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Kevin Carpenter

@kejca • 24,833 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."

1,201,083 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."

185,282 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."

185,443 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."

40,372 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.'"

54,794 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."

46,757 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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Tim Cook: "The philosophy [at Apple] has always been to be the best — not the first." "The iPod was not the first MP3 player. It was arguably the best and arguably the first modern one — but not the first. The iPhone was not the first smartphone. BlackBerry was shipping phones. Palm was shipping phones. iPhone was the first modern smartphone. If you look at iPad, tablets were shipping a decade before [that]. Yet, iPad arguably was the first modern tablet — and the first one that met any level of commercial success."
0:40
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Tim Cook: "The philosophy [at Apple] has always been to be the best — not the first." "The iPod was not the first MP3 player. It was arguably the best and arguably the first modern one — but not the first. The iPhone was not the first smartphone. BlackBerry was shipping phones. Palm was shipping phones. iPhone was the first modern smartphone. If you look at iPad, tablets were shipping a decade before [that]. Yet, iPad arguably was the first modern tablet — and the first one that met any level of commercial success."

Kevin Carpenter

149,621 views • 1 day ago

Charlie Munger: "I always liked the story of P.J. O'Rourke, who said, 'The last Communist dictator of Albania was a pure Communist. He threw out the Russian embassy because they'd lost the pure faith. Then he kicked out the Chinese Communists because they'd lost the pure faith. Finally, he was only comfortable with two places in the world. One was the Communist dictator of North Korea and the other was the English department at Yale.'" 🤣 "There is a lot of extreme craziness in some of the liberal arts — and they select people who share their craziness." (Caltech || 2008)
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Charlie Munger: "I always liked the story of P.J. O'Rourke, who said, 'The last Communist dictator of Albania was a pure Communist. He threw out the Russian embassy because they'd lost the pure faith. Then he kicked out the Chinese Communists because they'd lost the pure faith. Finally, he was only comfortable with two places in the world. One was the Communist dictator of North Korea and the other was the English department at Yale.'" 🤣 "There is a lot of extreme craziness in some of the liberal arts — and they select people who share their craziness." (Caltech || 2008)

Kevin Carpenter

427,732 views • 19 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!"
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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

2,141,592 views • 3 months 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

1,243,887 views • 2 months ago

Warren Buffett: "I'd rather have [Apple's stock price] go down." "For one thing, if it goes down, Apple is going to buy a lot of stock back. If it goes down 10%, it means they get to buy 10% more shares — and my interest will go up 10% more for spending that money in buying shares. I am benefited by [the stock price] going down." "If I were to talk my book, I would talk it down." 🤣 (CNBC || 2018)
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Warren Buffett: "I'd rather have [Apple's stock price] go down." "For one thing, if it goes down, Apple is going to buy a lot of stock back. If it goes down 10%, it means they get to buy 10% more shares — and my interest will go up 10% more for spending that money in buying shares. I am benefited by [the stock price] going down." "If I were to talk my book, I would talk it down." 🤣 (CNBC || 2018)

Kevin Carpenter

105,038 views • 8 days 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)
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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

1,358,770 views • 2 months 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."
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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

1,377,144 views • 3 months ago

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)
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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

622,554 views • 1 month 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

1,360,871 views • 5 months 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 • 9 months 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."
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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

941,832 views • 4 months ago

CNBC's Becky Quick offered three pieces of advice last month on The Master Investor Podcast: (1) Investing: "Do exactly what Warren Buffett says — which is to invest in an S&P 500 [index fund]. Do it early, do it often, and let it ride. And don't worry about what's happening [in the wider world]. That will get you far." (2) Career: "Every job you get, take it and do it for a little longer than you think you possibly can. Especially when you're starting out. I never planned to be in television — I never planned any of this — but staying and doing the job and doing it really well always led to other opportunities. Hang in there and be patient with it." (3) Life: "Cherish every moment. Life is too short. It is too precious. I still have to talk myself through this to make sure I'm living in the moment and enjoying every moment that we get."
1:04
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CNBC's Becky Quick offered three pieces of advice last month on The Master Investor Podcast: (1) Investing: "Do exactly what Warren Buffett says — which is to invest in an S&P 500 [index fund]. Do it early, do it often, and let it ride. And don't worry about what's happening [in the wider world]. That will get you far." (2) Career: "Every job you get, take it and do it for a little longer than you think you possibly can. Especially when you're starting out. I never planned to be in television — I never planned any of this — but staying and doing the job and doing it really well always led to other opportunities. Hang in there and be patient with it." (3) Life: "Cherish every moment. Life is too short. It is too precious. I still have to talk myself through this to make sure I'm living in the moment and enjoying every moment that we get."

Kevin Carpenter

171,982 views • 26 days ago

Warren Buffett: "I like to buy stocks. I don't wish ill on anybody else, but if they want to sell them to me cheaper [during a market downturn] I prefer it." "I don't know how many 3% declines I've had in my lifetime, but there have been a lot of them — and I can't think of one that you shouldn't have bought on." "That doesn't mean stocks are going to go up or down next week or next month or next year — but if you like to own Americans businesses, you're getting a chance to buy it 3% cheaper." "How can it be bad news unless you *have* to sell stocks?" (CNBC || 2020)
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Warren Buffett: "I like to buy stocks. I don't wish ill on anybody else, but if they want to sell them to me cheaper [during a market downturn] I prefer it." "I don't know how many 3% declines I've had in my lifetime, but there have been a lot of them — and I can't think of one that you shouldn't have bought on." "That doesn't mean stocks are going to go up or down next week or next month or next year — but if you like to own Americans businesses, you're getting a chance to buy it 3% cheaper." "How can it be bad news unless you *have* to sell stocks?" (CNBC || 2020)

Kevin Carpenter

285,024 views • 1 month ago

Warren Buffett's advice for young investors: (1) "You've got to understand accounting. That's got to be like a language to you. You have to know what you're reading [in financial reports]." (2) "You have to have the attitude that you're buying part of a business — and not that you're buying something that wiggles around on a chart or has resistance zones or 200-day moving averages or that you buy puts and calls on. You're buying part of a business." "The proper attitude toward investing is much more important than any technical skills."
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Warren Buffett's advice for young investors: (1) "You've got to understand accounting. That's got to be like a language to you. You have to know what you're reading [in financial reports]." (2) "You have to have the attitude that you're buying part of a business — and not that you're buying something that wiggles around on a chart or has resistance zones or 200-day moving averages or that you buy puts and calls on. You're buying part of a business." "The proper attitude toward investing is much more important than any technical skills."

Kevin Carpenter

38,182 views • 7 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

1,039,651 views • 5 months 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

1,131,827 views • 6 months ago

Charlie Munger: "There is an old German proverb I've always liked and it says, 'Man is too soon old and too late smart.' And that's true whether you're Benjamin Franklin or Joe Klutz. We all live with that problem." "If we got a chance to do [our lives] again, we would do it better. However, the number of people who ever got a chance to do it again is zero." (Daily Journal AGM || 2021)
1:06
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Charlie Munger: "There is an old German proverb I've always liked and it says, 'Man is too soon old and too late smart.' And that's true whether you're Benjamin Franklin or Joe Klutz. We all live with that problem." "If we got a chance to do [our lives] again, we would do it better. However, the number of people who ever got a chance to do it again is zero." (Daily Journal AGM || 2021)

Kevin Carpenter

236,353 views • 1 month 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

548,606 views • 3 months 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

1,293,277 views • 8 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

453,956 views • 3 months ago