Warren Buffett, every mention
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Verbatim, from the transcripts: the passages where Warren Buffett comes up
Mars Inc. - The Chocolate Story (Audio) · Acquired
- ▶ 3:00:20 David Rosenthal So what happens five years later in 2013, Mars repurchases the debt portion of Berkshire's financing, and man, this debt, God, the financial crisis, like Warren was so good to be investing in such high quality companies at the interest…
- ▶ 3:00:58 David Rosenthal Now, when Mars bought it back in 2013, that was before the debt matured, so they had to pay Warren a premium to buy it back early.
- ▶ 3:01:27 David Rosenthal The equity portion, the 2.1 billion, 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.
- ▶ 3:01:51 David Rosenthal Even better for Warren.
- ▶ 3:02:19 David Rosenthal Well, I think this gets back to the value that Warren and Berkshire always provide, but were especially providing during the financial crisis, which is just the reputational guarantee and solidity.
- ▶ 3:03:15 David Rosenthal And so having Buffett come in, you know, put his stamp of approval, calm everybody down, even in the midst of all the craziness with Lehman, I suspect there's no way the deal gets done if Berkshire doesn't get involved.
IKEA (Audio) · Acquired
- ▶ 1:37:58 David Rosenthal And it's totally what enables it to happen because it's almost like Warren Buffett, you know, in the Berkshire Hathaway episodes where as a young man, he's like, I cannot spend any money because any money that leaves my bank account will…
Acquired LIVE from Chase Center (with Daniel Ek, Emily Chang, Jensen Huang and Mark Zuckerberg) · Acquired
- ▶ 1:56:28 Ben Gilbert And hopefully you have, like, Buffett duration.
The Mark Zuckerberg Interview · Acquired
- ▶ 48:31 Ben Gilbert And hopefully you have, like, Buffett duration.
Microsoft Volume I: The Complete History and Strategy of founding through Windows 95 (Audio) · Acquired
- ▶ 2:06:09 Ben Gilbert So Bill Gates and Warren Buffett did a conversation at the University of Washington in 1998.
- ▶ 3:21:16 David Rosenthal Oh, to the Bill Gates quote with the Warren Buffet talk at UW.
Renaissance Technologies (Audio) · Acquired
- ▶ 32:45 David Rosenthal I mean, it was hard enough for Warren Buffett to raise money at this point in time for his fund.
- ▶ 1:43:09 Ben Gilbert This is the problem that Warren Buffett talks about all the time, and why he has to basically just increase his position in Apple rather than going and buying the next great family-owned business.
- ▶ 1:51:46 David Rosenthal Well, there's one slight nuance to that, but I don't know how much it holds water, and the apologist nuance would be, well, Warren Buffett could be on the other side of the trade, and Medallion could make money on that trade with Warren…
- ▶ 1:52:50 Ben Gilbert Like, can I get a penny over on Warren Buffett by managing to take him on this one trade?
Holiday Special 2023 (Audio) · Acquired
- ▶ 48:42 Ben Gilbert And you could sort of see that even though it's worked so well for him to get so much of his wisdom to the masses, and he has, he and Warren both have been these incredible teachers their whole, you know, last fifty-plus years.
- ▶ 49:38 David Rosenthal Obviously, Warren and Charlie are that.
- ▶ 1:48:43 Ben Gilbert Yeah, Mark is a absolute legend in, uh, sort of value investing circles right up there with Warren and Charlie, and if you don't know Mark or know of Mark, it's worth looking up Constellation software.
Charlie Munger (Audio) · Acquired
- ▶ 0:11 Ben Gilbert I mean, people were like, it's Charlie, it's Warren, or it's Taylor Swift, and a lot of people were right.
- ▶ 1:12 Ben Gilbert Charlie, aside from being one of the most prolific investors of all time alongside his partner, Warren Buffett, is 99 years old.
- ▶ 2:34 David Rosenthal Yes, a special conversation deserves a special sponsorship, and longtime listeners will know there's only one company in the acquired universe that is truly appropriate because everything they do is modeled after Charlie and Warren, and…
- ▶ 2:51 Ben Gilbert Literally, they are such huge fans that they started a company that makes bronze busts of Buffett and Munger themselves, but more on that in a minute.
- ▶ 2:58 David Rosenthal Yeah, so Berkshire, as we know, started as a textile mill in Massachusetts nearly 200 years ago, and almost 20 years ago, tiny founders Andrew Wilkinson and his partner Chris took their version of an internet textile mill, the premier…
- ▶ 5:32 Ben Gilbert And they also have plenty of some guy named Warren, too.
- ▶ 6:07 David Rosenthal That's how Warren got his start though, right?
- ▶ 6:10 Charlie Munger Well, but Warren never gambled heavily as a patron.
- ▶ 6:14 Charlie Munger Warren wanted the odds in his favor, not somebody else.
- ▶ 6:17 Charlie Munger It's just so simple if you're Warren.
- ▶ 9:34 Charlie Munger Well, San Diego asked Warren to become a director of Costco.
- ▶ 9:44 Charlie Munger Yes, and Warren wouldn't do it.
- ▶ 10:00 Charlie Munger I tried to get Warren to buy out the French.
- ▶ 10:05 Charlie Munger And Warren wouldn't do it.
- ▶ 10:07 Charlie Munger Warren doesn't like retailing.
- ▶ 11:37 Ben Gilbert And so, you know, you mentioned Warren doesn't like retailers.
- ▶ 12:17 David Rosenthal Warren told the joke about you were on a plane being hijacked, and the hijackers gave you one final request, and you said you'd like to give your speech on the virtues.
- ▶ 12:27 Charlie Munger Warren got tired of me, kind of reminding him.
- ▶ 12:30 David Rosenthal And he said, shoot me first.
- ▶ 12:38 Charlie Munger No, Warren was kidding me for being so repetitive on the subject, but there aren't many times in a lifetime when you know you're right and you know you have one that's really going to work wonderfully.
- ▶ 16:17 David Rosenthal I'm curious, we wanted to ask you, you know, you've had this beautiful partnership with Warren for half a century.
- ▶ 16:39 David Rosenthal But your relationship with Warren, like, how have you-
- ▶ 16:57 Charlie Munger Warren still cares more about the safety of his burglar shelters than he cares about anything else.
- ▶ 17:34 David Rosenthal Does Warren think that?
- ▶ 18:40 Ben Gilbert After a 50 year partnership with Warren, what advice would you have for us interpersonally to make for an enduring partnership?
- ▶ 19:46 David Rosenthal Do you think you and Warren not living in the same city helped your partnership last so long?
- ▶ 19:52 Charlie Munger Well, it may have helped, but Warren has very close relations with all those people that have lunch every Saturday at Bircher headquarters.
- ▶ 30:50 Charlie Munger If you're as smart as Warren Buffett, maybe two, three times a century, you get an idea like that.
- ▶ 39:14 unnamed speaker Charlie, if you started with Warren today, and you're both 30 years old, do you think you guys would build anything close to what Berkshire is today?
- ▶ 42:20 Ben Gilbert It's fascinating to me, this concept of, if you look at distressed debt, or you look at, I think Warren in the last Berkshire letter pointed out, it's been a handful of really good decisions, or you look at venture capital that's…
- ▶ 57:59 David Rosenthal When you look back at your, your and Warren's time together, when did you have the most fun?
- ▶ 59:36 Ben Gilbert I mean, you weren't the Warren and Charlie of...
- ▶ 1:05:17 David Rosenthal Part one is on Warren, part two is on Charlie, part three is on Berkshire, and Ted and Todd all the way up through to today.
NVIDIA CEO Jensen Huang · Acquired
- ▶ 43:30 Ben Gilbert What you just said reminds me of a great, uh, aphorism from, uh, Buffett and Munger, which is it's better to be approximately right than exactly wrong.
Costco (Audio) · Acquired
- ▶ 2:33 David Rosenthal You know the great Warren Buffett joke about Costco, right?
- ▶ 2:38 David Rosenthal Warren and Charlie are flying on a plane that gets hijacked.
- ▶ 2:55 David Rosenthal And then the hijackers turn to Warren, and he says, shoot me first.
Porsche (with Doug DeMuro) · Acquired
- ▶ 3:21:09 David Rosenthal Yes, the Warren and Charlie of the internet.
Lockheed Martin (Audio) · Acquired
- ▶ 3:02:29 David Rosenthal I'm no expert in this, and, uh, we should probably have an economist on ACQ too at some point in time to talk about it, but my understanding is that while Warren Buffett and Charlie Munker hate cost plus contracts, and in general, they set…
Sessions: David Senra (Founders Podcast) · Acquired
- ▶ 1:57 David Rosenthal Charlie's influence on David, Warren's influence on all three of us, a bunch of thoughts on advice generally, and as you can imagine, David just sprinkled dozens and dozens of historical examples and founder stories throughout the episode.
- ▶ 4:36 David Rosenthal Us and Charlie and Warren.
- ▶ 5:33 David Senra And so we're sitting there, and there's actually a funny thing where it starts out, and they, they know both Warren and Charlie, they've talked to him before, so they go right into it, and then, like, I'm sitting there, and I had this…
- ▶ 10:15 David Senra Cause like the first two is like the young Charlie, the young Warren.
- ▶ 10:20 David Senra It's like, I don't, when you take a Warren Buffett or Ben Franklin or George Washington or anybody that's super famous, when we see them, it's like, oh, who's the Ben Franklin on the hundred dollar bill, right?
- ▶ 10:28 David Senra Or who's Washington on the dollar bill or who's Buffett at the, the meeting in Omaha.
- ▶ 10:38 David Senra I go, I go and stare at pictures like a freak at, like, of young Charlie Munger when he was, like, 38, or young Warren Buffett, right?
- ▶ 50:32 David Senra No, it was just like, uh, the, the idea I had known about like Warren Buffet, Elon Musk and all these other people.
- ▶ 52:37 David Senra Warren Buffett's smarter than me.
- ▶ 52:39 David Senra So, if that dude in his shareholder letters is saying, uh, David Ogilvie's a genius, I'm like, wait a minute, this dude, how many businesses has Warren Buffett looked at at that point?
- ▶ 1:14:59 David Senra Maybe they're, you know, they're like Warren Buffet's kids, where like they, they run foundations, and they want to give the money away, and I don't think they're coke addicts, I don't know, but like, you don't, it's just dependent on the…
- ▶ 1:17:47 David Rosenthal Something that Buffett and Munger did with the Graham group that, like, was way ahead of its time that now anybody can do is they formed their social networks outside of geographic barriers.
- ▶ 1:23:34 David Senra For Charlie Munger and Warren Buffett, that is literally true.
- ▶ 1:28:04 David Senra Like, when, what, what do Charlie and Buffett do when there's a crash?
- ▶ 1:29:34 David Senra That's what Buffett and Munger do when they put money in.
- ▶ 1:39:06 David Senra Charlie Munger and Warren Buffett did that.
- ▶ 1:40:11 David Rosenthal Old Uncle Warren.
- ▶ 1:41:41 David Senra Um, and so he goes, you know, he's surprised how successful him and Warren turned out, but how could you not be surprised?
- ▶ 1:44:46 David Senra It's like, your relation, that goodwill that you're building up, the goodwill that, that Buffett built up.
- ▶ 1:48:43 David Senra That's why people love Charlie and Warren, why all three of us love him.
- ▶ 1:49:26 David Senra Snowball has that, that quote from Buffett in there.
- ▶ 1:50:04 David Senra I did this because I wanted to do it, and, like, that's, and he goes, and they're like, do you think Buffett's like that?
- ▶ 1:50:08 David Senra He goes, Buffett has an inner clock, too.
- ▶ 1:53:50 David Senra The principle that Buffett and Munger built their business on is like only associating themselves with the best people and the best companies, and that solves so much other problems.
- ▶ 1:58:19 David Senra Charlie and Warren.
- ▶ 1:58:42 David Rosenthal It's interesting though, like the, man, just like so much in life, like Warren and Charlie,
- ▶ 1:59:04 David Rosenthal What have Warren and Charlie done?
- ▶ 2:06:43 David Senra And like, Warren Buffet says the greatest thing, and this is, I think, speaks to why you guys are so like, hey, we know how big our audience is, and we're going to take this seriously.
- ▶ 2:06:51 David Senra Warren goes, a brand is a promise.
- ▶ 2:26:49 David Rosenthal What, so, Warren and Charlie are so interesting regularly.
- ▶ 2:27:27 David Senra Like, you ever heard, read stories about how Warren, uh, negotiates?
- ▶ 2:28:00 David Senra And he even said, like, he, he wanted to sell to Buffett, he idolized Buffett, and he talks about, like, he wasn't insulting him by any means, but he's like, Warren wants the microphone.
- ▶ 2:28:10 David Senra And if you're in an area where Warren doesn't have the microphone, he is not interested, and I've heard that about Warren a lot.
- ▶ 2:28:26 Ben Gilbert Say more about Warren wanting the microphone.
- ▶ 2:28:36 David Senra Like, he, like, Jim wanted to have input, and he's like, Warren would not allow it.
- ▶ 2:28:40 David Senra Like, he monopolized this, and I've heard that about Warren.
- ▶ 2:37:01 David Senra Goes back to Buffett, like, if you just, we should have, I wish I knew this.
- ▶ 2:37:07 David Senra This is Warren Buffett on interest rates, right?
- ▶ 2:37:57 David Senra So, so I go, Warren Buffett on interest rates, and the, the headline is, they power everything in the economic universe.
- ▶ 2:38:01 David Senra So that was what, uh, Elon was responding up to, and this is Warren, writing in the eighties.
- ▶ 2:38:56 David Senra as “Buffett”
- ▶ 3:10:54 David Senra He gave, he, he asked Buffett a question at the annual meeting.
Holiday Special 2022 · Acquired
- ▶ 1:54:28 Ben Gilbert Berkshire's at a scale where that is no longer something that could move the needle for them, but it could have for Warren in, in 1980.