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Buffett to step down following six-decade run atop Berkshire

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Re: Buffett to step down following six-decade run atop Berkshire

#101

Post by terribleperson »

sillysaurusx wrote: post #97
tchalla wrote: post #24

Buffet on Tariffs > “It’s a big mistake, in my view, when you have seven and a half billion people that don’t like you very well, and you got 300 million that are crowing in some way about how well they’ve done - I don’t think it’s right, and I don’t think it’s wise,” Buffett said. “The United States won. I mean, we have become an incredibly important country, starting from nothing 250 years ago. There’s not been any…

I’m a bit slow in this field. Could someone explain how this quote relates to tariffs? I’ve re-read it three times now, looking for the connection to a tax on imported goods, but I just can’t see it. I think it’s saying that the US population is crowing about how well we’ve done, and so we should be able to tax whatever imports we want? But what an odd way to say that if so. How well we’ve done seems completely unrel…

Part of the justification for tarriffs is that America is somehow being 'taken advantage' of by the rest of the world and the tarriffs are the rest of the world finally paying their fair share. The reality is that (until now) America has had a uniquely privileged position in the world economy that got America, in general, very beneficial trade deals.

He's commenting on the attitude driving the tariffs.

Re: Buffett to step down following six-decade run atop Berkshire

#102

Post by supportengineer »

closewith wrote: post #72
jjallen wrote: post #50

Earlier quoted context omitted.

He’s giving away the vast majority of his wealth. He’s the literal embodiment of the opposite of what you’re saying.

[flagged]

For the most part he followed a buy-and-hold strategy. Is that stealing?

Re: Buffett to step down following six-decade run atop Berkshire

#103

Post by throw0101b »

disambiguation wrote: post #38
tchalla wrote: post #24

Buffet on Tariffs > “It’s a big mistake, in my view, when you have seven and a half billion people that don’t like you very well, and you got 300 million that are crowing in some way about how well they’ve done - I don’t think it’s right, and I don’t think it’s wise,” Buffett said. “The United States won. I mean, we have become an incredibly important country, starting from nothing 250 years ago. There’s not been any…

Also buffet on tariffs (2003) https://www.berkshirehathaway.com/letters/growing.pdf Though he makes the distinction between "import certificates" and Trump's version of tariffs.

Contra:

> A common response I’ve seen to this is Warren Buffett repeatedly expressing concern about the trade deficit. Buffett’s main concern has always been that we’re sending pieces of paper abroad that give foreigners claims on US assets. And this is true, but I’d argue it’s been a massive net positive on the whole. First, as a percentage of total ownership, foreign ownership of US securities is actually flat since 2008. So despite 20 years of a persistent current account deficit there hasn’t been a huge change in foreign ownership as a percentage of the total. But the current account deficit also reflects the way many firms in the USA outsource their comparative advantage. And that accrues to US firms (and households) as increases in net worth. This is a big reason why corporate profit margins have expanded so much in the last 30 years. Global competition has made US firms more efficient and that’s accrued to Americans as a huge gain in net worth. So this isn’t a situation where we’re just sending Dollars abroad for no good reason. We’re doing it in large part because that is investment in our businesses that has added value to those very firms and their owners. Could that all reverse? For sure. And weirdly, the thing that would cause it to reverse is ultra protectionist measures thereby reducing demand for US Dollar assets and reducing investment in US firms.

* https://disciplinefunds.com/2025/04/24/three-things-you-gues...

Re: Buffett to step down following six-decade run atop Berkshire

#104

Post by KajMagnus »

xNeil wrote: post #20
8f2ab37a-ed6c wrote: post #16

I always run across great quotes from Warren Buffett, but I never spent any time actually reading any of his writings or anything written about him. What's the best place to start to absorb some of his wisdom? Anything that's applicable to startups, tech, and life in general, beyond being the CEO of a holding company?

Not by Buffett, but you'll love Poor Charlie's Alamanack, by Charlie Munger, his lifelong business partner. https://www.stripe.press/poor-charlies-almanack/cover

It's a great book (I think), reading it now. It's the only book this far that I've brought with me to the gym (because I wanted to continue reading it, in between the exercises)

Re: Buffett to step down following six-decade run atop Berkshire

#105

Post by paulpauper »

unsnap_biceps wrote: post #9
rufus_foreman wrote: post #7

Earlier quoted context omitted.

I would assume this means that he is not in great health. Hopefully I'm wrong and he just decided that 85 years or so of hustling for dollars was enough.

At 94, if he had a health concern, I don't think he'd be planning out 7 months for stepping down.

Stepping down ASAP would look worse than doing it 7 months out

Re: Buffett to step down following six-decade run atop Berkshire

#108

Post by nabla9 »

dehrmann wrote: post #93
nabla9 wrote: post #73

Earlier quoted context omitted.

Berkshire has outperformed Nasdaq and SP500 from the IPO (May 9, 1996), 10y, 5y, 1y time periods and he has now $340B in cash. All this with low risk holding lots of cash. He has not missed anything.

Just because it beat indexes doesn't mean it couldn't have done better. From 2017: https://www.cnbc.com/2017/05/06/warren-buffett-admits-he-mad...

"Not to diminish the accomplishments of Magnus Carlsen , but he has lost many games."

"Not to diminish the accomplishments of the world's best poker player, but he did lose many hands."

Re: Buffett to step down following six-decade run atop Berkshire

#109

Post by bnjms »

ChadNauseam wrote: post #74
chrisco255 wrote: post #69

Earlier quoted context omitted.

If you balance the trade, it means reduced foreign ownership of U.S. assets, yes, which means ownership of U.S. assets by domestic citizens will increase. One of the primary problems with an unbalanced trade deficit is that your own inhabitants are left with less wealth over time, as assets are sold off to fund consumption.

That’s zero-sum thinking. Increases demand for US assets can make americans wealthier in many ways (e.g. providing more capital to american businesses).

Some goods are zero sum. Land is zero sum. Ownership of land by non local entities is… idk seems bad
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