Warren Buffett

“Ah, but if you study Charlie, and if you study Warren Buffett's life, you'll find out that actually you should shut it down well before when it makes sense for you to shut it down, because you have to think about opportunity costs.”

“Even though in the short term, it might cost Berkshire some money, in the long run, it has created a huge reputational advantage for them and of course, that has helped Berkshire.”

“When you're running a fund when you have investors who can pull the money out at a short notice, You probably cannot think on those lines, and which is something which Buffett and Charlie are familiar with, and they don't have their structural disadvantages. S…”

“Skeptical essays by Bertrand Russell, who wrote some of the best who was one of the best writers of the 20th century, as well as one of the clearest thinkers, and his hero, Warren Buffett's.”

“If you have a criticism of someone, then don't criticize the person, criticize the general approach or criticize kind of that Class of activities. But if you have to praise somebody, then always try and find the person who best who's the best example of what y…”

“No, no, it's, I would say it's like a family in the next generation, right? It's now up to others to make that choice, to not be attached.”

“It's very striking to me how Warren and Charlie at Berkshire and how the folks at Koch Industries are so into a kind of epistemology and structuring of doubt and accounting for biases and mechanisms for clarity of thinking like to a very striking degree.”

“I mean, just looking at the Burlington Northern Railroad, we know a lot about railroads by virtue of our experience at Canadian Pacific. It's the largest You know, it should be the most profitable, highest margin railroad in the world. It's not. And I think a …”

“Boeing spent many, many tens of billions of dollars on share repurchases. I do think, you know, if Buffett doesn't want to, the government shouldn't come in on terms that are more favorable than where Warren Buffett would provide the company with capital”

“Like if you think maybe Warren Buffett's a good example, right? There's the 2008 housing crisis hits and there's a whole bunch of people who imitate Warren Buffett, right? They talk like him, they go to McDonald's every morning and they eat their egg McMuffin …”

“If you have a company that's controlled by no one shareholder, you end up with this suboptimal strategy where you're always, you're almost forced to pursue the best strategy in the moment instead of the best strategy overall. Whereas when you have a controllin…”

“I called Warren because he had done a similar deal with Goldman Sachs. Not so much that we needed his money, but we needed his seal of approval. And we added him to the raise and we were able to go out on Wednesday of that week and raise I think it was sixteen…”

“Naming our desires is critical and naming models is critical, both the negative models and the positive models. And I would bet that it's a lot easier for most people listening to name your positive models of desire, right? It could be Warren Buffett as an inv…”

“In a chess game, if I lose it, the next round, tomorrow, I'm the same chess player. But investing, if I've lost money today, I have less money tomorrow to invest with. And the problem with a lot of people in investing is that they're, to become a decent invest…”

“One thing that I think is very underappreciated about them is that they never find themselves out of position. They're always operating from a position of plenty or a position of strength. So no matter what happens in the environment, they can always take adva…”

“In oil wells, You know, you think about that as being an inflation protected kind of asset, but not really, because once all the oil has gone out of that particular well, in order for the company to continue to exist, you're going to need to make capital alloc…”

“I saw the idea of a specialty insurance operation that was dedicated to making an underwriting profit. And Steve Markel was the vice chairman and really the financial guy there. He was also interested in investing the underwriting profits long-term rather than…”

“The next level down was sort of the transition he fostered in Buffett to move from the digging around in the balance sheet, finding businesses that were cheap, to finding businesses that were good.”

“Berkshire is run with the idea that some, that, that from the very beginning that the people that were invested in Berkshire had a hundred percent of their net worth in Berkshire.”

“There's no size, no color, like there is in fashion. It doesn't go bad like a turkey sandwich. It's leaves in a cup, so the margins are good. You can operate out of small spaces. And we call anything you put in hot and cold water that's not coffee, tea in Nort…”

“If Buffett had retired at age 60 or 50, like a normal person would have in that situation, you would have never heard of him.”

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

“He's creating cash, so he obviously anticipating quite a correction.”

“Warner said in the past he's not a believer in EBITDA, but we are. We think it's the cash that the business generates that, and so we're always saying, well, what's the multiple on EBITDA, and so we know what cash is coming, because You can usually cut back on…”

“We're buying Buffett for a 10 or 11 or 12% return. We're not looking for 20 or 25%. We just like to buy good, solid investments and, ah, and let them grow.”

“Buffett would say that, that if you're a businessman and investing in your business, you're probably a better stock picker, because you use the same principles. But if you're an investor, it will help you in your business, because you're using the same princip…”

“Having that money sit in cash, ah, I don't know, he's got a crystal ball that nobody else has. I'd be investing it in, in good stocks. Because if the stocks go down, it doesn't matter. But I guess he's waiting for the opportunity to buy them cheap.”

“Warren Buffett's like the best example, and we actually contacted Warren and asked him if he'd be interested, and he has a good sense of humor, and he said that ah, you know, I own Dairy Queen. I don't think Holfe is a good brand fit for me. And so, nothing ca…”

“And so if you're playing cigar butts which can be very profitable. But it's difficult to scale that. And so as his capital grew over time, you know, you have to think about how you show up and how you approach it.”

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

“Well, you can't predict when the next crisis will hit. You know there will be one. When it does, those who borrowed too much or expanded too fast fight for survival while those who stayed strong and liquid pounce on opportunities.”

“The big money isn't in the buying or the selling. It's in the waiting.”

“At dinner one night, I was talking with Charlie Munger, and I asked him for the unconventional sort of things that people don't appreciate as much about Berkshire Hathaway's success as he might think that they should. And one of the things that he mentioned to…”

“Warren Buffett once said that Henry Singleton had the best operating and capital deployment record in American business, bar none.”

“Warren Buffett was an admitted singleton admirer, and we can see how Teledyne's decentralized structure with centralized capital allocation became central to Berkshire Hathaway's playbook.”

“They shook hands on the deal. No lawyers, no audit, no inventory count. They later put their agreement in writing in a one-page document.”

“This time, Buffett made sure she signed a non-compete agreement lasting five years beyond her separation from the company.”

“Those 10.6 million dollars in shares that Buffett bought would eventually be worth well over a billion dollars.”

“Warren Buffett living modestly in Omaha while managing billions follows principles Hedy would have approved of. But where Buffett is celebrated as a sage, Hedy was often dismissed as eccentric.”

“If you see that my name as a key investor and a leader in this industry is making an investment in this company, well, then what does everybody else do? Warren Buffett tells you he's buying something. What does everybody do? They go buy it. Well, if NVIDIA is …”

“During raging bull markets, knowledge is superfluous, and experience is a handicap. Because if you have the benefit of knowing what happened in all the other blowups, you know how painful it could be. But if you've never experienced it, and every time somethin…”

“I think stock options should be an expense. And if they're not an expense, I borrow from Buffett and even the chair of the accounting has said things like this, that, that if it's not an expense, then what is it?”

“My number one rule is avoid embarrassing loss. You want to avoid the loss of a company potentially blowing up. If the company might, you know, if it looks like it's a little bit expensive and it might potentially go down five percent or something or 10% or 20,…”

“Panera was the best performing restaurant stock over two decades. Its last two decades produced 25% IRR In fact, somebody told me we actually beat Warren Buffett and Berkshire Hathaway.”

“Warren Buffett's solution to this was very practical. Don't go to auctions.”

“Munger and Buffett's advantage was that they genuinely didn't seem to experience envy. When asked about missing opportunities, they'd shrug and move on. When competitors succeeded, they'd analyze what happened objectively. This emotional detachment is a massiv…”

“On the railroad, for instance, they'll put a decent amount of debt in the railroad, because they know what the earnings, it's very predictable. And they're comfortable. The same as the energy, where they're putting a lot of capital, they put a lot of debt in”

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