So there was a real risk that American Express would go bankrupt at that stage. Buffet put 40% of his portfolio into the stock, it recovered.He bought $13 million worth of that stock.
And certainly, for most businesses, you don't even need the capital. Buffet always talks about having this punch card.
You don't have to sell, and you're more than happy to buy more. Buffett found himself in these positions where he would buy a little bit, and the stock would go down. And his intrinsic value estimate didn't change, so he'd buy a little more.
We were talking-- you were alluding to it, I think, before you began the talk. Buffett if we started today with the same factors.
I'm going to talk about the price-earning ratio later. Buffett's 85, Munger's 92.
Instead of trying to mimic the inimitable brilliance of Mr. Buffettt, maybe more investors should emulate the common sense and patience of Mr. Gayner." Quoting from a recent chapter in a book about him. " "Markels's success has made Gayner rich, but he lives in a simple townhouse and drives a Toyota
that Berkshire was down to, quote, "playing out the last hand." Such views are paradoxical. Buffett's goal has been to build a lasting corporation. And yet, even fans like these think the company cannot survive without him.
idea anyone tell me who said this what's that Warren Buffett you all know who Warren Buffett is yeah how much was he worth I don't know 50 billion give or take a couple hundred million from Market fluctuations man walks his
I'll put those in my purse. All buffet food is donatable. We pick up at the Hilton today.
remember what is a really easy way you could have outperformed Buffet Lynch or Templeton sitting at home in your pajamas eating potato chips well the way you could have done it is you would have simply added money
So it's really like a jumping off point for to do further research if you see something that's wrong. Warren Buffet describes a competitive advantage as a moat.
So I had been planning on writing a book when I retired from work. But Buffet 's promise caused me to accelerate my time frame. And what the book is is-- who here has read it?
Which is the key to investing. Like Buffet says, rule number one, don't lose money. And rule number two, don't forget rule number one.
You say, well, I'd just assume the next auto I buy is actually cheaper than the one I just bought. And Buffet says, good. You got that one right too.
I just heard Warren Buffet did a great thing cause I've spoken of it as a bit of an insane thing. Warren Buffet stood on, in the press recently and said, "I have all this extra resources, I wanna help. Why doesn't the government tax me more?" And I thought that's insane.
So that's the promise. Warren Buffet saw a documentary about him and said, "Sign me up." They've done it in Indiana, they're doing it in Charlotte, they're going to do it in
mental provisioning which gets to this evidence based sort of perspective I take. So, so when I was putting together the ideas and the perspective in this book, in some ways I was led by this Jimmy Buffet quote, which I'd been following for a long time, which is that, "Some things are still a mystery to me and other things are much too clear." And so, in the world of management, or whatever you want to call it, is this whatever, if, if you start looking at what I would at least describe from my biased perspective, the best peer-reviewed
Warren Buffett didn't set up his firm, Berkshire Hathaway, in New York.
Warren Buffett. Warren Buffett.
Warren Buffett has predicted that the US stock market might, to the extent that anybody can ever predict anything about the future,
So Buffett says, well, I would ask him to do exactly what I did, which is if you're working
Did Buffett change anything that he did?
Warren Buffett added a little twist that made him one of the richest people in the world.
Warren Buffett said a fat wallet's the enemy of high investment returns.
Warren Buffett has a line-- it's better to live your life by an inner scorecard than an outer scoreboard.
culture that benefits from churn in people's portfolio. And Buffett, as of the first meeting of the partners, before he even allowed them to write the check, said to them, very specifically, I am not in the business of making predictions on the general stock market or business fluctuations.
to a lot of people. And Buffett thought very differently from almost the very beginning, right? Risk is not beta.
And it just predated the Nifty Fifty, if people have heard of that. But Buffett couldn't find stuff that made sense for him to invest. And so he returned the capital.
So the other thing I will say before I close on this topic is that very early in the partnership-- 1959, 1960-- Buffett put 35% of the funds in a company called Sanborn Map Company, which was a mapping business used in the insurance field.
We were talking-- you were alluding to it, I think, before you began the talk. does Buffett's performance come from?
We were talking-- you were alluding to it, I think, before you began the talk. And Buffett says, OK, well, you should get your working capital down, or you've got too many fixed assets, or whatever.
We were talking-- you were alluding to it, I think, before you began the talk. like Buffett of 25, 26, 27 years old, or more like Buffett at age 40, or age 84, like he is today.
I'm going to talk about the price-earning ratio later. Warren Buffett, if you get to $120 billion stock portfolio in Berkshire Hathaway, $120 billion, this is individual stocks-- American Express, Washington
I'm going to talk about the price-earning ratio later. Warren Buffett makes fun out of non-GAAP and all these other numbers they come up with.
So that was his framework for approaching stock selection. Warren Buffett explains margin of safety this way. He says, "you build a bridge that can carry a 30,000 pound truck but then you have a weight limit of 10,000 pounds."
Warren Buffett, himself, he left Wharton to study in The University of Nebraska.
Early Buffett investing was sort of transformed once Berkshire bought See's Chocolate
Warren Buffett agrees. He wrote, many years ago, that the term "value investing" typically connotes the "purchase of stocks having attributes such as low ratio of price
Warren Buffett clearly is one.
Warren Buffett is now the most successful investor in history.
Warren Buffett. As you saw in the video, he got rejected from Harvard Business School.
How do you win? So Buffett says the less prudence with which others conduct their affairs the greater the prudence with which we must conduct our own affairs.
Warren Buffett at Berkshire started with a textile mill for God's sake.
And Buffett moved away from that for a very good reason.
Still, whenever it ends, as I write in the book's closing passages, quote, "while it's hard to imagine Berkshire without Buffett, it seems wiser to believe in Berkshire beyond Buffett, an institution that transcends the man and will be his legacy." I thank you very much for your attention. I'd be delighted to have questions from the audience.
Warren Buffett says he doesn't participate in open outcry auctions.
Do you want the stock market to go up or down? And Buffett says this is where people generally flunk the final exam. It's only if you're in retirement and taking money out that you want the stock prices to be high.
Warren Buffett plays it.
Warren Buffett can do things that really other people can't do.
a generic buffet of wellness things, but it's literally, what do our Googlers need?