The Ledger, every show

“That's why I think, like, Elon Musk will either be a trillionaire or bankrupt. And at this point, it's much closer to trillionaire at this point. But if you looked at him 10 years ago, when he was not the richest man in the world, you could see that. Like, thi…”

“And the hit rate is probably going to be much lower now, and there's going to be a significant calling of both VCs and startups because The stories got ridiculous”

“And I also know that if I can be an index fund investor for 50 years, I will probably end up in the top two percent of all investors who are doing this, particularly after fees, after taxes, transaction costs, top two percent.”

“They dollar cost average into index funds, and they haven't sold anything for 40 years, ever. And if you compared their returns to professional fund managers, they're literally not, it's beyond top one percent. It's probably top .1% at this point that they've …”

“I don't think we'll look back at those kind of tools as having helped a generation of people.”

“I think they're probably wrong about that in general. Of course, there's going to be lots of examples where that was the case, but I think they tend to, I think, I would bet that they would be wrong about that.”

“Vanguard brings in more money every month than Robin hood has in total.”

“The stat that I think is so astounding is that income among brothers is more correlated than height or weight.”

“If you were to look at the Dow, I think one of the studies showed over the last hundred years, if rather than adding a new company, when one of the original components went out of business or merged, if you just left it alone, don't add anything else. Don't ta…”

“Now, just in the last three or four years, there's been a huge growth. The segment of society whose incomes have grown the most tends to be the lower. Incomes. We're still kind of attached to this narrative of the rich get richer and the poor get poorer. But i…”

“The majority of the financial media was based around forecasts and trying to predict what's going to happen next. And the success rate of it was near zero.”

“It would not be shocking at all if yes, this is like, this is what's going to completely transform the future. But when I say the future, it might mean 10 or 20 years from now. Now things are moving so ridiculously fast. I don't know if you've played with Clau…”

“It did not make the New York Times bestseller list because since the publisher is a UK publisher, it was blacklisted from it.”

“I guarantee you the biggest economic news story over the next 12 months is something that no one on Twitter or anywhere else is talking about. And the biggest story of the next decade is something that no one is talking about.”

“After the crash of 1929, the market did not exceed its previous high until 1956, which is true if you don't include dividends. If you do include dividends, the right answer is 1936.”

“I mean, the most, what I think is like the highest odds is that Our kids, maybe our grandkids will live in an era which being diagnosed with cancer is not, not that big a deal.”

“Tokyo, gigantic city. Bigger than the city you and I are in right now in New York. Very affordable housing, relatively. Because they build. They build and build and build and build.”

“There is no history without inflation. It doesn't really exist. It's not really a thing.”

“And the idea that let's say if I can be average for 50 years, I'll end up in the top Three percent of investors. That's probably about where it'll be. Historically has been the case that I will outperform 97% of people who tried to beat the market. Maybe it's …”

“There are tens of thousands of books written about how to get wealthy. Some of them better than others, but tens of thousands of them. Virtually none written about what to do with it.”

“The first print run of Psychology Money was 5000 copies because all the evidence showed us that would be a great outcome, and we're at nearly ten million now.”

“99% of Buffett's net worth was accumulated after his sixtieth birthday.”

“And if you dig into who's buying it, it's, Almost exclusively poor people. They buy the vast majority of lottery tickets. And the poorer you are, the more lottery tickets you buy.”

“The stat that I think is so astounding is that income among brothers is more correlated than height or weight.”

“I use a stat in, in my book that 99% of Buffett's net worth was accumulated after his sixtieth birthday.”

“Buffer lives in the same house he bought when he was 26. Yes, but he also flies a private jet and had a beautiful beachfront house in Laguna Beach. These guys are not living like paupers over time.”

“Robert Schiller of Yale did a lot of analysis on this, tracking U.S. Home prices since the 1800. And in real terms, from probably the 19 forties through the 19 nineties were flat as a pancake on average across the United States.”

“And real home prices in the U.S., I'm sure it's the same in Canada. Are much higher today than they were at the peak of the bubble in 2006 on average.”

“So I think the lack of housing affordability has an impact on demographics and having kids over time that will echo for the next 50 or 70 years.”

“Our friend David Senra, who runs the podcast Founders, has profiled, I think now, probably 350 Founders over time. And he says, I don't want to put two, don't want to put words in his mouth. I'm pretty sure he said the only founder that he has ever read their …”

“A very significant percentage of these people who make millions of dollars are bankrupt by the time they're 30.”

“Bill Gates went to the only high school in America that had a computer by his own saying there would be no Microsoft if he didn't happen to go to this one specific school.”

“When the automobile came out, it was inferior to the horse in every way when it came out. It was less reliable. It was slower. It was dirtier. It could go fewer places.”

“The cost of success is what you're dealing with right now. And we'll probably continue dealing with for the next couple of years. Like this kind of like flush out.”

“And we're now at about four and a half million, three and a half years later. So to say that it exceeded expectations, Look, we printed 5000 cause that's what we thought it would sell ever. And now it sells about 5000 copies per day.”

“If you're going to be in this business for another 30 years, if you're lucky, if things are good, we'll probably have at least six or seven or 10 more recessions.”

“There's actually quite a few very anonymous, extremely rich families who you don't know about because they want it that way.”

“There's going to be things 10 years from now that would be so absurd that you and I 10 years from now will be like, hey, because of COVID, we have the X, whatever it might be, and connecting those dots is going to be like the craziest thing you've ever imagine…”

“And so, you know, there's gonna be something like that a hundred years from now, that there's gonna be some medical treatment that you and I are doing today. That we're going to look back and be like, how could we be so dumb?”

“If someone says something really terrible about me on Twitter, just really like, not just casual trolling, but just really mean. I will, I mean, 99% of the time I ignore that, but once in a while I've DM that person and I've said, Hey, I'm really sorry I offen…”

“Bill Gates went to the only high school in America that had a computer, and the computer that they had was more advanced than most of the computer programs had at the top universities.”

“Bernie Madoff had a legitimate business, not a fraud. He was a legitimate market maker. And by most accounts, he was making tens, maybe a hundred million dollars in a legitimate, legal, perfect way.”

“95% of that came after his 65th birthday. I think he's 89 years old right now. 95% of that amount came after his 65th birthday. 98% of his wealth came after his 50th birthday.”

“40% of the companies, the components within that index went out of business. They were gone, not because they merged, but because they failed. And seven percent of the components of that index among the 3000, just seven percent of them account for virtually al…”

“Buffett mentioned years ago at a Berkshire Hathaway meeting that he has owned 500 stocks over the course of his investing career. And in percentage terms, he has made most of his money on 10 of them.”

“These group of researchers put a woman in a very ugly sweater, like an objectively hideous sweater, and sent her into a party. And she mingled about, and she came out, and they asked her, they said, how many people in the party do you think noticed your hideou…”

“He built incredible house in Santa Barbara overlooking the ocean. Amazing house that a multi-billionaire would own. And then he had his house in Pasadena that he had lived in for like, 60 years. And by every account, it was not just a middle-class house. It wa…”

“99% of Warren Buffett's net worth was accumulated after his 65th birthday.”