Loading video...

Video Failed to Load

There was a problem loading this video. This could be due to a temporary network issue or the video might be unavailable.

Berkshire Hathaway director Chris Davis draws an interesting parallel while discussing the conglomerate's post-Buffett future. "I would challenge either of you to name the second CEO of Standard Oil ... The key with Standard Oil was you had long-lived assets and you had a very strong culture. You don't... show more

Kevin Carpenter

22,544 subscribers

91,542 views • 5 months ago •via X (Twitter)

News & Politics Education Finance

Anya Rossi• Live Now

Private livecam show

0 Comments

No comments available

Comments from the original post will appear here

Related Videos

Warren Buffett and Charlie Munger on why you should build culture from scratch rather than try to change it: An audience member explains that he's just joined a new organisation, and for him to succeed there, the culture needs to change. He asks Buffett and Munger how to change the culture of an existing organisation, and how to build a strong, unique culture if you're starting fresh. Buffett doesn't hesitate on which is easier: "Well I think it's a lot easier to build a new organization around the culture than it is to change the culture of an existing organization and it is really tough." He uses Berkshire itself as the example. The culture there is now so deeply embedded that it has become self-protecting: "It's so ingrained in all our managers, our owners, everything about the place is designed in effect to reinforce a culture and for anybody to come in and try and change it very much, I think the culture would basically reject it." But Buffett is candid that Berkshire's strong culture wasn't built quickly, or against resistance. He had something most people don't: a blank slate and decades to work with. "That was the luxury of time I've had with Berkshire; it goes back to 1965 and there really wasn't much of anything there except some textile mills, so I didn't have to fight anything." Rather than forcing change, he added companies that fit and let belief accumulate over time: "As we added companies they became complimentary and they bought into something that they felt good about, but it took decades." Then comes the admission that gives the whole answer its weight. Buffett has tried to change an existing culture, and graded himself honestly on the result: "At Salomon, I attempted to change culture in some respects and I would not grade myself A+ in terms of the result." Munger is even blunter, and funnier, about the difficulty. He's quietly flattered the questioner believes they can pull off what he never could: "Well I'm quite flattered that a man would say that he's in a new place where he can't succeed unless he changes the culture and he wants us to tell him how to change the culture. In your position, my failure rate has been 100%."

Warren Buffett and Charlie Munger on why you should build culture from scratch rather than try to change it: An audience member explains that he's just joined a new organisation, and for him to succeed there, the culture needs to change. He asks Buffett and Munger how to change the culture of an existing organisation, and how to build a strong, unique culture if you're starting fresh. Buffett doesn't hesitate on which is easier: "Well I think it's a lot easier to build a new organization around the culture than it is to change the culture of an existing organization and it is really tough." He uses Berkshire itself as the example. The culture there is now so deeply embedded that it has become self-protecting: "It's so ingrained in all our managers, our owners, everything about the place is designed in effect to reinforce a culture and for anybody to come in and try and change it very much, I think the culture would basically reject it." But Buffett is candid that Berkshire's strong culture wasn't built quickly, or against resistance. He had something most people don't: a blank slate and decades to work with. "That was the luxury of time I've had with Berkshire; it goes back to 1965 and there really wasn't much of anything there except some textile mills, so I didn't have to fight anything." Rather than forcing change, he added companies that fit and let belief accumulate over time: "As we added companies they became complimentary and they bought into something that they felt good about, but it took decades." Then comes the admission that gives the whole answer its weight. Buffett has tried to change an existing culture, and graded himself honestly on the result: "At Salomon, I attempted to change culture in some respects and I would not grade myself A+ in terms of the result." Munger is even blunter, and funnier, about the difficulty. He's quietly flattered the questioner believes they can pull off what he never could: "Well I'm quite flattered that a man would say that he's in a new place where he can't succeed unless he changes the culture and he wants us to tell him how to change the culture. In your position, my failure rate has been 100%."

Black Edge

31,560 views • 2 months ago

“The one thing that you can aspire to be and of course, this can be done by anybody and it's amazing, doesn't have anything to do with money, but you can be kind,” Warren Buffett said during the 2024 Berkshire Hathaway annual meeting. Read more:

“The one thing that you can aspire to be and of course, this can be done by anybody and it's amazing, doesn't have anything to do with money, but you can be kind,” Warren Buffett said during the 2024 Berkshire Hathaway annual meeting. Read more:

CNBC

56,845 views • 2 years ago

Pat Riley shares what culture really is - and why everyone has one whether they know it or not. "Everybody has a culture. A culture is simply a shared vision of what it is you wanna do to get to where it is you wanna go." "It's a shared vision of what you have to do to get there." Culture isn't a slogan. It's a standard everyone commits to. "It's up to the coach to create the philosophy." "You can take each one of those acronyms - hard work, conditioning, toughness - and talk about that for 30 minutes. But it has to mean something." Then he explained what great culture builders do: "Once you set the tone about what your philosophy is going to be - you have to paint the picture. You paint the picture of what it's going to look like." Words create the vision. Actions build the culture. Culture isn’t what you say - it’s what you reinforce daily. It's shaped by your actions and what you allow. ( 🎥The Why with DWade)

Pat Riley shares what culture really is - and why everyone has one whether they know it or not. "Everybody has a culture. A culture is simply a shared vision of what it is you wanna do to get to where it is you wanna go." "It's a shared vision of what you have to do to get there." Culture isn't a slogan. It's a standard everyone commits to. "It's up to the coach to create the philosophy." "You can take each one of those acronyms - hard work, conditioning, toughness - and talk about that for 30 minutes. But it has to mean something." Then he explained what great culture builders do: "Once you set the tone about what your philosophy is going to be - you have to paint the picture. You paint the picture of what it's going to look like." Words create the vision. Actions build the culture. Culture isn’t what you say - it’s what you reinforce daily. It's shaped by your actions and what you allow. ( 🎥The Why with DWade)

Coach AJ 🎯 Mental Fitness

37,765 views • 2 months ago

Great to be on CNN with Jessica Dean discussing the breaking news that the market legend and 🐐 Warren Buffett is stepping down at the end of the year and retiring as CEO of Berkshire Hathaway and the end of a historic era. The market will miss the legend 🔥🏆🐐📺👇CNN Breaking News

Great to be on CNN with Jessica Dean discussing the breaking news that the market legend and 🐐 Warren Buffett is stepping down at the end of the year and retiring as CEO of Berkshire Hathaway and the end of a historic era. The market will miss the legend 🔥🏆🐐📺👇CNN Breaking News

Dan Ives

51,468 views • 1 year ago

.travis kalanick says building a company in stealth creates a culture of builders: "You build a culture of people that want to build and do not need to be famous when they do it, which basically means - emotional intelligence." It's human nature to want to be acknowledged for the things you do. You'd like the things you build to be seen and for somebody to know that you did it. When you cut against that core of human nature, you wind up with a very high EQ culture. "But - you have to go the extra mile to recruit, the extra mile in sales, etc."

.travis kalanick says building a company in stealth creates a culture of builders: "You build a culture of people that want to build and do not need to be famous when they do it, which basically means - emotional intelligence." It's human nature to want to be acknowledged for the things you do. You'd like the things you build to be seen and for somebody to know that you did it. When you cut against that core of human nature, you wind up with a very high EQ culture. "But - you have to go the extra mile to recruit, the extra mile in sales, etc."

TBPN

131,938 views • 5 months ago

Interviewer: “CEO you look up to?” RC: “Elon Musk, Jeff Bezos” Interviewer: “Favorite investor?” RC: “Charlie Munger. He’s really the architect of Berkshire Hathaway and he’s generated the best ideas.”

Interviewer: “CEO you look up to?” RC: “Elon Musk, Jeff Bezos” Interviewer: “Favorite investor?” RC: “Charlie Munger. He’s really the architect of Berkshire Hathaway and he’s generated the best ideas.”

alpha5tate 🇺🇸

37,349 views • 1 month ago

Had a chance to chat with Rivian CEO RJ Scaringe while SXSW! Love his perspective on creating culture and the future of electric. Check out the full interview here ⚡️

Had a chance to chat with Rivian CEO RJ Scaringe while SXSW! Love his perspective on creating culture and the future of electric. Check out the full interview here ⚡️

iJustine

65,182 views • 1 year ago

"Eventually your culture starts to recruit for you rather than you recruiting to your culture." As Iowa State enters the "second chapter" of the T.J. Otzelberger era, Jake Brend and Brent Blum discuss why they believe the future has never been brighter.

"Eventually your culture starts to recruit for you rather than you recruiting to your culture." As Iowa State enters the "second chapter" of the T.J. Otzelberger era, Jake Brend and Brent Blum discuss why they believe the future has never been brighter.

Cyclone Fanatic

12,012 views • 22 days ago

[WATCH] "I've got very good news... I met with SuperSport and I am happy to tell you that you will be able to watch the Springboks and New Zealand game, even if you do not have a decoder." - Sports, Arts and Culture Minister Gayton Mckenzie. #Newzroom405

[WATCH] "I've got very good news... I met with SuperSport and I am happy to tell you that you will be able to watch the Springboks and New Zealand game, even if you do not have a decoder." - Sports, Arts and Culture Minister Gayton Mckenzie. #Newzroom405

Newzroom Afrika

256,197 views • 2 years ago

“I was trying purposefully not to be clever with this. I wanted to get a very simple chorus but one which still had some substance to the harmony and melody. Something that was easy to digest but still had a bit of character to it. So Much is about mortality, getting old, all the bright, cheerful subjects, but I think when you get to my sort of age, you either run away from mortality or you jump into it and try and live life to the full and that always seems to make a lot more sense to me. The countries that seem most alive are those that have death as part of their culture.” - pg

“I was trying purposefully not to be clever with this. I wanted to get a very simple chorus but one which still had some substance to the harmony and melody. Something that was easy to digest but still had a bit of character to it. So Much is about mortality, getting old, all the bright, cheerful subjects, but I think when you get to my sort of age, you either run away from mortality or you jump into it and try and live life to the full and that always seems to make a lot more sense to me. The countries that seem most alive are those that have death as part of their culture.” - pg

Peter Gabriel

54,214 views • 2 years ago

"If you believe that the future of value, storage and transportation is going to be on digital networks, then you want to own pieces of those networks. When you buy Bitcoin, you're buying a piece of the network; when you buy Ethereum, you're buying a piece of the network,” says Chris Giancarlo, Sygnum Senior Policy Advisor and Former US CFTC Chairman. In a fireside chat with Mathias Imbach, Sygnum Co-Founder and Group CEO, Giancarlo shares his perspective on where the long-term value of crypto assets comes from. He explains this by comparing it to how investors expressed their belief in the future of electric mobility by buying Tesla long before it was the largest car maker. "You are effectively making a prognostication that the future of finance is going to move from an analogue world to an online, digital-networked world.” Watch the full fireside chat between Chris Giancarlo and Mathias Imbach, Sygnum Co-Founder and Group CEO, here: #bitcoin #btc Disclaimer:

"If you believe that the future of value, storage and transportation is going to be on digital networks, then you want to own pieces of those networks. When you buy Bitcoin, you're buying a piece of the network; when you buy Ethereum, you're buying a piece of the network,” says Chris Giancarlo, Sygnum Senior Policy Advisor and Former US CFTC Chairman. In a fireside chat with Mathias Imbach, Sygnum Co-Founder and Group CEO, Giancarlo shares his perspective on where the long-term value of crypto assets comes from. He explains this by comparing it to how investors expressed their belief in the future of electric mobility by buying Tesla long before it was the largest car maker. "You are effectively making a prognostication that the future of finance is going to move from an analogue world to an online, digital-networked world.” Watch the full fireside chat between Chris Giancarlo and Mathias Imbach, Sygnum Co-Founder and Group CEO, here: #bitcoin #btc Disclaimer:

Sygnum Bank

36,048 views • 8 months ago

Warren Buffett: "If your stock goes down 10% and that upsets you, it obviously means that you think the market knows more about the company than you do, and in that case you're the patsy." This is a 1988 Buffett telling you how to know if you're the sucker at the table. His words: "People would much rather be promised that they're going to win a lottery ticket next week than that they're going to get rich slowly." "Gus Levy used to say that he was long-term greedy, not short-term greedy. And if you're short-term greedy, you probably won't get a very good long-term result." "You name ten high tech companies to me and ask me where they're going to be in ten years or ten months and I don't have the faintest idea, so that would be exactly like buying cocoa beans." "If the stock exchange closes on Saturday and Sunday, I don't break out in hives, so if it goes for a couple of years and the business does well, we'll do very well." "Being a sound investor really just requires a certain control of your temperament and the ability to know what you know and know what you don't know and occasionally act." Bookmark & watch today ↓

Warren Buffett: "If your stock goes down 10% and that upsets you, it obviously means that you think the market knows more about the company than you do, and in that case you're the patsy." This is a 1988 Buffett telling you how to know if you're the sucker at the table. His words: "People would much rather be promised that they're going to win a lottery ticket next week than that they're going to get rich slowly." "Gus Levy used to say that he was long-term greedy, not short-term greedy. And if you're short-term greedy, you probably won't get a very good long-term result." "You name ten high tech companies to me and ask me where they're going to be in ten years or ten months and I don't have the faintest idea, so that would be exactly like buying cocoa beans." "If the stock exchange closes on Saturday and Sunday, I don't break out in hives, so if it goes for a couple of years and the business does well, we'll do very well." "Being a sound investor really just requires a certain control of your temperament and the ability to know what you know and know what you don't know and occasionally act." Bookmark & watch today ↓

Fireside Tapes

16,596 views • 15 days ago

Within 10 to 14 days, Iran won’t be able to store oil and will have permanent long term damage to oil wells for extracting oil. Oil wells perform poorly after you stop the flowing process. Iran exports oil, but it also imports gasoline and diesel. Iran lacks the ability to refine enough of their own oil into gasoline and diesel. So very soon Iran will be running out of fuel everywhere.

Within 10 to 14 days, Iran won’t be able to store oil and will have permanent long term damage to oil wells for extracting oil. Oil wells perform poorly after you stop the flowing process. Iran exports oil, but it also imports gasoline and diesel. Iran lacks the ability to refine enough of their own oil into gasoline and diesel. So very soon Iran will be running out of fuel everywhere.

Wall Street Mav

1,112,583 views • 4 months ago

Alex Karp, Palantir: “At a certain level of accomplishment, you’re in an artistic space where it’s very hard to explain why you have your insights.” "There’s one country in the world where you get rewarded for that.. in America, if you deliver, you can be you.” “This is a maximal freedom culture… & that self-expression—because it’s not playbook—creates an environment that is exceedingly hard to compete with & will piss off all the right people.” . . . "I think in the end, to do something important—whether it’s me, or @elianoayounes, or look at all these people here—these are among the best and most talented people in the world. At a certain level of accomplishment, you’re in an artistic space where it’s very hard to explain why you have your insights, and it goes way beyond experiences that have of course also influenced them. But I just have artistic impulses, and they shape my life, and I’ve allowed myself—or I’ve been forced to allow myself—the freedom to live that way. And there’s one country in the world where you get rewarded for that, because in America, if you deliver, you can be you. You’re your own boss, right? You decide who you want to talk to, you decide who you don’t want to talk to. You have ideas of things you’d like to advance on. And I think one of the biggest variables in my life is simply that I live in a culture where if you deliver—in this case economically—and by the way, at 18, for most investors, we were failing for at least 15 years. Many would say 18 years. Honestly, some would say until two years ago. And still, this is a culture where the financials are going to show up. That’s only possible in this culture. I guess maybe because I lived abroad so long, it’s easier for me to accept and rely on that. I think sometimes people who’ve lived here their whole life don’t always exactly understand that this is a maximal freedom culture. It’s the only culture like this in the world, and it allows you to self-express. And if you self-express, that self-expression—because it’s not playbook—creates an environment that is exceedingly hard to compete with and will piss off all the right people."

Alex Karp, Palantir: “At a certain level of accomplishment, you’re in an artistic space where it’s very hard to explain why you have your insights.” "There’s one country in the world where you get rewarded for that.. in America, if you deliver, you can be you.” “This is a maximal freedom culture… & that self-expression—because it’s not playbook—creates an environment that is exceedingly hard to compete with & will piss off all the right people.” . . . "I think in the end, to do something important—whether it’s me, or @elianoayounes, or look at all these people here—these are among the best and most talented people in the world. At a certain level of accomplishment, you’re in an artistic space where it’s very hard to explain why you have your insights, and it goes way beyond experiences that have of course also influenced them. But I just have artistic impulses, and they shape my life, and I’ve allowed myself—or I’ve been forced to allow myself—the freedom to live that way. And there’s one country in the world where you get rewarded for that, because in America, if you deliver, you can be you. You’re your own boss, right? You decide who you want to talk to, you decide who you don’t want to talk to. You have ideas of things you’d like to advance on. And I think one of the biggest variables in my life is simply that I live in a culture where if you deliver—in this case economically—and by the way, at 18, for most investors, we were failing for at least 15 years. Many would say 18 years. Honestly, some would say until two years ago. And still, this is a culture where the financials are going to show up. That’s only possible in this culture. I guess maybe because I lived abroad so long, it’s easier for me to accept and rely on that. I think sometimes people who’ve lived here their whole life don’t always exactly understand that this is a maximal freedom culture. It’s the only culture like this in the world, and it allows you to self-express. And if you self-express, that self-expression—because it’s not playbook—creates an environment that is exceedingly hard to compete with and will piss off all the right people."

Molly O’Shea

52,497 views • 7 months ago

Trump: "Mexico and Canada have never been good to us on trade. They've treated us very unfairly on trade. And we will be able to make that up very quickly because we don't need the products that they have. We have all the oil you need. We have all the trees you need, meaning the lumber."

Trump: "Mexico and Canada have never been good to us on trade. They've treated us very unfairly on trade. And we will be able to make that up very quickly because we don't need the products that they have. We have all the oil you need. We have all the trees you need, meaning the lumber."

Aaron Rupar

7,018,788 views • 1 year ago

Anne Hathaway says filming THE ODYSSEY forces actors to literally alter their breathing to save expensive IMAX film "what it was like to work with the IMAX camera and have three-minute mags, it was kind of like that. You just had to learn a different breathing technique" "the actors had to learn to hold their breath for really, really, really long stretches of time" "You had to learn a different way of focusing" "you're not really surprised on the day. You've been given a lot of fair warning" "you use the time that you have in prep to prep... you condition your mind, you condition your body" "you get there and you just pray that you have the kind of crew that'll hold you"

Anne Hathaway says filming THE ODYSSEY forces actors to literally alter their breathing to save expensive IMAX film "what it was like to work with the IMAX camera and have three-minute mags, it was kind of like that. You just had to learn a different breathing technique" "the actors had to learn to hold their breath for really, really, really long stretches of time" "You had to learn a different way of focusing" "you're not really surprised on the day. You've been given a lot of fair warning" "you use the time that you have in prep to prep... you condition your mind, you condition your body" "you get there and you just pray that you have the kind of crew that'll hold you"

Rixlerr

1,216,485 views • 1 month ago

Asmongold says he would execute the defense lawyer before the immigrant and calls them enemies of the state "You have to understand that in a situation, theoretically, if you could only execute one person, I'd execute that person and not the immigrant. I would. If I had to choose, I would." "If you defend and you do these things and you take the side of these people, you are an enemy of the state. That's it. You're an enemy of the state. You're a traitor. You are siding with invaders. There should be no tolerance for this."

Asmongold says he would execute the defense lawyer before the immigrant and calls them enemies of the state "You have to understand that in a situation, theoretically, if you could only execute one person, I'd execute that person and not the immigrant. I would. If I had to choose, I would." "If you defend and you do these things and you take the side of these people, you are an enemy of the state. That's it. You're an enemy of the state. You're a traitor. You are siding with invaders. There should be no tolerance for this."

Asmongold Updates

29,845 views • 14 days ago

I had a long haul plane trip on the weekend which I wouldn’t have been able to do without my Supreme CBD - UK’s #1 CBD OIL oil. If you follow me you will have heard how I don’t like flying and this long haul flight would have been a nightmare to me without my oil. I was able to relax and enjoy 👍🏻 if you have anxiety, insomnia, aches or pains use code Merson40 for 40% off on #supremecbd #ad

I had a long haul plane trip on the weekend which I wouldn’t have been able to do without my Supreme CBD - UK’s #1 CBD OIL oil. If you follow me you will have heard how I don’t like flying and this long haul flight would have been a nightmare to me without my oil. I was able to relax and enjoy 👍🏻 if you have anxiety, insomnia, aches or pains use code Merson40 for 40% off on #supremecbd #ad

Paul Merson

51,473 views • 2 months ago

ELON MUSK: "With Robotics and AI, this is really the path to abundance for all. If you say people often talk about solving global poverty, essentially, how do we make give everyone a very high standard of living? I think the only way to do this is AI and robotics. I mean this, we need to be very careful with AI. We need to be very careful with robotics. We don't want to find ourselves in a James Cameron movie. We don't want to be a Terminator, obviously. But if you have ubiquitous AI that is essentially free or close to it, and ubiquitous robotics, then you will have an explosion in the global economy and expansion the global economy that is truly beyond all precedent."

ELON MUSK: "With Robotics and AI, this is really the path to abundance for all. If you say people often talk about solving global poverty, essentially, how do we make give everyone a very high standard of living? I think the only way to do this is AI and robotics. I mean this, we need to be very careful with AI. We need to be very careful with robotics. We don't want to find ourselves in a James Cameron movie. We don't want to be a Terminator, obviously. But if you have ubiquitous AI that is essentially free or close to it, and ubiquitous robotics, then you will have an explosion in the global economy and expansion the global economy that is truly beyond all precedent."

DogeDesigner

34,755 views • 6 months ago