Ben Gilbert: belief

Transcript context

…One more piece of context on that, that's a whole Zoom of gains. He literally created a Zoom market cap worth of gains. It's totally wild. Now the flip side, the bear case is Warren has been successful in a lot of environments. The thing you should cheerlead about Warren Buffett is that he's reasonably consistent. Someone will always be outperforming him but he has created this incredible rate of compounding for over half a century. While I think the case that David and I've been making here for this whole episode is that the Internet changes things so fundamentally that his style doesn't really work anymore, that you do have to make that space on the earth changing underneath you rather than just the earth staying the same and businesses being run. The bear case on Berkshire would be, and actually is the opposite, at some point the Buffett way of investing, world changing or not, will actually be great. We're just in a season right now that is just making him look foolish. Maybe it's been 10 or 15 years of largely foolish decisions, I'm not sure this is where I come down but that would be the future bear case if Berkshire changes too much from the long time tested Buffett strategy. I would also add another part to the bear case which is warranted or not, right or not or whatever, there is no question that Berkshire Hathaway and Berkshire Hathaway shareholders benefit from the Warren Buffett halo effect.…

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