Warren Buffett

“So I wanted to buy every one of those and Warren wanted me to do the multiple on EBITDA and there was no EBITDA. So let's just say it's hard to do acquisitions.”

“Our return on tangible net assets has been over Over 50% for the last 15 years.”

“So, along the way, Brooks was acquired by Berkshire Hathaway, and Warren Buffett personally elevated Brooks and Jim to make the company a direct report to him.”

“I mean, one critique you could make of Buffett is he just totally ignored technology, and technology not only became much more pervasive, but I also think that, I mean, he's an incredibly smart guy, and he understands lots of different elements of business, an…”

“And so he sort of talks about the primacy of business model over management, but I think Amazon's a great example of the opposite because You could have never dreamed that if you owned Amazon when the story was about growing as a retailer, you could have never…”

“How much time they spend on those letters. It's like half a year, seven, eight months for every letter.”

“If we used a little bit more leverage throughout, we'd have three times as much now. And it wouldn't have been that much more risk either.”

“Well, but Warren never gambled heavily as a patron. Warren wanted the odds in his favor, not somebody else. It's just so simple if you're Warren. You want the house, you want to be the house, not the punter.”

“I tried to get Warren to buy out the French. When they left, careful. And Warren wouldn't do it. Warren doesn't like retailing.”

“If you're as smart as Warren Buffett, maybe two, three times a century, you get an idea like that.”

“The answer to that is no, we wouldn't.”

“In 2016, Mars buys out Berkshire, so Buffett sells Mars his entire stake back for 4.6 billion dollars versus the 2.1 that he originally invested.”

“You look at Ingvar, you look at Sam Walton, you look at Buffett. I mean, all these guys, it feels like it's a part of their childhood story that as a teenager or a college student or something, they were out earning the average head of household.”

“Keo converts him to Coke by telling him about this new product that they're going to launch, Cherry Coke, because Buffett loved cherry syrup in his Pepsi, and so he converts Warren to a Coke guy before Warren ever invests a dollar in the Coca-Cola company.”

“He would have been better off buying the S&P Over that same time period. Including dividends over that same time period. The S and P 500 is up about 11% annually. So the famous Berkshire Hathaway Coca-Cola investment today is actually underperforming the marke…”

“Later on at Sun Valley, Bill Gates lets it slip on a panel with Warren and Roberto and Don Keogh that Warren has always told Bill that Coca-Cola could be run by a ham sandwich.”

“So when all is said and done, the Vanguard 500 returns a total of a 126% net after fees for the ten-year period, while the hedge fund portfolio returns just 36%.”

“Buffett bought a bunch of the stock in 66, since it had a market cap under ninety million dollars at the time. The company was doing twenty one million in pre-tax earnings, and at this point, because this is after Disneyland, this is after a bunch of stuff, it…”