Video wird geladen...

Video konnte nicht geladen werden

Zur Startseite

Warren Buffett turned $10,000 into roughly $15 million without a computer, a Wall Street office, or an army of analysts Almost nobody watches the interview where he explains how Buffett was already worth more than $2 billion when Adam Smith visited him in Omaha His financial empire was run...

sammy_capital's profile picture

Sammy

1,685 subscribers

31,831 Aufrufe • vor 22 Tagen •via X (Twitter)

LIVE

Anya Rossi• Live Now

Private livecam show

0 Kommentare

Keine Kommentare verfügbar

Kommentare vom Original-Post werden hier angezeigt

Ähnliche Videos

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 Aufrufe • vor 1 Monat

A man invested $53,000 of his family's savings into a dying video game store. Hedge funds laughed. He turned it into $48 MILLION and made Wall Street beg Congress to stop him. > Keith Gill was a 34 year old financial analyst at a Boston insurance firm in 2019. His salary was ordinary but his conviction was not. > He believed GameStop, a struggling mall video game retailer trading at $5 a share, was one of the most undervalued companies in America. > Wall Street disagreed. Hedge funds had shorted the stock so aggressively that more shares were shorted than actually existed. They were certain it was going to zero. > Gill invested $53,000 of his family's savings and started posting his analysis online under the name DeepFuckingValue on Reddit and Roaring Kitty on YouTube. > Nobody took him seriously. He kept posting anyway, week after week, with nothing but spreadsheets and conviction. > In January 2021 retail traders on Reddit's WallStreetBets discovered his posts. > They started buying. The stock went from $5 to $483 in three weeks. A 9,600% move. > Hedge funds that shorted the stock lost BILLIONS. One firm alone lost $6.8 BILLIO and had to be bailed out by other hedge funds. > By January 27 2021 Gill's $53,000 investment was worth $48 MILLION. > He lost $13 MILLION in a single day when the stock fell. He held anyway, without flinching, without selling a share. > Robinhood restricted buying of GameStop without warning. Retail traders were furious. Congress summoned Gill to testify. > He showed up in his Roaring Kitty headband and said three words that became the most quoted phrase in finance that year: "I like the stock." > His employer fired him and paid a $4 MILLION fine for failing to supervise his trading. > He went quiet for three years. Then in May 2024 he posted a single image on X. GameStop surged 50% the next morning before he said a word. > By June 2024 his position was worth $289 MILLION. > A Hollywood film called Dumb Money was made about the saga, starring Paul Dano. He has never spoken publicly about it. He invested $53,000 into a stock Wall Street had already written off for dead. Hedge funds lost BILLIONS.
0:59

A man invested $53,000 of his family's savings into a dying video game store. Hedge funds laughed. He turned it into $48 MILLION and made Wall Street beg Congress to stop him. > Keith Gill was a 34 year old financial analyst at a Boston insurance firm in 2019. His salary was ordinary but his conviction was not. > He believed GameStop, a struggling mall video game retailer trading at $5 a share, was one of the most undervalued companies in America. > Wall Street disagreed. Hedge funds had shorted the stock so aggressively that more shares were shorted than actually existed. They were certain it was going to zero. > Gill invested $53,000 of his family's savings and started posting his analysis online under the name DeepFuckingValue on Reddit and Roaring Kitty on YouTube. > Nobody took him seriously. He kept posting anyway, week after week, with nothing but spreadsheets and conviction. > In January 2021 retail traders on Reddit's WallStreetBets discovered his posts. > They started buying. The stock went from $5 to $483 in three weeks. A 9,600% move. > Hedge funds that shorted the stock lost BILLIONS. One firm alone lost $6.8 BILLIO and had to be bailed out by other hedge funds. > By January 27 2021 Gill's $53,000 investment was worth $48 MILLION. > He lost $13 MILLION in a single day when the stock fell. He held anyway, without flinching, without selling a share. > Robinhood restricted buying of GameStop without warning. Retail traders were furious. Congress summoned Gill to testify. > He showed up in his Roaring Kitty headband and said three words that became the most quoted phrase in finance that year: "I like the stock." > His employer fired him and paid a $4 MILLION fine for failing to supervise his trading. > He went quiet for three years. Then in May 2024 he posted a single image on X. GameStop surged 50% the next morning before he said a word. > By June 2024 his position was worth $289 MILLION. > A Hollywood film called Dumb Money was made about the saga, starring Paul Dano. He has never spoken publicly about it. He invested $53,000 into a stock Wall Street had already written off for dead. Hedge funds lost BILLIONS.

Comet

1,834,751 Aufrufe • vor 1 Monat

Warren Buffett built the biggest cash pile in market history. He spent three years selling stocks and buying almost nothing. Then he stepped aside, and his successor did the EXACT opposite. The crazy part? He just made INSANE history... Buffett had piled up nearly 400 billion dollars in cash. That is more money than most whole countries produce. He kept it in safe government bonds earning about 4 percent. He was quietly waiting for stocks to get cheap again. That crash never came and the market kept setting records. So his giant cash pile just sat there and waited. That cash still earned him over 12 billion dollars yearly. He even sold most of his huge Apple stake along the way. Early this year the company bought back almost no stock. It spent only 234 million dollars, tiny for a giant like this. Then Abel took over and the pace suddenly exploded. Early filings suggest he bought back billions in one quarter. It may be the biggest stock buyback in Berkshire's history. A buyback simply means he judged his own stock as cheap. Now comes the part almost everyone missed. He did not pour that cash into the record-high market. He bought Berkshire's own shares instead. He also spent 8.5 billion dollars buying a homebuilder. Buying his own company was the one bet he trusted. Most people watched stocks hit new highs and piled in. The best investor alive was quietly doing the opposite. Berkshire even trailed the market by about seven points this year. He treated nearly every other stock as too expensive. He would rather hold cash than overpay for anything. Sitting in cash looked boring and even wrong for years. But patient and boring is often how real money is made. The crowd chases the top while the patient wait for value. Retail chased the record highs. The patient waited for the price. That's the whole game.
5:30

Warren Buffett built the biggest cash pile in market history. He spent three years selling stocks and buying almost nothing. Then he stepped aside, and his successor did the EXACT opposite. The crazy part? He just made INSANE history... Buffett had piled up nearly 400 billion dollars in cash. That is more money than most whole countries produce. He kept it in safe government bonds earning about 4 percent. He was quietly waiting for stocks to get cheap again. That crash never came and the market kept setting records. So his giant cash pile just sat there and waited. That cash still earned him over 12 billion dollars yearly. He even sold most of his huge Apple stake along the way. Early this year the company bought back almost no stock. It spent only 234 million dollars, tiny for a giant like this. Then Abel took over and the pace suddenly exploded. Early filings suggest he bought back billions in one quarter. It may be the biggest stock buyback in Berkshire's history. A buyback simply means he judged his own stock as cheap. Now comes the part almost everyone missed. He did not pour that cash into the record-high market. He bought Berkshire's own shares instead. He also spent 8.5 billion dollars buying a homebuilder. Buying his own company was the one bet he trusted. Most people watched stocks hit new highs and piled in. The best investor alive was quietly doing the opposite. Berkshire even trailed the market by about seven points this year. He treated nearly every other stock as too expensive. He would rather hold cash than overpay for anything. Sitting in cash looked boring and even wrong for years. But patient and boring is often how real money is made. The crowd chases the top while the patient wait for value. Retail chased the record highs. The patient waited for the price. That's the whole game.

Logan Weaver

53,947 Aufrufe • vor 14 Tagen

Warren Buffett was asked if anyone could turn $10,000 into $15 million using Ben Graham's principles: "yes, if they didn't try and do too much the first week, it requires patience which a lot of people don't have" "why doesn't everybody do it?" he answered - "because 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" this is him explaining why he doesn't care if the stock exchange closes for two years, why he refuses to buy high-tech companies he can't predict, and what he says is the single biggest trap for investors in volatile markets "if your stock goes down 10% and that upsets you, it means you think the market knows more about the business than you do, and in that case, you're the patsy" "if you're in a poker game for 30 minutes and you don't know who the patsy is, you're the patsy" bookmark & watch this video below
23:59

Warren Buffett was asked if anyone could turn $10,000 into $15 million using Ben Graham's principles: "yes, if they didn't try and do too much the first week, it requires patience which a lot of people don't have" "why doesn't everybody do it?" he answered - "because 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" this is him explaining why he doesn't care if the stock exchange closes for two years, why he refuses to buy high-tech companies he can't predict, and what he says is the single biggest trap for investors in volatile markets "if your stock goes down 10% and that upsets you, it means you think the market knows more about the business than you do, and in that case, you're the patsy" "if you're in a poker game for 30 minutes and you don't know who the patsy is, you're the patsy" bookmark & watch this video below

ludoonchart

110,205 Aufrufe • vor 9 Tagen

One Chicago trader made $2.5 million in five days. Another explained how a five-tick move could put you up $1 million or wipe out the same amount before lunch. That was the world a young Chicago worker walked into for the first time. Paper was flying. Thousands of traders were screaming prices, throwing hand signals, and risking their own money in a room that looked more like a riot than a workplace. He went back to his job that same day and gave two weeks’ notice He just knew: “This was where I needed to be.” At its peak, Chicago had roughly 9,000 pit traders across its exchanges. Some were making $20,000 to $30,000 a day. But the most revealing line had nothing to do with getting rich: “It’s not what you make. It’s what you don’t lose.” Because the same aggression that made traders fortunes could keep them trapped inside a losing position while a car, then a house, disappeared in real time. Bookmark it and watch this piece of market history Before the next generation forgets what trading looked like when every emotion was visible.
44:35

One Chicago trader made $2.5 million in five days. Another explained how a five-tick move could put you up $1 million or wipe out the same amount before lunch. That was the world a young Chicago worker walked into for the first time. Paper was flying. Thousands of traders were screaming prices, throwing hand signals, and risking their own money in a room that looked more like a riot than a workplace. He went back to his job that same day and gave two weeks’ notice He just knew: “This was where I needed to be.” At its peak, Chicago had roughly 9,000 pit traders across its exchanges. Some were making $20,000 to $30,000 a day. But the most revealing line had nothing to do with getting rich: “It’s not what you make. It’s what you don’t lose.” Because the same aggression that made traders fortunes could keep them trapped inside a losing position while a car, then a house, disappeared in real time. Bookmark it and watch this piece of market history Before the next generation forgets what trading looked like when every emotion was visible.

Sammy

114,346 Aufrufe • vor 1 Monat

Warren Buffett just warned that some of the biggest names in AI might collapse soon. And he said it while revealing he had personally put $31 billion into one of them... Google, Microsoft, and Amazon are now laying out hundreds of billions in capex to stay in the AI race. Buffett called that real money, the kind that was never required back when software was cheap to run. He said these companies have no choice but to keep spending at this scale, because none of them can afford to be the one that blinks. In his own words, they are "playing a game they don't want to play." But the one AI company Buffett actually bought is Google. Berkshire now holds a stake worth more than $31 billion, and for weeks Wall Street assumed the credit belonged to Greg Abel, who took over as CEO in January and ran the position up on his watch. But Buffett admitted he "initiated" the investment. He usually never reveals who makes a call. The Google position already sits behind only Apple and American Express in Berkshire's stock portfolio, and last month Berkshire bought $10 billion of it directly from the company in a private placement. Then he undercut his own trade. When asked why he chose Alphabet over the rest of the Mag 7, Buffett said he does not even like it as much as four or five other businesses Berkshire already owns. He bought it the way he buys anything, as a good company available at a fair price. For years he waved off the Apple question by calling it a consumer company. This time he let the AI label on Google stand, and bought it anyway. Buffett also said the vast majority of what Wall Street pushes, on the order of 90 to 95%, is merchandising, because Wall Street only cares whether it can sell you something. He said he cannot remember the last research report that dug into the actual returns a business earns. Everyone fixates on next quarter instead. He also brought up IBM, which owned its market for decades until a rival offered its customers a better deal and its best business cracked. He brought up A&P, the biggest retailer in America in the 1930s, a company he said held a commanding position that later vanished completely. Buffett was describing the AI leaders as much as anyone: The most dominant company on Earth today is not promised to be dominant in ten years. So the most famous technology skeptic in investing put $31 billion into the AI trade and at the same time warned that the companies leading it are stuck in a war with no exit. What does Buffett see coming that the rest of the market doesn't?
4:03

Warren Buffett just warned that some of the biggest names in AI might collapse soon. And he said it while revealing he had personally put $31 billion into one of them... Google, Microsoft, and Amazon are now laying out hundreds of billions in capex to stay in the AI race. Buffett called that real money, the kind that was never required back when software was cheap to run. He said these companies have no choice but to keep spending at this scale, because none of them can afford to be the one that blinks. In his own words, they are "playing a game they don't want to play." But the one AI company Buffett actually bought is Google. Berkshire now holds a stake worth more than $31 billion, and for weeks Wall Street assumed the credit belonged to Greg Abel, who took over as CEO in January and ran the position up on his watch. But Buffett admitted he "initiated" the investment. He usually never reveals who makes a call. The Google position already sits behind only Apple and American Express in Berkshire's stock portfolio, and last month Berkshire bought $10 billion of it directly from the company in a private placement. Then he undercut his own trade. When asked why he chose Alphabet over the rest of the Mag 7, Buffett said he does not even like it as much as four or five other businesses Berkshire already owns. He bought it the way he buys anything, as a good company available at a fair price. For years he waved off the Apple question by calling it a consumer company. This time he let the AI label on Google stand, and bought it anyway. Buffett also said the vast majority of what Wall Street pushes, on the order of 90 to 95%, is merchandising, because Wall Street only cares whether it can sell you something. He said he cannot remember the last research report that dug into the actual returns a business earns. Everyone fixates on next quarter instead. He also brought up IBM, which owned its market for decades until a rival offered its customers a better deal and its best business cracked. He brought up A&P, the biggest retailer in America in the 1930s, a company he said held a commanding position that later vanished completely. Buffett was describing the AI leaders as much as anyone: The most dominant company on Earth today is not promised to be dominant in ten years. So the most famous technology skeptic in investing put $31 billion into the AI trade and at the same time warned that the companies leading it are stuck in a war with no exit. What does Buffett see coming that the rest of the market doesn't?

Ricardo

230,317 Aufrufe • vor 1 Monat

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 Aufrufe • vor 3 Monaten

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 Aufrufe • vor 3 Monaten

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 Aufrufe • vor 1 Monat

The most valuable stock tip in Wall Street history was given for free in June 1983, in a tent in Aspen, by a 28-year-old founder whose flagship product was seven months from launch. His name was Steve Jobs. Nobody in finance was in the audience. Warren Buffett did not buy the stock for another 33 years. A $1,000 position that day is worth over $2 million now. The venue was the International Design Conference. Theme that year: "The Future Isn't What It Used to Be." Jobs waited at the back of a big canvas tent on the morning of his talk, holding a stack of slides, listening to the crowd file in. He walked to the mic and spoke for an hour to a few hundred designers. Most of them had never touched a computer. He read them a list of things that did not exist yet. Networks that let a computer in California send software to a buyer in Nebraska. Radio waves so any device could talk to any other without a cable. A computer light enough to carry in a briefcase and cheap enough that a family bought one instead of a second car. Voices for input. Screens for storage. Objects on desks in every home. The web was six years away. WiFi was 16. The App Store was 25. He described all of them in one hour. The Macintosh was seven months from launch. IBM ran the industry. Retail chains had started throwing Apple boxes into the back room. Wall Street analysts were writing that Apple would not survive the decade. Jobs told the designers to build the thing anyway. "We have an opportunity to do it great or to do it so-so. And what a lot of us at Apple are working on is trying to do it great." Apple stock that morning traded at roughly 10 cents on a split-adjusted basis. It sits above 200 dollars now. That is a two-thousand-bagger. The roadmap was already read out loud in a tent, in front of a crowd that had no idea what to do with it. None of them wrote it up. No one on Wall Street picked it up. The cassette recording sat in a designer's moving box for decades before it surfaced online. Warren Buffett bought his first Apple share in 2016. Thirty-three years after Jobs told the room what he was building. The trade was not the stock. The trade was believing a 28-year-old with the Mac still unshipped when he described the next 40 years. Every generational winner sounds like a crank until the proof arrives. The market pays whoever can tell a crank from a builder before the ticker moves. Jobs is dead. Apple is worth over three trillion dollars. The tape is free. The vision was free. The patience to trust it before the tape leaks is the edge.
54:06

The most valuable stock tip in Wall Street history was given for free in June 1983, in a tent in Aspen, by a 28-year-old founder whose flagship product was seven months from launch. His name was Steve Jobs. Nobody in finance was in the audience. Warren Buffett did not buy the stock for another 33 years. A $1,000 position that day is worth over $2 million now. The venue was the International Design Conference. Theme that year: "The Future Isn't What It Used to Be." Jobs waited at the back of a big canvas tent on the morning of his talk, holding a stack of slides, listening to the crowd file in. He walked to the mic and spoke for an hour to a few hundred designers. Most of them had never touched a computer. He read them a list of things that did not exist yet. Networks that let a computer in California send software to a buyer in Nebraska. Radio waves so any device could talk to any other without a cable. A computer light enough to carry in a briefcase and cheap enough that a family bought one instead of a second car. Voices for input. Screens for storage. Objects on desks in every home. The web was six years away. WiFi was 16. The App Store was 25. He described all of them in one hour. The Macintosh was seven months from launch. IBM ran the industry. Retail chains had started throwing Apple boxes into the back room. Wall Street analysts were writing that Apple would not survive the decade. Jobs told the designers to build the thing anyway. "We have an opportunity to do it great or to do it so-so. And what a lot of us at Apple are working on is trying to do it great." Apple stock that morning traded at roughly 10 cents on a split-adjusted basis. It sits above 200 dollars now. That is a two-thousand-bagger. The roadmap was already read out loud in a tent, in front of a crowd that had no idea what to do with it. None of them wrote it up. No one on Wall Street picked it up. The cassette recording sat in a designer's moving box for decades before it surfaced online. Warren Buffett bought his first Apple share in 2016. Thirty-three years after Jobs told the room what he was building. The trade was not the stock. The trade was believing a 28-year-old with the Mac still unshipped when he described the next 40 years. Every generational winner sounds like a crank until the proof arrives. The market pays whoever can tell a crank from a builder before the ticker moves. Jobs is dead. Apple is worth over three trillion dollars. The tape is free. The vision was free. The patience to trust it before the tape leaks is the edge.

Veles

95,205 Aufrufe • vor 20 Tagen

Jamie Dimon was fired by his own mentor, then sank half his net worth, $60 million, into a broken Chicago bank almost no one had heard of. He turned it into JPMorgan, the most valuable bank in the world. This is Dimon on the firing that ended his career at the top and started it over from scratch, and the night he had to tell his kids: He had spent thirteen years with Sandy Weill building Citigroup into one of the biggest financial companies on earth, and was widely expected to run it. Instead, Weill fired him. That night, while he was hosting a hundred people in his apartment, he pulled his young daughters aside. "The youngest one says, Daddy, do we have to sleep on the streets? And the middle one was always obsessed with college. Can I still go to college? And the oldest one said, great, since you don't need it, can I have your cell phone?" Two years later a headhunter called about Bank One, a troubled $30 billion Chicago bank next to the $200 billion Citigroup he had just left. He took the job, and did something nobody had seen a new CEO do. He put $60 million, half his net worth, into its stock. "I was going to be the captain of the ship. I was going to go down with the ship. I made it clear to everyone I was here permanently." He fixed it. Four years later it merged into JPMorgan, and he has run that bank ever since, building it into the most powerful financial institution in America. Bookmark & watch ↓
8:30

Jamie Dimon was fired by his own mentor, then sank half his net worth, $60 million, into a broken Chicago bank almost no one had heard of. He turned it into JPMorgan, the most valuable bank in the world. This is Dimon on the firing that ended his career at the top and started it over from scratch, and the night he had to tell his kids: He had spent thirteen years with Sandy Weill building Citigroup into one of the biggest financial companies on earth, and was widely expected to run it. Instead, Weill fired him. That night, while he was hosting a hundred people in his apartment, he pulled his young daughters aside. "The youngest one says, Daddy, do we have to sleep on the streets? And the middle one was always obsessed with college. Can I still go to college? And the oldest one said, great, since you don't need it, can I have your cell phone?" Two years later a headhunter called about Bank One, a troubled $30 billion Chicago bank next to the $200 billion Citigroup he had just left. He took the job, and did something nobody had seen a new CEO do. He put $60 million, half his net worth, into its stock. "I was going to be the captain of the ship. I was going to go down with the ship. I made it clear to everyone I was here permanently." He fixed it. Four years later it merged into JPMorgan, and he has run that bank ever since, building it into the most powerful financial institution in America. Bookmark & watch ↓

Fireside Tapes

14,987 Aufrufe • vor 1 Monat

Warren Buffett on the single best thing an investor could have done in 1942: At a recent shareholder meeting, Buffett explains that he normally goes straight into questions and answers. But this time he opened differently, because he felt the usual format was teaching the wrong lesson. As he puts it, "all the questions would naturally tend toward current events." So he went back to 1942, the year he bought his first stock, to make a point about everything that has happened since. "We've had 14 presidents, seven Republicans, seven Democrats. We've had world wars. We had 911. We had the Cuban missile crisis. We have all kinds of things." His lesson? None of it should have changed what you did with your money. "The best single thing you could have done on March 11th, 1942 when I bought my first stock was just buy an index fund and never look at a headline, never think about stocks anymore. Just like you would do if you bought a farm. You just buy the farm and let the tenant farmer run it for you." Then he gives the number. Buffett describes putting $10,000 into an index fund that reinvested dividends, and he pauses to let the audience guess what it would be worth. The answer: "it would come to $51 million now." The only belief required back then was simple: "The only thing you had to really believe in then is that America would win the war and that America would progress as it has ever since 1776. And that American business, if America moved forward, American business would move forward." Notice what he says you did NOT need: "You didn't have to worry about what stock to buy. You didn't have to worry what day to get in and out. You didn't know the Federal Reserve would exist."
1:45

Warren Buffett on the single best thing an investor could have done in 1942: At a recent shareholder meeting, Buffett explains that he normally goes straight into questions and answers. But this time he opened differently, because he felt the usual format was teaching the wrong lesson. As he puts it, "all the questions would naturally tend toward current events." So he went back to 1942, the year he bought his first stock, to make a point about everything that has happened since. "We've had 14 presidents, seven Republicans, seven Democrats. We've had world wars. We had 911. We had the Cuban missile crisis. We have all kinds of things." His lesson? None of it should have changed what you did with your money. "The best single thing you could have done on March 11th, 1942 when I bought my first stock was just buy an index fund and never look at a headline, never think about stocks anymore. Just like you would do if you bought a farm. You just buy the farm and let the tenant farmer run it for you." Then he gives the number. Buffett describes putting $10,000 into an index fund that reinvested dividends, and he pauses to let the audience guess what it would be worth. The answer: "it would come to $51 million now." The only belief required back then was simple: "The only thing you had to really believe in then is that America would win the war and that America would progress as it has ever since 1776. And that American business, if America moved forward, American business would move forward." Notice what he says you did NOT need: "You didn't have to worry about what stock to buy. You didn't have to worry what day to get in and out. You didn't know the Federal Reserve would exist."

Black Edge

16,436 Aufrufe • vor 3 Monaten

A hacker is trying to break into Trezors holding $75 MILLION. The biggest one has $66 MILLION sitting on a single device. > Joe Grand has been a hardware hacker since he was 10 years old. He works out of a backyard lab. > For the past 3 years he has been doing one thing. Breaking into hardware wallets for people who locked themselves out years ago and forgot their PIN. > The method he uses was not invented by him. > In 2017 a 15 year old self-taught programmer named Saleem Rashid was sitting in his bedroom in the south of England. > He found a flaw in the Trezor wallet that nobody else had found. > He used it to recover $30,000 in Bitcoin for a Wired editor who had locked himself out of his own wallet. > Trezor patched it. But old devices running the old firmware were still vulnerable. > Thousands of them are sitting in drawers and full of Bitcoin people thought they would never see again. > Joe Grand spent 3 years learning how to exploit that same flaw. > He is now working through a backlog of wallets totaling $75 MILLION > The single largest device on his list holds $66 MILLION. > A 15-year-old figured this out with a pair of tweezers in his bedroom to save $30,000. The same exploit is now unlocking $66 MILLION from a backyard lab.
1:28

A hacker is trying to break into Trezors holding $75 MILLION. The biggest one has $66 MILLION sitting on a single device. > Joe Grand has been a hardware hacker since he was 10 years old. He works out of a backyard lab. > For the past 3 years he has been doing one thing. Breaking into hardware wallets for people who locked themselves out years ago and forgot their PIN. > The method he uses was not invented by him. > In 2017 a 15 year old self-taught programmer named Saleem Rashid was sitting in his bedroom in the south of England. > He found a flaw in the Trezor wallet that nobody else had found. > He used it to recover $30,000 in Bitcoin for a Wired editor who had locked himself out of his own wallet. > Trezor patched it. But old devices running the old firmware were still vulnerable. > Thousands of them are sitting in drawers and full of Bitcoin people thought they would never see again. > Joe Grand spent 3 years learning how to exploit that same flaw. > He is now working through a backlog of wallets totaling $75 MILLION > The single largest device on his list holds $66 MILLION. > A 15-year-old figured this out with a pair of tweezers in his bedroom to save $30,000. The same exploit is now unlocking $66 MILLION from a backyard lab.

Comet

30,357 Aufrufe • vor 1 Monat

A man who has made 19% a year for forty-five years spent most of them telling people Warren Buffett was just lucky. Then he listened to a podcast and apologised on air. "Wow, this guy is a genius, and I've been the biggest fool all along." That is Paul Tudor Jones. His original argument was never stupid, which is the part worth staying for. Buffett, he thought, was in the right place at the right time, riding the longest bull market in history. Put the same man in Japan starting in 1989 and see how well the genius holds up. It is a real objection. The Nikkei peaked in December 1989 and did not get back there until February 2024. Thirty-four years underwater. Buy and hold would have ruined you. He changed his mind anyway. He now calls Buffett the OG of compound interest, and then he says the line that should stop you. "He understood the power of compound interest at age nine, while I brilliantly avoided it throughout my entire career." That is not a man who failed at anything. So what exactly did he avoid? Selling. Run the same 19% two ways. Hold everything and pay capital gains once at the end, and forty years turns a dollar into 842. Realise your gains every year and pay tax as you go, and the same 19% turns a dollar into 287. Identical returns. Roughly three times the money, purely from not touching it. That is the price of being right often instead of being right once and then waiting. And here is what makes this honest rather than a lecture. Jones knows all of it now and still cannot do it. He says plainly he could not sit through a 50% drawdown, that his own wiring will not permit it. He wondered aloud why he couldn't just believe in America and ride it out. He can't. Fifty years of reflexes do not get argued away by arithmetic. So the lesson is not to go and be Buffett. It is to work out which one you actually are before the market tells you, because the two strategies are not interchangeable and neither are the people who run them. He is 71. He apologised to a man he had doubted for decades, and then admitted he would probably do it the same way again.
1:03:58

A man who has made 19% a year for forty-five years spent most of them telling people Warren Buffett was just lucky. Then he listened to a podcast and apologised on air. "Wow, this guy is a genius, and I've been the biggest fool all along." That is Paul Tudor Jones. His original argument was never stupid, which is the part worth staying for. Buffett, he thought, was in the right place at the right time, riding the longest bull market in history. Put the same man in Japan starting in 1989 and see how well the genius holds up. It is a real objection. The Nikkei peaked in December 1989 and did not get back there until February 2024. Thirty-four years underwater. Buy and hold would have ruined you. He changed his mind anyway. He now calls Buffett the OG of compound interest, and then he says the line that should stop you. "He understood the power of compound interest at age nine, while I brilliantly avoided it throughout my entire career." That is not a man who failed at anything. So what exactly did he avoid? Selling. Run the same 19% two ways. Hold everything and pay capital gains once at the end, and forty years turns a dollar into 842. Realise your gains every year and pay tax as you go, and the same 19% turns a dollar into 287. Identical returns. Roughly three times the money, purely from not touching it. That is the price of being right often instead of being right once and then waiting. And here is what makes this honest rather than a lecture. Jones knows all of it now and still cannot do it. He says plainly he could not sit through a 50% drawdown, that his own wiring will not permit it. He wondered aloud why he couldn't just believe in America and ride it out. He can't. Fifty years of reflexes do not get argued away by arithmetic. So the lesson is not to go and be Buffett. It is to work out which one you actually are before the market tells you, because the two strategies are not interchangeable and neither are the people who run them. He is 71. He apologised to a man he had doubted for decades, and then admitted he would probably do it the same way again.

Veles

48,073 Aufrufe • vor 16 Tagen

A man with no working truck convinced Wall Street he had built the next Tesla. His company hit $30 BILLION. All he did was push it down a hill with no engine. > Trevor Milton founded Nikola in 2014, named after the same inventor as Tesla. > The goal was to build hydrogen powered trucks that would make diesel obsolete. He had no trucks. > In 2018 he released a promotional video called Nikola One In Motion. It showed a sleek semi truck accelerating smoothly down an open highway. Investors went wild. > What nobody knew was that the truck had no engine, no fuel cell, and no propulsion system of any kind. > Milton's team towed it to the top of a hill, tilted the camera to hide the slope, and let it roll. > He spent the next four years doing the same thing with words. On podcasts, television and social media. > Investors were told Nikola could produce its own hydrogen. It could not. They were told the trucks were ready for production. They were not. They were told orders were flooding in. They weren't. > In June 2020 Nikola went public. Within days the company was worth $30 BILLION, more than Ford. > Milton's personal stake hit $7.3 BILLION overnight. > A $32.5 MILLION ranch in Utah followed. A record for the state at the time. > In September 2020 Hindenburg Research published a report calling Nikola "an intricate fraud" built on "an ocean of lies." Milton resigned within ten days. > A federal jury convicted him of securities fraud and wire fraud in 2022. Sentenced to four years in prison the following year. > He never went. He was free on $100 MILLION bail pending appeal. > He and his wife donated $3.2 MILLION to Donald Trump's 2024 campaign. > In March 2025 Trump gave him a full pardon. The pardon erased $168 MILLION in restitution to defrauded shareholders. > Nikola filed for bankruptcy the following month, leaving thousands of investors with nothing. The company never had a product. The only thing that was real was the $30 BILLION valuation, the $7 BILLION that landed in his pocket and the pardon that made sure none of it had to be returned.
2:19

A man with no working truck convinced Wall Street he had built the next Tesla. His company hit $30 BILLION. All he did was push it down a hill with no engine. > Trevor Milton founded Nikola in 2014, named after the same inventor as Tesla. > The goal was to build hydrogen powered trucks that would make diesel obsolete. He had no trucks. > In 2018 he released a promotional video called Nikola One In Motion. It showed a sleek semi truck accelerating smoothly down an open highway. Investors went wild. > What nobody knew was that the truck had no engine, no fuel cell, and no propulsion system of any kind. > Milton's team towed it to the top of a hill, tilted the camera to hide the slope, and let it roll. > He spent the next four years doing the same thing with words. On podcasts, television and social media. > Investors were told Nikola could produce its own hydrogen. It could not. They were told the trucks were ready for production. They were not. They were told orders were flooding in. They weren't. > In June 2020 Nikola went public. Within days the company was worth $30 BILLION, more than Ford. > Milton's personal stake hit $7.3 BILLION overnight. > A $32.5 MILLION ranch in Utah followed. A record for the state at the time. > In September 2020 Hindenburg Research published a report calling Nikola "an intricate fraud" built on "an ocean of lies." Milton resigned within ten days. > A federal jury convicted him of securities fraud and wire fraud in 2022. Sentenced to four years in prison the following year. > He never went. He was free on $100 MILLION bail pending appeal. > He and his wife donated $3.2 MILLION to Donald Trump's 2024 campaign. > In March 2025 Trump gave him a full pardon. The pardon erased $168 MILLION in restitution to defrauded shareholders. > Nikola filed for bankruptcy the following month, leaving thousands of investors with nothing. The company never had a product. The only thing that was real was the $30 BILLION valuation, the $7 BILLION that landed in his pocket and the pardon that made sure none of it had to be returned.

Jeremy

3,082,886 Aufrufe • vor 3 Monaten

BREAKING: Berkshire Hathaway just filed its first 13F after Warren Buffett stepped down as CEO. Wall Street spent a decade asking what happens to Berkshire when Buffett is gone. We just got the answer: On May 15, the first 13F of the Greg Abel era hit the SEC. Abel took over from Buffett on January 1, 2026. This filing covers his first full quarter in the chair. It is the most aggressive structural rebalance Berkshire has run in years. And almost nobody is reading it correctly. Here is what the filing actually shows: Berkshire trimmed its portfolio from 40 positions down to 26 in 90 days. 16 stocks fully exited. Amazon, gone. UnitedHealth, gone. Domino's Pizza, gone. Chevron cut by 35%, roughly $8 billion sold at peak energy prices. Visa, Mastercard, and Aon all sharply reduced. Then on the other side of the book: Alphabet position increased 224%. From about 18 million shares to nearly 58 million. The stake is now worth roughly $23 billion. One of Berkshire's seven largest equity holdings. A new $2.65 billion position in Delta Air Lines. Berkshire's first airline holding since they sold the entire sector in April 2020. Total stock sales for the quarter: $24 billion. Total stock purchases: $16 billion. Net selling: $8 billion. And the cash pile? $397.4 billion as of March 31. A new all-time record. Read those numbers again. This is not a passive handoff. This is a CEO clearing the decks and concentrating capital in a small number of high-conviction names while sitting on the biggest cash position in corporate history. Now here is the part the financial media is missing. Everyone is treating this like a referendum on Greg Abel's personality. "Is he as good as Buffett." "Will he be too cautious." "Does he have the killer instinct." Wrong question. The right question is why the system kept executing in exactly the way Buffett would have run it. Because that is what actually happened here. Concentrate in dominant businesses you understand. Check. Buy when valuations get attractive. Check. Alphabet was trading at a forward P/E in the teens when Abel was loading up. Sell when valuations get rich. Check. Chevron got cut at a peak. Visa and Mastercard got trimmed at all-time highs. Hold cash when nothing else qualifies. Check. $397 billion. This is not Greg Abel inventing a new philosophy. This is the Berkshire operating system continuing to run, the way it was designed to run, after the founder stepped away. That distinction matters more than anything else in this filing. Here is why. For 60 years, retail investors have tried to "follow Buffett." They scan the 13Fs the day they drop. They buy what he bought. They hold what he held. They sell when the headlines say he sold. And they almost always underperform. Because following Buffett the person was never the strategy. The strategy was Buffett the system. The patience to hold cash for years when nothing was cheap. The discipline to concentrate when something finally was. The structural willingness to look wrong for long stretches because the math eventually wins. Most retail investors have none of that. They have a phone, a brokerage app, a Twitter feed, and an attention span measured in headlines. They buy when Buffett buys. Then they sell three weeks later when the position is down 8% because they panicked. That is not following Buffett. That is using Buffett's name as a permission slip to make emotional decisions. The Q1 filing makes this point in a way no Berkshire annual letter ever could. The man is gone. The trades still look like Buffett trades. Because the system was the asset all along. The system was the moat. Now look at the Alphabet decision specifically. This is the part that should stop you. Alphabet generated $64.4 billion in free cash flow over the last 12 months. Google Cloud revenue grew 63% year over year in Q1 2026. Operating income from cloud tripled to $6.6 billion. The company is sitting on a near-monopoly in search, a top-two cloud platform, the best AI research lab in the world, and a balance sheet that prints money. And it was trading at a discount to the S&P 500 multiple when Abel was buying. That is not a hard call. It is the easiest call a value-oriented institutional buyer can make. But it requires you to ignore the entire narrative that Wall Street had been running for six months. The narrative was that AI was eating Google search. That ChatGPT was a Google killer. That the search monopoly was structurally broken. Retail investors bought that narrative and sold Alphabet at the lows. Abel ran the math and bought 40 million shares. Same company. Same fundamentals. Two completely different decisions, because one was driven by data and one was driven by narrative. The Alphabet position is already up 38% since the end of Q1. Six weeks of gains. Roughly $8 billion of paper profit in 42 trading days. That is what systems do. They do not predict the future. They wait for asymmetric setups, take large positions when the math says to, and let time do the work. Now the $397 billion cash position. This is the number that confuses retail the most. Why would the largest holding company in America be sitting on $400 billion in cash while the S&P sits at record highs? Because cash is not a position. Cash is optionality. Cash is the ability to act when everyone else is forced to sell. In 2008, Buffett had cash when Goldman Sachs and General Electric needed capital. He cut deals at terms no retail investor could ever access. In 2020, Buffett had cash when the COVID crash hit. He took advantage. Greg Abel is doing the same thing. He is loading the rifle. He does not know when he will get to fire it. He knows that having it ready is what separates Berkshire from every fund that has to be fully invested all the time. Most retail investors cannot do this. They look at $397 billion in cash and see "missed opportunity cost." They think holding cash is the same as losing money to inflation. It is not. Cash held by a disciplined system is a weapon waiting for the right target. Cash held by an emotional investor is a temptation that gets spent on the next hot trade. Same dollar. Two completely different outcomes. Here is the lesson the entire financial press is missing this week. Berkshire is not interesting because Greg Abel is a genius. Berkshire is interesting because it is the rare proof point that an investment process can survive its founder. The most important investor of the last 60 years is gone. The portfolio still looks like a Buffett portfolio. Because the rules were the asset. The personality was the wrapper. Most retail investors got the wrapper and missed the asset. They watched the documentaries. They read the books. They went to the Omaha meeting. They bought the personality. They never built the system. That is why they keep losing to the market over 20 year holding periods, while a holding company with the same playbook for six decades keeps quietly compounding. The question is whether you spend the next 20 years doing the same thing. Or whether you finally build a system that runs without you. Most retail investors will never have $397 billion in cash to deploy. But every retail investor can build the same kind of structural discipline Berkshire just demonstrated. Rules that execute regardless of headlines. Rules that buy when the math says to buy. Rules that hold when nothing qualifies. Rules that do not need a famous founder to run. That is exactly why Surmount exists. Automated, rules-based strategies that execute the same way every single trading day. No panic selling. No FOMO buying. No "what would Buffett do" guessing. Just systematic execution built on the same principle that just kept Berkshire running without its founder: The system is the asset:
1:44

BREAKING: Berkshire Hathaway just filed its first 13F after Warren Buffett stepped down as CEO. Wall Street spent a decade asking what happens to Berkshire when Buffett is gone. We just got the answer: On May 15, the first 13F of the Greg Abel era hit the SEC. Abel took over from Buffett on January 1, 2026. This filing covers his first full quarter in the chair. It is the most aggressive structural rebalance Berkshire has run in years. And almost nobody is reading it correctly. Here is what the filing actually shows: Berkshire trimmed its portfolio from 40 positions down to 26 in 90 days. 16 stocks fully exited. Amazon, gone. UnitedHealth, gone. Domino's Pizza, gone. Chevron cut by 35%, roughly $8 billion sold at peak energy prices. Visa, Mastercard, and Aon all sharply reduced. Then on the other side of the book: Alphabet position increased 224%. From about 18 million shares to nearly 58 million. The stake is now worth roughly $23 billion. One of Berkshire's seven largest equity holdings. A new $2.65 billion position in Delta Air Lines. Berkshire's first airline holding since they sold the entire sector in April 2020. Total stock sales for the quarter: $24 billion. Total stock purchases: $16 billion. Net selling: $8 billion. And the cash pile? $397.4 billion as of March 31. A new all-time record. Read those numbers again. This is not a passive handoff. This is a CEO clearing the decks and concentrating capital in a small number of high-conviction names while sitting on the biggest cash position in corporate history. Now here is the part the financial media is missing. Everyone is treating this like a referendum on Greg Abel's personality. "Is he as good as Buffett." "Will he be too cautious." "Does he have the killer instinct." Wrong question. The right question is why the system kept executing in exactly the way Buffett would have run it. Because that is what actually happened here. Concentrate in dominant businesses you understand. Check. Buy when valuations get attractive. Check. Alphabet was trading at a forward P/E in the teens when Abel was loading up. Sell when valuations get rich. Check. Chevron got cut at a peak. Visa and Mastercard got trimmed at all-time highs. Hold cash when nothing else qualifies. Check. $397 billion. This is not Greg Abel inventing a new philosophy. This is the Berkshire operating system continuing to run, the way it was designed to run, after the founder stepped away. That distinction matters more than anything else in this filing. Here is why. For 60 years, retail investors have tried to "follow Buffett." They scan the 13Fs the day they drop. They buy what he bought. They hold what he held. They sell when the headlines say he sold. And they almost always underperform. Because following Buffett the person was never the strategy. The strategy was Buffett the system. The patience to hold cash for years when nothing was cheap. The discipline to concentrate when something finally was. The structural willingness to look wrong for long stretches because the math eventually wins. Most retail investors have none of that. They have a phone, a brokerage app, a Twitter feed, and an attention span measured in headlines. They buy when Buffett buys. Then they sell three weeks later when the position is down 8% because they panicked. That is not following Buffett. That is using Buffett's name as a permission slip to make emotional decisions. The Q1 filing makes this point in a way no Berkshire annual letter ever could. The man is gone. The trades still look like Buffett trades. Because the system was the asset all along. The system was the moat. Now look at the Alphabet decision specifically. This is the part that should stop you. Alphabet generated $64.4 billion in free cash flow over the last 12 months. Google Cloud revenue grew 63% year over year in Q1 2026. Operating income from cloud tripled to $6.6 billion. The company is sitting on a near-monopoly in search, a top-two cloud platform, the best AI research lab in the world, and a balance sheet that prints money. And it was trading at a discount to the S&P 500 multiple when Abel was buying. That is not a hard call. It is the easiest call a value-oriented institutional buyer can make. But it requires you to ignore the entire narrative that Wall Street had been running for six months. The narrative was that AI was eating Google search. That ChatGPT was a Google killer. That the search monopoly was structurally broken. Retail investors bought that narrative and sold Alphabet at the lows. Abel ran the math and bought 40 million shares. Same company. Same fundamentals. Two completely different decisions, because one was driven by data and one was driven by narrative. The Alphabet position is already up 38% since the end of Q1. Six weeks of gains. Roughly $8 billion of paper profit in 42 trading days. That is what systems do. They do not predict the future. They wait for asymmetric setups, take large positions when the math says to, and let time do the work. Now the $397 billion cash position. This is the number that confuses retail the most. Why would the largest holding company in America be sitting on $400 billion in cash while the S&P sits at record highs? Because cash is not a position. Cash is optionality. Cash is the ability to act when everyone else is forced to sell. In 2008, Buffett had cash when Goldman Sachs and General Electric needed capital. He cut deals at terms no retail investor could ever access. In 2020, Buffett had cash when the COVID crash hit. He took advantage. Greg Abel is doing the same thing. He is loading the rifle. He does not know when he will get to fire it. He knows that having it ready is what separates Berkshire from every fund that has to be fully invested all the time. Most retail investors cannot do this. They look at $397 billion in cash and see "missed opportunity cost." They think holding cash is the same as losing money to inflation. It is not. Cash held by a disciplined system is a weapon waiting for the right target. Cash held by an emotional investor is a temptation that gets spent on the next hot trade. Same dollar. Two completely different outcomes. Here is the lesson the entire financial press is missing this week. Berkshire is not interesting because Greg Abel is a genius. Berkshire is interesting because it is the rare proof point that an investment process can survive its founder. The most important investor of the last 60 years is gone. The portfolio still looks like a Buffett portfolio. Because the rules were the asset. The personality was the wrapper. Most retail investors got the wrapper and missed the asset. They watched the documentaries. They read the books. They went to the Omaha meeting. They bought the personality. They never built the system. That is why they keep losing to the market over 20 year holding periods, while a holding company with the same playbook for six decades keeps quietly compounding. The question is whether you spend the next 20 years doing the same thing. Or whether you finally build a system that runs without you. Most retail investors will never have $397 billion in cash to deploy. But every retail investor can build the same kind of structural discipline Berkshire just demonstrated. Rules that execute regardless of headlines. Rules that buy when the math says to buy. Rules that hold when nothing qualifies. Rules that do not need a famous founder to run. That is exactly why Surmount exists. Automated, rules-based strategies that execute the same way every single trading day. No panic selling. No FOMO buying. No "what would Buffett do" guessing. Just systematic execution built on the same principle that just kept Berkshire running without its founder: The system is the asset:

Logan Weaver

20,503 Aufrufe • vor 3 Monaten

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 Aufrufe • vor 27 Tagen

Everyone calls Fredo the weak one. Watch that scene again. His father gets shot in the street and Fredo freezes. He fumbles his gun, drops it, ends up on the curb crying like a kid. For most people that settles it: he's useless, he's not built for this life. But that's the point. Fredo was never meant to be strong, or smart. He wasn't Sonny. He wasn't Michael. He was an ordinary man who happened to have the Godfather for a father. So when the shooting starts, he does what most of us would do. He panics. He breaks. The same softness that made him a bad gangster was the one thing the family had no room for. Michael runs the business better than any of them ever could. But the day he loses Fredo, he loses the last soft thing left in him. A family can't run on business alone. Fredo was the proof. Nobody saw it until he was gone
0:59

Everyone calls Fredo the weak one. Watch that scene again. His father gets shot in the street and Fredo freezes. He fumbles his gun, drops it, ends up on the curb crying like a kid. For most people that settles it: he's useless, he's not built for this life. But that's the point. Fredo was never meant to be strong, or smart. He wasn't Sonny. He wasn't Michael. He was an ordinary man who happened to have the Godfather for a father. So when the shooting starts, he does what most of us would do. He panics. He breaks. The same softness that made him a bad gangster was the one thing the family had no room for. Michael runs the business better than any of them ever could. But the day he loses Fredo, he loses the last soft thing left in him. A family can't run on business alone. Fredo was the proof. Nobody saw it until he was gone

best of mafia cinema

96,650 Aufrufe • vor 1 Monat

Warren Buffett just warned that the US dollar could collapse and admitted he doesn't understand most of the stock market anymore. 95 years old, sitting on $380 billion in cash, and the first time watching from the sidelines instead of actively investing. And what he revealed at this weekend's Berkshire shareholder meeting is genuinely concerning: On the market, Buffett didn't hold back. He compared it to "a church with a casino attached" and said the casino has never been more packed. On one-day options: "That is not investing. It's not speculating. It's gambling. Totally." He pointed to the Avis short squeeze THIS WEEK. A rental car company that's been around for 50 years getting meme-squeezed in 2026. The same behavior that blew up retail traders with GameStop is back, except now it's hitting boring legacy companies with zero business being volatile. "We have lots more regulation now, but people spend their time figuring out how to get around the rules rather than follow the rules." That one sentence explains more about the current market than every CNBC segment combined. When asked why he's hoarding $380 billion instead of investing it, Buffett said something no one expected: "I understand fewer of the businesses as a percentage of the whole than I did 10 years ago. I have not learned new industries for some years. I'm not going to have an edge on a whole bunch of younger people that have actually grown up with it." Think about what he's actually saying... This is a man who made $140 billion by understanding businesses better than anyone alive. And he's telling you the current market is so detached from reality that even HE can't make sense of what's being valued and why. He quoted IBM's Tom Watson Sr.: "I'm smart in spots and I stay around those spots." In 60 years of managing money, he said MAYBE five were "really juicy." Five out of sixty. That means 92% of his career was spent WAITING while everyone else gambled. And he still ended up richer than all of them. Then the conversation turned to inflation and that's where it gets really interesting: Buffett said America is "not immune" from runaway inflation. He brought up countries that went bankrupt "six or seven times" in his lifetime. Compared today to right before Volcker had to rescue the dollar, when Americans were borrowing at 12% to buy farmland earning 6% because they believed the dollar would disappear. "Cash is trash" was the mentality. Nebraska farmers collapsed because of it. Entire communities wiped out not by a recession but by a BELIEF that the currency was dying. And Buffett sees that same energy building again. Then someone asked the question everyone wanted answered: Do you see a crash coming? "If you saw it coming, it wouldn't happen. The things people are talking about and thinking about? It's not going to happen. But there are things that can come out of the blue." He compared it to the assassination of Archduke Franz Ferdinand in 1914 that triggered World War I. Nobody was discussing or anticipating it. But it changed the world overnight. "That's particularly true now because of the things that can come out of the sky." A 95yo man who has survived every crash, every war, every crisis of the last six decades just told you the market is a casino, the dollar isn't safe, and the real collapse will be something nobody sees coming. $380 billion in cash is his answer because he believes things are about to get much worse.
1:04

Warren Buffett just warned that the US dollar could collapse and admitted he doesn't understand most of the stock market anymore. 95 years old, sitting on $380 billion in cash, and the first time watching from the sidelines instead of actively investing. And what he revealed at this weekend's Berkshire shareholder meeting is genuinely concerning: On the market, Buffett didn't hold back. He compared it to "a church with a casino attached" and said the casino has never been more packed. On one-day options: "That is not investing. It's not speculating. It's gambling. Totally." He pointed to the Avis short squeeze THIS WEEK. A rental car company that's been around for 50 years getting meme-squeezed in 2026. The same behavior that blew up retail traders with GameStop is back, except now it's hitting boring legacy companies with zero business being volatile. "We have lots more regulation now, but people spend their time figuring out how to get around the rules rather than follow the rules." That one sentence explains more about the current market than every CNBC segment combined. When asked why he's hoarding $380 billion instead of investing it, Buffett said something no one expected: "I understand fewer of the businesses as a percentage of the whole than I did 10 years ago. I have not learned new industries for some years. I'm not going to have an edge on a whole bunch of younger people that have actually grown up with it." Think about what he's actually saying... This is a man who made $140 billion by understanding businesses better than anyone alive. And he's telling you the current market is so detached from reality that even HE can't make sense of what's being valued and why. He quoted IBM's Tom Watson Sr.: "I'm smart in spots and I stay around those spots." In 60 years of managing money, he said MAYBE five were "really juicy." Five out of sixty. That means 92% of his career was spent WAITING while everyone else gambled. And he still ended up richer than all of them. Then the conversation turned to inflation and that's where it gets really interesting: Buffett said America is "not immune" from runaway inflation. He brought up countries that went bankrupt "six or seven times" in his lifetime. Compared today to right before Volcker had to rescue the dollar, when Americans were borrowing at 12% to buy farmland earning 6% because they believed the dollar would disappear. "Cash is trash" was the mentality. Nebraska farmers collapsed because of it. Entire communities wiped out not by a recession but by a BELIEF that the currency was dying. And Buffett sees that same energy building again. Then someone asked the question everyone wanted answered: Do you see a crash coming? "If you saw it coming, it wouldn't happen. The things people are talking about and thinking about? It's not going to happen. But there are things that can come out of the blue." He compared it to the assassination of Archduke Franz Ferdinand in 1914 that triggered World War I. Nobody was discussing or anticipating it. But it changed the world overnight. "That's particularly true now because of the things that can come out of the sky." A 95yo man who has survived every crash, every war, every crisis of the last six decades just told you the market is a casino, the dollar isn't safe, and the real collapse will be something nobody sees coming. $380 billion in cash is his answer because he believes things are about to get much worse.

Ricardo

1,645,725 Aufrufe • vor 3 Monaten

A Norwegian student spent $26 on Bitcoin in 2009 and forgot the password. He cracked it 4 years later. His $26 was worth $886,000. – In 2009 Kristoffer Koch was a 22-year-old student in Norway writing his thesis on encryption and digital privacy. – He stumbled across Bitcoin while researching. Almost no one outside forums had heard of it. – He spent 150 Norwegian kroner about $26.60 and bought 5,000 Bitcoin at less than half a cent each. – Then he forgot about it entirely. – Four years passed. – In April 2013 Bitcoin was suddenly everywhere on the news. The price had exploded past $100. – He vaguely remembered buying some once. He could not find the password. – He spent weeks trying to crack it. – When he finally got in he stared at the screen for a long time. – His 5,000 Bitcoins were now worth $886,000. – He sold exactly one fifth of them 1,000 coins for around $177,000. – He used the money to buy an apartment in Toyen, one of Oslo's most sought-after neighbourhoods. – He kept the other 4,000 Bitcoin. – He told reporters: "It said I had 5,000 Bitcoin and I just thought oh wow." – He had written a university thesis on encryption. His reward for understanding it slightly earlier than everyone else was a free apartment. – The $26.60 he spent in 2009 would be worth over $450 million today. A Norwegian student forgot he owned Bitcoin. Cracked the password 4 years later, sold a fifth of it, and bought an apartment with the proceeds. He kept the rest.
1:58

A Norwegian student spent $26 on Bitcoin in 2009 and forgot the password. He cracked it 4 years later. His $26 was worth $886,000. – In 2009 Kristoffer Koch was a 22-year-old student in Norway writing his thesis on encryption and digital privacy. – He stumbled across Bitcoin while researching. Almost no one outside forums had heard of it. – He spent 150 Norwegian kroner about $26.60 and bought 5,000 Bitcoin at less than half a cent each. – Then he forgot about it entirely. – Four years passed. – In April 2013 Bitcoin was suddenly everywhere on the news. The price had exploded past $100. – He vaguely remembered buying some once. He could not find the password. – He spent weeks trying to crack it. – When he finally got in he stared at the screen for a long time. – His 5,000 Bitcoins were now worth $886,000. – He sold exactly one fifth of them 1,000 coins for around $177,000. – He used the money to buy an apartment in Toyen, one of Oslo's most sought-after neighbourhoods. – He kept the other 4,000 Bitcoin. – He told reporters: "It said I had 5,000 Bitcoin and I just thought oh wow." – He had written a university thesis on encryption. His reward for understanding it slightly earlier than everyone else was a free apartment. – The $26.60 he spent in 2009 would be worth over $450 million today. A Norwegian student forgot he owned Bitcoin. Cracked the password 4 years later, sold a fifth of it, and bought an apartment with the proceeds. He kept the rest.

Aisar

209,406 Aufrufe • vor 3 Monaten