited greatly and frankly so's my business. Because so many small businesses that had regional brick and mortar retail store outlets that. Just shut down on him and folks were were kind of on the fence prior to the pandemic called and said jason get amazon tomorrow. Can you help me so our business has been. I mean we keep up very hits been it's been You know a bittersweet story. It's good news that our businesses doing great as results pandemic. But it's been a really difficult time for everyone. Any recession is always winners. And there's losers. But i tell you one thing jason happen. This year that i never thought could happen in relation to amazon. I couldn't believe they couldn't deliver in two days. Came buried i. I made some predictions in early october. That fda and amazon delivery network was going to break. It ended up not breaking but they broke the post office. They bury them with so met much volume that they literally couldn't couldn't handle it and you're absolutely right. There were very few packages that were delivered to people's doors within two day window within that one day window even still though what they did. This holiday in terms of ramping up delivery final mile warehousing added fifty percent of square footage and like four months. I mean it's historic area. It's pretty incredible what they did so just recently announced. Jeff bezos is going to step down. Ceo and there was a joke on facebook. That says well i guess he's fully invested 401k. Now that's why he's stepping down. But one predictions you have for twenty twenty one with amazon given a new ceo and the hopefully the winding down of the pandemic. Yeah well you know. I hope jeff vases is going to be okay with the pay reduction. Moving from fulltime. Ceo to just executive chairman. You think you'll be okay hope but yeah you look i. I don't think that amazon is going to miss a beat. You know the minute. The announcement came out which by the way was interesting enough announced around the same time as their blow out. Q four earnings call Historic in its own right Potentially to deflect which amazon's pr department is really good at About how great they have benefited in his really tough time for our country But look amazon's not going to miss a beat andy jazzy. Jeff clone bleeds amazon. Blew has been basically attached to jeff bezos hip for more than twenty years. He's an incredibly talented competency. Oh who took. Aws from zero to fifty percent market share in the cloud. Space according to gartner so He's incredibly talented. He will help Execute on jeff bezos division. Basil's we'll take a back seat behind. The curtain is gonna shove jesse in front of congress and answer. All those difficult antitrust questions and basis is going to work on what he loves doing which is invention and future technology. Whatever amazon looks like five ten years from now will have been developed from. Basil's mind so he's not going anywhere. He's just removing himself from some of the shall we say more uncomfortable task. It's going to land on jesse's lap in the next You know one to ten years. As i trust drums or are beating louder and louder. So let's talk about some of the trends that you've been discussing Tell us about how you think. Amazon is getting into healthcare. They are already in healthcare. I mean they're providing primary care for you know scores of their own employees tens of thousands of their employees they They famously removed themselves from joint venture with jamie diamond and berkshire hathaway recently In the rumors from within inside amazon at the reason they did that is because they were holding back and the amazon pharmacy group which spun up recently. we're saying we can't move fast you know. We can't move fast because we're being held up by chasing in berkshire hathaway. So i saw that. A lot of a lot of people in the press came out berry and said oh. This means amazon can't figure out healthcare. It's too difficult. It's too challenging. I didn't see that at all. I just saw that you know amazon. Saw this as cutting weight so that they can really focus on what they do. And that's innovate
Elon Musk loses billions in bitcoin
"Joe and andrew. It was just yesterday. That were talking. About how tesla could be making more money from their bitcoin. Investments that one and a half billion dollars that they put in in january. Then they'd be making an all of their cars together. of course it depends on the direction of bitcoin and goes to the whole volatility. And here we are. We're seeing the volatility. What i was just going to mention is the way it is important for. Investors who invest in tesla. We're thinking about bitcoin. The way they account for it is actually very unique. They actually broke right make money. That's the they make money and bitcoin. They actually don't write it up. It will not be reflected in the results per se however if they lose where they bought it add. It is reflected in the numbers. And that's an interesting facet of how companies are starting to think about how you account for this stuff but it's a it's fat profits like berkshire doesn't where you broke out operating profit from investments right and there's a counting in. There's whoa. i just lost my shirt. I mean well counting you lose you. Don't put the money in. So so i don't care how you account for it. You know what i mean. It's like you own enough of that stuff and it starts doing this. I don't get that'll get your tend to just just like the opposite but you know forty seven we're like oh my god forty seven. Can you believe that it wasn't twenty. Eight thousand everybody was when he was at twenty eight thousand melissa and other i think san toy and they said well would you buy the twenty twenty eight thousand after. It's gone up here. I don't know if i buy twenty eight thousand so you know what do you and then went thirty thousand higher than that. It's nutty all in what a month less than a month. And so and then you start to think you know these folks who want to accelerate as a currency you start to think about that right. How how could you. How could you. you're inviting. I thought that was a moment. You gotta differentiate between a currency and something that you used for transactions for currency. If you're holding on your balance sheet you may just be doing it as almost like you talk about short term treasuries would be a currency or maybe you think long term treasuries or maybe you think gold is something you you may not use it for transaction but you may want it representing dollars on your balance sheet representing currency. But but it doesn't mean you using it for transaction all the time. That's why store miami. Right the city of miami though. That's one thought was just the craziest. The idea that they said that if you're an employee of the city and you want to get paid in bitcoin you could do that. Like what.