Thread by @compound100x

Can nv get enough of Buffett wisdom. Some of my fav frm this interview

1. On oil: you can't change this mass of transportation. You can't change it in a year or two. It is changing, and it should change. But in terms of just the math of replacing--

finance.yahoo.com/news/warren-bu…

if we said we're going to junk all the cars we have, the economy would stop-- I mean, we can't produce-- we couldn't replace them

2. on WFC: nybody that has a sales force makes mistakes sometimes in what they incentivize. And bad practices will spread if not jumped on. when

something goes wrong at Berkshire, if it doesn't get corrected, there'll be more problems subsequently-- What happened at Solomon, Charlie and I said, you know, get it right, get it fast, get it out, get it over.

3. on rates [my fav]: I have never been able to predict interest

rates. I've never tried. I don't-- Charlie and I, we believe in trying to function on what-- focus on what's knowable, and important. Now, interest rates are important, but we don't think they're knowable.

I would say that's the most important question in the world. And I

don't know the answer. ... If we knew the answer, it wouldn't be the most important question.

4. Is FANG a bubble: No, just the opposite. I mean, you're seeing in this kind of a market, those companies don't need capital. Well, Netflix needs capital. But basically, the big

companies in market value don't need capital. And that will separate them even more from the rest of the pack. I mean, go back years. It's, you know, it's AT&T, the old AT&T, and General Motors, and Standard Oil, New Jersey, as it was called then. Those companies needed

money. [FANG] overwhelmingly, they're capital light. And that is really different.

5. On mistakes: I've made so many mistakes, if I tried to kick myself, my legs would be exhausted. You don't kick yourself in the investment-- and you don't kick yourself when you make a mistake.

I mean, it is part of what you do. And you know, I was there when Ted Williams batted .406, but that means .594.

6. On divided country: you could ask me the same question in the Vietnam period, and I will tell you it was-- it was even more intense. I mean, I watched--

I happened to be in New York at the time, and I watched that crowd come up to Wall Street. I'm just coming up whichever street that is, Broad Street, may have been Wall and Broad, whatever. people were just as inflamed, I would say, on both sides. I do not regard this as

some unique period in history

7. On LT perspective (i can nv get sick of this one, people always forget in volatile markets): If you owned Coca-Cola, it didn't make any difference in 1920 when it went public. The important thing was what it was doing with customers. And you

probably would have been better off if there wasn't any market in it for 30 or 40 years, because then you wouldn't have gotten tempted to sell it. And you just watch the business, and you'd watch it grow, and you'd feel happy.

/end
If the businesses you own today don't get a quote for the next 5 years, will you still be happy owning the business?