1/ Buffett: "We learned a long time ago that you can't make a good deal with a bad person. Just forget it. Now, if you think you can draw up a contract that, that is going to work against a bad person, they're gonna win. They probably enjoy litigation." cnbc.com/2021/06/29/cnb…
2/ Buffett: "The bad guys win. They know more games. They may lose eventually. but it's no way to spend your life."
This interview was recorded after the annual meeting in May and only really covered new ground on Archegos. I need to read it to be able to summarize it for you.
This interview was recorded after the annual meeting in May and only really covered new ground on Archegos. I need to read it to be able to summarize it for you.
3/ I've tried to make it seem like Buffett and Munger are on Twitter through me since it's educational for some people.
Why do I do this? It just happened as I saw people misinterpret.
If you think they are going to say something new every time in every comment, get serious.
Why do I do this? It just happened as I saw people misinterpret.
If you think they are going to say something new every time in every comment, get serious.
4/ This is core to Buffett/Munger:
"We made a lot of money. But what we really wanted was independence. What really is great is if you can do what you want to do in life and associate with the people you want to associate with in life. That beats 25-room houses and six cars."
"We made a lot of money. But what we really wanted was independence. What really is great is if you can do what you want to do in life and associate with the people you want to associate with in life. That beats 25-room houses and six cars."
5/ MUNGER: "We have accidentally created an experiment in how well a really big place can be run on a very non bureaucratic basis with extreme decentralization. We're an extreme test case."
BUFFETT: "We want to trust people. Occasionally trust is misused. But net, it's worked."
BUFFETT: "We want to trust people. Occasionally trust is misused. But net, it's worked."
6/ MUNGER: "What if we'd copied the normal corporate centralized management system?"
BUFFETT: "I wouldn't have wanted to work there. I'd resign. Or been fired. I would rather be in a jail cell with a few people who are interesting and plenty of reading material."
BUFFETT: "I wouldn't have wanted to work there. I'd resign. Or been fired. I would rather be in a jail cell with a few people who are interesting and plenty of reading material."
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