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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

#231

Post by WalterBright »

TeaBrain wrote: post #228
Panzer04 wrote: post #210

Earlier quoted context omitted.

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…

The US was the most prosperous country in the world in the mid 20th century. It was also the free'est market in the world at the time.

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

#232

Post by WalterBright »

terribleperson wrote: post #222
WalterBright wrote: post #194

Earlier quoted context omitted.

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…

> Economic policy alone would not have resulted in the powerhouse America became

During WW2, the US was the most powerful economy in the world. It fought WW2 in both hemispheres (which required two navies), and supplied all the allies.

Japan was well aware they could never win a sustained war with the US, and hoped that the attack on Pearl Harbor would get them a negotiated settlement. Hitler, in probably the stupidest miscalculation in history, declared war on the US.

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

#233

Post by WalterBright »

mmooss wrote: post #225
WalterBright wrote: post #195

Earlier quoted context omitted.

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.

During the 19th century, the US elevated scores of millions of immigrants from poverty to the middle class and beyond. The newly wealthy "aristocracy" sprang from the poor, much to the disdain of European royalty.

Poverty in the US continued going down until 1968, when it began edging up again. 1968 was the advent of the "Great Society" programs.

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

#234

Post by arrosenberg »

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?

Deteriorating conditions for the working class are the main driver of our push toward authoritarian government. A pragmatist would have been more sympathetic for reasons beyond pure capitalist economics.

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

#235

Post by brandon272 »

apexalpha wrote: post #82

I’m not sure if it’s originally his but a small talk by him about getting a car made an impression on me and since watching it it’s become a good motivator to stay in shape. This seems like a good moment to share it. https://youtu.be/0fMRHpguTPM?si=75lLHzDynMCKhT9H

The interesting thing about this is that Buffett himself has never really had a reputation for taking care of his body in terms of getting exercise or eating well.

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

#236

Post by dehugger »

WalterBright wrote: post #192
pyth0 wrote: post #138

Earlier quoted context omitted.

This is only true if you ignore the important material and historical factors that go into the success of a country. Like for example, the immense wealth of natural resources and variation in climates that the US has. Or how about escaping much of the devastation that Europe faced in WW2 and benefiting immensely from helping them rebuild. Or having (for the most part) incredibly safe and stable relationships with nei…

The Sovied Union and Communist China all had vast natural resources. But a third world economy. Japan, S Korea and Hong Kong have next to no natural resources. Great prosperity. Germany turned to free markets after WW2 and enjoyed the "German Miracle". (Germany has since turned to socialism, with predictable results.) Germany received far, far less Marshall Plan money than Britain and France, who had no miracle. > bu…

Consider, for a moment, the state that China was in at the conclusion of WW2. It hadn't even industrialized yet. The British and the Japanese absolutely trashed China for over a hundred years!

Russia was also not industrialized until after their revolution in ~1920, and suffered horrific losses in the homeland during WW2.

The US emerged from WW2 fully industrialized and nearly unscathed. The US mainland remained untouched throughout both world wars.

The starting positions were far from equal. You attribute too much to free markets.

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

#237

Post by TeaBrain »

WalterBright wrote: post #231
TeaBrain wrote: post #228

Earlier quoted context omitted.

>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…

The US was the most prosperous country in the world in the mid 20th century. It was also the free'est market in the world at the time.

Once again, regardless of how free the US market was in the mid-20th century, this is not the most unique privilege about the US today, as you put it in your previous comment. Any country could institute the same market regulations and degrees of freedom as the US, but only one country can have the position of having the dominant reserve currency and dominant trade currency.

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

#238

Post by danielmarkbruce »

tw04 wrote: post #207
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…

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_...

The idea that companies should just agree to whatever proposal comes in from a union is preposterous.

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

#239

Post by linotype »

arrosenberg wrote: post #234
karaterobot wrote: post #220

Earlier quoted context omitted.

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

Deteriorating conditions for the working class are the main driver of our push toward authoritarian government. A pragmatist would have been more sympathetic for reasons beyond pure capitalist economics.

I just don’t buy this argument. By global standards, even the poorest Americans (with obvious exceptions like the homeless) are relatively wealthy. Comparison is the theft of joy.

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

#240

Post by danielmarkbruce »

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…

He's saying starting a trade war with china is really dumb - you don't want 7.5 people mad at you.
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