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Warren Buffett steps down as Berkshire Hathaway CEO after six decades

latimes.com

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Re: Warren Buffett steps down as Berkshire Hathaway CEO after six decades

#571

Post by zwnow »

pembrook wrote: post #570
zwnow wrote: post #562

Earlier quoted context omitted.

Sorry but I am not retarded enough to compare my income to a billionaire gaming the system while half of my salary is taken to help exactly the people who cant afford life themselves. The world would be a much better place if billionaires got taxed as much as regular people. By percent not in absolute numbers obviously.

The vast majority of billionaires don't get wealthy by 'gaming the system' and if that were the case and you simply could just game the system, why isn't there more of them? Also, you still haven't explained how you're morally superior by being in the top 10% of global earners vs. the top .01%, while people are starving. Using your logic about how you think the world works, you've clearly gamed the system to take mor…

I never claimed they got rich by gaming the system. My god learn to read.

Re: Warren Buffett steps down as Berkshire Hathaway CEO after six decades

#572

Post by pembrook »

zwnow wrote: post #571
pembrook wrote: post #570

Earlier quoted context omitted.

The vast majority of billionaires don't get wealthy by 'gaming the system' and if that were the case and you simply could just game the system, why isn't there more of them? Also, you still haven't explained how you're morally superior by being in the top 10% of global earners vs. the top .01%, while people are starving. Using your logic about how you think the world works, you've clearly gamed the system to take mor…

I never claimed they got rich by gaming the system. My god learn to read.

> "I never claimed they got rich by gaming the system. My god learn to read."

> "I am not retarded enough to compare my income to a billionaire gaming the system"

Re: Warren Buffett steps down as Berkshire Hathaway CEO after six decades

#573

Post by trueno »

sammy2255 wrote: post #514
sammy2255 wrote: post #297

Is this article written by a child? "he grew Berkshire from a struggling New England textile mill that he starting buying up for $7.60 a share in 1962"

Probably an Indian

"in today's fast paced business environment ... "

- our prolific overseas medium.com bloggers

Re: Warren Buffett steps down as Berkshire Hathaway CEO after six decades

#574

Post by nl »

elcritch wrote: post #497
nl wrote: post #455

Earlier quoted context omitted.

I really don't like this moralizing but more importantly there's increasing evidence that wealth does correlate with life satisfaction. > The data showed the happiness gap between wealthy and middle-income participants was wider than between middle- and low-income participants. And the apparent reason: > He said: “A greater feeling of control over life can explain about 75% of the association between money and happin…

Sure, but I’d argue that it’s largely reduced stress rather than raw materialism. For example being able not to worry about paying both the electric bill and a child’s dental work this month. There’s many other research that corroborates this view. After some point increasing income didn’t increase life satisfaction. Usually somewhere in the low upper-middle class region.

> After some point increasing income didn’t increase life satisfaction. Usually somewhere in the low upper-middle class region.

That's the common assumption that this research repudiates.

> These findings are counter to a widely covered 2010 study that found happiness rises with income, but plateaus at around $75,000.

He studied much richer people:

> Killingsworth also used data from the ultra-wealthy (people with a median net worth between $3m and $7.9m), which is often lacking and difficult to obtain.

> The data showed the happiness gap between wealthy and middle-income participants was wider than between middle- and low-income participants.

> His study also found wealthy individuals were “substantially and statistically significantly happier than people earning over $500,000 each year”.

Re: Warren Buffett steps down as Berkshire Hathaway CEO after six decades

#575

Post by lucyjojo »

pembrook wrote: post #499
Yokohiii wrote: post #465

Earlier quoted context omitted.

I think moralism is an side effect of the demise of spiritualism in the west. We somehow have to shape moral values, the lack of a framework for it makes it feel blunt and chaotic. That being said, I find it odd to moralize on moralism. We have way too many people in power that are awful humans and do a bad job and never get punished. Meanwhile, stealing a car because you are hungry can be the begin of a ruined life.…

> We have way too many people in power that are awful humans and do a bad job When was this ever not the case? And what makes you think that you (or any other human) are somehow morally superior and would do a better job if subject to the same environment and pressures? The point is that power corrupts, so we try to design decentralized systems wherever possible that don't require absolute power to function (ie. free…

(opinion) current "democratic" systems structurally have a tendency to put the worse people at the top (amoral/immoral/corrupt etc.). with that assertion, swapping to random people would probably prove an improvement.

Re: Warren Buffett steps down as Berkshire Hathaway CEO after six decades

#576

Post by scotty79 »

tim333 wrote: post #153
scotty79 wrote: post #78

Earlier quoted context omitted.

There's no Buffett's strategy. Market buys whatever Buffett's company bought. That's how he got unusual gains. Moment of fame stretched over 60 year of clipping coupons off of that initial fame. The thing that made it possible was that he was content with his performance and never tried to one up himself. He kept his fame and market interest in him simmering over six decades inatead burning out in one bright flash.

That doesn't explain how he did well before people had heard of him. Also if you read his letters he talks about his strategy and it's not that.

Dead clock is perfectly accurate twice every day.

He has plausible narratives for his success and that was enough to manufacture fame out of his initial random success. And the fame carried him for decades.

Re: Warren Buffett steps down as Berkshire Hathaway CEO after six decades

#577

Post by scotty79 »

tome wrote: post #471
tommy92 wrote: post #327

Earlier quoted context omitted.

Yes its the typical attitude than gives HN users a bad name. And this particular comment doesn't seem to have done beyond surface level research either on his investment works. Maybe not even surface level. Too much confidence too little works just empty words.

I've begun to call it (in my own head) "pessimissivism", a fatal combination of being pessimistic and dismissive. It can't be unique to HN, but I find it particularly jarring that it has taken root here, given the optimistic and open-minded origins of this forum.

We are talking about about billionaires gambling with company issued casino chips while messing up the actual brick and mortar economy. Being open-minded and optimistic about this activity brought us such wonderful events as 2008.

Re: Warren Buffett steps down as Berkshire Hathaway CEO after six decades

#578

Post by scotty79 »

JumpCrisscross wrote: post #187
scotty79 wrote: post #78

Earlier quoted context omitted.

There's no Buffett's strategy. Market buys whatever Buffett's company bought. That's how he got unusual gains. Moment of fame stretched over 60 year of clipping coupons off of that initial fame. The thing that made it possible was that he was content with his performance and never tried to one up himself. He kept his fame and market interest in him simmering over six decades inatead burning out in one bright flash.

> There's no Buffett's strategy There is and it’s found in float, leverage and low-volatility assets [1]. If you look at what he does, that becomes clear. If you only pay attention to how people talk about him on the internet, you’ll be misled into seeing trend following. [1] https://www.nber.org/system/files/working_papers/w19681/w196...

You can invent any strategy and you will be consistently successful if you get the flock to follow you. And if you don't, your strategy will crash and burn eventually, whatever it might be. The prolonged success of Buffet's strategy doesn't lie in the strategy. It lies solely in his fame and market followers.

Re: Warren Buffett steps down as Berkshire Hathaway CEO after six decades

#579

Post by tasuki »

jimnotgym wrote: post #547
12ian34 wrote: post #486

Earlier quoted context omitted.

> Rich guy has a job so easy he works until old age. How would you know how difficult his job is? It's not easy to run a company, let alone a hugely successful one responsible for a vast amount of assets. > Never made anything, just leant money to companies that weren't as rich as him and his cronies, to get a share of profits for doing nothing. Providing capital to companies helps them grow which in turn helps add v…

> I'm curious as to why you're so judgemental of him Not particularly him. It annoys me that people go on about how amazing it is that certain people can do their job for so long. Yet his job is not hard on his body, like a labourer. It doesn't carry the same pressure as a business owner who has remortgaged his house and must succeed. If BH went bankrupt, I'm sure it would be embarrassing, but he would still be rich,…

I'm not dang, don't necessarily agree with all of your views, but do appreciate the explanation!

Re: Warren Buffett steps down as Berkshire Hathaway CEO after six decades

#580

Post by pvtmert »

krapp wrote: post #523
pvtmert wrote: post #457

Earlier quoted context omitted.

America was the first influencer country in the history

>America was the first influencer country in the history Mesopotamia, Egypt, China, Greece, Rome, Spain, France, Britain, pre-Columbian Mexico and India would like a word with you after class.

I meant to say modern-day influencer. Like instagram/tiktok like. All this "American-Dream" style things were promotional material with twisted reality. Movies showing luxury lifestyle of a "regular" American/US person.

Although per-person adjusted income is really high compared to many parts of the world, day-to-day lifestyle is hardly comparable to "Home Alone" or Wolf of Wall Street themes.

But yes, each era had prosperous countries trying to attract talent obviously. From Egypt to Persians then Rome and even Ottomans too. Later on France/Britain during industrialization.

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