35 Burst results for "Warren Buffett"

Sam Bankman-Fried: Fallen Crypto CEO and Democrat Donor

The Dinesh D'Souza Podcast

01:43 min | 2 weeks ago

Sam Bankman-Fried: Fallen Crypto CEO and Democrat Donor

"I'm here to talk today about this crypto guy, the crypto billionaire, Sam bankman fried. And his rapid fall from grace. Now this is a guy who very assiduously cultivated the media. He was only 30 years old. So it is a 30 year old billionaire and there were all these articles I was seeing from places like fortune and Forbes. He's the new Warren Buffett. He's a new Carnegie. And I'm thinking, wow, well, didn't Warren Buffett build up his expertise and wisdom, painfully, over many, many years, if not decades, and isn't the same true of Rockefeller and Carnegie and so many other of the old tycoons, so and I think the point of these articles was, yeah, well, this guy must be even smarter because he's only 30 and look where he is. So in other words, he has figured out a much faster road to success than even some of the old revered names captains of industry and of finance. Well, it turns out that this sandbank went freed was running a kind of a Ponzi scheme. It seems or a some have said even a money laundering operation. And here is the political implications. He's been running a kind of scheme to the benefit of the Democratic Party. Now, some could argue, wait a minute and she also did give some money to Republicans and while that's true, in fact, apparently gave a little bit of money to McConnell. The vast vast majority of his contributions have been to Democrats.

Sam Bankman Warren Buffett Forbes Rockefeller Carnegie Democratic Party Mcconnell
Gordon Chang on Authoritarian Regimes in Good Times and Bad

America First with Sebastian Gorka Podcast

00:59 sec | Last month

Gordon Chang on Authoritarian Regimes in Good Times and Bad

"Said something fascinating about authoritarian regimes in times of prosperity and what happens to them in times of economic crisis. Would you expand upon that with our millions of listeners on radio? With prosperity, even unsustainable regimes can do well. And that's really been the story of Russia and China and even North Korea and Iran. But when times get tough, these regimes have hard time sustaining themselves. Because they're inflexible. Because they're inflexible, as Warren Buffett said, you don't know who's swimming naked until the tide goes out. That's exactly what's occurring. And we are approaching a really desperate time in history because we have war, which is spreading, but we also have famine for a number of reasons. We have all we have coordinated recessions around the world. We've got one here. Europe is going to go through a very hard winter. China's in recession in reality. Of course, Russia is. So you put all this together. These regimes are not going to be able to sustain themselves.

North Korea Russia Warren Buffett China Iran Swimming Europe
Why Smart Investing Doesn't Include the Headlines

The Hugh Hewitt Show: Highly Concentrated

01:00 min | 2 months ago

Why Smart Investing Doesn't Include the Headlines

"Larry Fink tells you the most common mistake being made right now. You offered up to them. Is it, are they investing in too much one thing, or are they relying on headlines, Fink picks headlines and said, they may be making that mistake right now. We get accustomed to an economic environment we assume that environment will last forever. First question, how much do you let the day to today news cycle impact your investments? Well, it doesn't affect me that much because I'm in the long-term business, but obviously you don't like to see headlines about the stock market going down. But the truth is the biggest mistake that investors generally make is when markets are going up, they rush into buy stocks and when markets are going down, they rush to sell what they have. That's the opposite of what you should do. Right now, markets are depressed. There's no doubt about it. But markets always come back in this country. And if you hold on for a while you avoid the transaction costs and the taxes associated with selling things. So I think it's better not to look at the newspaper headlines every half hour and worry about the markets going up and down. Warren Buffett is not sitting there worrying about the stock market going up and down.

Larry Fink Fink Warren Buffett
"warren buffett" Discussed on Marketing School

Marketing School

07:09 min | 3 months ago

"warren buffett" Discussed on Marketing School

"From Warren Buffett. So Warren Buffett, if you've seen the video right now, I have a bust of him over there. It's a bronze bust to remind me to think long term and not be an idiot. So that will be number one. To think long term. So what that means, and I'm serious. I have a Charlie Munger one and a Warren Buffett one. But, you know, when you think about a warrant and a Charlie, they're very humble people. They're in their 90s right now. They're still having a blast doing what they do. And they just, you know, I think Buffett started investing at age 13, and he just kept compounding and kept compounding. You don't see him buying like a huge house or lambos or anything like that. Not that there's anything wrong with that, but he doesn't care to show off. He just loves what he does and he just he understands that things take decades to compound. I just slowly compounding solar compounding. And that's why he has a book called snowball. Yeah, lesson number two, Warren Buffett is a big believer that you need to be skeptical and if something is pretty much looks too good to be true, it usually is. That's a really good thing for a marketer realize and here's why. And marketing everyone talks about the silver bullet. I'll use this tactic. You're going to get instant sales or resolves or rank number one on Google. Typically, in marketing, everything is slow and steady wins the race. There really is no cervical bullets. And if there is a silver bullet, it's a silver bullet literally for one day, one month, or a month, and it's short term, and what will happen is when you focus on the silver bullet, it'll actually set you back from your long-term goals because you wasted time on that versus focusing on things that are more long term. So in essence, be skeptical when things seem too good to be true. Number three, speaking of be anything. So you want to be greedy when others are fearful and be fearful when others are greedy, right? So right now, as of this recording, we're in a recession technically. And I don't think we're done yet, right? That's kind of how the sentiments of neon night. We're not macro guys, by the way. But the idea is when things get really bad and Warren Buffett has said this, even the same kind of securities that I'm buying right now, which are the same stocks that I'm buying right now, like I'm going to buy more of it during that recession because it's not like the fundamentals of these businesses have really changed, right? So the whole idea here is that as a marketer, you zig where other people are zagging. So right now, this recession gets worse or whatever. Most people are canceling all their marking, right? But that's actually a chance for you to get in when things are cheaper and really double and triple down. Number four, reputation is everything Warren Buffett writes out an annual letter to CEOs and one of them he talks about how if there's a way for you to make money, but it can damage your reputation. Don't do it. Sacrifice the revenue for reputation and long-term growth. And that's super important because it doesn't matter how good you are at marketing. If you're doing stuff that's going to hurt the reputation of a business, the ratings, the reviews, the trust, it's going to bite you in the butt in the long run. And you'll notice that over time your sales are going to slowly start declining. A great example of this is I had a ton of people that I met at, affiliate summit conference, and they're telling me how they agree their business from zero to hundreds of millions of dollars in literally a matter of years with no venture funding or anything. I'm like, how? What was the secret? Like, oh, forced continuity. You tell people free trial. And you just don't let them know that you're continually rebuilding them. I'm like, that's just unethical. And where are they now? Most of those guys, they're a out of business or B, they got shut down by the FTC and find and they had a refund all the money and there goes an Lamborghinis and Ferraris. Don't do stuff that can impact your reputation and be don't do anything that's just unethical. You want to sleep well at night and don't do stuff that can harm people. I mean, this is why I, again, Warren Buffett, he's a very humble guy, right? I think that what I like to see more of, especially in the affiliate niche is for people to be more humble because just to continue on Neil's point, I actually heard about an affiliate that does a force continuity for seniors and he's making a lot of money each day, right? And I actually ended up meeting this guy and I just felt like the ego emanating from him. It's like, look at me, I make money, but it's like, dude, come on. It's like hurting people. It's a net negative for society to do that. So anyway, so number 5, actually the quote that I would use there to continue on what Neil said, if you want hold it for ten years, don't even hold it for ten minutes. Or ten seconds. So, you know, that is what it is. So number 5, there's a story I like to share the story a lot, but back in the day when Warren reporters went up to Warren Buffett and Bill Gates of Microsoft, they asked both of them, like one you have like a billionaire investor when you have a billionaire founder, right? And they said, what is the secret to your guys success? And they both wrote one word onto a piece of paper, but they both opened their hands. The word said focus. What that means is you don't need to try to do everything under the sun. And as a market early days, I was like, oh, you know, I'm going to try email marketing. I'm going to try SMS. I'm going to try SEO. I'm going to try affiliate. I'm going to try this. Try that. In the early days, just nail one channel down first. Nail it before you scale it. Yeah. Number 6, the future is never clear. Warren buffet talks about uncertainty actually is a friend of the buyer of long-term values. In essence, no one can predict what's going to happen next month. Next 6 months or a year, we would have never predicted the war. We would have never predicted oil prices are rising. With your marketing, you can't say I'm going to spend this. I'm going to make white and this is just going to work and I'm going to crush it in the next year or two years. But if you focus on building a great product, a great service. You focus on the fundamentals of marketing. You focus on what's going to provide the most value to the end customer. Yes, you may lose in a short run, but in the long run you can win through upsells, downsells, repeat purchases, just look at Amazon. They lose money in many cases when someone comes to your website and buys from them. But the way they make money back is, people buy from them. In many cases, like my wife, multiple times a week, it adds up and they continually make money. You can't really predict what's going to happen next month next year. But if you focus on building amazing company, you focus on an amazing customer experience, you focus on your customers through marketing as well, you can win in the long run. Number 7, last but not least, is really Warren Buffett talks about the concept of a strike zone. So when you are playing baseball, for example, you don't have to swing at every pitch that comes at you. So it's really focusing on what you understand. And when it comes to investing, there's only a few key assets. You don't need to hold that many securities. Only focusing on what you understand and not trying to do everything in the world, right? Because if let's say Neil's really good at crypto, great Neil, focus on crypto. Let's say I'm really good at fitness stuff, right? I'm going to focus on fitness, but you get what you focus on and then like we mentioned with the earlier lessons you just continue to compound over to decades and eventually it's going to work out for you. But most people just aren't willing to wait and most people aren't willing to continue to read and just stay patient and then swing only on things that they really understand. So that is it for today. Please check out marketing school dot IO slash jobs to find a marketing job, Neil's company is my companies where we have our roles up there too, or you can host a job for free at the moment. So that is it for today and we'll catch you later. We appreciate you joining us for this session of marketing school. Be sure to rate review and subscribe to the show and visit marketing school dot IO for more resources based on today's topic, as well as access to more episodes that will help you find true marketing success. That's marketing school dot IO. Until next time, class dismissed.

Warren Buffett Charlie Munger Neil Buffett Charlie CEOs FTC Google Bill Gates Warren Microsoft Amazon baseball
DOJ: Buffett company discriminated against Black homebuyers

AP News Radio

00:51 sec | 4 months ago

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

Berkshire Hathaway Lisa Dwyer Department Of Justice Consumer Financial Production Warren Buffett Delaware New Jersey Pennsylvania Philadelphia West Philadelphia Camden Wilmington
The Latest Attacks on Elon Musk

The Dinesh D'Souza Podcast

02:18 min | 5 months ago

The Latest Attacks on Elon Musk

"There's been a spate of recent attacks on Elon Musk. The most recent of which, here's the outline in the telegraph. Whether it's with one of his executives or an eccentric pop star, the Tesla founder has been busy creating a cadre of progeny. So apparently they've counted that he apparently has some ten children from several mothers. And they're going to talk about who all these mothers are. Now, what's interesting is that this kind of article you don't see on George Soros. You never see on Warren Buffett. You never see on Jeff Bezos. And now you might say, well, Warren Buffett is too straight laced. Well, maybe. But there are plenty of plenty of billionaires who would fall into this category, and yet they get lionizing treatment from the left. Until a singular event which puts them on the target screen and then the relentless attacks begin. Talk about what this singular event is. This singular event has becoming a Republican. Yes. For sure. Well, in a way, the person who sort of demonstrates the genre better than anyone else is, of course, Trump is from Trump Lion eyes, Trump was a cultural celebrity. He was cool. Rappers loved him. Everybody wanted to take photos with Trump. Oh, yes. He was at the boxing match. He was at the world of yes. Trump was cool. He was very cool and nobody and nobody talked about his ex-wives or anything like that about his personal life. Until he decided. In fact, not only do they not do that, but they glamorized it. If you look at Vanity Fair profiles of Trump and I'm sure Elon Musk won the left, this article. Would have made it used to think he was. And that's why he was kind of cool. The Tesla founder was kind of cool. The electric car. Oh yeah. Technology. The Silicon Valley connection, the self made, these from South Africa. I used the richest man in the world. Yeah. And it was a big deal. He was a really big deal. And again, I mean, what is the common denominator? They became, well, they not only did they become Republicans, but they denounced the Democratic

Elon Musk Warren Buffett Donald Trump Tesla Trump Lion Jeff Bezos George Soros Boxing Silicon Valley South Africa
 Warren Buffett's final charity lunch draws record $19M bid

AP News Radio

00:36 sec | 5 months ago

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

Warren Buffett Berkshire Hathaway New York City Buffett San Francisco
Buffett to auction off one last private lunch for charity

AP News Radio

00:44 sec | 7 months ago

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

Buffett Buffett California Warren Warren Warren Warren Glide Glide Glide Glide Founda Warren Warren Warren Warren Bu Omaha Berkshire Berkshire Berkshire Oracle Jackie Jackie Jackie Jackie Qu
"warren buffett" Discussed on Squawk Pod

Squawk Pod

06:47 min | 10 months ago

"warren buffett" Discussed on Squawk Pod

"Pod from CNBC. I'm Becky quick along with Joker and an Andrew Ross Sorkin. Berkshire Hathaway is Warren Buffett is trying to set the record straight after an article in The Wall Street Journal earlier this week, insinuated that Berkshire Hathaway may have had inside information on the Microsoft Activision deal. At issue, Berkshire took a $1 billion stake in the video game giant in the fourth quarter of last year. Weeks later, Microsoft bought that company or made a bid to buy the company for more than $68 billion. The timing of that raised eyebrows at The Wall Street Journal because of Buffett's decades long friendship with Microsoft cofounder Bill Gates, although Gates did resign from both Microsoft's and Berkshire's board back in 2020. Yesterday, Buffett took the unusual step of writing a letter to reporters to clear up the misconceptions. He said the purchases of Activision were made by one of his two independent investment managers, meaning their Todd combs or Ted weschler. He said about 85% of the position was acquired in October, and that the purchases were finished in November with a cost average of about $77. Buffett wrote, when Microsoft files its proxy materials on its proposed purchase of Activision, I would be surprised if they even had discussed a proposal with Activision in early October, although I do not know. Buffett also points out that the $77 a share purchase price could have been replicated at about $78 a share after the Microsoft proposal was announced and it was no bonanza of any of any sort for Berkshire. Andrew, this is interesting because in this situation, look, he spoke to The Wall Street Journal reporter off the record before the article was published several times during the day, the journal went ahead and published this article anyway. Insinuating that the price had been much lower, $66 or something. And that article was up for so long during the course of the day that other places picked it up to CNN, fortune, the New York Post, they all ran with the story, kind of saying, oh, look at the timing on this. Interesting timing and look at the price. Even though the information was wrong with that. And I think that gets to this idea. It's always been out there. If you don't correct a story promptly or quickly, it can get out there. But with the Internet, it's almost like a Hydra, even without the journal change the story much later, ten or 12 hours later, it was too late. The story had been replicated. It's everywhere. You can cut off one head, but you can't cut all of them. And I think that's why he made this unusual step of reaching out to a lot of places. A lot of media publications, a lot of reporters to say, let's make sure the story is correct. And in fact, he said he's going to be posting that letter on the Berkshire Hathaway website to make sure that nobody can come back in the event he's not here to clear it up himself and say Two quick notes, just because I've done a lot of reporting around the transaction at the time. The truth is that I don't believe the negotiations actually did believe. He's probably right. I mean, I know he's right. I don't believe the negotiations began. I don't think there was an offer made in October when these stock sales. He made the offer didn't come until after Activision shares. I was dropped precipitously after the journal. It was late November in terms of the actual timing. So I think onto itself that should clear the air and we talked about it on the air the day that the disclosure was made about the Berkshire Berkshire buying that it wasn't actually Warren. Or at least I remember we were speculating that it was a Todd or Ted acquisition. I would speculate it was probably Todd, but that's my own. My own guess, and nonetheless, but nonetheless, people speculate about all sorts of all sorts of craziness, but I'm glad that they cleared it up. You told me that there's someone that actually thought that Warren Buffett was going to create on inside information. Warren Buffett is inside information. If he wants Goldman Sachs to pay him 12% during the financial crisis, they'll pay him 12%. He does not need to use inside information. He is inside. That's just it's absurd. Even the idea that especially when he's how old is going to start that now. When he's worth 90 and he's worth I don't know. Hey, I heard a tip. That's ridiculous. It is, but I think what's more concerning is just in this era of fake news accusations being thrown out. Misinformation. Misinformation, things go happening like that. We need to make sure that we correct things quickly when we screw it up. People screw up. People make mistakes, but it's kind of on us to make sure that we correct those things and loudly. The crazy thing is, I know he sent that letter to CNN to fortune to the New York Post and the New York Post, which has this bad rap for being a tabloid newspaper without really having anybody checking anything. It's the only one that I saw that actually corrected it properly and put the entire story out saying here's what happened. Take the New York Post over CNN any day. We'll see you still had a story this morning when I was looking that suggested, oh, look at the timing. It's still pretty interesting. Even though that's out there, the New York Post wrote a TikTok that said, here's what we learned. Here's what happened afterwards here. Here's how it went out. I don't know, maybe. People have different views of different newspapers. The New York Post wouldn't be the one I'd point a finger at. But let's not mention any names. Just saying New York Post corrected it fully and accurately. Did you see a report about this? I don't think so. No, in the time. Where do you want me to start with other stuff? I think we're getting there. But anyway, trying to clear up the story and trying to make sure that people know what really happened. Can I just say, let's all enjoy Friday and enjoy the weekend 'cause I guarantee you Monday, it's gonna be here so fast. We're off work on Monday. It's closed. We are. Stock markets do a three day. Let's make it three. That's the podcast for today and for the week. Thank you for listening as always. And enjoy the long weekend ahead. Squawk pod will be off on Monday for president's day. Squawk box is hosted by Joe kernan, Becky quick and Andrew Ross Sorkin, weekday mornings on CNBC at 6 a.m. eastern to get the smartest takes an analysis from our TV show right into your ear. Listen and follow squawk pod wherever you get your podcasts. We'll meet you back here on Tuesday. Have a great long weekend. We are clear thanks guys. Get in early. Join the CNBC investing club with Jim Cramer be among the first, get tips straight from Kramer. The only club with exclusive trading leads for early access symmetry email at CNBC dot com slash investing club..

Microsoft Activision Berkshire Hathaway Buffett The Wall Street Journal New York Post Warren Buffett Todd combs Ted weschler Berkshire Andrew Ross Sorkin CNBC CNN
"warren buffett" Discussed on Squawk Pod

Squawk Pod

01:38 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"It really helps. And if you associate with people who are worse than you are, I mean, you are really in trouble. I mean, you're going to descend into it. I went through that three or four month period. Now I was reacting to some other things, but I started on the other kids stole stuff, I stole stuff and I was not going the right direction for a while. And you want people to go and get a better direction in particular. Gentlemen, I want to thank you both very much for your time today. We really appreciate it. That's great. Thank you, gentlemen. You'd rather be in jail. Than work in a corporation. Thank you for listening to a wealth of wisdom. Our series with the two hardest working 90 somethings around Warren Buffett and Charlie Munger. Special thanks for this series to Becky quick, CNBC's managing editor Lacey O'Toole, Alex crip, the mastermind behind the Warren Buffett archive, that's Buffett dot CNBC dot com and thank you to the Nebraska state archives. We're taking tomorrow off ahead of the new year's holiday, happy 98th birthday to Charlie Munger on January 1st. Squawk pod is produced by me, Katie Kramer, Cameron Kosta, and Caroline Rojas. This podcast is edited by John Lazar. And we all wish you a very happy new year. May there be good things ahead in 2022. Wednesday, January 5th, a new season of greed. Theranos goes to trial, Boeing's soaring Greece, anything from money. Following listening to the American greed podcast, wherever you get your podcasts.

Charlie Munger Warren Buffett Becky quick Lacey O'Toole Alex crip Katie Kramer Cameron Kosta CNBC Caroline Rojas John Lazar Buffett Nebraska Boeing Greece
"warren buffett" Discussed on Squawk Pod

Squawk Pod

07:37 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"From swingers to gamblers. Warren Buffett and Charlie Munger on risk. An old saying, you cast your accountant what's two plus two? What number do you want? We're back after this. Wednesday, January 5th, a new season of greed. Theranos goes to trial, Boeing's soaring Greece, anything from money. Following listening to the American greed podcast, wherever you get your podcasts. Welcome back to squawk pod. Today, life lessons from the outspoken pair behind the decades long success of Berkshire Hathaway, CEO Warren Buffett, and vice chair, Charlie Munger. Becky quick has been covering Buffett for years, and I asked her about the critical comments that he and munger have made about online trading platform and pandemic, meme stock buzzword, Robinhood. A lot of people would say, this is things like Robinhood have democratized access and regular people can own a part of a company. Is their view old fashioned? Well, look, I think they would both say that stocks were democratized beforehand, Warren, but his first stock when he was 11. Not on Robinhood. Right, not on Robinhood. And by the way, both of them have kind of set things up at the annual meeting and through so many other things that they do is just trying to teach average people that they can make it on Wall Street too. So there are a 100% in favor of the democratization of Wall Street message. Well, Robin Hood is beneath contempt. Why? Well, it's a gambling parlor, masquerading as a respectable business. And the pushback on that is always, this is a way of getting average people into the market. Right, there's a gambling parlor. It's not an encouraging people to buy a very, very, very low cost index fund and hold it for 50 years. I will guarantee you that you will not walk in there. Get that advice. Instead, you'll get advice on how you can trade options, and they'll tell you. It's telling people aren't paying commissions when the commissions are assembly disguised in the trading. It's basically sleazy disreputable operation. And the interesting thing about it is that some good people you would be glad to have Mary into your family have backed it. It starts happening in a civilization. That's a capitalism. Yeah. I mean, that was another situation where they got bailed out or there were a lot of people who could have gotten hung up in law school. Yes, the clearance risks there were perfectly enormous. Again, massive greed, massive stupidity, and massive immorality, I would say. If you're encouraging people to come in here 30 times a day. And with leverage, what good are we doing as civilizations to teach some 20 year old idiot to swing mightily at trading stocks? And I was nothing about based on the what's going by on the taker. He could be 20 years. It's crazy. Is that what you want your little son? You're looking forward to the little 18 year old swinging arguing the house or something. He could be a 20 year old buried intelligent person too. And it's really hard to time stocks. I mean, that's when you're really, it's more like you're going to the casino, not like you're going to the investing. And I think that's what galls them is the idea of the frequent trades in and out of it, that you're really talking about luck because you may know what a company is worth or what it's not. But markets aren't always logical and markets don't always make sense. And unless you are a long-term investor who is putting money in stocks and leaving it there for a long time, you're not guaranteed of anything. And I think that's what bothers them about it. It's not the idea of getting access to everybody to put their money in the stock market. That's fantastic. But when there are bells and whistles and rewards for the more frequently you train. I think that galls them. The gambling instinct is very, very strong in people. And the government learned to take advantage of it when the lottery business and they started in effect taxing the poor and the hopeful satisfaction guys like me to an extent. I mean, the lottery revenue substitutes for some other revenue that I guess was not a good thing when the government of all these states took over the numbers business of the Italian mafia. That's what they did when they state lotteries everywhere. That was the numbers business. It was called the numbers game. It was the number. It was run by the mafia entirely. And the governments of our country decided that gee, we don't like those nice Italians making all that money. When the government could have they would run the numbers game, and that's what we do. They decided it was a big source of revenue that was that did not cost them both increasing taxes might cost them incumbent. People did that. And when one does it, they say, well, if they can do it, we can do it. And bad practices spread, unfortunately. I don't condemn people that have the hope of buying that honor. Gambling is a very natural saying, if I'm watching a football game with somebody, I don't care who wins, but I still want to watch the game. And I got another friend there. Well, about $5 on the game, and it'll be more interesting. But I don't condemn gambling. I don't think it's smart necessarily but I don't condemn it. But I do think you're sucking people into a lifetime of gambling. Yes, but gambling goes to dump people lose a lot of money and then they hear somebody break some guy's legs. He doesn't raise gambling dead. It gets ugly pretty fast. I mean, you could say the same thing if you wanted to stretch that analogy out. There's legalization of a lot of things that used to be a question. I made help. To what extent you try to protect people from their own foils and make those prohibition was the classic in that case. And people have a great philosophical differences on that. No, I don't think the United States can try and prevent all gambling. It would be like trying to get rid of all liquor. And I don't think it would be a proper thing to do, but they used to have laws that we now have so much of. You think this is a pendulum swing? Where laws get looser and looser and looser. And then something happens. My whole lifetime. So no. I've seen no swing back at all if you were. No, although I think that the pendant law so swings to a better country over time. I think we're talking about the period of 30s for gambling. The FDIC came out of it, the social security came out. There were some very, very good things. Also come. So I think it's a better country now than it was when we started and it should be. I mean, it's a more prosperous country, but we started out with a half a percent of the world's population. And this has come out of it, so the system is not all bad at all. It's hard to design a perfect system of government and economics that go with it. So I actually think we've done pretty well, but we're hitting here talking about the excesses. We see margin rules did more good than harm. So.

Charlie Munger Warren Buffett Becky quick munger Berkshire Hathaway Buffett Boeing Robin Hood Greece Warren assembly Mary government football United States FDIC
"warren buffett" Discussed on Squawk Pod

Squawk Pod

08:03 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"Father of value investing. He wrote the intelligent investor back in 1949. It's a business and investing book that is still widely read today, although naturally, Warren Buffett read it back then. A couple of years later, he studied under Graham at Columbia business school. Graham's philosophy was making money without taking on too much risk. Sound familiar. Those ideas shaped Warren Buffett into the investor he's been for the last 70 years, and Graham was heading up a company called Geico while he was teaching at Columbia. Now, this is long before the spokes gecko and the insurance company being a wholly owned subsidiary of Berkshire Hathaway. I mean, I stumbled into the insurance business because Ben Graham I was at the library at Columbia. And I looked up my hero Ben Graham, whose course I was taking there. And it said chairman government employees insurance company. I didn't know what government was insurance company was. So I went to librarian and I said, where can I learn more about insurance companies? He said, well, do you get this big blue book over here? Tell us about them. So there was a page in 2000 pages. And it said they were in Washington, D.C., and I didn't know a thing about it. And that Saturday I got on the first trying to get on there and went down to visit this company that my hero was chairman of, although he was teaching at Columbia one course of week and all that. He was based in New York. And when I got to the place, the door was locked. In all they worked on Saturday, but in Washington. The doors locked and I started pounding on the door, probably on the door. And finally, a janitor came and he let me in and I said, is there anybody here but you? He would take offense to that. There's a guy up at the top floor, and as a wonderful man named romer, Davidson. He spent about four hours, and he'd gone down there on Saturday to do something else. And I ruined his day, but it gave me a lifetime education and insurance in four hours. It's just a super wonderful man. And I did not get interested in insurance because of the fluid. I got interested because a Geico and really the underwriting and the growth possibility. So my interest in insurance business started just as well when I was in school. The first stock I wasn't really the first stock I bought at all, but it was the first time I bought post gram. And I had three quarters of my net worth and that stock. And it was the first stock I sold when I became a stock salesman at age 20. I love Colombia and went back to Alma and started selling stocks and I just went all over town telling people that were idiots that they didn't buy stock in a Geico and when I get all through they always say, well, what does your dad think and that made me mad? So I was. Coming up on squawk pod. We realized you'd had a big mistake. Learning from your mistakes. Warren Buffett, Charlie Munger, and the value of an undervalued business. All the early businesses that we on together are disappeared. They failed. They failed. Get in early. Join the CNBC investing club of Jim Cramer, be among the first. Get tips straight from Kramer, the only club with exclusive trading leads for early access symmetry email at CNBC dot com slash investing club. We're back, the Berkshire bromance, a few years after meeting Charlie Munger in Omaha, Warren Buffett had grown his investment partnership into more than a quarter $1 million. He found Berkshire Hathaway started buying stock in the textile mill in 1962 and took ownership of it in 1965. A few years ago, a film reel was discovered in the Nebraska state archives from a local television crews, 1962 interview with young Omaha investor Warren Buffett. I think the president's action on steel probably had something to do with the timing of the decline, but I don't he was weighing in on the policies of president Kennedy and 31 year old Buffett totally looks the part. Skinny tie, close cropped hair, black frame glasses. He was asked to comment like he would be today on the markets. Can you give us your opinion, just exactly what happened? What caused it? Well, there was undoubtedly some force selling the stock market hit the news. The previous week prices are declined about 6% for the week on average. And there was some stock that was forced upon the market both by margin calls from brokers and some that was forced out by improperly secured bank loans. Around the same time, munger had given up his career as a lawyer and had been running his own investment firm in Los Angeles. That is, until his good friend convinced him to shutter it, and join him at Berkshire. So how did the business relationship start? Well, Warren had scorned for my way of making a living, and it was correct in that. It took me a long time to rise up. He had had a better way of making a living than I did. But he finally convinced me I was wasting my time. As a lawyer? Yeah. I told him it was okay, it was a hobby, but. Real way to spread this time. He more or less decided to duplicate in Los Angeles what I was doing in all my which was great. But well before that, we just connected. And we talked a long time on the phone when it was expensive to talk. Come on. I didn't sit there with an hourglass. But what Charlie? My family could tell a Charlie was calling. We'd go on for a long long time. And we had fun in the early days because it was like hunting expeditions. We had a lot of fun. Looking for stocks. Still have a lot of fun. Well, buying things together. We want to one deal. The Baltimore and we needed to get a lawyer for the deals was 1966. And we got a guy from Washington in the cave up and Charlie's instructions to the lawyer was just we'll do it our way, but you're just kind of window dressing here, but we need you. And treat Warren like you treat any 90 year old. 35 of the time. It worked very well. We had a good relationship. We have really never had anything, including failures. The more fun. We're interesting. I mean, we're working on things together and we knew we would do well to. I mean we were self confident about the world in which we existed then it was more fun doing it together. I would now want to set the room all by myself. It's been the rest of my life. One of the first deals they did together was diversified retail and they'll talk about this department store that they bought together in Baltimore. And it was the two of them in sandy got usman. And they were thrilled at the prospect of it, but as soon as they got into the deal, they realized that it was a melting ice cube. Baltimore, 1966 Buffett and munger are working with sandy got his men who founded first Manhattan company in the early 60s and was an early Berkshire investor. He's held on to those shares, and they're worth billions today. And the melting ice cube, the three hat on their hands, was the changing behavior of consumers, leaving urban department stores.

Warren Buffett Ben Graham Geico Graham Columbia Washington, D.C. Berkshire Hathaway Charlie Munger Columbia business school CNBC Berkshire bromance romer Omaha Jim Cramer Davidson Alma Washington
Why Inflation Is a Double Kick to the Cojones

The Dan Bongino Show

02:08 min | 1 year ago

Why Inflation Is a Double Kick to the Cojones

"Making matters worse how inflation is a double kick to the cojones It's not just that you don't have assets if you're relatively poor or middle class or enough assets to offset the massive price increases for the things you need to buy Consumption as a percentage of your income things you have to consume purchase to stay alive Food gasoline rent As a percentage of your income is a lot When you factor in rent mortgage and food for some middle class and poor folks it's like some you know 80 sometimes 90% of their income You think it's the same for a Warren buffet or a Bill Gates Folks the guy could have a $10 million house Warren Buffett and it's zero zero zero 1% of his income It's nothing It's peanuts for them So making matters worse consumption for them or the things they have to consume and buy where the prices are more or small sliver of what they're worth It's nothing to them It's a tip in a restaurant Ken langone explained this beautifully He was on CNBC Here's him yesterday queue up for me cut 7 It's about 30 seconds long saying hey listen folks this is gonna feed on itself It's gonna get worse You better not play this thing down Check this out Where do you think we are in terms of policy in this country rise What is it 70% think we're headed the wrong direction You started it Ken I don't want to get political but let me give you a warning This inflation is a lot worse than people think it is not transitory and trust me the little people People like my parents and Larry's parents they're going to suffer because it's a inflation is a regressive tax It is the poor people hardest of all We have serious problems in America Listen you should listen to langone This is a very smart man He got very wealthy being socially smart and having traditional intellectual IQ The intelligence quotient This is a smart guy Disregard what he's saying at your own

Ken Langone Warren Buffett Bill Gates Cnbc KEN Larry Langone America
"warren buffett" Discussed on Invested: The Rule #1 Podcast

Invested: The Rule #1 Podcast

04:16 min | 1 year ago

"warren buffett" Discussed on Invested: The Rule #1 Podcast

"Which is at newsletter dot. Danielle town dot com. But today i'm going to talk about one particular piece of learning that. I kept on over and over and over taking from these letters. Because it's so important to what's going on With our market today and that is inflation so i started reading these letters and the first one i started with was nineteen seventy seven simply because that's the first one that he offers on the berkshire hathaway website. Easy simple thought about starting earlier but decided i wasn't going to torture myself or any of the other members of the invested practice too much and that we would just start with what buffett wanted us to start with and that was nineteen seventy seven so i got into nineteen seventy seven and realized quickly that it was a much higher inflationary time than has really existed during my lifetime Really since i've been around. I mean i was born in nineteen eighty one which had high inflation but i was not terribly aware of it. So in my eight years I haven't really had inflation as an issue. And so starting. Back in seventy seven and reading He didn't really mention it. Much in seventy seven or seventy eight but in seventy nine when inflation got up to eleven point two percent. He wrote most of his letter about inflation. And my take of it is that he didn't mention in seventy seven or seventy eight. Not because it wasn't important not because he wasn't dealing with it at berkshire hathaway but because he was writing these letters in a public company as a new sort of out there kind of public leader. And i think he really wanted to focus on what was happening in that company. Which is what those letters are about their. What's happening in berkshire hathaway. He doesn't get into larger pronouncements. But then in seventy nine. I think it was such a major world changing potentially situation with inflation and the currency in the us that he had to write about it and in a funny way because it's such a negative situation but in a funny way it gave us the buffet. We know because that's the first time that he started writing about larger financial issues and then that led to many letters about accounting and financial issues in the macroeconomic world and political issues than later on. He didn't get into political shoes for a very long time but eventually started talking about financial political issues And then finally becoming kind of the oracle of omaha that we know him to be so it kind of in. I started with with his comments on inflation. In nineteen seventy nine's letter i recommend going and reading if you're interested in really diving into his inflation comments from that time Seventy eighty and eighty one. Those are fantastic letters and then eighty three also. He talks a lot about inflation. So here's some things he said in the seventy nine letter which were really just warnings to us. It was saying like this is a big problem. Guys pay attention and his warnings are not mild. His warnings are like out of the gate like never mentioned this before. And all of a sudden he says hello this is affecting the stability of the american currency. This is a problem that potentially affects the stability of the future financial system. What he says is that inflation as it grows higher and here. It was at at the time of this. Writing is probably a little bit higher than eleven percent. He says that That that runaway inflation on that level means severe doubt about the future of the financial instruments in that currency so long term fixed interest bonds. That are in dollars may not continue to serve as a financial instrument at all..

berkshire hathaway Danielle buffett omaha oracle us
Kathy Ireland, Supermodel and Entrepreneur, on Her Business 'Kathy Ireland Worldwide'

The Eric Metaxas Show

01:27 min | 1 year ago

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

Kathy Ireland Berkshire Hathaway Eric Warren Buffett
How to Avoid Making a Gigantic Mistake When Buying or Selling Sponsorships

Entrepreneur on FIRE

02:34 min | 1 year ago

How to Avoid Making a Gigantic Mistake When Buying or Selling Sponsorships

"Are brands really looking for. When they purchase sponsorships well. I think you're actually an excellent example of what brands are looking for. And that's something that feels natural where the audience actually cares about that product and you've managed to endorse that brand or that product to your audience and show them how you're using it yourself or why such a great product and they should get behind it if it doesn't feel natural if it doesn't feel like the creator is genuinely behind the brand. It's going to be disaster. And it's really difficult to fake that i do that. Warren buffett quote that it takes twenty years to build trust and five minutes to destroy it so fire nation. When you're running your business. You want to make sure that you know you like in you. Trust the product the service whatever. The company is behind those that you are promoting to your audience because your audience a bad taste in their mouth like literally. It's a food product or figuratively. If it's like a software or service they may never trust you again no matter how much value giving them over the years because sometimes just take once so be very cognizant of that so let's get into like the specific details of what their definition of success means like what keeps these brands coming back for more were they looking for for quote unquote. Success will look ninety nine percent of the brands. That are buying sponsorships today. Have some sort of performance metrics that they care about their looking for conversions whether that's sales of their product sign ups to their website downloads of their app. Registrations leads to have some sort of conversion that they're looking for and they have a price that they're they're willing to pay for that conversion happen and i think that a lot of times i felt this a lot myself as a crater is. Sometimes we get kind of we. We think that our content is the most special thing in the world. There's nothing like it. A brand has to pay top dollar no matter what to be inside of my my content and it's definitely true that that you bring something really special to your audience and you build up an audience that is loyal to you and trust you but i think we also have to realize that the end of the day that brand is going to have some kind of ceiling of what they can pay you which is going to be calculated down to some sort of performance metric so the best thing at creator can do is have that conversation with the brand beforehand and and really set expectations of what the brand is looking for. And what's they believe they can

Warren Buffett
"warren buffett" Discussed on We Study Billionaires - The Investors Podcast

We Study Billionaires - The Investors Podcast

08:17 min | 1 year ago

"warren buffett" Discussed on We Study Billionaires - The Investors Podcast

"Is growing twenty percent. What a rational person expect jeff pesos to do. I have a business growing at twenty percent per year earns a hundred percent return on investment capital operating pre cashable of pre percent. I want you to put it right back into the business. And i want you to compound that over time. And that's exactly what he's been doing for the last twenty some years and instead of bringing it down to the bottom line so you can actually see it. it's there. It's just that he reinvested before it gets to the bottom line on a gap reported by. Yeah and it seems like there's a a new phenomenon. I guess what i'm trying to head around is only internet companies that have this advantage or are there others like apple as you mentioned his consumer and i do think you know. Humans are forced into this kind of recurring decision making process where they don't wanna make new decisions so they stick with the status quo. Will you're talking about sounds a lot like instead of the law of diminishing returns over time. There's this law of incremental returns. Yeah increasing returns economic. Brian arthur economist. Kind of walked through that switching. Cost is what prevent people from wanting to change products whether it's software or hands it. Do i want to learn different phones like an android phone or a samsung or something like that now. I mean i'm very happy with my applebaum for me to go and do a new phone and change everything over software and learn different ways in which do things is a real pain for me and so i- mentally locked in to wanting just to keep doing this technology the same way now. There's also financial costs switching costs and it's more prevalent it software. So if you had a microsoft operating system all through your corporation and you wanted to change it for some reason that's a very expensive proposition to do switching costs in addition to you have to retrain everybody how to use the switching costs become part of the moat dependent. I like doing it this way. I don't wanna learn how to do it. Any other way as they moat type business now. What becomes phenomenal about this. And more and talk about it in the annual meeting is that he and charlie didn't wrap their hands around how something could turn into hundreds of billions of not trillions of dollars with so little capital involved and that's the essence of network economic different than brick and mortar within graham started with to go back to rockefeller and carnegie mellon but after grow the business they had to build more brick and more they had made the physical hard book value. The business go up for is to get bigger. Then you go into space to which was media newspapers network television cable news. And then you get into the the soda. Business consumer durable it was not as capital-intensive at the rockefeller carnegie brick and mortar world of manufacturing so less capital intensive. But then he gets the three level. it's just phenomenal. How little capital is required to build something that could be hundreds of billions of dollars in market cab generating billions of dollars in cash flow each every year. It was very hard to get your head around it and so they were so you know. Warren says you know i was. I was a foolish not to a by amazon. Yeah actually only convertible bonds at one time. He met jeff as i said it was brilliant. I mean thinking about a guy that actually build the world's largest online retailing business from tracks and warren say just to have done one global leading business. It's herculean well he's great. He's not only the world's largest online retailer he's the world's largest cloud computing with aws and now is the world's largest advertising media business advertising sales through amazon prime and another so he's died three times but at the same time warm with this release struggled to get his hands wrapped around. Charlie was like now amazon. Did mommy google products. We should've had. And they tell the story about the geiko and they look down on the expense and they look at all these millions of dollars to get into google and they doing. What are we spending money to do before. And someone explained to him. You know when you do a search for insurance on internet and someone clicks on gyco. We have to send them a nickle every time they do it or whatever the amount of money and we keep spending a lot more money because well because more and more people are using the internet search for insurance and so you know charlie was really kinda by a myth that he missed google and then at the end of the day you know he said well. Maybe apple is our tone. Maybe you know we didn't get amazon. We didn't get google but we got apple and that certainly has been a home run. I mean think about thirty six billion dollars and thirty. Six billion is twenty percent of the market value. The business that's a pretty good investment in for years. That's pretty good. Not bad and yeah. It's just interesting to hear. You lay this out in the book. Because i know for myself it's been i've been having a hard time wrapping my head around that stage three concept. I understand in theory but actually applying the value methods that. I've learned to something like that. Like a like an apple or amazon has been tough and i think it's tough for a lot of value investors. And i think it might be because a lot of value investors look at some like warren buffett and they immediately associate him with ben graham rightly so but a lot of people forget that buffet was actually a student of phil fisher as well and just hear you touch on how important that was that that element of warren buffett. Success appreciate you bringing that up because you know the original warm by the way nineteen ninety four we did. We did eliminate the influence of phil. Fisher and i thought it was quite large. I think there's a there's an ancient quote and it was in the late sixties. But i think weren't that eighty five percent ben graham fifteen percent they'll fish if he would have fast forwarded that to the nineteen eighties. It might have been more fifty fifty because bill fisher continued to play very increasing role. And we talked about it in the book that when it became clear to warn managing berkshire-hathaway that been graham didn't have the roadmap for him now understanding how to add stocks or businesses departure hathaway. It was at that time. It phil fisher came out with common stocks and uncommon prophets. And and it was a book that warren red had influence on warren went to city. Bill bishop make with him and phil fisher began to talk about the the attractiveness Great businesses and how you might think about owning these great businesses as opposed to cheat but he called cigar but stocks. There's a different way to do it. So when he was leaving. The graham methodology not the grand temperament so remember margin of safety is still a very big deal. I mean those are the three right worse temperament out. Grandpa him about temporal. But if you look at the two checkers anything so the most valuable pieces of been rams words chapter eight and chapter twenty in the intelligent investor you know that that's the core essence of ben graham but now needs a new methodology about how to think about stocks and businesses. Because they're wanting to say and fish to write this book and i think it helped worn begin to think about things. Now the timing of it was brilliant. Because charlie come on the scene about the same time so you know they Late fifties fifty nine sixty. Charlie starts and investment partnership in sixty two. They become friends. They have similar investment. They stay in contact. And so phil fisher was the been graham teacher. He needed at the time at the same time. Charlie shows up as a kind of a friendly co investor in similar stocks that have been led to the beautiful marriage berkshire hathaway so fisher was a very big deal for warning came at the right time right place. Now what fisher didn't provide. Warren was values thought is nothing about valuation and fisher's work and he better turn to john burr williams that they're even investment value and got to the dividend discount. Model that resonated with warren. Because it was all about clipping coupons and discount into coupons and how you think about that so he now had the two pieces they need it. He had kind of feel fisher. Charlie munger architecture about how to think about right companies and management things of that nature. Now he had john burr williams on valuation so he now could leave the ben graham stage one world that we margin aside did not leaving behind temperament but now he could move from stage one to stage two. He had everything he.

phil fisher jeff pesos amazon Brian arthur carnegie mellon apple rockefeller carnegie brick ben graham google charlie graham warren buffett warren rockefeller samsung
"warren buffett" Discussed on Squawk Pod

Squawk Pod

07:38 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"Charlie's my charlie's mike and this is warren's mike orange mac. This is squawk pod i'm cnbc producer. Katie kramer today. The final episode of a wealth of wisdom our four part series with warren buffett. Becky quick sits down with the oracle of omaha after one of the year. That people don't know as much as they think they know. But the biggest thing you learned is that that make was bound to occur and this isn't the worst imaginable all went buffet and partner. Charlie munger learned in there. Oh about six or seven decades watching the economy or the things about the system. Though is you can't take all the archbishop of work well work and staying humble billionaire. Not wealth doesn't change. People make some more solid they're jerks to start with beggar. Jerks outspoken and honest the ninety and ninety seven year old berkshire best friends on stimulus. The pandemic and the wisdom of age confidently good millennials. Are you going to have a much harder time. Getting rich than our generation did plus only in this podcast becky. Quick on what. She's learned from warren buffet. It's not a complicated lesson. You should surround yourself by people who inspire you and people. You don't wanna disappoint. Because that's that's what it's all about right just making sure that we're all are it's friday. July ninth twenty. Twenty one never saw thanks. Squawk pod begins right after this outlast means. Pgn brings long-term experience actively investing through thirty market cycles to deliver for our clients joined the pursuit of outperformance at pge dot com. that's pg i. Im dot com. You're listening to squawk thaad from cnbc. And today we are wrapping up a special unscripted conversation. Squawk box is becky quick. And about a hundred ninety s years of business. Wisdom warren buffett. And charlie munger. This is our fourth and final podcast on the wealth of wisdom of these two men. We've heard from the oracle of omaha and his right hand man on the lessons of their younger days in business taking the high road. Risk and robin hood. You can listen at any time if you're a follower of squawk pod. The entire series is in your feet buffett and munger ninety and ninety seven to nebraska natives. Who have been friends for more than six decades and business partners for more than five. They built berkshire-hathaway into one of the largest companies in america a conglomerate owning railroads car dealerships insurance providers party favors candy and ice cream. It's a six hundred billion dollar plus powerhouse myself. Hold up here. So here's what we're gonna do. Becky quick has been covering berkshire and buffet for years. We hopped on zoom awesome. Yeah great okay to talk about the personalities of these two partners and good friends they are very simple level. They don't get caught up in a lot of bs again. It's refreshing gotta fun to see and the irreverence that they bring to. It is probably the most fun. I remember the first time i ever interviewed. Charlie wow it was. It was longtime ago at one of the berkshire hathaway annual meetings. I had set up something where i was going to get to sit down with them at a time. I think i was more nervous walking into that interview than any our view. I've ever done because i knew enough from watching charlie that if he thought i was stupid he'd tell me thought it was a dumb question. Tell me first of all. Thank you very much for joining us. Today i've always prepared and study and tried to walk into those interviews prepared ready to go and against the situation where you listen. Listen hard people were always quoting mark twain. Perhaps as apocryphal history doesn't repeat itself but it rhymes for the record. Becky does not ask them questions. Here's one of her first interviews with warren buffet at the two thousand six berkshire annual meeting. Now you still have more than forty billion dollars in cash. I'm guessing he's still looking around of other looking all the time. They don't plan any time. They sit down for any every or for the annual meeting. They never talk things out in advance or say who's going to say what it's just fun to watch their minds work and how they play off each other and have money. They the this inside. That'd be perfect. Becky sat down with buffett and munger in charlie's backyard and california and they hit on an idea. That has some poignancy now but that warren buffett has been talking about for years. He is very very bullish on america. And its continued and continuing. Promise here is. Nineteen ninety-seven does awfully well and encouraging adaptation and in two thousand four despite a war in iraq and increasing consumer debt. There's always problems in the future. There are always opportunities in the future and in this country the opportunities have won out over the problems over time in two thousand nine just months after a devastating credit meltdown helped to plunge the us into its worst economic crisis since the nineteen thirties. The one thing i know is over time. Dick will live better and better and this country and last year in twenty twenty and a stark virtual annual meeting. Buffet had a message about getting through hard times. We're dealing with a virus that spreads its wings in a certain way know. There's all kinds of possibilities. But i definitely come to the conclusion after weighing all that sort of never bet against america saw thanks. Thank you and we'll see you next year. This country is far better situated. Don't what i was born. And i was born at the optimum time in nineteen thirty up to that point in the optimum place american a male which had a big set of advantages attached to it. At the time it's better now than it was then But i was lucky that one hundred years early earlier and wall street business. It's made them. I mean it is producing the goods and services that that people like so much better than their goods and services. They were receiving when i was born. It's worked It can work a lot better in my view. But that'll always be true. And you would hope that that anybody that was willing to work forty hours a week in an economy prospers would not have trouble raising a couple of kids. There's a lot of goods and services available in this country and there's always should be rewards for bring four things that are useful to society and we're rich enough now where we essentially can can have decent medicine decent education For everybody and some people don't fit well in a capitalist system. i wouldn't fit well into an athletic system. I mean if it really paid off whether you could a box the best you could give me. Boxing lessons seven hours a day. And i could read all kinds of books into everything else and and the i find out what happens with.

warren buffett Becky quick Charlie munger mike orange Katie kramer berkshire omaha becky charlie oracle hathaway Charlie buffett cnbc Pgn warren Becky
"warren buffett" Discussed on Squawk Pod

Squawk Pod

06:42 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"Is warren's mike warns this is squawk pod. I'm cnbc producer. Katie kramer today. Part three of a wealth of wisdom. Our four part series with warren buffett. Becky quick sits down the oracle of omaha at nearly ninety one. He bought his first stocks. In the aftermath of the great depression i think that the pendulum also swings to better country overtime. I think it's a better country now than it was. What we started should be putting some of today's market mechanisms in perspective with buffets longtime partner and vice chairman. Charlie munger contributed greatly the great depression. It will create terrible future. What the hell good is a total return swap doing the united states. Why the biggest gambles may not yield the biggest profits robinhood. Bitcoin no need to swing for the fences. Take it from the billionaires or the swingers here in this country started naming and looking at a global power. The communist chinese. Behave the way i am talking in favor of our own. Wonderful free enterprise. Economy is letting all these crazy people go to grow success. He's unique take on china's regulatory and political power berkshires builder. Charlie munger communist. Did the right thing is called jack and say you are going to do to lifetimes of investing insights from berkshires. Billionaire besties plus becky quick on knowing them both. There's just such careful students of history. What's happened before history may not be the same but it certainly limes over six or seven decades of actually doing these deals and big. It's pretty easy to see biblical greed. Gluttony these are the types of things that come back again and again. It's thursday july eighth twenty twenty one. Squawk pod begins right after this outlast means. Pgn brings long-term experience actively investing through thirty market cycles to deliver for our clients. Join the pursuit of outperformance at pg dot com. That's pg im dot com. What exchange is now a podcast. I'm brian sullivan. Join me as we hit the biggest money stories from around the world breaking down the risks and rewards of global trade. The news you need to know with real world actionable advice even a little fun and unique content. You won't get anywhere else like the most random but interesting thing you'll hear all day subscribe to the worldwide exchange podcast today. This is squawk pod from cnbc. Investors partners and longtime friends ninety year old horn buffet in ninety seven year old. Charlie munger share and outspoken nature like buffets answer to this question from a shareholder at the nineteen ninety-four berkshire hathaway annual meeting. What is your next goal in life. Now that you're the richest man in the country that's easy. It's the all those man in the country or this timeless wisdom from munger at another installment of woodstock for capitalists to thousands meeting of berkshire shareholders. If you mix the mathematics of the chain lever the ponzi scheme with trump legitimate development development of the internet. You are mixing something which is wretched irrational and has bad consequences with something that has very good consequences. But you know it makes raisins with turds. They're still turds running. An investment portfolio with three hundred billion dollars with holdings in stocks like apple bank of america coca cola among many others buffett and munger refused to chase fats that stray from fundamental market analysis. It's not always popular like their take on bitcoin. Bitcoin is worthless artificial gold. Bitcoin is ingenious. And blockchain is important but bitcoin has no unique value at all. It doesn't produce anything you can stare at it all day and the little bitcoins. Come out or anything like that. It's it is a a delusion. Manziel damn development as disgusting and contrary to the interests of civilization or free trading robin hood. Here's munger earlier this year. I just god awful. Something like that would draw. Investment from civilized man decent citizens honor simplicity in his annual letter published in early twenty fourteen. Buffet advised investors to play it safe. He wrote keep things simple and don't swing for the fences when promised quick prophets respond with a quick. No buffet his right hand man. Charlie munger have strong about those who take the really big swings. I spoke to becky quick on zoom about their more cautious approach. There aren't a ton of business leaders around who have experienced of the economic history of so much of the twentieth century Like buffett and munger do. Yeah i mean they both come from an era. I think when if you were a businessman your word was good enough right. If you told somebody do a deal you did it. And most of the deals that they've cut could be written on a page In in terms of have expect those deals to go down. I think it makes them nervous when somebody wants to get into some really deep legal legalese and hire a bunch of consultants because then you're just getting further and further away from you know. Here's what we're going to do and let's do it again. These are like universal lessons that yes if you wanna just do a deal with somebody don't get a bunch of agents and lawyers and and bankers and other people through it. It's not that they don't ever bring anything of value to the table. That's that's not it. It's just d- you always need. All all of those different layers layers complication leverage and certain financial weapons of mass destruction like a total return swap all dangers that buffets and muggers grounded beliefs are against a little investors dictionary for you. A total return swamp is a financial derivative that allows an investor like a hedge fund to invest in an asset without owning it. The user takes on the possible profits and losses of a portfolio in exchange for a fee from a bank or broker swamps can allow an investor to take huge positions for limited cash. Upfront basically just manner a little bit. I we've got to our. Becky spoke to the friends of six decades at charlie mongers home in los angeles..

Charlie munger Katie kramer depression berkshire shareholders warren buffett Bitcoin cnbc becky munger brian sullivan apple bank of america Becky Pgn omaha warren Manziel oracle buffett berkshire hathaway
"warren buffett" Discussed on Squawk Pod

Squawk Pod

05:10 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"Out to be billions of dollars tens of billions of dollars or even mark in the early nineteen seventies buffett. And munger were trying to grow their conglomerate using the companies they already owned to acquire more and it didn't always work out. There was screaming crooked lawyers crooked people and the judge told him to quit doing something that they were doing was groggy have and they had the ability because of the laws of agency and a whole bunch of things it suck the man who signed the dumb contract with. he's terrible we will was the prophets. Were unreasonable to get associated with bad. Associate we've had people of course you're gonna have losses and we that you worry about. I mean we were a lot. Yeah we got a couple of we. Don't worry about if we lose money in something we lose money and we're going to lose money in something but but we'll make money over time But it takes something out of your life and in this particular case it caused us to be have to be very cautious at a time when opportunities were screaming because we did not know what these guys they were out. Every day saying our name to policies that a judge would probably say had a right to not because Well they had a parent agency and the judge told them to stop. They kept doing it every piece of paper. They had it out with our name on it. That was and stocks. Were right at their cheapest. So how'd you get out of the deal in the nineteen seventies. How'd you get out of it. We just soldier our way through. We finally stopped it. I crossed the ocean a few times even but we lost a lot of money but it was the aspect that we really going back. Three million dollars. You know all three million but this this was something that's our name in effect but we have no like that for a great many interesting thing is. I didn't make the original deal when you saw these guys. Finally it was like they had a neon sign on there. For the said crook kirk crooked. These well disguise now they. That's what people representing them that the just the soul of staid respectability floodings birds during becky. Sit down in the backyard with warren buffett charlie munger a recent headline came up credit suisse's five and a half billion dollar loss stemming from its business with over levered arca goes capital management a family office with limited disclosure requirements that had slain of investments that plummeted in late march of this year forcing credit suisse to sell large stock positions at a loss. Think about massively stupid. And of course it was the lure of the really easy money the was paying you being the prime broker for a jerk but he was convicted insider trader that came out of the craziest part of the hedge fund industry and they were getting unusual profits by extending unusual credit. I mean it was just. The world was shouting at croke fool. And they didn't listen. They thought this is where the easy one he is crooked pools. There's one rule a long time always it. You can't make a good deal with a bad person. just forget it now. If you think you could drop contract. That is going to work against a bad person. They're going to win but one thing they probably enjoy litigation and you know and they don't they know more about it than you do. I one thing i've had just don't have lawsuits. I mean we're an insurance visitors some legal but berkshire hathaway an entity or may personally or anything. But it'll get what we don't want to spend our life doing that sort of thing at and besides the bad guys win that they don't more games they may lose eventually in the but there's no way to spend your life. China wasn't just credit. Suisse that got pulled in by that there were a lot of firms that were doing business with goes and yes yes. They were all foolish. But credit suisse managed to boost full of all. No fulls here. We'll.

munger crook kirk credit suisse charlie munger warren buffett arca becky berkshire hathaway Suisse China
"warren buffett" Discussed on Squawk Pod

Squawk Pod

07:10 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"You're right. We have the jane energy was born and raised in. India graduated from college. There and i met a g on a saturday and nineteen eighty. Six and a jeep came to the office and saturday. I was opening the mail on and i said Much you know about insurance. And he said nothing and i said well. Nobody's perfect and let's talk about some and by the end of the morning. I knew i had somebody that was going to lay grayton insurance business hand starting from that point this improbable company in omaha They came the largest property casualty company in the world in terms of net worth so really as big as the businesses and six hundred billion dollars is pretty big. Berkshire-hathaway is run by a very tight core group. We've made a lot of money. Fine but what we really wanted was independence and we have had the ability since pretty much little after we met. Naturally we could associate with people that we wanted associated with if we if we associated with jerks. That was our problem but we didn't have to sell that. We've had that luxury now. Sixty years or close to it. That beats that beats twenty-five room houses and six cars that suffers. But really as great as what you wanna do in life and associated with the people you want to associated with life and it's and we both had as its spirit all the way through. How quickly can you figure out if somebody is someone you want to associate with. It's amazing quickly. We do it. And how few bad mistakes we've made y'all how did i know charlie. I knew what i met. Charlie you know after a few minutes in the restaurant that You know this guy was going to be my life over it. We were gonna have fun together. We will make money together. We gonna get ideas from each other. We were going to vote. Behave better than if we didn't know each other you know. Time is the ultimate limited asset. And why why spend time doing other things with other people and as you do need somebody. What really gave us was the independence. This is what we are live. I learned something from charlie almost every talk with but he's but he's never said i'm giving you a lesson. Yeah i well the same with my dad and my never said do this. Don't do that. He just was way off. Track one time you know. I know you can do better. Basically got i know you will That was better than being now here derby. It'd be to be you really watch. People remind you are better than you are and you'll move in that direction if you hang around with people that are that for a while as while you were you downward drift toward the people that you associate with and we've had the luxury of deciding what we associate with and not everybody has that luxury. Obviously but that's the real reward of capital it's given us ability to little wanna live. I don't think either necessarily risen wonderfully if we'd gone to work bottom on army and tried to work up to general always. It was an. He thought he was smarter than commanding officer at a new enough. That you're not supposed to show it to the commanding officer but people can tell smart there. And so unfortunately that's not a desired attribute. Of course charlie was the law firm the original offer. He was working as he was not a partner but it was it was working for clients and he thought he was smarter in the clients. And of course it was. But that's really not a level. You don't want to radiate that. Make a lot of friends that way. Coming up screaming lawyers crooked naval becoming judges of character and getting good at it it was like they had neon sign on their fourth and said crook kirk crooked pod. We'll be right back. Cnbc's workforce executive council is the premier group c. suite human resources executives from leading companies across the country. It offers a members only portal giant plus exclusive industry contact with access to breaking news calls and digital networking experiences the network resources. Hr leaders need now. Apply to the workforce executive council at cnbc councils dot com slash wnyc. Welcome back to squawk pot over the sixty six years. Warren buffett has run berkshire hathaway. He has made hundreds of deals but believe it or not. He says acquiring berkshire hathaway which was textile mill. He started buying into in the early sixties. The dumbest stock i ever bought was here berkshire-hathaway it wasn't a great idea. The time the truth is now committed a major amount of money to a terrible business. Berkshire-hathaway became the base for everything. Pretty much that. I've done since nineteen sixty seven. When good insurance company came along. I bought it for berkshire hathaway. I really should have bought it for a new entity because berkshire hathaway was carrying this anchor. All these textile assets so initially it was all textile assets. That weren't any good and then gradually we built more things onto it but always we were carrying his anchor for twenty years. I fought the textile business. Before i gave up at if instead of putting that money into the facts dobbins originally. We just started out with the insurance company. Berkshire would be worth twice as much as it does now. Sometimes it's the mistakes you make along the way that you really learn the most from and that make you better business people and better investors and. That's you know something. I think people always forget they always want to know. Somebody's best trade when you ask their worst trade. Sometimes the trade may have been painful but man they have learned a lot and have saved them time and time again down the road. Was there any deal you ever did. That made you really nervous. You guys are so laid back about things and it's it's different in terms of. We've we've made a deal. Were to where we fall. We were in with a different person with all are but one insurance deal that we made we given our fountain pen to somebody and they just start behaving very badly with our fountain pen. We were gonna stand behind. We didn't know how how mess we were in. And that was a time when securities where really cheap. It was a nine hundred seventy three and four. I'd say that mistake didn't cost us a dime if you counted in terms of general accounting but the opportunity cost getting involved with those bad people turned.

berkshire hathaway grayton insurance charlie Berkshire crook kirk omaha workforce executive council India Charlie Cnbc Warren buffett cnbc army berkshire dobbins
"warren buffett" Discussed on Squawk Pod

Squawk Pod

04:54 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"Top of that right. Berkshire is worth more than six hundred billion dollars. Today it's growth started in the late nineteen sixties. Warren buffett convinced his friend charlie to join what they remember as hunting expeditions looking for undervalued companies with strong balance sheets one acquisition was a mid-century consumer loyalty program called blue chips towns now the float from that company the money stamped buyers had spent that had not yet been redeemed for rewards was used to fund further. Buys thanks so much for letting us bigger. Okay and munger talked becky about these early days. I'm comfortable from mongers house in los angeles. then we bought companies. We bought the first insurance company at berkshire and in one thousand nine hundred sixty seven today and there by that time refined my ideas about writing and with the float so on you kept the redemption centers for blue chip open for a lot longer than anybody else did. And and you've also talked in the past about how charlie is the moral authority is that another example of him saying we will redeem every stamp that came through. Because it's the right thing to do well. Of course it's the right thing to do and i always say we don't deserve as much credit as we get for being halfway decent because we early recognized we'd drink way more money on the high road. What do you mean yeah. I mean if the high road is more profitable to us over a lot of credit for choosing it. He'll get the credit of the people take. It was painful. We always know both of us that there was more money on the high road than there was on the low road long long ago. People don't even know about this but we own two small insurance companies at berkshire that both what broke Except we did a lot of go broke. I mean in other words. We could've walked away from him and left the mind macos ever separate companies. We paid up We took care of them. I mean it. We didn't walk away And we haven't spent our lifetime you know working things to try and figure out ways to walk away from debts or have things in in dentures and play games like they. Have you know with credit. Default figure out ways to take advantage of the lenders. I it's just not our game if we all money we're going to pay it back born and raised just a few miles apart from each other in omaha. Nebraska buffett and munger were first introduced in the late fifties by a friend. Dr eddie davis one of buffett's i investment clients but they had something in common from there even earlier days. Both worked at ernest buffets grocery store in omaha. There's a restored replica of that place. In the durham museum in nebraska. And about ten years ago. We are live this morning in omaha at the museum in front of a very special store. Warren buffett brought our cameras and our microphones to that recreated storefront actually. This is my great grandfather. My grandfather did work at the store but it was originally sydney buffet and sons and that was the last time i did real work. Charlie wasn't at the museum with us that year but he recalls doing about as much work by learn how hard it is to work for ten hours for shovel wet deep heavy snow all around with his driveway and everything in the store my grandfather and he said well much. Should i pay you boys the dimes to little dollars too much. Maybe we learn from the grocery store with waited while we're gonna grocery store. I wanna talk about dads because both warren buffett and charlie munger even though they're over the age of ninety now talk about their fathers. And they're in the influences that their dance had on not just their growing up experiences like who they became as individuals and both men have this deep deep sense of goodness and moral character and decency and and being around other people that they feel embody those traits as well Warren buffett's father died in nineteen sixty four. But it seems like he's still influencing berkshire-hathaway still influencing these kinds of decisions. You know there's a picture of warren's father and his office so it's kinda like he's watching over everything and i think it's a great touchstone to to think of people that you don't wanna disappoint It's a great lesson. I've learned from worn over the years. You want to surround yourself with people who make you wanna be better And it is true. You know we all know this to be the truth even though we may not think about it from time to time. But when you're a kid if you were hanging out with people who are not a great influence. It brought you down When you hang out with people who make you wanna be a better person because you respect them and you don't ever want to disappoint them. I.

Warren buffett munger berkshire charlie omaha Nebraska buffett Dr eddie davis Berkshire ernest buffets grocery store durham museum becky los angeles buffett charlie munger nebraska Charlie sydney hathaway warren
"warren buffett" Discussed on Squawk Pod

Squawk Pod

01:42 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"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.

Charlie munger Warren buffett berkshire andrew ross Railway geico duracell Hathaway becky quick cnbc nebraska oracle the new york times carolina Andrew nsf Munger omaha mohammed
Warren Buffett & Charlie Munger: Taking the High Road

Squawk Pod

01:42 min | 1 year ago

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.

Railway Geico Duracell Becky Quick Charlie Munger Warren Buffett NSF Munger Berkshire Omaha Mohammed
"warren buffett" Discussed on Squawk Pod

Squawk Pod

02:50 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"Hathaway chairman and ceo. Warren buffett and vice chair. Charlie munger have a wealth of wisdom between them. Ninety-year-old buffet is a man of many words. True to his oracle nickname about forty thousand berkshire shareholders travel annually to nebraska. Each spring welcomed. Them all the city's delighted to have you here and buffet holds court. We have with us. Journalists carolina fortune naked. Quick of cnbc. And we have andrew ross sorghum of the new york times they have received questions from shareholders all over the country. Andrew told me that he received a couple of hundred is this morning so they have selected among the best of berkshire related questions that they've received and ninety seven year old. Charlie munger a world war two veteran. Who still goes to work. Every day is a man of fewer words but maybe his or more pointed like this at an annual meeting in two thousand four. I would rather throw viper on my shirt front higher compensation consultant on 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.

Charlie munger Warren buffett berkshire andrew ross Railway geico duracell Hathaway becky quick cnbc nebraska oracle the new york times carolina Andrew nsf Munger omaha mohammed
"warren buffett" Discussed on Squawk Pod

Squawk Pod

01:55 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"Do create customer loyalties. We a hundred and twenty page catalog. I mean people. They picked up their stamps at grocery checkout counter forgot their change. I mean it was. They were distributed through mortuaries. And everything i mean it was. It was a huge huge craze and time and we redeemed all our stamps. now the other companies just disappeared. I mean had they just disappeared. You couldn't find a place to reading the stamps. Charlie kept redeeming stabs. Either i mean we got as long as we have established everyone. I don't know how how long we had. We had a little chapter redemption center for years after we stop so stamps so we. I don't think any other stamp company really did that. But we had the use of the money for a time when we bought berkshire join us tomorrow on squawk on buffet buys buys more our special podcast series on the fact story. Warren buffett and charlie mongers. Wealth of wisdom continues. Stay tuned for how to be honest with your friends. it was working for client. He thought he was the clients. And of course it was. But that's really not a level. You don't want to radiate that one ninety seven year old finds a pandemic silver lining or low was. That's all coming up this week on squawk pot special thanks to becky quick and cnbc. Managing editor lisa tool. And thanks to you like and follow squad pod wherever you listen to podcasts. And we'll meet you back here tomorrow. Outlast means pg brings long-term experience actively investing through thirty market cycles to deliver for our clients. Join the pursuit of outperformance at pge dot com. That's pg. Im dot com..

charlie mongers Charlie Warren buffett becky quick lisa tool cnbc
"warren buffett" Discussed on Squawk Pod

Squawk Pod

07:33 min | 1 year ago

"warren buffett" Discussed on Squawk Pod

"All the early businesses that we bond together disappeared. They didn't disappear. They fail if we took so much out of them before they failed. We still worked out fine for us. Well we went onto you. We evolved the. I mean but but literally the three base businesses all ended up disappearing went out of business. They didn't. They no longer fit into society to sensor and actually the the first the very first deal that we joined in on something called diversified retailing which was in baltimore. We bought an apartment star there and we had sandy goddess had ten percent charlie at ten percent and has partnership be denver's and and i had eight percent in our partnership of the three of us and we always treated as we may have had eighty but we were equal partners and we put six million dollars into that. We call it a diversified retail. But we only had one department charge and and we had a lot of fun with that but we also saw after we were in a little while department this department store. We realize big mistake as the dry. Take very long what happened. Let me out of this trap. I decide. I don't like the cheese. We just wised up. The fact that it was one tough business we bought into the cellars and maintain good decision. We made a bad one. It was at howard and lexington street in baltimore which was the busiest corner at all. Four department stores there hustler's stewart's hotel goal and that's our store and hacked and none of those four stores are there ain't more and that was number one in traffic count an ego to howard lexington street and there's nothing there now. So the streetcar tracks may have gone there at one time but the street here attracts aren't important anymore. So we made a mistake and we had. We had some terrific people who are running for that. We're actually related to sandy's wife As honorable honorable people that smart. If you're losing money in a business with a smart decent person we got a problem. That's the business used a smart decent person to move them over some other place at move the capital some other place. The company was not yet losing money but we can see we soon realize it was about to lose much. Yeah and and and so. We sold apartments to our went out of business in nineteen eighty three but hunters which was the silk stocking department store. They went on business in one thousand nine hundred five or six. They're god and and the people that are quite understandably wanted to build more branch doors. But you don't want to put more money into a business. Dustin prevail you now. We put six million dollars a capital in that a dumb decision everything. But that's six million. What would it be worth now. Charlie they got four tenths of a share any billions tens of billions. Yeah tens of billions out. The department started succeeded. We'd have a nice little business. Sent us a little check but because it failed we've made twenty five more than twenty five in denmark like at the time so when you realized it was a mistake. What did you do how how did you. We ask sandy. Who is the best sales when august to go sell it and we sold it and We put the money into berkshire. We got about ninety five percent of our money back. Put the money into and we'd borrowed six million dollars in there so now we had so we. We bought burr shocking. We bought blue-chips down stock and eventually put it all together. It looked like a plate of spaghetti at one time which was not good as complicated and so we put them all together. And you know i've still got stock. Charlie still got stock that came out of doors. I'd retailing as to number of my partners at From the old days it it was the best thing to happen to this place. Fail obviously was a failure. Why what did you learn quickly. Yeah and used the capital someplace else. I mean it was it. One thing we've learned is it's clear that something is a mistake is to fix it quickly. It doesn't get better by your wait as the saying goes to make an omlund. You gotta break a few eggs around. Nineteen seventy warren buffett and charlie munger started investing in a well. Capitalized company called blue chip stamps. It was a loyalty program like your frequent flyer miles of the cardi. Swipe at the local grocery store a customer win by something at a store and be given x number of stamps for my dollar spent you save up your stamps and buy something special. A lawnmower something to the house. so what. what was it about blue chip that you liked. What attracted you to that. They had a huge amount of cash securities on hand from the float. They sold the stamps for cash. Didn't after redeem them for toasters radios and so forth until much later and so it was a big float business and we bought the equity very cheap. There were began trust attacks against blue chip stamps. And it did not have an immaculate conception no and a group of very big oil companies and retailers together because they were worried about sperry and hutchinson which was the big stamp company. Means something coming coming out to california so they defensively form their own operation. And and so the actually. The big company didn't like the little cup and it was a it was a complicated situation but fag. It was complicated actually meant the stock was quite cheap and charlie and i and burn all. What's not as a group but but we we had ideas and we talked and And and we had we had. We had a good time. We had a good time actually with a department store business. I mean we learn things. We met nice people and It's all been very very interesting but we did start with failures all manage to stay so calm through that. Most of the time people be putting up that amount of their net worth and they'd be very worried if they got into a situation that they realized was used betting with networth. Since it was very small didn't change that much of the numbers got a little bigger play marbles at saunders school i would gamble marbles. I mean it wasn't like we had no experience dealing with with wells. I was gonna might wealth was marbles but part of that points to the lesson of leverage and not not having bet the money that you don't have we we've never liked leverage that much and I've never borrowed a dollar. I wasn't sure. I was going to pay back one way or another. We like getting some leverage through businesses like blue chip stamps where people pay for the stamps and about trading saps or anything about it. I mean you know. Airline rewards are are the same thing. People love the idea of of collecting little things that they then redeem for for something they kind of dumped about for our reward systems. But we had those things. Those systems.

stewart's hotel baltimore sandy charlie Charlie denver howard Dustin charlie munger burr berkshire denmark warren buffett sperry hutchinson saunders school
Warren Buffett Says He's Quitting Gates Foundation

AP 24 Hour News

00:18 sec | 1 year ago

Warren Buffett Says He's Quitting Gates Foundation

"Warren Buffett is resigning as a trustee. From the Bill and Melinda Gates Foundation. Warren Buffett is not explaining why he's stepping down from the Gates Foundation board members began an investigation last year indicates prior romantic relationship with a female Microsoft employee. That was deemed

Gates Foundation Warren Buffett Microsoft
Warren Buffett Resigns from Gates Foundation

AP News Radio

00:40 sec | 1 year ago

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

Bill And Melinda Gates Foundat Warren Buffett Berkshire Hathaway Melinda Gates Melinda Gates Foundation Bill Berkshire Hathaway Buffett Buffett Jennifer King
Warren Buffett Resigns From Bill and Melinda Gates Foundation

AP 24 Hour News

00:18 sec | 1 year ago

Warren Buffett Resigns From Bill and Melinda Gates Foundation

Latest IRS Scandal Coincides With Biden's Plan to Increase Taxes

The Dan Bongino Show

01:33 min | 1 year ago

Latest IRS Scandal Coincides With Biden's Plan to Increase Taxes

"The eye ours. Government agency can ever trust them either. Did you see this story in the journal today? Wall Street Journal Return to the IRS scandal. Propublica apparently got ahold of a bunch of tax return information for the wealthiest Americans. Jeff Bezoza, Warren Buffett and you know when your institutions are collapsing, and you have a media enterprises doesn't care. They should be asking the question like Hey, listen, I am no fan of Jeff Bezoza at Amazon, Believe me. Jeff Bezoza as an American citizen entitled to Big Our God given rights. It's not just well, I don't like this guy's politics so he doesn't have the rights I have. That's not the way rights work. Who the heck of the IRS leaked a boatload of their information to Propublica. Whether you think they should be paying more taxes, less taxes, no taxes, whether you think we should confiscate all their wealth bezoza buffet. Otherwise they are entitled to the secrecy. You're entitled to when your tax return. And somehow that information leaked out of the IRS. What did I tell you? Institutions are collapsing everywhere. And why did that information leak out? Let me read to you from the journal Cause this is fascinating. They say, quote allow us to fill in the last blank. This tax league story arrives amid the Biden administration's effort to pass the largest tax increases to share the economy since 1968 What a quickie think folks. The main Democratic argument for a tax hike is that the rich should pay their quote, fair share. Propublica story is a long argument that somehow the rich don't pay enough. The timing here is no coincidence,

Jeff Bezoza Propublica IRS Warren Buffett Wall Street Journal Amazon Biden Administration
Greg Abel to Succeed Warren Buffett When Berkshire Hathaway CEO Retires

America First

00:25 sec | 1 year ago

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 Hathaway Warren Buffett Charlie Munger Cnbc Buffet Berkshire Abel
Index Funds and Chill

Money Rehab with Nicole Lapin

01:46 min | 1 year ago

Index Funds and Chill

"At the start of the pandemic every person on twitter with deming me slipping into those. Em's about hot stocks. They're like nicole. Should i buy xue. What are your thoughts on. Peleton net flicks is killing it right now with. Everyone stuck at home watching it. Should i buy their stock. To all of those folks who said it was their first time getting into investing is said hell to the no no investing in individual stocks and i repeated the title of this episode to them index funds and chill warren buffett. He has a very smart investor perhaps best of all time said the greatest investment americans can make is putting their money in low cost s and p five hundred index funds and when the greatest investor of all time speaks. We should seriously listen so. Let's unpack what he said. An index is a collection of different stocks by a certain set of parameters. So what does that mean when you hear the stock market report saying the dow is up blah blah blah the s. and p. Five hundred is down blah blah blah. The nasdaq is blah blah blah level. They're talking about the three main indexes the dow the s&p five hundred and the nasdaq now the dow jones industrial average or just the dow for example tracks the thirty biggest stocks in the united states including ones like apple and microsoft dizzy the s. and p. Five hundred is made up of recently five hundred and five stocks which is annoying to my organizational. Put it in a bento box praying. But i digress there. It's made up of different large cap. Companies or companies with a value of more than ten billion

Nicole Warren Buffett Twitter United States Apple Microsoft
Home Furnishings on Fire (in a good way)

MarketFoolery

01:46 min | 1 year ago

Home Furnishings on Fire (in a good way)

"Actually going to start. Inside the home with the latest results from restoration hardware holdings the fourth quarter capped an absolutely fantastic year for this company profits and revenue were both higher than expected strong demand for the high end furniture and rh management expects revenue for the current quarter to grow significantly and not a surprise that shares of our. Hr up a little bit this morning up a little bit after being up plenty Going into today and things other than a little blip down for just about everything a year ago You know it's it's just been been great. Although so for the for the year of revenues were only eight percent And and basically the stock has doubled from where it was a year ago. Or a little bit. More than you're if you're telling you like charts for exactly a year ago. They all look amazing. So you have to back up to two february to get a fair comparison. There are about double the where they were in february. And it's mostly a margin growth story Rather than you know the top line top line only up eight percent but margins have just improved dramatically. And they're up The gross margins up five hundred and forty basis points and the justed margins up seven hundred fifty basis points that are just making about fifty percent more on every sale and the sales are up a little bit sales. Look like they're going to keep moving up And and i think Warren buffett very happy shareholder having bought into this About a year and a half ago and has done triple his money.

Warren Buffett
"warren buffett" Discussed on Inside the Spa Business | Spa

Inside the Spa Business | Spa

01:49 min | 2 years ago

"warren buffett" Discussed on Inside the Spa Business | Spa

"Warren buffett is a name that many of you will be familiar with the oracle of omaha as they call him and a guy considered by many to be one of the smartest long-term investors going around. And i'm always fascinated when an interview with warren buffett. About how simply. He manages to express things he has a really simplistic approach to life and business in general and i saw an interview with him the other day where he was being quizzed on the relationship between consumption an income and this was in the context of more macro economic conversation. More about a country level kind of discussion. But the answer to the question for warren is expressed in such a way that it applies to all of this in just our own family budgets. He said quite simply that you need to adjust your consumption to your income and not your income to your consumption which is obviously a pretty simple message. But i think it's one that bays repeating because we tend to get sucked into this endless loop of consumption and when you do that you'll continually on the search for more income. So you can keep upping your consumption. But according to warren the way to achieve success ultimately and achieve happiness food for that matter is to make sure that you adjust your consumption based on your income levels. It's a pretty simple message so there it is. Adjust your consumption to your income. Don't do it the other way round trying to just your income to your consumption because chances are number one you'll make yourself unhappy even if you do succeed and if you do succeed you'll probably just end up back on this endless consumption lou and out seeking again for more income. It'll probably never end or that. Is it for today. I do thank you for your time and we'll be back again tomorrow..

tomorrow warren buffett warren Warren buffett today omaha one