The Ledger, every show

“You know, the Biden wealth tax, which is like, 25% of the appreciation of things that you own privately, it's going to bankrupt every startup. No one will ever start a business in America anymore, right?”

“If it's Biden, Trump, I think Trump wins.”

“The company's got like a four billion dollar market cap, and the goal is to build it into a trillion dollar thing over time.”

“The reality is, 90% of the investments we've made in the last 20 years have been profitable. In fact, meaningfully profitable.”

“And so I think there's a decent chance Powell says, you know, we've, we're not raising rates.”

“And I think they can absolutely get the Democratic nominee And against Trump, they'll get the you know, the center and center right part of the Republican Party and can win.”

“The world is a structurally different place than it was for the last 20 odd years, and you're going to see persistent levels of inflation, you know, three to four percent inflation for the foreseeable future. I think that, that's certainly being missed based o…”

“It appears to us the next generation is going to be much more focused on, you know, extracting the most from the businesses Berkshire owns.”

“I know pretty much every CEO in the S&P, either directly or one person removed”

“I think there have been sort of monopolistic type profit taking off of customers. When someone had a kind of a niche software product, they're charging, you know, 30,000 a year or something like this. I think those companies are really at risk.”

“Even Amazon is going to have to become an even bigger customer because they're not, you know, Blue Origins, you know”

“Well, I would say of the businesses we own, I would say in an uncertain world, you got to own universal music company, universal music group. Because the one thing I'm confident about is more people will have music subscriptions or be streaming music from what…”

“There are businesses that are guaranteed to be disrupted by blockchain that are old fashioned, old, you know, businesses that everyone hates because they're monopolists and you can disrupt them with blockchain technology. So I would be short those companies.”

“Herbalife is still running a negative campaign about me personally, which I find fairly remarkable. The way you can see this is if you Google my name I don't know if you want to do this right now. What will pop up is an advertisement And it, the advertisement …”

“I do think this is a depression era moment in the sense, psychologically, the same way that the generation of people that went through the depression thought very different about, differently about financial leverage, you know, than the generations that came a…”

“In the last six months, and you can Google it, Herbalife paid, settled with the SEC for twenty million dollars for misleadingly describing their China business and their public finance, because it actually, the compensation scheme is precisely the same as, and…”

“If you're investing in the world's most dominant music company, Universal Music, it's, has very little debt. It has a great market position. You can predict business with a very high degree of confidence, and you're buying it at a fair price.”

“But of the original six, four of the six were in the four, 400 wealthiest people in America.”

“There's plenty of capital available for people who are second time founders and the first one was not a successful exit.”

“I'm quite sure he actually follows me, you know, not under the name Jay Powell.”

“Silicon Valley Bank was, I would say, unique in the disproportionate amount of exposure they had to, kind of, long-duration fixed-income assets versus other banks.”

“85% of our capital is in the, you know, comes from a public company. And as a result, we have very, very long duration money, and we don't need to worry about this quarter or this year in making decisions, and that, I think, is a huge advantage.”

“All they do is put on these kind of hedges waiting for disaster, and they're, you know, some of them are up a thousand percent. You know, some of the smaller ones are up a thousand percent in the last month or so.”

“And so, again, you'll see restructurings where the lender to the mall ends up with the asset. Someone entrepreneurial decides, you know what, we don't need this much retail. We'll make half of it a hospital, medical facility, office, apartments, and then there…”

“So if you invested a dollar in Pershing Square, you know, 22 years ago, that's, that became you know 20 I think, I should know this number. It's like 27 or 28 times net of all fees. Okay? Over, over 22 years.”

“But we had I think we eventually saw well over a hundred people, and we had six people ultimately say yes and give us money, and the six people totaled, look, 3.1 million dollars. Actually three million, and my partner and I put up a hundred together.”

“The vast majority of our capital today is 85%, you know, over time that will be 90 or 95, or eventually a hundred percent of our capital will be in a public enterprise that we're the largest shareholder of.”