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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

#221

Post by gnulinux996 »

heresie-dabord wrote: post #28
riffraff wrote: post #5

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

> 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…

> At 94, Buffet has witnessed history and has represented a vision of betterment, a just society, and sound economic stewardship

How exactly did he "represented a vision of betterment, a just society, and sound economic stewardship"?

> 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.

Who are these "many" that need to be taught about those "democratic principles" and the "rule of law". How are these related to Buffett?

> It's the end of an era bona fides and respect for truth and accountability as the structural integrity of democratic society.

What?

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

#222

Post by terribleperson »

WalterBright wrote: post #194
terribleperson wrote: post #141

Earlier quoted context omitted.

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

It's a result of American prosperity, not the cause.

Real life is rarely as simple as discrete causes and effects. The dollar being a reserve currency is the result of both advantaged position America was in at the end of WWII combined with subsequent economic policy. Economic policy alone would not have resulted in the powerhouse America became, and it certainly could have squandered its post-WWII position with bad policy.

The dollar becoming the reserve currency has given America a lot of power, however. It certainly is a factor in the way America is able to run a trade deficit and yet still benefit.

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

#223

Post by terribleperson »

WalterBright wrote: post #217
yodsanklai wrote: post #168

Earlier quoted context omitted.

> The only unique thing about America is free markets Is that unique to America? I'm in EU, I thought we had free markets too. > The more free market a country is, the more it prospers. Some countries, including the US, reached prosperity by protecting their markets.

> Some countries, including the US, reached prosperity by protecting their markets. Protecting markets is done with tariffs. Are you sure you want to assert that tariffs are good for the economy?

There are barriers to trade besides tarriffs. That's literally the only sensible part of the nonsense justification for the initial values of Liberation Day tarriffs. The E.U., for example, has barriers to trade like food regulations and PDO and such. Protectionism takes forms besides tarriffs. Tarriffs are probably among the least useful, most damaging, most blunt protectionist tools.

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

#224

Post by throwaway314155 »

gnulinux996 wrote: post #221
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…

> At 94, Buffet has witnessed history and has represented a vision of betterment, a just society, and sound economic stewardship How exactly did he "represented a vision of betterment, a just society, and sound economic stewardship"? > 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. Who are these…

> Who are these "many" that need to be taught about those "democratic principles" and the "rule of law". How are these related to Buffett?

The current status of things in US politics is what I assume is being referred to here. Happy to be corrected.

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

#225

Post by mmooss »

WalterBright wrote: post #195
ajross wrote: post #155

Earlier quoted context omitted.

> Any country can become highly successful by enacting free markets. And the existence proof for that assertion is which country, exactly? Lots of nations lack regulation of some form or another, many of them are "freer" than the US. The US isn't entirely "free" of trade barriers either (c.f. tariffpocalype). Basically this sounds like a no-true-scotsman in the making. No, it's not that simple.

The US is not a perfect free market. But it is closer than other countries. Socialism, on the other hand, makes things worse the closer one gets to "true" socialism.

Worse for who? The US outcomes have been very good for the wealthy, especially the ultra-wealthy, but less good for other people than outcomes in many other wealthy countries.

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

#226

Post by mmooss »

WalterBright wrote: post #132
photochemsyn wrote: post #65

Earlier quoted context omitted.

If the US government really wanted to bring back industrial manufacturing, tax policy is one obvious route - eg a 2/3 tax on billionaire and corporate wealth, such as on the huge pile of cash Buffet-Berkshire is sitting on, but then offer a way out - invest that cash in domestic manufacturing and R & D and it won't be taxed. This could motivate the private sector to go back to the Bell Labs model, too.

Billionaires get that way by investing in companies. You don't have to force them into it.

They also get that way by inheriting wealth, by buying favorable laws and regulations, by anticompetitive practices (we've seen a few in the IT sector), and by other problematic behavior.

I agree that free markets are great in principle but your comments seem dogmatic - all free markets and only free markets. The conversation would be much more interesting if it was about the nuances.

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

#227

Post by bluocms »

jxjnskkzxxhx wrote: post #215
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?

I downloaded his letters to shareholders to an ebook reader, starting I believe in 1971 or so. Read all of it to the present, about 1500 pages (there's a lot of repetition) What sticks out the most is what a clear thinker he is.

Would be possible for you to share it? I think would be a very interesting read. Thanks

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

#228

Post by TeaBrain »

Panzer04 wrote: post #210
TeaBrain wrote: post #144

Earlier quoted context omitted.

>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.

And why do you think the dollar is dominant in international trade? You appear to be putting the cart before the horse.

>And why do you think the dollar is dominant in international trade?

The dollar isn't dominant in international trade because the domestic market is free, like the above user was referencing. The dollar has been the dominant reserve currency and currency for international trade since it overtook the pound for both of those functions in the mid 20th century, which didn't coincide with the US having a free market.

Also, I wasn't make any causal relationship in my comment, like you seem to be implying. The fact that USD is the dominant reserve currency and dominant trade currency is unquestionably more unique than having free markets, considering that the US is truly completely unique in both of these regards, while it is not nearly as unique in having a free market.

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

#229

Post by WalterBright »

mmooss wrote: post #226
WalterBright wrote: post #132

Earlier quoted context omitted.

Billionaires get that way by investing in companies. You don't have to force them into it.

They also get that way by inheriting wealth, by buying favorable laws and regulations, by anticompetitive practices (we've seen a few in the IT sector), and by other problematic behavior. I agree that free markets are great in principle but your comments seem dogmatic - all free markets and only free markets. The conversation would be much more interesting if it was about the nuances.

> They also get that way by inheriting wealth,

Then their parents must have been billionaires, generating it with investments. If the inheritors divest from those investments, then they incur enormous income taxes. So it's likely to stay.

> by buying favorable laws and regulations,

Then it's not free market. There is no government system that is immune from buying influence and corruption.

> by anticompetitive practices (we've seen a few in the IT sector), and by other problematic behavior.

Nothing is perfect.

> The conversation would be much more interesting if it was about the nuances.

Perhaps, but nuances do not drive prosperity. It would also be more interesting if you showed me a prosperous socialist economy.

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

#230

Post by jagged-chisel »

karaterobot wrote: post #220
tw04 wrote: post #207

Earlier quoted context omitted.

I will say that his pragmatism seemed to fall apart pretty quickly when the rubber met the road - unless I’m misinformed (which I may be). Berkshire was a key player in the rail workers strike of 2022 and Warren didn’t seem to want to give an inch to the working man when given the opportunity to do so. https://en.m.wikipedia.org/wiki/2022_United_States_railroad_...

I'm not clear how this represents him not being pragmatic, could you say more?

Where did pragmatism enter this thread?
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