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

Post by beaconstudios » Sat, Feb 25, 2017, 6:10 PM UTC

Shubley wrote: post #148

beaconstudios wrote: post #56

Earlier quoted context omitted.

I'm not the author, but I think they were alluding to the type of pride that results in negative forms of nationalism, especially when it's tied into ideas about ethnic states. Various nationalist parties (e.g. the British National Party in my country) are actually thinly veiled parties for racial supremacy, and the Nazi regime was born out of a myth of German natural supremacy. Not to say that all nationalism is lik…

You're mind reading the worst possible intentions. This is the exact opposite of the principle of charity. Why insist on mind reading evil from people who vehemently state other ideals? By your mindset, you'd mind read Churchill and FDR - the defeaters of Nazis - as Nazis themselves. Similarly, we could mind read leftist parties as a having the real goal of dissolving and erasing the white race. And your political mi…

Post by gizmo » Sat, Feb 25, 2017, 6:11 PM UTC

tptacek wrote: post #96

gizmo wrote: post #59

Earlier quoted context omitted.

The average banker has no idea how to hedge any serious amount of money, nor does the average banker understand what kind of hedging strategy is appropriate for a business. Nothing about hedging with futures or options is easy. Also, hedge funds don't charge 2/20 anymore like in the good old days.

According to the Shareholder's Letter, the 5 funds of funds in the bet portfolio were comprised of funds that largely did charge 2/20, with the fund-of-fund charging an addition 1% plus performance on top of that.

Post by Radle » Sat, Feb 25, 2017, 6:23 PM UTC

Post by cik2e » Sat, Feb 25, 2017, 6:26 PM UTC

jdavis703 wrote: post #29

dsacco wrote: post #17

There's one particular passage I'd like to point out, on page 5: Our efforts to materially increase the normalized earnings of Berkshire will be aided – as they have been throughout our managerial tenure – by America’s economic dynamism. One word sums up our country’s achievements: miraculous. From a standing start 240 years ago – a span of time less than triple my days on earth – Americans have combined human ingenu…

they all represent a net gain for Americans from the barren lands, primitive structures and meager output of 1776. Starting from scratch, America has amassed wealth totaling $90 trillion. This was a gain that was achieved not by starting from scratch but by stealing lands from indigenous people and forcing Africans to work that land. I'm not sure if you can describe the kidnapping, murder, rape and ultimately genocid…

Post by tptacek » Sat, Feb 25, 2017, 6:42 PM UTC

gizmo wrote: post #163

tptacek wrote: post #96

Earlier quoted context omitted.

According to the Shareholder's Letter, the 5 funds of funds in the bet portfolio were comprised of funds that largely did charge 2/20, with the fund-of-fund charging an addition 1% plus performance on top of that.

Hedge fund fees have been in a steady decline. > The notion that hedge funds all collect a stereotypical management fee of 2 percent and a performance fee of 20 percent has been dying a slow death in recent years, especially for smaller, newer funds. https://www.bloomberg.com/view/articles/2015-10-27/hedge-fun... Buffet's bet went into effect in January of 2008, so before the crash.