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Warren Buffett's Annual Letter to Berkshire Hathaway Shareholders [pdf]

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Re: Warren Buffett's Annual Letter to Berkshire Hathaway Shareholders [pdf]

#321
post #119
post #89

Earlier quoted context omitted.

I don't often see this sort of pride in America. Normally the flavors I do observe are hyper-nationalistic and filled with bravado... I'd go even further: our current presidential administration spends a lot of energy telling us that America sucks because the people in it suck, the government they built sucks, and the ideals they aspire to suck, and that the solution is to deal out cruelty to the right kinds of peopl…

> I'd go even further: our current presidential administration spends a lot of energy telling us that America sucks because the people in it suck Wtf are you talking about? This has never happened.

This has never happened.

You know he's been a public loudmouth for ~30 years, right? Consider the encyclopedic familiarity with his massive corpus of blabbering you claim when you make a flat statement like this.

I could point out a bunch of his statements and attitudes, none of which would be news to you. The issue is: You haven't recognized those statements for what they are. They apply to classes of Other, so you haven't recognized them as being applicable to full-fledged equals, to human citizens.

When the president says something like "you have to treat [women] like shit" or when he claims that women are untrustworthy because they're all gold-digging bimbos, he's dissing half the nation as fundamentally deplorable.

When the president says things like "laziness is a trait in blacks," he's dissing ~40 million Americans - virtually all of whom are natural citizens, and who are consistently over-represented in the armed forces - as fundamentally less valuable as human beings.

The fact that he's also being a sexist/racist asshole at the same time shouldn't let him off the hook for statements like these. The fact that you haven't already recognized these attitudes (and many others like them) as fundamentally anti-patriotic attacks on your fellow citizens - that's on you.

Re: Warren Buffett's Annual Letter to Berkshire Hathaway Shareholders [pdf]

#323
post #4

"In Berkshire’s 2005 annual report, I argued that active investment management by professionals – in aggregate – would over a period of years underperform the returns achieved by rank amateurs who simply sat still. I explained that the massive fees levied by a variety of “helpers” would leave their clients – again in aggregate – worse off than if the amateurs simply invested in an unmanaged low-cost index fund. ” He…

I just wrote about this, but if you read his 2005 letter(when he proposed the bet), he mentioned changing allocations can be much more disastrous than fees. Here's the link, which my first point covers: https://www.linkedin.com/pulse/3-things-you-might-have-misse...

Re: Warren Buffett's Annual Letter to Berkshire Hathaway Shareholders [pdf]

#324

Earlier quoted context omitted.

I agree with the main thrust of your statement. My understanding from my synthesis of reading the experts is that the U.S.' current economic success and international power comes down to: 1) Political stability and the rule of law: No point in investing much in a farm, factory, or infrastructure (fiber!) if it will be burnt down the next day by bandits or seized by someone more powerful (government, the rich family i…

I agree with you, but particularly with 4 and 5. As far as 5 goes N. America had/has enormous iron, copper, uranium, gold, natural gas, coal, and petroleum deposits to an extent that I don't think many appreciate.

Bingo. See Energy in History by Vaclav Smil or Sources of Power by Manfred Weissenbacher for much more on this.

The #2 allocation: Russia/USSR. Saudi Arabia has oil but little else. China does fairly well in resources and coal, but not oil.

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