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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

#41

Post by dehrmann »

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?

Not to diminish any of his accomplishments, but read his quotes and story as being a product of his time. He famously missed out on a lot of solid tech investments because of his background as a value investor. Value investing doesn't exist the same way it did when Berkshire started making a name for itself. Tech investing also isn't them same as 1997, 2004, or 2010.

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

#42

Post by locallost »

behnamoh wrote: post #29

All that money and he's still a mortal just like the rest of us. I wonder if mega billionaires like him have done private research on life longevity, cryosleep, mind-upload, etc. It's the only useful thing they can do with that much money that directly benefits them. Anything else (legacy, influence, children, etc.) doesn't benefit them when they're gone.

There are things I don't like about him, and the way he is idolized by people that want to accumulate money. But I will say you can't really throw that "all that money and he's still mortal" thing at him because in reality he lived really below his means. So the money part is interesting, why did he try to get so much if he didn't really need it? I think (without really knowing anything about him), that he wanted money like everyone else to be independent, but at one point it turned into a game to see how much he can win.

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

#43

Post by DontchaKnowit »

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?

Honestly his ex wifes book about how he reads 10k reports is really good. Cant remember the name.

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

#44

Post by cromulent »

xNeil wrote: post #20
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?

Not by Buffett, but you'll love Poor Charlie's Alamanack, by Charlie Munger, his lifelong business partner. https://www.stripe.press/poor-charlies-almanack/cover

Buffet said of Munger:

> “In terms of managing money, there wasn’t anybody better in the world to talk to for many, many decades than Charlie.”

Buffet gets all the press, but he acknowledges Munger as a huge part, if you listen.

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

#45

Post by dghlsakjg »

curiousgal wrote: post #26
xNeil wrote: post #22

Earlier quoted context omitted.

Not convinced working for government is the best use of your potential, though considering he owns 5% of all US Treasury Bills, I wouldn't say his impact is any less than being a government employee.

> best use Well I don't think him sitting on billions of dollars at 94 is better from a societal perspective.

That money has already been committed to charitable use for the most part, or already donated. He is essentially managing billions of dollars on behalf of charitable causes. Seems like a pretty good use of his money management skills.

Besides all that he has advocated for that money to be taxed away from him for decades.

He pretty famously lives below his means in a normal suburban house and drives around in a car that most software engineers could afford (Cadillac sedan).

From a societal perspective, I’m not sure you could ask for much more from any one man.

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

#46

Post by mulmen »

curiousgal wrote: post #26
xNeil wrote: post #22

Earlier quoted context omitted.

Not convinced working for government is the best use of your potential, though considering he owns 5% of all US Treasury Bills, I wouldn't say his impact is any less than being a government employee.

> best use Well I don't think him sitting on billions of dollars at 94 is better from a societal perspective.

“Sitting on”? He famously invests in companies that do things.

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

#47

Post by fifilura »

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…

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.

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

#48

Post by DumbForceDFDC »

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…

[dead]

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

#49

Post by Frost1x »

aliljet wrote: post #39

How much of Berkshire actually relied on Buffet toward this announcement? I'm increasingly suspect of 90+ or 80+ adults operating the machinery of massive entities. Lots of examples of this.

You’re probably right, but I suspect he guided the general direction of investments. I suspect they had very clever highly qualified younger people dealing with most the day to day decisions within those boundaries. I wouldn’t discount the contribution of either: both broad vision and narrow focus can add a lot of value.

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

#50

Post by jjallen »

closewith wrote: post #35
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…

[flagged]

He’s giving away the vast majority of his wealth. He’s the literal embodiment of the opposite of what you’re saying.
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