Warren Buffett CNBC transcript from today: cnbc.com/2018/08/30/fir…
We all have this same problem and can relate: "I DON'T WANT TO GO OVER 10% EXCEPT IN RARE CIRCUMSTANCES OF SECURITY, SO WE OWN NINE AND A FRACTION PERCENT OF THE FOUR LARGEST, AND I ACTUALLY HAVE TO TRIM THEM JUST A LITTLE IF THEY'RE REPURCHASING SHARES TO STAY UNDER 10%."
"BOOK VALUE HAS LESS AND LESS IMPORTANCE AS WE MOVE TO OPERATING BUSINESSES FROM INVESTMENTS. SO WHAT REALLY COUNTS IS WHAT ARE THE BUSINESSES WORTH, ALONG WITH THE SECURITIES WE OWN. AND IF IT'S AT A DISCOUNT TO THAT FIGURE, CHARLIE AND I WILL BUY. AND WE BOUGHT SOME."
"WE NEED A BIG ENOUGH DISCOUNT, SO WE'RE BUYING IT, AT WHAT WE KNOW IS A PRICE WHERE THE CONTINUING SHAREHOLDERS ARE GOING TO BE BETTER OFF, BECAUSE WE BOUGHT IT. WE'RE RUNNING BUSINESS FOR THE PEOPLE WHO ARE GOING TO STAY, NOT THE ONES WHO ARE GOING TO LEAVE."
"THE WILLINGNESS OF PEOPLE TO CHANGE THEIR HABITS PROBABLY HAS A HIGHER PROPENSITY THAN 20 OR 30 YEARS AGO. BRANDS ARE NOT A SENSATIONAL BUSINESS IN TERMS OF WHERE YOU CAN BE FIVE OR TEN YEARS FROM NOW." WARREN BUFFETT
"OVER TIME, A BUNCH OF BUSINESSES THAT ARE EARNING HIGH RETURNS ON CAPITAL ARE GOING TO BEAT A BOND THAT'S FIXED AT ROUGHLY 3% FOR 30 YEARS, AND IT'S NOT MY FIELD OF SPECIALTY, BUT ACTUALLY THEY LOOK CHEAPER THAN GENERALLY REAL ESTATE." BUFFETT
