Warren Buffett - Don't Pay Attention to GeoPolitics

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Warren likes to work with people that he likes and he likes to continue to grow Berkshire Hathaway. It is the painting that is never finished. He is going to do the same thing no matter what Citibank or the governments of the world are doing. He has never made an investment decision based on a macro view or any idea of what the world economy is doing or might do. The world will be here in ten years, and he wants to buy businesses that will be around at that time to serve people with goods and services.

Growth is not a big factor in his investment decisions. He wants a business with a competitive advantage, good management, will be around in ten years, and is at a good price. Growth is good, but it is not a major factor in investment decisions. Central banks make mistakes, but most of the time they get it right. In the United States, the central bank have used most of the bullets that they have. Although there are some measures they can take, it is a small factor compared to the resilience of people and the market system. Steve Jobs may come out with a new product, or Amazon may figure out a more efficient way to distribute products. Those are the types of things that will move the economy forward, not a central bank. We don't need any more monetary stimulus than we have already had.

Over a period of time, there is no risk to the American economy. Over the next 100 years, there may be 15 terrible years, but it is impossible to predict which 15 years those will be. But in the long run, we will continue to move forward. The real threats are nuclear and biological weapons. These weapons give psychopaths and criminals new tools that they have never had before.

The United States couldn't be further from insolvency. During World War II, the debt compared to GDP was extremely high, but we came out of that with a tremendous amount of prosperity. The United States is wealthier now in real terms than it ever has been, and it will continue to get wealthier.

To do something that transcends borders is an extreme act of humanity. And there are a lot of people like that in India. And that is what people like Bill Gates and Warren Buffett are doing with their philanthropic efforts.

When the board of Berkshire meets, the bulk of the discussions have to do with succession. They have identified four good candidates. If Buffett were to die tomorrow, they know exactly who would take his place. They have a great reservoir of talent to draw from. Not too long ago, Charlie Munger would be the obvious choice, but he is older than Warren, so that doesn't really make sense anymore. The successor will need to preserve the culture of Berkshire. He needs to be able to allow talented managers to run their own business.

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[glitched731]

0:13 That expression on Buffet's face looks like 'Why am I here and what the fuck did you put on my goddamn forehead?'

[timsutton1]

Warren looks a little hot?? seems to be perspiring alot.... hopefully he didn't get a case of Delhi belly.