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Li Lu thought "Buffett" was a cafeteria and accidentally walked into a Buffett lecture - then he became the only trader Charlie Munger ever trusted with $88 million he researched 2 stocks right in this lecture in front of MBA students - both returned 7x he made $312M in...

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249,112 次观看 • 1 个月前 •via X (Twitter)

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In 2008, Charlie Munger made Warren Buffett invest in a Chinese EV company - BYD. Berkshire got 10% stake for $225 Million which they sold at a neat profit of $10 Billion in 2025. Here’s Charlie speaking about Wang Chuanfu, founder of BYD: "Wang Chuanfu is a genius. He doesn't speak english and has got 230,000 Chinese employees, and you can't believe what those young Chinese girls can do....whoosh whoosh whoosh."😂 "He was the 8th son of a peasant that creates a little company all by himself, he learns whole new technologies. So, partly I'm betting on the horsemen in this case." -Charlie Munger. 2017. Daily Journal Meeting.
1:37

In 2008, Charlie Munger made Warren Buffett invest in a Chinese EV company - BYD. Berkshire got 10% stake for $225 Million which they sold at a neat profit of $10 Billion in 2025. Here’s Charlie speaking about Wang Chuanfu, founder of BYD: "Wang Chuanfu is a genius. He doesn't speak english and has got 230,000 Chinese employees, and you can't believe what those young Chinese girls can do....whoosh whoosh whoosh."😂 "He was the 8th son of a peasant that creates a little company all by himself, he learns whole new technologies. So, partly I'm betting on the horsemen in this case." -Charlie Munger. 2017. Daily Journal Meeting.

Ronit Pereira

187,023 次观看 • 2 个月前

Warren Buffett turned $9.7 million into more than $370 million on a single stock, and the setup was sitting in plain sight for anyone to see. This is Buffett explaining the trade that made him, and the simple math almost nobody else acted on: In the mid-1970s, the entire Washington Post Company was on sale for $80 million. Its actual properties were worth at least $400 million. In his words, "no one would have argued with you about the properties being worth $400 million." So why was it that cheap? "The price was there for all to see, but people just didn't feel very enthusiastic about the world then." Buffett did. In 1973 he bought 1.7 million shares for $9.7 million. As a boy he had delivered that same newspaper. Now he owned 13% of it. He never sold. By the time of this interview, that $9.7 million was worth $370 million, and he still called it a holding he would keep forever. Bookmark & watch: _______ Follow Fireside Tapes for more highlights of key business and investing conversations.
19:36

Warren Buffett turned $9.7 million into more than $370 million on a single stock, and the setup was sitting in plain sight for anyone to see. This is Buffett explaining the trade that made him, and the simple math almost nobody else acted on: In the mid-1970s, the entire Washington Post Company was on sale for $80 million. Its actual properties were worth at least $400 million. In his words, "no one would have argued with you about the properties being worth $400 million." So why was it that cheap? "The price was there for all to see, but people just didn't feel very enthusiastic about the world then." Buffett did. In 1973 he bought 1.7 million shares for $9.7 million. As a boy he had delivered that same newspaper. Now he owned 13% of it. He never sold. By the time of this interview, that $9.7 million was worth $370 million, and he still called it a holding he would keep forever. Bookmark & watch: _______ Follow Fireside Tapes for more highlights of key business and investing conversations.

Fireside Tapes

91,765 次观看 • 1 个月前

Warren Buffett bought a dying textile mill out of pure spite. It became a $1 TRILLION company. He still calls it the dumbest decision of his career. > In 1962 Buffett was running a small investment partnership called Buffett Partnership Ltd > He spotted Berkshire Hathaway a failing textile mill in Massachusetts. > Every time the mill closed a factory they bought back their own shares at a small premium. > Buffett kept buying shares and flipping them back for a tiny profit. > In 1964 CEO Seabury Stanton shook hands with Buffett and verbally agreed to buy his shares at $11.50 each. > When the written offer arrived it said $11.375 exactly 12.5 cents less than agreed. > Buffett wrote later that he felt "chiseled". > Instead of selling he went and bought every single share he could find. > By May 1965 Buffett Partnership had taken control of Berkshire Hathaway. > He fired Stanton on the spot. > He had just spent $14 MILLION buying a dying textile business out of pure spite. > For years it earned almost nothing. > His partner Charlie Munger told him from day one it was a catastrophic mistake. > Buffett ignored him, then he started using Berkshire as a shell to buy insurance companies and invest the premiums. > That single pivot triggered entirely by anger over 12.5 CENTS built one of the greatest investment empires in history. > Berkshire Hathaway is now worth over $1 TRILLION. > It holds $325 BILLION in cash alone more than the GDP of most countries. > Buffett retired as CEO on December 31 2025 at age 95 after 60 years. > In a 2010 CNBC interview he called Berkshire "the dumbest stock I ever bought". > He estimated his anger over 12.5 cents cost him $200 BILLION in lost compounding. > His net worth today is $150 BILLION almost entirely from the company he bought out of spite. The most expensive argument in business history started with 12.5 cents.
2:14

Warren Buffett bought a dying textile mill out of pure spite. It became a $1 TRILLION company. He still calls it the dumbest decision of his career. > In 1962 Buffett was running a small investment partnership called Buffett Partnership Ltd > He spotted Berkshire Hathaway a failing textile mill in Massachusetts. > Every time the mill closed a factory they bought back their own shares at a small premium. > Buffett kept buying shares and flipping them back for a tiny profit. > In 1964 CEO Seabury Stanton shook hands with Buffett and verbally agreed to buy his shares at $11.50 each. > When the written offer arrived it said $11.375 exactly 12.5 cents less than agreed. > Buffett wrote later that he felt "chiseled". > Instead of selling he went and bought every single share he could find. > By May 1965 Buffett Partnership had taken control of Berkshire Hathaway. > He fired Stanton on the spot. > He had just spent $14 MILLION buying a dying textile business out of pure spite. > For years it earned almost nothing. > His partner Charlie Munger told him from day one it was a catastrophic mistake. > Buffett ignored him, then he started using Berkshire as a shell to buy insurance companies and invest the premiums. > That single pivot triggered entirely by anger over 12.5 CENTS built one of the greatest investment empires in history. > Berkshire Hathaway is now worth over $1 TRILLION. > It holds $325 BILLION in cash alone more than the GDP of most countries. > Buffett retired as CEO on December 31 2025 at age 95 after 60 years. > In a 2010 CNBC interview he called Berkshire "the dumbest stock I ever bought". > He estimated his anger over 12.5 cents cost him $200 BILLION in lost compounding. > His net worth today is $150 BILLION almost entirely from the company he bought out of spite. The most expensive argument in business history started with 12.5 cents.

Jeremy

46,370 次观看 • 3 个月前

Warren Buffett: "Charlie [Munger] has the best thirty-second mind in the world. I can go to him with a new question, a new problem of any kind, and it goes through about eight filters in his mind in ten seconds and he gets to the essence of any problem." (CNBC || 2020)
0:25

Warren Buffett: "Charlie [Munger] has the best thirty-second mind in the world. I can go to him with a new question, a new problem of any kind, and it goes through about eight filters in his mind in ten seconds and he gets to the essence of any problem." (CNBC || 2020)

Kevin Carpenter

22,380 次观看 • 8 天前

Warren Buffett and Charlie Munger on why reading fast is overrated: At a Berkshire Hathaway meeting, shareholder Keith McGawan asks Buffett for advice on reading faster, noting that Buffett gets through five newspapers a day plus a steady diet of 10Ks and 10Qs. Buffett's answer is disarmingly humble. Despite his legendary reading habit, he confesses: "Unfortunately, I'm not a fast reader." He even adds that Charlie can read faster than he can, and that "it's a huge advantage to be able to read fast." Then he tells a story on himself, by way of Woody Allen: "I read War and Peace last night in 20 minutes. It's about Russia." That punchline, Buffett admits, hits a little too close: "that's the problem I have when I try and read fast. I get all through reading the book and I say it's about business." But for Buffett, the point was never the speed. It's the act itself: "There's hardly anything more pleasurable... than reading and reading and reading and reading. And Charlie and I do a lot of it. We continue to do a lot of it." Then Munger reframes the entire question and quietly dismantles the premise: "I think speed is overestimated. I had a roommate at Caltech who had a very distinguished mind and I could do problems faster than he could, but he never made a mistake and I did. So I wouldn't be too discouraged if you have to go a little slower. What the hell difference does it make?"
3:55

Warren Buffett and Charlie Munger on why reading fast is overrated: At a Berkshire Hathaway meeting, shareholder Keith McGawan asks Buffett for advice on reading faster, noting that Buffett gets through five newspapers a day plus a steady diet of 10Ks and 10Qs. Buffett's answer is disarmingly humble. Despite his legendary reading habit, he confesses: "Unfortunately, I'm not a fast reader." He even adds that Charlie can read faster than he can, and that "it's a huge advantage to be able to read fast." Then he tells a story on himself, by way of Woody Allen: "I read War and Peace last night in 20 minutes. It's about Russia." That punchline, Buffett admits, hits a little too close: "that's the problem I have when I try and read fast. I get all through reading the book and I say it's about business." But for Buffett, the point was never the speed. It's the act itself: "There's hardly anything more pleasurable... than reading and reading and reading and reading. And Charlie and I do a lot of it. We continue to do a lot of it." Then Munger reframes the entire question and quietly dismantles the premise: "I think speed is overestimated. I had a roommate at Caltech who had a very distinguished mind and I could do problems faster than he could, but he never made a mistake and I did. So I wouldn't be too discouraged if you have to go a little slower. What the hell difference does it make?"

Black Edge

21,290 次观看 • 2 个月前

He invested $25 million and turned it into $4 billion, then the Russian government stole $230 million in taxes his fund had paid this is him telling the full story at Stanford it started with $4,000 in Polish stocks that went up 10x in 12 months. he quit Salomon Brothers, started his own fund, was up 800% in 18 months "clients were inviting me to their yachts. I was in my early 30s. I thought I'd figured it all out" then Russia defaulted. his $1 billion went to $100 million in one day - "there were no more yacht invitations after that"
43:51

He invested $25 million and turned it into $4 billion, then the Russian government stole $230 million in taxes his fund had paid this is him telling the full story at Stanford it started with $4,000 in Polish stocks that went up 10x in 12 months. he quit Salomon Brothers, started his own fund, was up 800% in 18 months "clients were inviting me to their yachts. I was in my early 30s. I thought I'd figured it all out" then Russia defaulted. his $1 billion went to $100 million in one day - "there were no more yacht invitations after that"

Сarm1ne

523,000 次观看 • 3 个月前

Charlie Munger made $500 Million by reading Barron’s Magazine for 50 years. Here’s the story: “I’ve read Barron’s for 50 years and in 50 years, I found only one investment opportunity in Barron’s. Out of which I made $80 Million, with almost no risk.” “It was a Monroe shock absorbers company, trading at $1 and I sold it at $15 but it eventually went to $40. It was a pure cigar butt company.” “The Barron’s said it was cheap stock and so I bought it.” “I gave that $80 Million to Li Lu who turned it to $400-500 Million. So I made that money by reading Barron’s for 50 years and following one idea.” “Now that doesn’t help you very much, does it? I’m sorry but that’s the way it really happened.” 😂 - Charlie Munger. Daily Journal meeting 2017
1:34

Charlie Munger made $500 Million by reading Barron’s Magazine for 50 years. Here’s the story: “I’ve read Barron’s for 50 years and in 50 years, I found only one investment opportunity in Barron’s. Out of which I made $80 Million, with almost no risk.” “It was a Monroe shock absorbers company, trading at $1 and I sold it at $15 but it eventually went to $40. It was a pure cigar butt company.” “The Barron’s said it was cheap stock and so I bought it.” “I gave that $80 Million to Li Lu who turned it to $400-500 Million. So I made that money by reading Barron’s for 50 years and following one idea.” “Now that doesn’t help you very much, does it? I’m sorry but that’s the way it really happened.” 😂 - Charlie Munger. Daily Journal meeting 2017

Ronit Pereira

199,381 次观看 • 2 个月前

Derek Moneyberg breaks down his credentials as a wealth coach: "I just got my ClickFunnels plaque for $50 million in revenue in this business. Previously, I was involved in a dating business that I didn't own, but I was involved in building it. My brand within that business, we did about $6.25 million per year at the time that I left that business. I made tens of millions of dollars in the stock market. I made over 10 million in real estate, in profits. I went to the number one business school in our country. I went to University of Chicago's Graduate School of Business."
0:56

Derek Moneyberg breaks down his credentials as a wealth coach: "I just got my ClickFunnels plaque for $50 million in revenue in this business. Previously, I was involved in a dating business that I didn't own, but I was involved in building it. My brand within that business, we did about $6.25 million per year at the time that I left that business. I made tens of millions of dollars in the stock market. I made over 10 million in real estate, in profits. I went to the number one business school in our country. I went to University of Chicago's Graduate School of Business."

Ariel Helwani

85,781 次观看 • 10 个月前

Travis Kelce says he got hammered and thought he was about to get rich off Warren Buffett. Then he opened his mouth “I go to a huge music festival in the Hamptons. I go with a bunch of guys from New York in the money world, finance guys” “I immediately start having beverages, the Kelce way. I get shitfaced. Don’t even know who’s performing” “A guy comes up and says, ‘Dude, Buffett’s here. He wants to meet you.’ I’m like, Holy sh*t, that’s big money. I’m way too hammered to talk finances” “Get a water, get it together. I go meet Buffett, shake his hand, and we have the best conversation I’ve ever had in my life. He’s smiling ear to ear. I’m thinking I’m gonna be rich, he’s gonna invite me in on all his investments” “And he starts telling me this story about picking up the guitar in high school. And I go, right to his face: ‘No way. Warren Buffett played the guitar?’” “And his face went from smiling ear to ear to not smiling at all… and then he got tapped on the shoulder because he had to go sing Margaritaville” “That was me mistaking Jimmy Buffett for Warren Buffett”
2:12

Travis Kelce says he got hammered and thought he was about to get rich off Warren Buffett. Then he opened his mouth “I go to a huge music festival in the Hamptons. I go with a bunch of guys from New York in the money world, finance guys” “I immediately start having beverages, the Kelce way. I get shitfaced. Don’t even know who’s performing” “A guy comes up and says, ‘Dude, Buffett’s here. He wants to meet you.’ I’m like, Holy sh*t, that’s big money. I’m way too hammered to talk finances” “Get a water, get it together. I go meet Buffett, shake his hand, and we have the best conversation I’ve ever had in my life. He’s smiling ear to ear. I’m thinking I’m gonna be rich, he’s gonna invite me in on all his investments” “And he starts telling me this story about picking up the guitar in high school. And I go, right to his face: ‘No way. Warren Buffett played the guitar?’” “And his face went from smiling ear to ear to not smiling at all… and then he got tapped on the shoulder because he had to go sing Margaritaville” “That was me mistaking Jimmy Buffett for Warren Buffett”

katsu

2,706,037 次观看 • 1 个月前

For years the smartest economists in America insisted that Warren Buffett and Charlie Munger were a statistical fluke, a one-in-a-billion accident. Then the loudest of them went to run money himself. This is Munger on how that argument actually ended: Their theory said nobody beats the market for long, that a long enough run of wins had to be luck. Berkshire kept winning anyway. So one of them, a man who had won a share of a Nobel Prize, called its record a two-sigma event, a fluke. Then a three-sigma event. Then four. "He finally got up to six sigmas. Better to add a sigma than change a theory, just because the evidence comes in differently." Rather than concede the theory was wrong, he kept making the record more impossible. Then he left the faculty and went to manage money against the very market he said no one could beat. "When this share of a Nobel Prize went into management himself, he sank like a stone." The theory kept its place in the textbooks. The man defending it didn't keep his in the market. Bookmark & listen/watch:
0:42

For years the smartest economists in America insisted that Warren Buffett and Charlie Munger were a statistical fluke, a one-in-a-billion accident. Then the loudest of them went to run money himself. This is Munger on how that argument actually ended: Their theory said nobody beats the market for long, that a long enough run of wins had to be luck. Berkshire kept winning anyway. So one of them, a man who had won a share of a Nobel Prize, called its record a two-sigma event, a fluke. Then a three-sigma event. Then four. "He finally got up to six sigmas. Better to add a sigma than change a theory, just because the evidence comes in differently." Rather than concede the theory was wrong, he kept making the record more impossible. Then he left the faculty and went to manage money against the very market he said no one could beat. "When this share of a Nobel Prize went into management himself, he sank like a stone." The theory kept its place in the textbooks. The man defending it didn't keep his in the market. Bookmark & listen/watch:

Fireside Tapes

125,269 次观看 • 1 个月前

Warren Buffett: "You have a huge advantage over Andrew Carnegie and…Rockefeller…" While Carnegie was in steel and Rockefeller in oil, Buffett explained they couldn't quickly shift into another business line. "You can rearrange your business empire, which you own through [your] portfolio at a moment's notice with practically no cost." Buffett said people turn this advantage into a disadvantage. Because they begin believing the stock market knows more than they do…causing them to sell at the wrong time. Instead, Buffett says there's only 1 question to ask yourself each day in the market: "Can I get more for my money someplace else?"
0:50

Warren Buffett: "You have a huge advantage over Andrew Carnegie and…Rockefeller…" While Carnegie was in steel and Rockefeller in oil, Buffett explained they couldn't quickly shift into another business line. "You can rearrange your business empire, which you own through [your] portfolio at a moment's notice with practically no cost." Buffett said people turn this advantage into a disadvantage. Because they begin believing the stock market knows more than they do…causing them to sell at the wrong time. Instead, Buffett says there's only 1 question to ask yourself each day in the market: "Can I get more for my money someplace else?"

Investment Wisdom

70,494 次观看 • 4 个月前

Warren Buffett on why buying Berkshire Hathaway was the dumbest decision of his career: Buffett is asked about the worst trade he ever made. His answer surprises everyone. "The dumbest stock I ever bought was, drum roll here, Berkshire Hathaway. And that may require a bit of explanation." He takes us back to the beginning: "It was early in 1962 and I was running a small partnership about 7 million. They call it a hedge fund now. And here was this cheap stock, cheap by working capital standards or so, but it was a stock in a textile company that had been going downhill for years." Buffett spotted what looked like an easy pattern to profit from: "They kept closing one mill after another and every time they would close a mill, they would take the proceeds and they would buy in their stock. I'd buy the stock tender to them and make a small profit." By 1964, Warren Buffett had built up a sizable position and went to meet management. That's when the pivotal moment happened: "I went back and visited the management, Mr. Stanton. And he looked at me and he said, 'Mr. Buffett, we've just sold some mills. We're going to have a tender offer, and at what price will you tender your stock?' And I said, '$11.50.' And he said, 'Do you promise me that you'll tender at 11.50?' And I said, 'Mr. Stanton, you have my word that if you do it here in the near future that I will sell my stock at 11.50.'" Then came the moment that changed everything: "I went back to Omaha and a few weeks later, I opened the mail… And here it is. A tender offer from Berkshire Hathaway. That's from 1964. And if you look carefully, you'll see the price is 11 and 3/8. He chiseled me for an eighth." That tiny shortchange triggered a decision that would define his entire career: "If that letter had come through with 11 and a half, I would have tendered my stock. But this made me mad. So I went out and started buying the stock and I bought control of the company and fired Mr. Stanton and we went on from there." A move driven by emotion, not strategy. Buffett took control of a dying textile business simply because he'd been chiseled for an eighth of a dollar. "Now that sounds like a great little morality tale at this point…" The lesson? Even the world's greatest investor has made decisions based on emotion rather than logic. Sometimes the trades that feel most justified in the moment, the ones where you're "teaching someone a lesson", are the ones that cost you the most.
1:53

Warren Buffett on why buying Berkshire Hathaway was the dumbest decision of his career: Buffett is asked about the worst trade he ever made. His answer surprises everyone. "The dumbest stock I ever bought was, drum roll here, Berkshire Hathaway. And that may require a bit of explanation." He takes us back to the beginning: "It was early in 1962 and I was running a small partnership about 7 million. They call it a hedge fund now. And here was this cheap stock, cheap by working capital standards or so, but it was a stock in a textile company that had been going downhill for years." Buffett spotted what looked like an easy pattern to profit from: "They kept closing one mill after another and every time they would close a mill, they would take the proceeds and they would buy in their stock. I'd buy the stock tender to them and make a small profit." By 1964, Warren Buffett had built up a sizable position and went to meet management. That's when the pivotal moment happened: "I went back and visited the management, Mr. Stanton. And he looked at me and he said, 'Mr. Buffett, we've just sold some mills. We're going to have a tender offer, and at what price will you tender your stock?' And I said, '$11.50.' And he said, 'Do you promise me that you'll tender at 11.50?' And I said, 'Mr. Stanton, you have my word that if you do it here in the near future that I will sell my stock at 11.50.'" Then came the moment that changed everything: "I went back to Omaha and a few weeks later, I opened the mail… And here it is. A tender offer from Berkshire Hathaway. That's from 1964. And if you look carefully, you'll see the price is 11 and 3/8. He chiseled me for an eighth." That tiny shortchange triggered a decision that would define his entire career: "If that letter had come through with 11 and a half, I would have tendered my stock. But this made me mad. So I went out and started buying the stock and I bought control of the company and fired Mr. Stanton and we went on from there." A move driven by emotion, not strategy. Buffett took control of a dying textile business simply because he'd been chiseled for an eighth of a dollar. "Now that sounds like a great little morality tale at this point…" The lesson? Even the world's greatest investor has made decisions based on emotion rather than logic. Sometimes the trades that feel most justified in the moment, the ones where you're "teaching someone a lesson", are the ones that cost you the most.

Big Brain Business

46,116 次观看 • 3 个月前

Warren Buffett on why having less money can be one of the biggest advantages in investing: When asked about the best period of his investing career, Warren Buffett pointed to his early years — not because he had more resources, but because he had far less capital to manage. "My best period was right after I met Ben Graham in early 1951. From the end of 1950 through the next 10 years, returns averaged about 50% a year... but I was working with a tiny tiny tiny amount of money." Buffett explained that he spent countless hours searching for overlooked opportunities, reviewing thousands of pages of company information by hand. "I went through the pages of the manuals page by page. I probably went through 20,000 pages in the Moody's industrial, transportation, banks and finance manuals. And I did it twice. I actually looked at every business." Because he was investing relatively small amounts, he could buy into tiny, deeply undervalued companies that would have been too insignificant for large investment firms. The result? He'd find one or two businesses he could put $10,000 or $15,000 into that were 'ridiculously cheap. As Buffett's capital grew, however, those opportunities became less meaningful. "As soon as you start getting the money up into the millions, many millions, the curve on expectable results falls off just dramatically." He argues that individual investors with small portfolios and a willingness to do the research can often access opportunities that are unavailable to large institutions. "If you're working with a small sum of money and you're really interested in the business and willing to do the work, there's no question in my mind. You will find some things that promise very large returns compared to what we will be able to deliver with large sums of money." Charlie Munger added that investors with limited capital should embrace areas of the market that large firms often ignore. "A brilliant man who can't get any money from other people and is working with a very small sum probably should work in very obscure stocks searching out unusual mispriced opportunities." Buffett also observed that many talented people on Wall Street choose a different path — not by seeking exceptional investment performance, but by managing other people's money. "Most smart people in Wall Street figure that they can make a lot more money, a lot easier, by getting an override on other people's money... the monetization of hope and greed is a way to make a huge amount of money." To illustrate the point, he recalled a friend with little investing success who was nevertheless planning to launch a large hedge fund. "If you looked at this fellow's schedule D on his 1040 for the last 20 years, you'd think he ought to be mowing lawns. But he may get his 125 million." Buffett concluded by arguing that, on Wall Street, marketing often earns more than investment skill. "The biggest money made in Wall Street in recent years has not been made by great performance, but has been made by great promotion." Source: Warren Buffett and Charlie Munger at the Berkshire Hathaway Annual Shareholders Meeting
4:51

Warren Buffett on why having less money can be one of the biggest advantages in investing: When asked about the best period of his investing career, Warren Buffett pointed to his early years — not because he had more resources, but because he had far less capital to manage. "My best period was right after I met Ben Graham in early 1951. From the end of 1950 through the next 10 years, returns averaged about 50% a year... but I was working with a tiny tiny tiny amount of money." Buffett explained that he spent countless hours searching for overlooked opportunities, reviewing thousands of pages of company information by hand. "I went through the pages of the manuals page by page. I probably went through 20,000 pages in the Moody's industrial, transportation, banks and finance manuals. And I did it twice. I actually looked at every business." Because he was investing relatively small amounts, he could buy into tiny, deeply undervalued companies that would have been too insignificant for large investment firms. The result? He'd find one or two businesses he could put $10,000 or $15,000 into that were 'ridiculously cheap. As Buffett's capital grew, however, those opportunities became less meaningful. "As soon as you start getting the money up into the millions, many millions, the curve on expectable results falls off just dramatically." He argues that individual investors with small portfolios and a willingness to do the research can often access opportunities that are unavailable to large institutions. "If you're working with a small sum of money and you're really interested in the business and willing to do the work, there's no question in my mind. You will find some things that promise very large returns compared to what we will be able to deliver with large sums of money." Charlie Munger added that investors with limited capital should embrace areas of the market that large firms often ignore. "A brilliant man who can't get any money from other people and is working with a very small sum probably should work in very obscure stocks searching out unusual mispriced opportunities." Buffett also observed that many talented people on Wall Street choose a different path — not by seeking exceptional investment performance, but by managing other people's money. "Most smart people in Wall Street figure that they can make a lot more money, a lot easier, by getting an override on other people's money... the monetization of hope and greed is a way to make a huge amount of money." To illustrate the point, he recalled a friend with little investing success who was nevertheless planning to launch a large hedge fund. "If you looked at this fellow's schedule D on his 1040 for the last 20 years, you'd think he ought to be mowing lawns. But he may get his 125 million." Buffett concluded by arguing that, on Wall Street, marketing often earns more than investment skill. "The biggest money made in Wall Street in recent years has not been made by great performance, but has been made by great promotion." Source: Warren Buffett and Charlie Munger at the Berkshire Hathaway Annual Shareholders Meeting

Black Edge

13,003 次观看 • 1 个月前

Warren Buffett and Charlie Munger didn't avoid real estate because they thought it was a bad asset class They stayed away because they believed they had no durable advantage in it. When asked why real estate had never become a significant part of Berkshire Hathaway's portfolio, Buffett pointed to two reasons: an unfavorable tax structure and the absence of a competitive edge. He explained that Berkshire, as a C corporation, faces an extra layer of corporate taxation on real estate income, putting it at a disadvantage against REITs, partnerships, and S corporations. As Buffett put it: "Real estate tends to be a very lousy investment for people who are taxed under subchapter C." Beyond taxes, Buffett argued that developed real estate is usually priced efficiently. Unlike public stocks, where Berkshire believes it can identify mispriced businesses, most commercial real estate transactions involve buyers and sellers who have access to similar information. According to Buffett, the best opportunities arise only when markets become highly inefficient — such as during the Resolution Trust Corporation (RTC) era in the early 1990s, when distressed assets, forced sellers, and scarce financing created widespread mispricing. Looking back, Buffett admitted Berkshire wasn't fully prepared to capitalize on those conditions and believed they missed an opportunity to earn substantial returns. He also recalled that one of the few major real estate deals Berkshire seriously pursued was the Irvine Company in the late 1970s, though the acquisition ultimately went to a group organized by Mobil Oil. Reflecting on his partnership with Charlie Munger, Buffett joked that Munger would often spend several minutes arguing against a deal—and the more passionate the objections, the more Buffett suspected Charlie actually liked it. Source: Berkshire Hathaway Annual Meeting (2003) Q&A
7:00

Warren Buffett and Charlie Munger didn't avoid real estate because they thought it was a bad asset class They stayed away because they believed they had no durable advantage in it. When asked why real estate had never become a significant part of Berkshire Hathaway's portfolio, Buffett pointed to two reasons: an unfavorable tax structure and the absence of a competitive edge. He explained that Berkshire, as a C corporation, faces an extra layer of corporate taxation on real estate income, putting it at a disadvantage against REITs, partnerships, and S corporations. As Buffett put it: "Real estate tends to be a very lousy investment for people who are taxed under subchapter C." Beyond taxes, Buffett argued that developed real estate is usually priced efficiently. Unlike public stocks, where Berkshire believes it can identify mispriced businesses, most commercial real estate transactions involve buyers and sellers who have access to similar information. According to Buffett, the best opportunities arise only when markets become highly inefficient — such as during the Resolution Trust Corporation (RTC) era in the early 1990s, when distressed assets, forced sellers, and scarce financing created widespread mispricing. Looking back, Buffett admitted Berkshire wasn't fully prepared to capitalize on those conditions and believed they missed an opportunity to earn substantial returns. He also recalled that one of the few major real estate deals Berkshire seriously pursued was the Irvine Company in the late 1970s, though the acquisition ultimately went to a group organized by Mobil Oil. Reflecting on his partnership with Charlie Munger, Buffett joked that Munger would often spend several minutes arguing against a deal—and the more passionate the objections, the more Buffett suspected Charlie actually liked it. Source: Berkshire Hathaway Annual Meeting (2003) Q&A

Black Edge

20,087 次观看 • 1 个月前

Warren Buffett today on Elon Musk: There's this Bill Maher program, he interviews Elon. Elon does a terrific job toe to toe with Bill Maher. It's worth watching. Elon is a brilliant guy; He dreams about things and his dream have got a foundation. Munger: He likes taking on the impossible job. We're different. Warren & I are looking for the easy job we can identify. We have a wholly different way of going about life. Buffett: Whole way. But we don't want to compete with Elon in a lot of things. Munger: We don't want that much failure.
3:30

Warren Buffett today on Elon Musk: There's this Bill Maher program, he interviews Elon. Elon does a terrific job toe to toe with Bill Maher. It's worth watching. Elon is a brilliant guy; He dreams about things and his dream have got a foundation. Munger: He likes taking on the impossible job. We're different. Warren & I are looking for the easy job we can identify. We have a wholly different way of going about life. Buffett: Whole way. But we don't want to compete with Elon in a lot of things. Munger: We don't want that much failure.

Sawyer Merritt

7,804,458 次观看 • 3 年前

Alex Hormozi is worth over $100 million. ten years ago he was sleeping on the floor of his own gym, eating canned tuna, and showering at the YMCA he had a Vanderbilt degree and a safe consulting job. he quit it, drove across the country, and opened a gym -> then nearly went bankrupt. by 26 he was back at zero then it clicked: he wasn't in the gym business. he was in the business of fixing gyms. so he sold all six of his and started licensing his system to other owners that company, Gym Launch, made $17 million in profit in its first year -> with $0 spent on ads. he scaled it to 4,500 gyms across 13 countries, then sold it for $46.2 million the day that deal closed, he started Acquisition..com -> today a portfolio doing over $200 million a year the strange part: he gives the entire playbook away for free. no course, no paywall. his bet is that attention is worth more than the secret his whole story, in one interview, bookmark this ↓
25:19

Alex Hormozi is worth over $100 million. ten years ago he was sleeping on the floor of his own gym, eating canned tuna, and showering at the YMCA he had a Vanderbilt degree and a safe consulting job. he quit it, drove across the country, and opened a gym -> then nearly went bankrupt. by 26 he was back at zero then it clicked: he wasn't in the gym business. he was in the business of fixing gyms. so he sold all six of his and started licensing his system to other owners that company, Gym Launch, made $17 million in profit in its first year -> with $0 spent on ads. he scaled it to 4,500 gyms across 13 countries, then sold it for $46.2 million the day that deal closed, he started Acquisition..com -> today a portfolio doing over $200 million a year the strange part: he gives the entire playbook away for free. no course, no paywall. his bet is that attention is worth more than the secret his whole story, in one interview, bookmark this ↓

Ridark

10,215 次观看 • 2 个月前

Warren Buffett on economists and stock market predictions: “They don’t make a lot of money buying and selling stocks — but people who buy and sell stocks listen to them.” ___ The lesson is one Buffett has reinforced throughout his entire career. He and Munger never spent much time on macro. Interest rates, GDP forecasts, credit cycles — largely irrelevant to the actual work of investing. At the end of the day, all that matters is what a business is worth — and what it’s trading for today. Everything else is noise dressed up as “insight.” Even Keynes — one of the greatest economic minds in history — tried predicting macro variables to pick stocks. He went broke a couple of times doing it and only found success when he abandoned that approach entirely and settled on buying good businesses cheap, in concentrated positions, that he truly understood. ___ 🎙️ CNBC Interview (02/29/2016)
0:50

Warren Buffett on economists and stock market predictions: “They don’t make a lot of money buying and selling stocks — but people who buy and sell stocks listen to them.” ___ The lesson is one Buffett has reinforced throughout his entire career. He and Munger never spent much time on macro. Interest rates, GDP forecasts, credit cycles — largely irrelevant to the actual work of investing. At the end of the day, all that matters is what a business is worth — and what it’s trading for today. Everything else is noise dressed up as “insight.” Even Keynes — one of the greatest economic minds in history — tried predicting macro variables to pick stocks. He went broke a couple of times doing it and only found success when he abandoned that approach entirely and settled on buying good businesses cheap, in concentrated positions, that he truly understood. ___ 🎙️ CNBC Interview (02/29/2016)

Dimitry Nakhla | Babylon Capital®

37,244 次观看 • 4 个月前

Warren Buffett saved his $700M investment and rescued $9B Salomon Brothers in 4 hours - by firing the CEO and personally calling the US Treasury this is the only time Warren Buffett ever sat before Congress - under oath "the only time in my life I had trouble sleeping" - their traders rigged the Treasury market - the CEO hid it for 4 months payphone in Reno - found out his $700M was burning - flew to New York - by Monday he was CEO their trader bought 94% of a Treasury auction -limit was 35% - the CEO knew for 4 months and said nothing - Buffett fired him the day he walked in "lose money - I will be understanding - lose a shred of reputation - I will be ruthless " saved 8,000 jobs in one weekend and his investment - still files his own taxes since age 13 bookmark & watch today ↓
21:48

Warren Buffett saved his $700M investment and rescued $9B Salomon Brothers in 4 hours - by firing the CEO and personally calling the US Treasury this is the only time Warren Buffett ever sat before Congress - under oath "the only time in my life I had trouble sleeping" - their traders rigged the Treasury market - the CEO hid it for 4 months payphone in Reno - found out his $700M was burning - flew to New York - by Monday he was CEO their trader bought 94% of a Treasury auction -limit was 35% - the CEO knew for 4 months and said nothing - Buffett fired him the day he walked in "lose money - I will be understanding - lose a shred of reputation - I will be ruthless " saved 8,000 jobs in one weekend and his investment - still files his own taxes since age 13 bookmark & watch today ↓

bodila

635,261 次观看 • 1 个月前

Warren Buffett: "It is a different game that requires a different type of person to enjoy it." At 94 years old, Warren Buffett has a clear preference when it comes to investing, and it's not real estate. When asked about real estate versus stocks, Buffett argues the stock market wins on almost every practical dimension. "There is simply much more opportunity in the United States security market than in real estate." His reasoning comes down to three things: speed, simplicity, and certainty of completion. In stocks, you can execute billions of dollars worth of business anonymously in five minutes, and once the trade is done, it's done. The completion rate is essentially 100% once buyer and seller agree on price. Real estate is the opposite. You're dealing with a single owner or family that may have held a property for a long time, possibly borrowed too much against it, or is facing negative trends. Every transaction becomes an enormous, drawn-out decision. "In real estate, signing the deal is just the start of another phase where people negotiate more and more things." Buffett contrasts this with the stock market: "If someone needs to sell 20,000 shares of Berkshire and the price is right, it is done in five seconds and closes every time." His late partner Charlie Munger took a different view. Munger enjoyed real estate deals and continued doing them even in the last five years of his life. But Buffett says that if Munger had to choose exclusively between the two at age 21, even he would have chosen stocks. For Buffett, the conclusion is simple: "We find it much better when people are ready to pick up the phone and you can do hundreds of millions of dollars of business in a day. I have been spoiled by this efficiency, and I like being spoiled, so we will keep it that way." Real estate can produce great returns, but the friction involved in negotiations, multiple parties, and drawn-out timelines makes it a fundamentally different game. For most investors, the stock market offers far more opportunity with far less complexity.
5:35

Warren Buffett: "It is a different game that requires a different type of person to enjoy it." At 94 years old, Warren Buffett has a clear preference when it comes to investing, and it's not real estate. When asked about real estate versus stocks, Buffett argues the stock market wins on almost every practical dimension. "There is simply much more opportunity in the United States security market than in real estate." His reasoning comes down to three things: speed, simplicity, and certainty of completion. In stocks, you can execute billions of dollars worth of business anonymously in five minutes, and once the trade is done, it's done. The completion rate is essentially 100% once buyer and seller agree on price. Real estate is the opposite. You're dealing with a single owner or family that may have held a property for a long time, possibly borrowed too much against it, or is facing negative trends. Every transaction becomes an enormous, drawn-out decision. "In real estate, signing the deal is just the start of another phase where people negotiate more and more things." Buffett contrasts this with the stock market: "If someone needs to sell 20,000 shares of Berkshire and the price is right, it is done in five seconds and closes every time." His late partner Charlie Munger took a different view. Munger enjoyed real estate deals and continued doing them even in the last five years of his life. But Buffett says that if Munger had to choose exclusively between the two at age 21, even he would have chosen stocks. For Buffett, the conclusion is simple: "We find it much better when people are ready to pick up the phone and you can do hundreds of millions of dollars of business in a day. I have been spoiled by this efficiency, and I like being spoiled, so we will keep it that way." Real estate can produce great returns, but the friction involved in negotiations, multiple parties, and drawn-out timelines makes it a fundamentally different game. For most investors, the stock market offers far more opportunity with far less complexity.

Big Brain Investing

42,809 次观看 • 4 个月前