Warren Buffett - Food Stamps for the Rich
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Uploaded by WarrenBuffettBlog on May 23, 2011
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A company's competitive advantage could be a lot of things. You absolutely need one in business, or someone else will come along and take your market. You don't need a lot of great investing ideas over the course of your life to get rich. If you have 10 great ideas for the rest of your life, then you can afford to give away five of them. You don't need a bunch of ideas to get rich.
There is nothing like writing to force you to think and to get your thoughts right. If you can't understand accounting footnotes, it isn't your fault. It is either because the person writing it doesn't understand it or they don't want you to understand it.
Berkshire's returns in the next few decades will probably be lower than its historical return. As their capital gets bigger, their universe of potential investments has gotten smaller. A lot of money is a drag, but it has other advantages.
If you've got a lot of money, you should leave your children enough money that they can do anything, but not enough so that they can do nothing. People talk about how poor people on welfare get trapped into a cycle of dependency and food stamps. But they never stop to think that perhaps rich people do the same thing to their children. They just have a trust fund rather than a social worker.
This society rewards certain things very well. Mike Tyson or baseball players or capital allocators are rewarded quite well. Nurses and teachers aren't compensated nearly as well. To give children a lifetime supply of claims on the labor of others simply because their parent had a particular talent doesn't make much sense.
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thank you for video
MrAlexbulin 1 month ago