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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

#141

Post by terribleperson »

WalterBright wrote: post #127
terribleperson wrote: post #101

Earlier quoted context omitted.

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.

Uniquely privileged position? The only unique thing about America is free markets. Any country can become highly successful by enacting free markets. The only thing in the way is their disbelief that they work. There's a common thread across the world and history. The more free market a country is, the more it prospers.

I would say that the dollar being the global reserve currency is a unique privilege, yes.

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

#142

Post by monadINtop »

ignoramous wrote: post #120
chgs wrote: post #107

Earlier quoted context omitted.

it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God

I was like, surely not someone quoting al-A'raf (Qur'an 7:40) on the orange site but it turns out it is the New Testament (Luke 18:25).

there's got to be at least one hafiz commenting on HN

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

#143

Post by zhivota »

khazhoux wrote: post #128

For all I've heard about WB the last few decades, I couldn't tell you a single thing he's done that's impacted my life, the country, or the world. AFAIK he's a guy who makes a ton of money, plays bridge with Bill Gates, gives advice, and has a fund that made money for other people. Am I missing something?

Buffett invested in boring industries like insurance. As unexciting as it is, businesses like that basically are the invisible infrastructure that makes society work smoothly.

Don't misunderstand flashy at the only way to be important.

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

#144

Post by TeaBrain »

WalterBright wrote: post #127
terribleperson wrote: post #101

Earlier quoted context omitted.

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.

Uniquely privileged position? The only unique thing about America is free markets. Any country can become highly successful by enacting free markets. The only thing in the way is their disbelief that they work. There's a common thread across the world and history. The more free market a country is, the more it prospers.

>The only unique thing about America is free markets

This is less unique than the dollar being the dominant reserve currency and dominant currency for settling international trade.

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

#145

Post by huijzer »

kinnth wrote: post #37
heresie-dabord wrote: post #28

Earlier quoted context omitted.

> Still, end of an era. That is an enormous understatement. At 94, Buffet has witnessed history and has represented a vision of betterment, a just society, and sound economic stewardship. These things were not and are not hallucinations. But for many, it seems, the lessons about co-operation, stable economic growth. the sane application of democratic principles, and the rule of law must be learned again. It's the end…

Buffet reminded me a lot of Angela Merkel. They stood clearly and simply for good moral judgment, fair systems and looked at the bigger picture to carry most people forward. They also based all their decision in facts, truth and science. They learn't their trades (economics & politics) over time and weren't afraid to adapt as times changed. Their slow and steady presence did more for equality and fairness than many o…

> They stood clearly and simply for good moral judgment

Merkel has severely underestimated Putin. She played a role in the continuous betting on Russian oil. Merkel has called the internet “neuland” and wasn’t her government also the one starting with hydrogen subsidies. I donno about you but to this day I only hear lots of talk about hydrogen but near zero results. So all the wrong bets.

Also I don’t know whether you noticed but Germany is expected to be in a recession for three years in a row now.

About equity and fairness okay I guess you are right. Everybody in Germany will be poor if things continue like this.

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

#146

Post by DonHopkins »

thi2 wrote: post #54
kinnth wrote: post #37

Earlier quoted context omitted.

Buffet reminded me a lot of Angela Merkel. They stood clearly and simply for good moral judgment, fair systems and looked at the bigger picture to carry most people forward. They also based all their decision in facts, truth and science. They learn't their trades (economics & politics) over time and weren't afraid to adapt as times changed. Their slow and steady presence did more for equality and fairness than many o…

That has to be about a different Angela Merkel, the one I know had one priority: preserving status quo.

[flagged]

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

#147

Post by TeaBrain »

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...

Someone probably said something similar in the 1960s when Buffet avoided crowded Go-Go era investments in the 1960s to his benefit.

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

#148

Post by forgetfreeman »

infecto wrote: post #119
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.

Didn’t he retract from the Gates foundation last year. His children will be in charge of it to “donate”. I don’t know the specific mechanics but seems like it’s a good way to simply give it to your kids. They all run types of charities. https://www.inc.com/jason-aten/with-4-words-warren-buffett-e...

Not to rain on anyone's parade but it is important to note that philanthropic trusts are an excellent way to avoid taxes.

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

#149

Post by unsnap_biceps »

paulpauper wrote: post #105
unsnap_biceps wrote: post #9

Earlier quoted context omitted.

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

Sure, but if there is a health concern, announcing a date and then passing away before then is even worse then just stepping down asap.

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

#150

Post by jasonpeacock »

riffraff wrote: post #5

He's 94 years old, it's honestly impressive he was still there. Still, end of an era.

Chocolate chips[1] were invented in 1937, when Buffet was 6yrs old, and commercialized as we know them today in 1941 when Buffet was 10.

He's literally older than chocolate chips!

[1] https://simple.wikipedia.org/wiki/Chocolate_chip

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