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Kevin Carpenter

@kejca • 23,911 subscribers

Kingswell || A little uncommon sense from Warren Buffett, Charlie Munger, and other legendary thinkers

Shorts

Apple CEO Tim Cook: "I don't want people looking at their smartphone more than they're looking in someone's eyes." "If they are just scrolling endlessly, this is not the way you want to spend your day. Go out and spend it in nature."

Apple CEO Tim Cook: "I don't want people looking at their smartphone more than they're looking in someone's eyes." "If they are just scrolling endlessly, this is not the way you want to spend your day. Go out and spend it in nature."

1,200,223 views

Warren Buffett: "Don't sleepwalk through life. Find something that you really enjoy doing — if you can do it. Not everybody is lucky enough to be able to find that, but it ought to be your goal."

Warren Buffett: "Don't sleepwalk through life. Find something that you really enjoy doing — if you can do it. Not everybody is lucky enough to be able to find that, but it ought to be your goal."

184,981 views

Charlie Munger: "There will never be any shortage of good people in the world. All you've got to do is seek them out and get as many of them as possible into your life — and keep the rest the hell out."

Charlie Munger: "There will never be any shortage of good people in the world. All you've got to do is seek them out and get as many of them as possible into your life — and keep the rest the hell out."

40,231 views

Warren Buffett: "I just read and read and read. I probably read 5-6 hours a day. I don't read as fast now as when I was younger, but I read 5 daily newspapers, a fair number of magazines, 10-Ks, annual reports — and a lot of other things, too. I love reading biographies."

Warren Buffett: "I just read and read and read. I probably read 5-6 hours a day. I don't read as fast now as when I was younger, but I read 5 daily newspapers, a fair number of magazines, 10-Ks, annual reports — and a lot of other things, too. I love reading biographies."

185,356 views

Berkshire Hathaway CEO Greg Abel: "We're doing [repurchases] on behalf of our shareholders and owners. We have to view this as we're creating value for our shareholders long-term."

Berkshire Hathaway CEO Greg Abel: "We're doing [repurchases] on behalf of our shareholders and owners. We have to view this as we're creating value for our shareholders long-term."

59,425 views

Warren Buffett: "I would ask anybody to challenge me on whether being kind can hurt them in any way — and whether the net happiness of the world wouldn't be better if every morning they said to themselves, 'I'll have things that are good and bad that happen to me today, but I can be kind to everybody.'"

Warren Buffett: "I would ask anybody to challenge me on whether being kind can hurt them in any way — and whether the net happiness of the world wouldn't be better if every morning they said to themselves, 'I'll have things that are good and bad that happen to me today, but I can be kind to everybody.'"

54,743 views

Warren Buffett: "Kindness just doesn't cost anything. You haven't given up anything [by being kind]. It's just so easy. And you get it back — with interest."

Warren Buffett: "Kindness just doesn't cost anything. You haven't given up anything [by being kind]. It's just so easy. And you get it back — with interest."

46,648 views

Warren Buffett: "By far the biggest factor in corrections of the business cycle over time is what I would call the natural regenerative powers of capitalism. Capitalism works." "Government gets blamed too much and it may get too much credit when things do improve."

Warren Buffett: "By far the biggest factor in corrections of the business cycle over time is what I would call the natural regenerative powers of capitalism. Capitalism works." "Government gets blamed too much and it may get too much credit when things do improve."

44,753 views

Warren Buffett: "When a manager with a reputation for brilliance meets up with a business with a reputation for bad economics, it's the reputation of the business that remains intact."

Warren Buffett: "When a manager with a reputation for brilliance meets up with a business with a reputation for bad economics, it's the reputation of the business that remains intact."

21,508 views

Warren Buffett: "I have the ability, because of where I am in life, that people will listen to me — and they'll hear the same damn thing they would hear from somebody else, but they will pay more attention to it."

Warren Buffett: "I have the ability, because of where I am in life, that people will listen to me — and they'll hear the same damn thing they would hear from somebody else, but they will pay more attention to it."

18,453 views

Charlie Munger: "You have to know the edge of your own competency." "I'm very good at knowing when I can't handle something."

Charlie Munger: "You have to know the edge of your own competency." "I'm very good at knowing when I can't handle something."

14,667 views

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Warren Buffett: "Interest rates are the basis of all value." "If you knew interest rates were going to be zero for a hundred years, you would think 1% was a great rate of return. But you also would know if you bought something yielding 1% and rates went to 8%, you'd lose practically all of your capital." "It's an enormous factor, [but] we don't know the answer." (CNBC || 2020)
0:49
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Warren Buffett: "Interest rates are the basis of all value." "If you knew interest rates were going to be zero for a hundred years, you would think 1% was a great rate of return. But you also would know if you bought something yielding 1% and rates went to 8%, you'd lose practically all of your capital." "It's an enormous factor, [but] we don't know the answer." (CNBC || 2020)

Kevin Carpenter

619,979 views • 5 days ago

Warren Buffett: "I have everything I want in life." "I could have ten houses instead of one. Would I be happier? No way. I could have ten cars instead of two. I wouldn't be happier. It would drive me crazy." "I could have a 400-foot boat and then I'd [need to] have a crew of fifty or sixty. Some of them would be stealing from me. Some would be sleeping together. Who knows what would be going on? If I wanted to be a ship's captain, I'd have gone into a different profession." (Charlie Rose Show || 2009)
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Warren Buffett: "I have everything I want in life." "I could have ten houses instead of one. Would I be happier? No way. I could have ten cars instead of two. I wouldn't be happier. It would drive me crazy." "I could have a 400-foot boat and then I'd [need to] have a crew of fifty or sixty. Some of them would be stealing from me. Some would be sleeping together. Who knows what would be going on? If I wanted to be a ship's captain, I'd have gone into a different profession." (Charlie Rose Show || 2009)

Kevin Carpenter

1,242,719 views • 26 days ago

Warren Buffett: "The bottom 2% in terms of income in the United States, the bottom 5%, and for sure the top 1% all live better than John D. Rockefeller was living when I was six years old." "John D. Rockefeller was the richest man in the world and, today, you can get better medicine, better education, better entertainment, better transportation. You can do everything better than he could." "When I was born, the dentist didn't use novocaine!"
1:16
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Warren Buffett: "The bottom 2% in terms of income in the United States, the bottom 5%, and for sure the top 1% all live better than John D. Rockefeller was living when I was six years old." "John D. Rockefeller was the richest man in the world and, today, you can get better medicine, better education, better entertainment, better transportation. You can do everything better than he could." "When I was born, the dentist didn't use novocaine!"

Kevin Carpenter

2,140,083 views • 1 month ago

Charlie Munger: "The director's table in the Heinz Corporation cost $600,000. The director's table at Costco cost about $300. They are different places [with] different ethos." "If you get fat like that, somebody like 3G comes along and says, 'I want to buy you and cut you back to normal.'" "Of course, it's possible to over-cut — but my guess is there's a lot of fat in our successful places." (Daily Journal AGM || 2022)
0:44
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Charlie Munger: "The director's table in the Heinz Corporation cost $600,000. The director's table at Costco cost about $300. They are different places [with] different ethos." "If you get fat like that, somebody like 3G comes along and says, 'I want to buy you and cut you back to normal.'" "Of course, it's possible to over-cut — but my guess is there's a lot of fat in our successful places." (Daily Journal AGM || 2022)

Kevin Carpenter

1,358,249 views • 1 month ago

Charlie Munger: "Nowadays, every director at a big company gets $300,000 a year — and everybody thinks we've arranged all this wonderful independence. A man who needs $300,000 extra a year as a director is not independent. The one thing you can guarantee is he'll try and stay a director. I don't think that's an ideal system."
1:21
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Charlie Munger: "Nowadays, every director at a big company gets $300,000 a year — and everybody thinks we've arranged all this wonderful independence. A man who needs $300,000 extra a year as a director is not independent. The one thing you can guarantee is he'll try and stay a director. I don't think that's an ideal system."

Kevin Carpenter

1,376,963 views • 1 month ago

Becky Quick explains how she built her friendship with Warren Buffett. "I called him up and we were having a conversation and he mentioned he was going to China. I just piped in and said, 'Can I come with you?' And there was this long pause on the phone call. He paused for what felt to me like five minutes — [though] he swears it was only 3-5 seconds — and finally said, 'Well, I guess so.'" "I think there was some trust that was built up over that trip and so we ended up talking to each other more and more frequently. I ended up interviewing him more and more frequently." (Master Investor Podcast || Wilfred Frost)
2:15
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Becky Quick explains how she built her friendship with Warren Buffett. "I called him up and we were having a conversation and he mentioned he was going to China. I just piped in and said, 'Can I come with you?' And there was this long pause on the phone call. He paused for what felt to me like five minutes — [though] he swears it was only 3-5 seconds — and finally said, 'Well, I guess so.'" "I think there was some trust that was built up over that trip and so we ended up talking to each other more and more frequently. I ended up interviewing him more and more frequently." (Master Investor Podcast || Wilfred Frost)

Kevin Carpenter

259,877 views • 14 days ago

Warren Buffett: "[Gambling] is a tax on stupidity." "Rich people love [legalized gambling] because they don't have to pay. To the extent that states raise money from people who the dollar really means something to them, it actually relieves the taxes on me or other rich people. It's not direct, but it's the net effect." "I don't like things that make a sucker out of people. I don't think the function of the government is to play its people for suckers."
1:13
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Warren Buffett: "[Gambling] is a tax on stupidity." "Rich people love [legalized gambling] because they don't have to pay. To the extent that states raise money from people who the dollar really means something to them, it actually relieves the taxes on me or other rich people. It's not direct, but it's the net effect." "I don't like things that make a sucker out of people. I don't think the function of the government is to play its people for suckers."

Kevin Carpenter

941,425 views • 2 months ago

Peter Lynch: "People are very careful — they spend hours to get $50 off an airplane flight. They look at everything. And [then] they'll put $10,000 in some crazy stock they heard about on the bus."
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Peter Lynch: "People are very careful — they spend hours to get $50 off an airplane flight. They look at everything. And [then] they'll put $10,000 in some crazy stock they heard about on the bus."

Kevin Carpenter

1,360,396 views • 4 months ago

Charlie Munger, the Stoic: "Life will have terrible blows in it. Horrible blows. Unfair blows. It doesn't matter. And some people recover and others don't." "There, I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something. Your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion."
1:06
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Charlie Munger, the Stoic: "Life will have terrible blows in it. Horrible blows. Unfair blows. It doesn't matter. And some people recover and others don't." "There, I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something. Your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion."

Kevin Carpenter

452,800 views • 1 month ago

Warren Buffett: "The whole Walt Disney Company was selling for $80 million in 1966, debt-free. $4 million bought us 5% of the company. They spent $17 million on the Pirates [of the Caribbean] ride. Here was a company selling at less than 5x rides — and they had a lot of rides!"
1:19
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Warren Buffett: "The whole Walt Disney Company was selling for $80 million in 1966, debt-free. $4 million bought us 5% of the company. They spent $17 million on the Pirates [of the Caribbean] ride. Here was a company selling at less than 5x rides — and they had a lot of rides!"

Kevin Carpenter

2,180,628 views • 7 months ago

Warren Buffett: "90% of people who buy stocks don't think of them the right way. They think about them as something they hope goes up next week." "I think about what the company is going to be worth 10-20 years from now. And I hope it goes down when I buy it b/c I'll buy more."
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Warren Buffett: "90% of people who buy stocks don't think of them the right way. They think about them as something they hope goes up next week." "I think about what the company is going to be worth 10-20 years from now. And I hope it goes down when I buy it b/c I'll buy more."

Kevin Carpenter

548,348 views • 2 months ago

Alice Schroeder on Warren Buffett's famous 1999 speech at Sun Valley. "He made a lot of jokes, kidded around, and wasn't personal about it, but he talked to a roomful of people — many of whom had internet start-up companies, a number of which are no longer with us — and he told them that the valuations of the internet stocks at the time were not credible and that investors were likely to be very disappointed." "He was ridiculed for this. People in the room were snickering. One person told me that in the ladies room at the break, women were making fun of him. The Silicon Valley wives were [saying], 'Oh, he's just such a has-been." (Microsoft Research || 2008)
3:30
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Alice Schroeder on Warren Buffett's famous 1999 speech at Sun Valley. "He made a lot of jokes, kidded around, and wasn't personal about it, but he talked to a roomful of people — many of whom had internet start-up companies, a number of which are no longer with us — and he told them that the valuations of the internet stocks at the time were not credible and that investors were likely to be very disappointed." "He was ridiculed for this. People in the room were snickering. One person told me that in the ladies room at the break, women were making fun of him. The Silicon Valley wives were [saying], 'Oh, he's just such a has-been." (Microsoft Research || 2008)

Kevin Carpenter

94,924 views • 13 days ago

Charlie Munger: "One of my favorite tricks is the inversion process." "If somebody hired me to fix India, I would immediately say, 'What could I do if I really wanted to hurt India?' I'd figure out all the things that could most easily hurt India — and then I'd figure out how to avoid them." "It works better frequently to invert the problem."
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Charlie Munger: "One of my favorite tricks is the inversion process." "If somebody hired me to fix India, I would immediately say, 'What could I do if I really wanted to hurt India?' I'd figure out all the things that could most easily hurt India — and then I'd figure out how to avoid them." "It works better frequently to invert the problem."

Kevin Carpenter

1,039,200 views • 4 months ago

Becky Quick on the SpaceX IPO: "If you [had] bet against Elon Musk in the past, you could have lost your shirt, your pants, your shoes, and everything else along the way." "This is something that Charlie Munger and Warren Buffett have both told me individually. They might not buy the stock, but they would never bet against Elon Musk — because that is a pretty risky proposition to do so." (h/t Wilfred Frost and Becky Quick)
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Becky Quick on the SpaceX IPO: "If you [had] bet against Elon Musk in the past, you could have lost your shirt, your pants, your shoes, and everything else along the way." "This is something that Charlie Munger and Warren Buffett have both told me individually. They might not buy the stock, but they would never bet against Elon Musk — because that is a pretty risky proposition to do so." (h/t Wilfred Frost and Becky Quick)

Kevin Carpenter

199,423 views • 1 month ago

Charlie Munger: "I would expect Microsoft and Apple and Alphabet to be strong fifty years from now. Really strong." "[But] it's hard to predict how your world is going to change [in] 70, 80, 90 years. Just think, they wiped out the shareholders of General Motors, they wiped out the shareholders at Kodak. Who in the hell would have predicted that? Technological change can destroy a lot of people."
1:37
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Charlie Munger: "I would expect Microsoft and Apple and Alphabet to be strong fifty years from now. Really strong." "[But] it's hard to predict how your world is going to change [in] 70, 80, 90 years. Just think, they wiped out the shareholders of General Motors, they wiped out the shareholders at Kodak. Who in the hell would have predicted that? Technological change can destroy a lot of people."

Kevin Carpenter

318,625 views • 1 month ago

Warren Buffett: "I am willing to spend $100 billion this afternoon." "I would rather have $100 billion in a really good business bought at a sensible price than have $100 billion in cash." "Cash — at certain levels — is necessary. But cash is not a good asset."
1:36
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Warren Buffett: "I am willing to spend $100 billion this afternoon." "I would rather have $100 billion in a really good business bought at a sensible price than have $100 billion in cash." "Cash — at certain levels — is necessary. But cash is not a good asset."

Kevin Carpenter

1,131,739 views • 5 months ago

Warren Buffett: "If I do something brilliant — don't count on it — with $5 billion, it's 1% of [Berkshire Hathaway's] net worth. And 1% doesn't do much. So I have to think about big things — and they are limited." "I made money in an entirely different way when I was working with, originally, $9,800 ... Everything I did could double our net worth. There were thousands of possibilities — and I wanted to know every one of them." (Charlie Rose || 2022)
1:56
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Warren Buffett: "If I do something brilliant — don't count on it — with $5 billion, it's 1% of [Berkshire Hathaway's] net worth. And 1% doesn't do much. So I have to think about big things — and they are limited." "I made money in an entirely different way when I was working with, originally, $9,800 ... Everything I did could double our net worth. There were thousands of possibilities — and I wanted to know every one of them." (Charlie Rose || 2022)

Kevin Carpenter

205,031 views • 1 month ago

Charlie Munger: "[Petroleum] is precious stuff — and I don't mind having a goodly part of it that remains in the ground. It's a good place to store it." "I regard the petroleum reserves in the United States about the way I regard the black topsoil of Iowa. I regard it as a national treasure. And just as I'm not in favor of dumping [the topsoil] in the ocean, I'm not in favor of using up all the petroleum as fast as possible. I love the idea of conserving [our] natural resources."
0:54
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Charlie Munger: "[Petroleum] is precious stuff — and I don't mind having a goodly part of it that remains in the ground. It's a good place to store it." "I regard the petroleum reserves in the United States about the way I regard the black topsoil of Iowa. I regard it as a national treasure. And just as I'm not in favor of dumping [the topsoil] in the ocean, I'm not in favor of using up all the petroleum as fast as possible. I love the idea of conserving [our] natural resources."

Kevin Carpenter

308,074 views • 1 month ago

Charlie Munger: "Politicians are never so bad that you don't live to want them back." "You laugh, you young people, but you're going to live to wish that Nancy Pelosi and Donald Trump were immortal."
1:07
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Charlie Munger: "Politicians are never so bad that you don't live to want them back." "You laugh, you young people, but you're going to live to wish that Nancy Pelosi and Donald Trump were immortal."

Kevin Carpenter

1,293,133 views • 7 months ago

Steve Jobs gave Tim Cook one piece of advice when he was named Apple CEO. "Never ask what I would do. Just do the right thing." "[Jobs] had watched Disney go through this paralysis of sitting around and talking about what Walt would do — and he did not want that for Apple."
1:29
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Steve Jobs gave Tim Cook one piece of advice when he was named Apple CEO. "Never ask what I would do. Just do the right thing." "[Jobs] had watched Disney go through this paralysis of sitting around and talking about what Walt would do — and he did not want that for Apple."

Kevin Carpenter

656,768 views • 3 months ago