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Buffett to step down following six-decade run atop Berkshire

bloomberg.com

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

#241

Post by arrosenberg »

linotype wrote: post #239
arrosenberg wrote: post #234

Earlier quoted context omitted.

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.

Seems kind of silly to pretend it won’t happen though. Especially since we’ve chosen to base social status on wealth.

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

#242

Post by danielmarkbruce »

nabla9 wrote: post #60
next_xibalba wrote: post #40

Earlier quoted context omitted.

Buffett actually does share a fear of trade deficits, though. His proposed solution, as an alternative to tariffs, were "import certificates"-essentially a marketable credit required to import goods. These would be earned via exports by exporters, be freely priced and traded, and would essentially bind import levels to export levels.

It's really a non-problem. Net capital inflows into the U.S. = U.S. trade deficit. The balance of payments is simply: Sales of assets – Purchases of assets = Purchases of goods – Sales of goods If you balance the trade, it means foreigners must stop investing into the US.

By this definition "investing in" includes people overspending and getting themselves in a huge hole with debt. Sure, tell yourself that "creditors are investing in them".

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

#243

Post by danielmarkbruce »

nu11ptr wrote: post #3

Wow, not sure why this surprises me, but I guess I figured he would be like Charlie and keep working until he passed.

I bet he does. He has money outside berkshire and I'm sure the thought of spending hours every day investing his own money in smaller things, taking more risks etc sounds like fun.

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

#244

Post by danielmarkbruce »

Lammy wrote: post #6
nu11ptr wrote: post #3

Wow, not sure why this surprises me, but I guess I figured he would be like Charlie and keep working until he passed.

Had to look this up because I am not rich enough to be on a first-name basis with my close personal billionaire friend Charles Thomas Munger https://en.wikipedia.org/wiki/Charlie_Munger

"had to look this up because i've been living under rock"

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

#245

Post by danielmarkbruce »

cyanydeez wrote: post #171
havaloc wrote: post #165

94 years of age isn't too bad for someone who is a legendary Coke drinker - five cans a day! https://markets.businessinsider.com/news/stocks/warren-buffe...

I'm guessing the real problem is he's irrationally bullish on the US stock market when there's no sane reason to be.

Selling billions of dollars in equities to hold cash doesn't scream bullish.

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

#246

Post by liamwire »

xboxnolifes wrote: post #175
Ekaros wrote: post #123

Earlier quoted context omitted.

Yeah, quality years at end of life are not solved problem even for the rich. Being this active must be genetic.

And no amount of good doctors can make you change your lifestyle. At the end of the day, a ton of doctor advise is ways to change your lifestyle, and that takes personal effort.

Buffet, famously, is known for not having great dietary habits. I agree with you, but he’s not a good example here.

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

#247

Post by brookst »

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.

This is painfully naive.

Simple, obvious contradiction: can every country enjoy the benefits of issuing the de facto reserve currency for the world? Just by having free markets?

The US has been incredibly privileged. I’d argue that was earned in some ways and lucky in others. But it’s undeniably true.

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

#248

Post by akdor1154 »

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.

> There's a common thread across the world and history. The more free market a country is, the more it prospers.

As long as the trend of capitalist market+power consolidation is considered to be 'less free market', I think I'd agree with you.

- Sincerely, an otherwise raging leftie

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

#249

Post by Aeolun »

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.

> slow and steady presence

> preserving status quo

That sounds like the same thing to me?

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

#250

Post by Aeolun »

fifilura wrote: post #47
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…

It is ok, I understand how you are thinking. But unfortunately I think Merkels legacy will be "Wandel durch handel". Trying to pacify Russia and Putin through increasing trade. Did not work.

Yes. But that wasn’t a rational outcome. By any measure Russia is momumentally worse off after basically anything it’s done in the past three years.
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