Speakers in the public record
Claim mix
belief 30uncertainty 8commitment 5evaluation 5preference 3prediction 2
Evidence policy
Every row below preserves an exact excerpt. Identified speakers are linked; unresolved voices are labeled and excluded from people counts.
Claim ledger
The useful parts, with receipts.
53 published records
“At the next meeting, which I think is in Vancouver, one of the sessions they're all kicking around their favorite stock ideas, and Bill Ruane from the Sequoia fund throws out Kodak as a name he's thinking about.”
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“When this interview came out, I don’t know, a few years ago maybe more the capital pull for each investment manager was $13 billion.”
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“Yup. But it is an approach that I think is more suited to—if you believe the hypothesis that the world today is more about change than Buffett's world when he was in his prime, the Sequoia approach is the better approach in today's world I think.”
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“I think as we called in part one, there is this element of his psychology where he's curious about the scoreboard.”
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“I do want to sum up this grading, this series of course we will get the carve outs here in a second, but the completion of this with possibly the best take on Warren Buffett of anyone, Ho Nam from Altos which is an investment firm that we very much respect, recently tweeted that he is the only investor to build a company worth over $500 billion.”
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“I think two things are happening: (1) is what you're saying, which is people are buying Berkshire shares, putting them in a trust, and then selling shares in that trust.”
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“I think he actually finishes the article citing the most perfect example of arbitraging profits away by over a hundred year period going from pure innovation to sheer commodity, which is the airline industry.”
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“People in this sort of, part of the tech bubble craze was like, day trading and people are now internet trading, and like e-shares. I don’t know if it’s e-shares.”
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“There's definitely this element of if you believe Berkshire's undervalued then I think you're being pretty generous with how you value the sum of all the parts.”
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“I suspect if we set a million people free over the next 70 years, there will be someone who outperforms Warren, but they will have done it with a lot more risk involved.”
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“Even though Gates is a close friend, I think he's the first real outsider who Warren’s never done actual business with that joins the board.”
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“I think Todd, and I don't know this for sure but, was really buying Amazon, SnowFlake, some of these tech stocks other than Apple, so you have a non-Warren approved strategy going on there.”
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“I think he made that comment in 2019. He said, yeah, they both beat the S&P by a little bit but they smoked me.”
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“I think significantly more than any other investment that Warren made in his entire career up to that point.”
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“Warren preaches his faith in America, but he dumps the airlines at the bottom, which I agree with you, that's fine.”
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“I think the story goes that after 9/11, where Gen Re would take huge losses on 9/11 and Berkshire and Ajit would be fine.”
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“I think the only 2 times it was meaningfully above 2x that the stock was trading above twice book was right around ‘96 when they did the B shares and then right around ‘98.”
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“In the 2016 annual report, he introduced this idea, Warren writes, I intend to hire a younger man or woman with the potential to manage a very large portfolio who we hope will succeed me as Berkshire's chief investment officer when the need for someone to do that arises.”
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“At least in the US, it ended up not being a big thing. I don't know how Bank of America got caught up in this but they did.”
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“I think the only real shared cultural elements inside the hundreds of thousands of people that work inside or for Berkshire Hathaway are one, don't put Berkshire's reputation at risk.”
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“When you have a non-founder who doesn't quite have the same influence and purview over all of those things, I think decision making, especially when you need to be able to do it in an hour for a really big deal, could get really thorny.”
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“A lot of people will take offense to me saying that a lot of technology investing, especially in the early stages, is speculating.”
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“I think if there's one lesson in this series among many it is that if Charlie Munger is your business partner you should probably always call Charlie early in the game, and not late in the game, see Sullivan Brothers.”
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“On Lehman weekend, Warren is, of course, on vacation. I think he’s in Canada, with Astrid, his then wife.”
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“You can see for somebody like Li, this is total speculation and rumors that are online, it's never been confirmed one way or the other but supposedly the other candidate according to rumors was David Einhorn from Greenlight Capital I think.”
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“I think, I can't figure this out exactly but I think that is either more or close to more absolute dollar returns than the entire rest of Warren Buffett's career investing, even including the partnership's.”
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“I just remember preparing for it and knowing. And there was not a concern in my mind that, like maybe my internship will get cancelled, or maybe these companies will go under.”
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“I think we got to grade Warren’s entire career. Hopefully, there’s still a little bit more time, I don't know, maybe not.”
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“However, if you'll indulge me, I will spoil it with a less eloquent parting thought that I wanted to add too after.”
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“I think Todd's hiring was announced in August or September, I want to say, sometime towards the latter part of the year.”
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“I think actual rail cars. It was like a fleet managed by GE as others, like a business umbrella associated with it.”
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“Totally. I think the problem is that, now, we'll get to now, later in the episode.”
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“I think in this case, yes. I think there's also a reputational element to this too, really.”
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“There are some intangible benefits, I definitely—lots of people, I think ourselves—myself at least included now having done all this work is, alright Warren, you're past the hill on investing.”
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“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.”
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“The problem was that after they started negotiating to buy the company and David I think was involved in the negotiations, he kept buying in knowing that this was going on definitely, I don't know.”
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“There was that great thing that they were doing forever of hiring great managers that were family owned businesses that they bought for hundreds of millions of dollars and let them run and those things compound and you could be management light. It just doesn't work anymore.”
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“To be fair to Warren, again the scuttlebutt here is and there's some comments to this effect that it actually was I think Ted who first got interested in the airlines and they talked about it.”
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“We create the career, I think we grade performance since we left off the last episode which was in 1992.”
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“I doubt this is still going on, probably at Warren’s request not Ajit’s. But for decades, every night, I don't know if it’s every week night or every day of the week, they would do a nightly call at 10:00PM to go over the insurance portfolio and all the deals that Ajit was doing.”
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“We don't have their aggregate returns across all their funds, but I suspect they might be as good or better than Berkshire.”
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“As they become fast friends, Buffett goes back to Omaha after the holiday, and on the first day—I don't know when the fourth, the fifth fell, but on Monday, whatever the first trading day is after that—he makes another of his fateful, immediate, split-second, gut stock purchases.”
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“In retrospect, these years between 2011 and 2016 I think were probably some of the worst decisions that Buffett ever made and worst horrors of his career.”
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“The way I think about it is just, should I need emergency liquidity for something in the near term, I don't know what that would be, that's what my Berkshire is.”
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“In the 1995 annual meeting, he has this great quote where he just lays it out for investors, and it's one of these rare moments where he describes the investment strategy (I think) more than he necessarily intended to, but he's off the cuff, he's answering a question, and he says, “What we're trying to find is a business that for one reason or another, it can be because it's the low-cost producer in some area, it can be because it has a natural franchise, because of surface capabilities, it could be because of his position and the consumers mind, it could be because of a technological advantage, or any kind of reason at all that it has this moat around it.”
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“I'm kind of a Pepsi guy, though. Really what I like to do, I have Pepsi all day, every day.”
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“I don't know, that's kind of sad for Berkshire that I think of it as an alternative to cash.”
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“My rationale for an A versus an A plus was that I think we will probably see better investors in our lifetime than Warren in the past.”
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“In the 1988 Berkshire letter to shareholders, Buffett announces the Coke investment saying of it, “We expect to hold these securities,” the securities in Coke, “for a long time.”
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“Then I think we should grade recent years performance and then the final question, I am a Berkshire Hathaway shareholder.”
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“Here's the thing, this is nitpicking because at the end of the day investing, it doesn't matter—I played baseball growing up.”
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“Coca-Cola, now Classic, as we will get into in a second, was great, but Diet Coke is huge, maybe the most successful beverage product launch of all time.”
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“I remember this so well, in March of 2008 when Bear Stearns, the story of an investment bank failed, just like Salomon, the problem at Bear was that they failed because they had in-house hedge funds that were mortgage-backed security hedge funds and those had huge losses.”
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