"Warren and I can both look up to our father and see what's going right and what's wrong," Munger said. Warren's father was a true old-school right-wing thinker, and his father was very enthusiastic about it, and Warren was sure that it was wrong to be such a thinker, and that it was necessary to be such a thinker, so he liked his father, but he didn't want to be a big believer in anything. WARREN BUFFETT: My political behavior became more public after my father's death, and human rights changed my perspective. In 1776 Thomas Jefferson wrote: "All men are created equal, and when they wrote the constitution, they unexpectedly decided that if you were black you would be a little more than half a person, and that would drive me crazy." One day his wife was discussing race with him, and he and his wife said waiting for the woman to find out. They are slaves in the world, now many men know it, do women know it? The first example is Buffett's mother, the time when his wife helped her husband at work, Buffett said: My sisters are as smart as I am, they have a better personality than me, but they have realized through various ways that their future is limited, I realize that the sky is limited, either because of lack of love and so on, or cultural history.
On the other hand, from the opposite side, it's very exciting, because this country uses it, half of its talent, and you'll find the potential for the future, and I'm optimistic about the future of the United States. Part of the reason is that for some wrong reason, half of us have become bystanders. Buffett's first experience with cigarette butt stocks led him to believe that this wasn't what he really wanted, and that he made a lot of money from the set of cheap stocks that Graham taught. If it's cheap enough, he doesn't care how bad it is or how bad management it is, he knows he makes money no matter what because they're cheap. Buffett is a person that many people think is very rational, similar to Charlie Munger, so Buffett relies heavily on Munger. Buffett said: "Charlie Munger has had a big influence on me in pushing me to find good companies with reasonable prices, rather than good companies with high prices. That's important because it allows Berkshire to expand exponentially without making other mistakes.
When interviewing Buffett: What key metrics do you look at before you invest? WARREN BUFFETT: I'm looking for companies that have moats around, and we have a company on the West Coast called Hise Candy, Hissian Candy Boxed Chocolate. If you gave your girlfriend this on a first date, would she kiss you? We're your bosses, you know? I mean we can increase your value tomorrow, you buy a box tomorrow, you can't be fooled, the key is to respond, you don't want to go home on Valentine's Day, with your wife or sweetheart, of course, it's best for two people to be the same person, you won't say: Honey, I won the bid at a low price, that's useless, the price is invisible to some extent.
If you have an economic castle, people will come and occupy the castle and drive you away, so you'd better have a moat, you'd better have a knight in the castle and know what he's doing? You're not buying an asset, you're buying a name, a brand. You're buying the real right to operate here, and Charlie is more responsible in this regard than anyone else. Buffett and Munger have known each other since the beginning.
When you visited Munger: What was the first time you met Warren? Munger: I think he's a wizard, and I've received a lot of criticism, and my wife said, "Why give so much respect to this flat-headed boy who doesn't eat vegetables?" He's just too smart. He has a broader understanding than I do, and he's very good at condensing very important ideas into a few words. If you're not interested in the current state of the economy, you're dead inside.
Charlie is not perfect, so let's talk about Charlie comparing them to heroin dependents, which is really interesting, but I would not choose to be like that. I want to run the headquarters alone, over 80 years old, sitting in the office by myself, nothing else is useful, he told me there is no false eye so I will listen to him. Buffett and Munger have a great relationship and never quarrel, that's how we simply swing together. If Warren doesn't do what I don't do, if this happens four times in 40 years, how much will change in me? Of course, the results are still good. We all know we have our own moral standards so we can do well, and Warren isn't interested in making money by deceiving people.
Warren's views on Wall Street investment bankers won't make him welcome, and he feels that in many ways they're not for clients, they're for their own business interests. In the late 1960s, account fraud and mergers based on forged accounts misled the masses. Wall Street charlatans were rife at the time, and Wall Street was unanimously praising, Buffett: I know what kind of game this is, but I don't want to play it. So I shut down the partnership at the end of 1969 and I started chairing Berkshire Hathaway, and I think Berkshire today is all a reflection of Warren. I construct a business that fits me, and it's crazy if you spend your whole life painting paintings you don't want to see, I sketch my own paintings on endless canvas, it's a different place.
WARREN BUFFETT: I work with my friends and family members who are simple and happy, we have 25 people in the office, if you go back or those 25 people, we don't have any committees in Berkshire, no PR department, we don't have an investment relationship, we don't have a general council, we don't have a relationships department, we don't have anything formal, it's a life that I prefer, it's not a burden on me, it's basically a kind of entertainment. I like to be quiet, I close the door in the office because I don't want to hear anyone talking outside, his views and money-saving proposals are very different, I still spend five or six hours a day reading, we look at today's trend, we gather quickly, and the magic is that he can remember all kinds of things, like a small computer.
Bill's mother invited Buffett to dinner, Bill Gates: I think Warren is just buying and selling stocks, not interested in me, not having any added value, and it turned out to be completely different. We knew we had become very good friends that day. Buffett said: "In fact, we didn't know each other well enough, and shortly after I met Bill Gates, Bill's father asked each of us to write down one word on a piece of paper that helped us the most, and Bill and I both wrote down the two words: concentration.
Focus is the most powerful part of my personality. If I'm interested in something, I'm really interested, if I'm interested in a new topic I want to have a reading about it, I want to discuss it, I want to meet the people who are involved. I myself may sometimes not pay much attention to what color is on my bedroom walls, I don't care about the physical universe, but the commercial universe, I think I want to understand. I really enjoy sitting down and thinking, and I spend a lot of time doing it, although sometimes it doesn't work. But when it comes to business and investment, it's really fun and simple. The human problem is the most difficult. Sometimes there are no good answers to people's questions, but there are always good answers to money.
Buffett is considered a genius by his wife, who says: Genius, is lonely and independent, he has not really adjusted, he is so funny. I mean humorous people who have moats around them because they're afraid of not knowing the people they want to get in. To this day, no one knows him better than I do, and most wives say that. But, in a sense he's out of place, and it's hard to make connections on an emotional level because that's not how he basically works. He had been reading upstairs, and his daughter had been telling his mother that they had been talking with syllables. If you start doing something for a long time and you need him to stick with it, you ask him what's going on in his head and you're going to lose him. He's probably thinking before you come in, and he's thinking very seriously.
WARREN BUFFETT: My biggest mistake is not to understand people as they should, his wife left Omaha in 1977, and there's not much to say. Her daughter said: This is a devastating blow to him, and her daughter can't blame his mother when she comes home, but she will think about why you left her father, and he can't take care of himself. So her mother called out to many friends to take care of him, and Astrid was one of them. It took Buffett a long time to adjust, and his wife told him that he was not leaving, just looking for friends to cook for him, and would definitely appear when his wife was needed.
The main difference between them is that Buffett is making more and more money, but he is not willing to donate it. His wife believes that the money earned should be donated, so the two incomprehensible behaviors lead to different ideas. For Buffett it's a business, not a matter of money per se, he doesn't buy a lot of paintings or build houses, it's all spiritual for him, money is his scoreboard, he used to say: Everyone can read the books I've read, it's a level playing field, he likes it, he has a desire to win. He was all alone in the office, reading books that everyone could read, but he liked to win ideas.
Munger: I'll tell you how to do it, have you ever seen a juggler who asks for 25 milk bottles? How did he do it? The answer is that he starts with one bottle of milk, then two, three, sticks, and then soon there are 25, and so do we. So we start with cash and end up buying some businesses, including insurance companies, which are a lucrative business in themselves, but it has another advantage, which creates floating money. (Floating money refers to the money that is around Berkshire when it is time to be repaid, and Warren has the extraordinary ability to use and float to buy a company that can make Berkshire grow.)
In 1983, Ms. B made a fortune by selling a controlling stake in the company to Buffett for $5.5 million. Warren, an expert in the newspaper industry, was interested in the Washington Post because he felt it was an undervalued company, and he wrote a letter to Ms. Graham: "I bought 5% of your company, I'm not going to hurt you, I think it's a good company, I know it's owned and operated by Graham, that's good for me." Ms. Graham believes that Buffett is a good person, and he used to come to board meetings with 20 annual reports. He would take Ms. Graham to read the annual report, like going to business school with Buffett.
Graham introduced Buffett to Washington politics, which was completely different from the crowd he had been exposed to before. Working with Kai gave him a different confidence, he is a star. What did Buffett say in 1986? Omaha's prophet, who shaped his image and had fun, berkshire's stock price grew 2,000 percent, one of the world's largest companies by market capitalization, and it could grow even bigger because Buffett shows no signs of slowing down. So everyone cares about how he did it?
Through investment, he learned about his investment: old local brands in the United States, such as Coca-Cola, Fudelong, and DQ. What inspired Buffett? Buffett said he liked it. The reporter asked: Is it to buy your favorite, right? WARREN BUFFETT: Yes. Today's Coca-Cola Company, which sells 2 billion eight ounces, single form or other Coca-Cola products, if you make a penny a day, that's $20 million a day, $7.3 billion a year, and when you own Coca-Cola, you can have the ideas of billions of people, that's really good.
Who has made so much money over the years? And also surpassed his friend Bill Gates. The answer is Buffett. In 1996, he became the richest businessman in the world. What is being discussed now is Buffett's purchase of the North Burlington Railroad at a valuation of $26 billion, which would be Buffett's biggest acquisition. Munger: In 2006, Buffett took Berkshire from zero to a market cap of hundreds of billions of dollars, and there is no record of that. He wants to have an outstanding reputation, he doesn't mess around at the time of acquisition, and maintains proper management. He built a reputation that paid off for the rest of his life, and it took him 20 years to build a reputation that only took 5 minutes to lose.
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