maoxian + buffett   219

Berkshire’s Charlie Munger calls bitcoin ‘totally asinine’
“I regard the bitcoin craze as totally asinine,”


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“I expect the world to do silly things from time to time, because everybody wants easy money. It’s just disgusting that people are taken in by something like this . . . Our government’s lax approach to it is wrong. The right answer with stuff that bad is to step on it hard.”
buffett 
7 weeks ago by maoxian
Buffett Says He Was Staggered by GE’s ‘Big Time’ Finance Lapses - Bloomberg
“The accounting at GE has not been a model at all in recent years. But you can make mistakes in something like insurance reserving big time, and long-term care has probably been the biggest single element in mis-reserving in insurance throughout the industry.”
buffett 
12 weeks ago by maoxian
The $50 Billion Decision
So there I went, and he offered me a job at Graham-Newman Corp., which he ran with Jerry Newman. Everyone says that A.W. Jones started the hedge fund industry, but Graham-Newman’s sister partnership, Newman and Graham, was actually an earlier fund. I moved to White Plains, New York, with my wife, Susie, who was four months pregnant, and my daughter. Every morning, I got on a train to Grand Central and went to work.

I THINK HOMER DODGE WAS OWEN'S GRANDDAD
buffett 
february 2018 by maoxian
Avoiding Stupidity is Easier than Seeking Brilliance
Wesco continues to try more to profit from always remembering the obvious than from grasping the esoteric. … It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. There must be some wisdom in the folk saying, `It's the strong swimmers who drown.'
buffett 
january 2018 by maoxian
Buffett Says Stock Ownership Became More Attractive With Tax Cut - Bloomberg
On bitcoin:
Buffett said he’s no fan of cryptocurrencies and is confident that the run up in their value is fleeting.
“In terms of cryptocurrencies, generally, I can say almost with certainty that they will come to a bad ending. Now when it happens, or how or anything else, I don’t know. But I know this: If I could buy a five year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth.”
buffett 
january 2018 by maoxian
Warren Buffett wins $1M bet made a decade ago that the S&P 500 stock index would outperform hedge funds - AEI
Specifically, Buffett offered to bet that over a ten-year period from January 1, 2008 to December 31, 2017, the S&P 500 index would outperform a portfolio of funds of hedge funds when performance is measured on a basis net of fees, costs and all expenses.
HEDGEFUNDS  buffett 
september 2017 by maoxian
Berkshire Is Back on Board With Airlines - Bloomberg Gadfly
it took stakes now worth a combined $1.5 billion in three of the biggest U.S. commercial air carriers: American Airlines Group Inc., Delta Air Lines Inc. and United Continental Holdings Inc. It also added Southwest Airlines Co., according to a CNBC report citing the billionaire.

NOT ENOUGH COMPETITION IN THE SECTOR IF A VULTURE LIKE BUFFETT IS BUYING

Back in 2001, it was Buffett who said he'd never invest in airlines again after what he called a "mistake" owning US Airways Group: "Now if I get the urge to invest in airlines, I call an 800 number and I say: Hello, my name is Warren, and I'm an air-o-holic."Perhaps Buffett wasn't behind Berkshire's getting back into the industry. Or perhaps something has convinced him he's in for a smoother flight this time.

GLAD SHE FOUND THAT OLD CRACK FROM 2001
Buffett 
november 2016 by maoxian
Warren Buffett Made a Big Bet On an ‘In-Your-Face’ CEO - Bloomberg
It’s a bruising approach to management that’s at odds with Buffett’s folksy image

LONGFORM
Buffett 
august 2016 by maoxian
Buffett bullish on China
"A bubble may be developing," said Rogers in an e-mail to the Global Times on Sunday. He nevertheless stressed that he had bought more Chinese shares recently and was "likely to continue buying."

Buffett said he was glad that he invested in Petro China.

"We bought and sold that and we made $3.5 billion, I wish I could find another one over there,"

TIMING WAS GOOD, BROKER AT CITI SOLD HIM ON THAT ONE
buffett 
may 2015 by maoxian
Jeff Matthews Is Not Making This Up: Charlie Named Name
MOST IMPORTANT THING CHARLIE SAID WHICH *NOBODY* WROTE ABOUT WAS BUFFETT WOULD NEVER BE ABLE TO DUPLICATE HIS SUCCESS IF HE STARTED TODAY ... THIS IS THE TRUTH THAT CANNOT BE SPOKEN (except by charlie)
Buffett 
march 2015 by maoxian
Did Warren Buffett Move the Goalposts in New Letter?
There is certainly some validity to the change in reporting metrics.

However, we must ask the question:

The old reporting format was good to go from 1965 to 2013…

Why change now?

YEAH IT WAS THE FIRST THING I NOTICED
buffett 
march 2015 by maoxian
Buffett Leans on 29-Year-Old Cool to Oversee Problems - Bloomberg
“Her idea of fun may not be what we consider fun, like looking at 10-Ks," ... NO WONDER THE OLD MAN PICKED HER
Buffett 
january 2014 by maoxian
Berkshire Stakes Name on Realty Business Buffett Barely Noticed - Bloomberg
"While Buffett has invested for decades in companies with strong consumer brands -- from Geico to Dairy Queen -- few of his subsidiaries have adopted the name of his holding company. The brokerage will test whether the “Berkshire” brand has broad appeal and can be used without tarnishing a reputation for financial strength and integrity." ... BAD IDEA
buffett 
january 2014 by maoxian
Thinking Man's Investor --- Bob Wilson Takes the Long View of This Bull Market 10 August 1987, 3726 words
I READ THIS IN 1987 AND STILL REMEMBER THE "STEALING STUFF" QUOTE SO I HAVEN'T COMPLETELY LOST IT YET

ROBERT Wilson is an old and valued friend of Barron's, the subject of a number of interviews ov...
ROBERT_WILSON  BUFFETT  from notes
december 2013 by maoxian
Twitter / WarrenBuffett: Not even the Oracle knows what ...
BUFFETT DOES LOVE TO SIT AT HOME AND WATCH TV, THAT'S WHY SO MANY EARLY INVESTORS PASSED ON HIM
tv  Buffett 
october 2013 by maoxian
The percent of total market cap relative to Gross National Product?
"Interest rates “act on financial valuations the way gravity acts on matter: The higher the rate, the greater the downward pull. That's because the rates of return that investors need from any kind of investment are directly tied to the risk-free rate that they can earn from government securities. So if the government rate rises, the prices of all other investments must adjust downward, to a level that brings their expected rates of return into line. Conversely, if government interest rates fall, the move pushes the prices of all other investments upward.”—Warren Buffett" .. YEP
buffett 
july 2013 by maoxian
Alice Schroeder News - Bloomberg
TOPIC PAGE NOW, THEY KILLED THE LINK TO HER COLUMN, EVERYONE'S COLUMNS?
buffett 
june 2013 by maoxian
Buffett's comments range far and wide at Berkshire Q&A - The Tell - MarketWatch
"On the Federal Reserve’s easy monetary policy, Buffett said he has complete faith in Federal Reserve Chairman Ben Bernanke.
“We have benefited significantly and the country has benefited significantly from what the Fed has done,” Buffett said, calling it a “very smart policy.”
But interest rates will have to rise at some point and the unwind of the Fed’s loose policy will be more difficult than buying, he added. “It’s likely to be the shot heard round the world,” he said."
FED  BUFFETT 
june 2013 by maoxian
Warren Buffett is bullish ... on women - May. 2, 2013
This story is from the May 20, 2013 issue of Fortune
Buffett 
may 2013 by maoxian
American Everyman - Walter Kirn - The Atlantic
KIRN'S PIECE ON BUFFETT .. I'M SURE I BOOKMARKED THIS BEFORE
Buffett  profiles 
april 2013 by maoxian
About article: Look what's on Warren Buffett's desk...
On his desk you can see: the "Japan Company Handbook" (a directory of all Japanese-listed companies) and "The Success Equation : Untangling Skill and Luck in Business Sports and Investing" by Michael Mauboussin. The clip is dated by a WSJ headline from 14-Nov-2012.
BUFFETT 
january 2013 by maoxian
Joseph Rosenfield - Wikipedia, the free encyclopedia
BIG INFLUENCE ON BUFFETT

"I'd never have wanted to replace my real father--but if after my dad's death I could have adopted Joe as my father, I would have."
Buffett 
december 2012 by maoxian
Charlie Rose - Warren Buffett & Carol Loomis
"STOCKS WERE TOO HIGH, DOW ABOVE 200" -- Ben Grossbaum ... RATED TWO PARAGRAPHS IN 1970 IN FORTUNE ... 'HOW INFLATION SWINDLES THE EQUITY INVESTOR' ... GOT OUT OF FREDDIE MAC AT THE RIGHT TIME
buffett 
december 2012 by maoxian
Weschler Rise From Grace Leads to Role Advising Buffett - Bloomberg
"And while he has driven BMWs for some time, he keeps the cars for seven or eight years, David said." ... AS LONG AS HE HUNTS FOR METERS WITH SOME TIME LEFT ON THEM

"The former hedge-fund manager once told David that he didn’t make an investment unless he had spent 500 hours studying the idea." ... THAT'S AS LONG AS PEOPLE TAKE TO STUDY A TOASTER PURCHASE

" It didn’t hurt that he won charity auctions in 2010 and 2011 for meals with Buffett, bidding $2.63 million each time." .. AH-HA!

"his fund’s U.S. stock portfolio was spread across just nine firms"
Buffett 
october 2012 by maoxian
Buffett’s Exit From Muni-Bonds Signals Trouble Ahead for Local Govts | Daily Ticker - Yahoo! Finance
TASK AND BLODGET ... BOY, HENRY LOOKS OLD WASP AS HE AGES (MORE AND MORE LIKE HIS DAD)
Buffett 
august 2012 by maoxian
Information Processing: Pricing the Future
"Buffet [sic] later explained his attitude towards these contracts to a US government panel: “I could have hired 15 of the smartest people, you know, math majors, PhDs. I could have given them carte blanche to devise any reporting system that would enable me to get my mind around what exposure that I had, and it wouldn’t have worked,” he said. “Can you imagine 23,000 contracts with 900 institutions all over the world, with probably 200 of them names I can’t pronounce?” " ... I HOPE STEVE DIDN'T MISSPELL BUFFETT ... "In Pricing the Future, Szpiro gives us a colourful history of derivatives, but does little to address Volcker’s fundamental question."
BUFFETT  BOOKS 
june 2012 by maoxian
Warren Buffett’s Newspaper Purchase « Clay Shirky
"good local coverage isn’t enough, because ordinary citizens don’t pay for news. What we paid for, when we used to buy the paper, was a bundle of news and sports and coupons and job listings, printed together and delivered to our doorstep." ... "A newspaper used to be both a profitable business and a public service, but this was just an accident of the competitive (or rather uncompetitive) media landscape. His commonsense approach to saving papers won’t work, because there is no longer any commonsense business model for a former monopoly that is still seeing its revenues erode faster than its costs." ... WONDER IF BUFFETT READS SHIRKY? (he reads everything) ... LOOK, BUFFETT IS NO FOOL, HE'S AS HARD-HEADED AS THEY COME AND UNDERSTANDS *ALL* ASPECTS OF THE BIZ, IT WAS A SMART BUY NO DOUBT
Buffett  NEWSPAPERS 
may 2012 by maoxian
So Warren Buffett likes newspapers again? | Jack Shafer
"If you want to make money, “just buy something for less than it’s worth,”" ... WHO DOESN'T LOVE THE OLD VULTURE? ... SHAFER IS MYSTIFIED AND DOESN'T EXPLAIN THE MEG BUY (IS IT ABOUT TV STATIONS AND REAL ESTATE?)
Buffett  NEWSPAPERS 
may 2012 by maoxian
Berkshire 2012: The Times They Are A-Changing and Other Observations
"Charlie Munger, pushing 90, was in great form" ... BOTH STILL SHARP AS TACKS
Buffett 
may 2012 by maoxian
Berkshire 2012: A Glimpse of Things to Come
"he was kept inside the Board of Director’s gated pen, up front near the stage, where beefy guards with earpieces and zero smiles stood watch" ... THE OLD CHARM IS GONE
Buffett 
may 2012 by maoxian
Buffett Has Stage 1 Prostate Cancer, Not Life Threatening
"The five- year survival rate for local prostate cancer, such as Buffett’s, is close to 100 percent, according to the American Cancer Society." ... EVEN HIGHER WHEN YOU'RE A BILLIONAIRE
Buffett 
april 2012 by maoxian
Augusta National Golf Club: What Would Warren Do?
"one of the non-monetary perks of selling your company to Berkshire Hathaway is a round of golf with the Oracle of Omaha himself at men-only Augusta." ... ALWAYS REMEMBER THAT BUFFETT'S CORNBALL IMAGE IS CAREFULLY CULTIVATED AND THAT HE'S AS RUTHLESS (and occasionally hypocritical) AS THEY COME
Buffett 
april 2012 by maoxian
Quotes from Legendary Investor – Warren Buffett
"The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves-and the better the teacher, the better the student body." ... EXPLAINS WHY THINGS ARE GOING DOWN THE DRAIN
Buffett  quotes 
march 2012 by maoxian
Warren Buffett, Mercenary
"That’s why Buffett got so rich in the first place: when it comes to investing, he’s strictly a mercenary." ... YES, HE'S GOOD AT STEALING ASSETS
BUFFETT 
february 2012 by maoxian
Warren Buffett: Why stocks beat gold and bonds
BE A SAD DAY WHEN OLD GUYS LIKE HIM, WHO KNOW HOW TO THINK AND WRITE, ARE GONE...
BUFFETT  investing 
february 2012 by maoxian
Buffett's utility co to buy First Solar plant
"'All kinds of things are going to be possible once we really gear up to harness the sun,' Munger once said in a CNNMoney interview. 'That has always required cheaper solar and better batteries and they're both coming.'" ... BUFFETT ALWAYS BEEN A GOOD VULTURE
BUFFETT  ENERGY  SOLAR 
december 2011 by maoxian
Warren Buffett buys his hometown paper, the Omaha World-Herald
"“For most newspapers in the United States, we would not buy them at any price,” Buffett said in May 2009 at a Berkshire shareholders meeting. “Twenty, thirty years ago, they were a product that had pricing power that was essential” but now “they have lost that essential nature.”" ... OWNING THE LOCAL NEWSPAPER CAN STILL MAKE SENSE (my parents still get ours)
NEWSPAPERS  buffett 
november 2011 by maoxian
Buffett Japan Visit to Highlight Investments
"visiting Japan for the first time" ... "The earthquake and tsunami in Japan left more than 19,000 people dead or missing and led to an overall economic loss of $210 billion" ... GOOD OPP TO STEAL ASSETS
Buffett  Japan 
november 2011 by maoxian
Buffett’s Burlington Exploits Boxed Asia Grain
BN BUY WAS REALLY SMART, NOTHING BUT RESPECT FOR THE OLD GUY
BUFFETT 
november 2011 by maoxian
Buffett: Returns ‘Terrific’ as U.S. Workers Suffer
"“The return on equity, on tangible equity, for American business today is terrific, overall,” Buffett said" ... CAPITAL IS DOING WONDERFULLY, NOT SO MUCH LABOR ... "“Through the tax code, there has been class warfare waged, and my class has won,” Buffett said. “It’s been a rout. You have seen a period where American workers generally have gone no place, and where the really super rich as a group increased their incomes five for one in this rarefied atmosphere.”" ... "“We had the greatest binge in housing that this country or probably any country has seen,” Buffett said. “When you have a huge bubble in the biggest asset that most people have and that bubble pops, and people have borrowed against that asset and everything, you’re not going to get over it in a day or a year or a month.”" ... CAPTAIN OBVIOUS (just don't tell NAR)
Buffett 
november 2011 by maoxian
Buffett Buys IBM Near Peak, Echoing Bet on Coke
"Buffett said he acquired most of the stake in the three months ended Sept. 30. ... Berkshire began buying IBM shares this year after Buffett read the Armonk, New York-based company’s annual report and saw the firm “through a different lens,”" ... NAH, TODD-O COMBS WHISPERED IT IN HIS EAR AFTER REVIEWING ALL-TIME HIGHS LIST
BUFFETT 
november 2011 by maoxian
Buffett Broadens Portfolio by Spending $23.9B
"Berkshire has disclosed new stakes this year in MasterCard Inc. (MA), the world’s second-biggest payments network, and retailer Dollar General Corp. (DG) Buffett’s firm has requested permission to omit information from filings that list U.S. equity holdings as of March 31 and June 30. Regulators sometimes let companies withhold data to limit copycat investing while building or cutting a position. Berkshire hasn’t filed its third-quarter stocks statement as of yesterday." ... BUFFETT WATCHES THE ALL-TIME HIGHS LIST LIKE EVERYONE ELSE ... "The last time Buffett invested more than $20 billion in a period was 2008 when he did it in both the second and fourth quarters of the year." SECOND QUARTER WAS 'EARLY' BUT FOURTH QUARTER WAS GOOD TIMING
BUFFETT 
november 2011 by maoxian
Berkshire Earnings Decline 24% on Derivatives
"The contracts tied to equity indexes, which aren’t scheduled to settle until 2018 or later, produced a loss of $2.09 billion in the period as the Standard & Poor’s 500 Index posted its biggest decline since 2008. Liabilities on the equity derivatives rose to $8.85 billion" ... TIME TO WRITE ANOTHER "BULLISH ON AMERICA" OP-ED
Buffett 
november 2011 by maoxian
Munger: EU Leaders ’Behind the Curve’on Crisis
“They need capital in their banks, in many of their banks,” Buffett, who is also Berkshire’s chief executive officer, said in a Sept. 30 interview. “We would not be a good prospect.” -- Buffett ... CHARLIE IS 87 AND SHARP AS A TACK
munger  buffett  euro 
october 2011 by maoxian
Buffett: EU Banks Shouldn’t Look to Berkshire
"Buffett, 81, said in July that Berkshire sold European sovereign holdings a year earlier and called the continent’s problems surmountable" ... ALL THE SMART MONEY GONE LONG AGO
markets  buffett 
october 2011 by maoxian
Hero or Hypocrite? “The Buffett Rule” Then and Now
"Buffett thus early on identified the minimization of taxes as a key to maximizing long-term investment success, and knew the way to do that was to generate wealth through investments that were held long enough to be taxed at lower capital gains rates—a benefit “The Buffett Rule” would attempt to end—and anyone who has studied his methods knows this." ... YES INDEED
buffett  taxes 
september 2011 by maoxian
Dionne: Why conservatives hate Warren Buffett
"You can’t accuse a big capitalist of “class warfare.” That’s why the right wing despises Warren Buffett and is trying so hard to shut him up." ... YEAH, BUFFETT'S A TRAITOR TO THE KLEPTOCRAT CLASS
BUFFETT 
september 2011 by maoxian
Buffett Takes Off the Gloves? He’s Getting Worried.
"Twelve members of Congress will soon take on the crucial job of rearranging our country’s finances. They’ve been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It’s vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country’s fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality."
buffett  from delicious
august 2011 by maoxian
Munger’s Revenge, Part VI: What Bothers People
“Neither Dave nor I feel his Lubrizol purchases were in any way unlawful.” ... YES, THAT WAS A TERRIBLE LINE FROM BUFFETT
BUFFETT  from delicious
july 2011 by maoxian
Warren Buffett: I could end the deficit in 5 minutes. | The Big Picture
“I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.” ... GRANDPA WARREN, THE RADICAL... LOOK, TERMS LIMITS ALONE WOULD BE ENOUGH
buffett  from delicious
july 2011 by maoxian
Berkshire’s Munger Disbands His Investor Cult With Barbs for Wall Street
“This brutality of capitalistic competition is really something,” Munger said. “I kind of like seeing the Chinese rise after so many years being down.” ... BORN IN THE 1920s, AN AMERICAN ORIGINAL
buffett  from delicious
july 2011 by maoxian
Munger Says Bankers’ ‘Megalomania, Insanity’ Fueled U.S. Property Bubble
"“The bubble in America was caused by some combination of megalomania, insanity and evil in, I would say, investment banking, mortgage banking,” " ... LOL, DOES ANYONE THE COMPLETE TRANSCRIPT OF CHARLIE'S RANT?
buffett  from delicious
july 2011 by maoxian
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