Berkshire Hathaway’s billionaire chieftains are proof-positive that there is big money to be made buying good companies in tough times.
he U.S. economy faces a bevy of big challenges: poorly-hedged regional banks, sticky inflation, and the potential for the United States to default on its sovereign debt obligations. These are all potential problems, of course, but if you get a sense of déjà vu, it’s because they’ve all been obstacles that we’ve already encountered.
In the month of April, we probably added about $7 billion to Treasury bills. We bought about $400 million worth of stock in April, but we sold some stock which produced maybe $4 billion. I would say that the general economy, and perhaps the majority of our businesses, will actually report lower earnings this year than last year.
Buffett is a big fan of the insurance business for several reasons, including the fact that it’s non-cyclical, and even more importantly that it generates huge amounts of cash in the form of “float.”: Float is money that is left in our hands, but very importantly, it’s different than a bank deposit. You have to pay interest on your bank deposit, and you have to pay more interest these days. You also have to run a bank and do a lot of things. Just think of a balance sheet.
Given the rise of disruptive technologies that can improve productivity significantly, and AI being one of them, how do you envision the future of value investing in this new era, and what adaptations or new principles do you think investors should adopt and any recommendations for investors to remain successful in this rapid changing landscape?: I think value investors are going to have a harder time now that there's so many of them competing versus a diminished bunch of opportunities, so...
I don't think that a cleverly drawn will is a substitute for your own behavior in teaching your kids the values you hope that they will have. Your will should be in conjunction with that. Charlie and I have said it. If you want to figure out how you want to live your life, you write your obituary and reverse engineer it.
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Wisdom And Courage For A Wall Of Worry From Warren Buffett And Charlie MungerBerkshire Hathaway’s billionaire chieftains are proof-positive that there is big money to be made buying good companies in tough times.
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