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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

#581

Post by tome »

scotty79 wrote: post #577
tome wrote: post #471

Earlier quoted context omitted.

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.

Value investing a la Buffett and Munger is certainly not how we got 2008. Quite the opposite. In fact they were some of the most prominent individuals before 2008 outspoken about the risks of the derivatives that led to 2008, calling them "financial weapons of mass destruction".

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

#582

Post by throw0101a »

ronbenton wrote: post #285
rhubarbtree wrote: post #248

Earlier quoted context omitted.

Disagree. The last one is important. You can buy a bigger and bigger house car tv stereo whatever, but it will not make you happy.

>You can buy a bigger and bigger house car tv stereo whatever, but it will not make you happy. Well that seems like an assumption! Plenty of people are happier with nicer things. I don't think we need to tell people what should make them happy.

> Plenty of people are happier with nicer things. I don't think we need to tell people what should make them happy.

They are happier… for a limited time and then want 'more':

* https://en.wikipedia.org/wiki/Hedonic_treadmill

'Upgrading' things can lead down a road where problems arise:

* https://en.wikipedia.org/wiki/Diderot_effect

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

#583

Post by throw0101a »

pm90 wrote: post #366
toomanyrichies wrote: post #355

Earlier quoted context omitted.

> Plenty of people are happier with nicer things. Are they truly happier, in the sense of being more content? Or are they just deriving more temporary pleasure from the hedonic treadmill they're on? You can probably tell which one it is, by how long their happiness with their house / car / TV / fill-in-the-blank lasts, before they start thinking about trading up to an even nicer fill-in-the-blank. Buddhist monk Matth…

This is a deeply personal decision and I categorically reject any kind of moralization around frugality.

> This is a deeply personal decision and I categorically reject any kind of moralization around frugality.

It's not a bout moralizing but recognizing how the reward centres of the human brain work:

* https://en.wikipedia.org/wiki/Hedonic_treadmill

I would recommend the recently published book The Art of Spending Money by Morgan Housel, or check out the interviews he's done in recent months on it:

* https://collabfund.com/blog/my-new-book-the-art-of-spending-...

It's not about being frugal or cheap or spendy, but on recognizing human psychology and what actually brings most people happiness. See also the 85-year Harvard study on the topic:

* https://pmc.ncbi.nlm.nih.gov/articles/PMC11575524/

* https://the-good-life-book.com

* https://news.harvard.edu/gazette/story/2017/04/over-nearly-8...

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

#584

Post by throw0101a »

artdigital wrote: post #363
joquarky wrote: post #354

Earlier quoted context omitted.

That happy feeling only lasts about six weeks. Happiness is unsustainable. However, contentment is an attainable goal.

I bought a bigger nicer TV (the biggest I ever bought) about 4 years ago and it still brings me joy to this day every time I use it So no, not only 6 weeks

> I bought a bigger nicer TV (the biggest I ever bought) about 4 years ago and it still brings me joy to this day every time I use it

n=1. For the general population:

* https://en.wikipedia.org/wiki/Hedonic_treadmill

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

#585

Post by zwnow »

pembrook wrote: post #572
zwnow wrote: post #571

Earlier quoted context omitted.

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"

Funny that u think this:

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

Means:

> Billionaires make their money by gaming the system

Serious reading comprehension issue.

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

#586

Post by scotty79 »

tome wrote: post #581
scotty79 wrote: post #577

Earlier quoted context omitted.

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.

Value investing a la Buffett and Munger is certainly not how we got 2008. Quite the opposite. In fact they were some of the most prominent individuals before 2008 outspoken about the risks of the derivatives that led to 2008, calling them "financial weapons of mass destruction".

It's the same casino. I don't have any leeway for people who partake in this "responsibly".

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

#587

Post by tome »

scotty79 wrote: post #586
tome wrote: post #581

Earlier quoted context omitted.

Value investing a la Buffett and Munger is certainly not how we got 2008. Quite the opposite. In fact they were some of the most prominent individuals before 2008 outspoken about the risks of the derivatives that led to 2008, calling them "financial weapons of mass destruction".

It's the same casino. I don't have any leeway for people who partake in this "responsibly".

Right, and that's what I see as dismissive.

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

#588

Post by howdyhowdy123 »

WalterBright wrote: post #557
PostOnce wrote: post #553

Earlier quoted context omitted.

Jobs is probably a good example here, and obviously there aren't many Jobses in the world. As far as I know, he started with nothing really. Bill Gates however was born rich and had powerful, well-connected parents and grandparents. Obviously Bill did better with those tools than most people would, but would it have been possible if he started as an average kid with an average amount of money? He wouldn't have gone t…

> His mom was on the board of a charity which included the CEO of IBM, which is how IBM got involved with Microsoft. Microsoft wouldn't be Microsoft without that deal, or without Mary Gates, or the money that facilitates all these kinds of things. IBM gave Gary Kildall the opportunity first. Gary whiffed the deal, and then IBM went to Gates. Gary Kildall did not have a wealthy background, and he became quite wealthy…

His retirement was sad and his death tragic. I wish his family would release the second half of his autobiography.

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

#590

Post by WalterBright »

howdyhowdy123 wrote: post #588
WalterBright wrote: post #557

Earlier quoted context omitted.

> His mom was on the board of a charity which included the CEO of IBM, which is how IBM got involved with Microsoft. Microsoft wouldn't be Microsoft without that deal, or without Mary Gates, or the money that facilitates all these kinds of things. IBM gave Gary Kildall the opportunity first. Gary whiffed the deal, and then IBM went to Gates. Gary Kildall did not have a wealthy background, and he became quite wealthy…

His retirement was sad and his death tragic. I wish his family would release the second half of his autobiography.

I agree and would also like to read it, but I understand his family's decision. I'd probably do the same.

In retrospect, I wish I had pressed my dad to write an account of his wartime experiences. Fortunately, his letters were saved, but unfortunately, the letters were censored and so were kinda cardboard.

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