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Forbes on Buffett.....this stuff is just too good.


doughishere
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This is just too good not to share...

 

Buffett tells a story on himself: “William Morris of Con-trol Data is a relative through marriage, and I could havebought  it  at  16  cents  a  share  [now  $150],  but  I  asked:  ‘Whoneeds another computer company?’”

 

http://docslide.us/documents/31752060-forbes-on-buffett.html

 

 

Check this out.......

 

 

.  In one case in 1965 Buffett says he  spent  the  better  part  of  a  month  counting  tank  cars  in  a Kansas City railroad yard. He was not, however, considering buying  railroad  stocks.  He  was  interested  in  the  old  Stude-baker Corp. because of STP, a highly successful gasoline addi-tive. The company wouldn’t tell him how the product was doing. But he knew that the basic ingredient came from Union  Carbide,  and  he  knew  how  much  it  took  to  produce one  can  of  STP.  Hence  the  tank-car  counting.  When  ship-ments rose, he bought Studebaker stock, which subsequently went from 18 to 30.......He has made a fortune and is n olonger motivated to count boxcars and read statistical manu-als.

 

 

 

What  else?  “I  don’t  believe  in  making  life  plans,”  is  all he will say.

 

 

Someone should put that on a t-shirt.

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Thanks for sharing it, I appreciate it.

 

His big successes over the years have

been in the stocks of ordinary companies: American Express,

not Control Data; Cleveland Worsted Mills, not Xerox; Walt

Disney, not Kentucky Fried Chicken; Studebaker, not Tele-

dyne. He won’t buy a conglomerate: They don’t make sense to

him. Ditto technological companies: “I can’t understand

them. They’re not my style.”

 

Wonder if Buffett gave the Teledyne example or if the journalist came up with it. Funny either eay.

 

Conglomerates not his thing? Guess he didn't know he would be running one... Though to be fair, his model is different from what was popular at the time.

 

After this coming January Buffett is closing up shop and

dissolving the partnership. He has no desire to be a Getty or a

Rockefeller. Besides, he’s getting stale. “My idea quota used to

be like Niagara Falls—I’d have many more than I could use.

Now it’s as if someone had dammed up the water and was let-

ting it flow with an eyedropper.

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Thanks for sharing it, I appreciate it.

 

His big successes over the years have

been in the stocks of ordinary companies: American Express,

not Control Data; Cleveland Worsted Mills, not Xerox; Walt

Disney, not Kentucky Fried Chicken; Studebaker, not Tele-

dyne. He won’t buy a conglomerate: They don’t make sense to

him. Ditto technological companies: “I can’t understand

them. They’re not my style.”

 

Wonder if Buffett gave the Teledyne example or if the journalist came up with it. Funny either eay.

 

Conglomerates not his thing? Guess he didn't know he would be running one... Though to be fair, his model is different from what was popular at the time.

 

After this coming January Buffett is closing up shop and

dissolving the partnership. He has no desire to be a Getty or a

Rockefeller. Besides, he’s getting stale. “My idea quota used to

be like Niagara Falls—I’d have many more than I could use.

Now it’s as if someone had dammed up the water and was let-

ting it flow with an eyedropper.

 

 

I read a lot..... Anyways one of the most amazing thing is to read stuff from the past knowing full well the impending doom(in this case success) that's about to follow....it conextualizes the failure or success.....like watching an accident in slow motion replay....often there are similarities and patterns.

 

 

 

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Too bad they don't have 13fs from back in the day.

 

 

I'm kinda hoping when Buffett and Munger pass on that the estate will "declassify" their notes and documents that are no longer relevant....I'm sure the big points will remain the same but it'll help shade in their masterpiece..

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Too bad they don't have 13fs from back in the day.

 

 

I'm kinda hoping when Buffett and Munger pass on that the estate will "declassify" their notes and documents that are no longer relevant....I'm sure the big points will remain the same but it'll help shade in their masterpiece..

 

Keep dreaming.  My guess is most of that is under lock and seal.  Rumors were swirling that Buffett suddenly became a champion of higher taxes because he cut a deal with the Treasury to grandfather early partners in.  There are allegations of dodgy partnership situations where if a dividend were paid or if the person died there could be serious tax (if not legal) consequences.  And that Buffett "solved" this problem by cutting a deal. 

 

My prediction is everyone will be shocked at what comes out once Buffett dies.  I'm suspicious when the only person talking about how great someone is is themselves or their groupies.  My guess (educated and somewhat informed) is there are quite a few skeletons in his closet.

 

Of course this board will say I'm wrong, he's a saint and disregard all of this.  But maybe in 3/5/10 years when he passes we can revisit my predictions.

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Wonder if Buffett gave the Teledyne example or if the journalist came up with it. Funny either eay.

 

Conglomerates not his thing? Guess he didn't know he would be running one... Though to be fair, his model is different from what was popular at the time.

 

You need to read that in context of the date of the article (1969). This was the end of the "conglomerate boom". The conglomerates were the FANG of that era. Teledyne had an 89% peak-to-trough drop. The "good" teledyne came after.

 

I thought KFC was a more interesting example since this would be in Buffett's core competency. But there was also a "franchise" boom during the 60s, so it makes sense in context.

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“You’re dealing with a lot of silly people in the marketplace; it’s like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be okay.”

 

Really interesting - that's the only time I've heard him say the word Pepsi in my life.

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Too bad they don't have 13fs from back in the day.

 

 

I'm kinda hoping when Buffett and Munger pass on that the estate will "declassify" their notes and documents that are no longer relevant....I'm sure the big points will remain the same but it'll help shade in their masterpiece..

 

Keep dreaming.  My guess is most of that is under lock and seal.  Rumors were swirling that Buffett suddenly became a champion of higher taxes because he cut a deal with the Treasury to grandfather early partners in.  There are allegations of dodgy partnership situations where if a dividend were paid or if the person died there could be serious tax (if not legal) consequences.  And that Buffett "solved" this problem by cutting a deal. 

 

My prediction is everyone will be shocked at what comes out once Buffett dies.  I'm suspicious when the only person talking about how great someone is is themselves or their groupies.  My guess (educated and somewhat informed) is there are quite a few skeletons in his closet.

 

Of course this board will say I'm wrong, he's a saint and disregard all of this.  But maybe in 3/5/10 years when he passes we can revisit my predictions.

 

 

I'd laugh, and wouldn't be shocked if that will going to be the case.......i truly wouldn't......maybe he has a love child.. but im gonna have to agree to disagree thats whats going to happen......pure speculation......I do feel like its ok to be not shocked if the revalation does turn ourt true but i dont think it its...lol we will see....."Just as every cop is a criminal And all the sinners saints As heads is tails" -Rolling Stones

 

 

Gentlemans bet, Oddball....5/12/2021,5/12/2026, 5/12/2031 ..if were both alive and the message bards are still going...there should be a post or discussion or some sort of acknowledgement on the "post" buffett revelations.

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Gentlemans bet, Oddball.

 

longbets.org

 

But like a charlatan or astrologer, the predictor made his predictions so vague to make them meaningless.

 

Future self: I am shocked that Buffett secretly developed a cure for cancer in his spare time!

Future Oddball: See! I said you would be shocked at what comes out once Buffett dies! I win!

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Keep dreaming.  My guess is most of that is under lock and seal.  Rumors were swirling that Buffett suddenly became a champion of higher taxes because he cut a deal with the Treasury to grandfather early partners in.  There are allegations of dodgy partnership situations where if a dividend were paid or if the person died there could be serious tax (if not legal) consequences.  And that Buffett "solved" this problem by cutting a deal. 

 

I wouldn't be surprised either, but I'm sure he's made the right moves to ensure any of this stuff will never see the light of day, if true. Then again this is all just drama and entertainment for me...I already think he's hypocritical on bigger issues than paying taxes.

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First of all Munger and Buffett are really smart (duh) and really ethical, but......

They are humans with all the attendant foibles, so there is probably something there (in their files) that is not the ideal. 

 

As for Munger, I am an admirer and do not think he is racist, but I absolutely hate him going on and an about Chinese people and values; it smacks of 1950's racism, however enlightened.  It makes me cringe and I'm a card carrying Munger groupie.

 

As for Warren, well:

I'd laugh, and wouldn't be shocked if that will going to be the case.......i truly wouldn't......maybe he has a love child.. "

You know that he had what for a mid century Midwesterner was a pretty scandalous relationship with Astrid. (So the love child, would not have been at all surprising.)  Even today not many men have mastered having harmonious relationships between their  wife and mistress. (How did he do that?) Note that he doesn't seem to be the most loving Dad and he cut off Schroder after she wrote the book.  And BRK owns Coke.

 

They have clay feet. Okay.

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Too bad they don't have 13fs from back in the day.

 

 

I'm kinda hoping when Buffett and Munger pass on that the estate will "declassify" their notes and documents that are no longer relevant....I'm sure the big points will remain the same but it'll help shade in their masterpiece..

 

Keep dreaming.  My guess is most of that is under lock and seal.  Rumors were swirling that Buffett suddenly became a champion of higher taxes because he cut a deal with the Treasury to grandfather early partners in.  There are allegations of dodgy partnership situations where if a dividend were paid or if the person died there could be serious tax (if not legal) consequences.  And that Buffett "solved" this problem by cutting a deal. 

 

My prediction is everyone will be shocked at what comes out once Buffett dies.  I'm suspicious when the only person talking about how great someone is is themselves or their groupies.  My guess (educated and somewhat informed) is there are quite a few skeletons in his closet.

 

Of course this board will say I'm wrong, he's a saint and disregard all of this.  But maybe in 3/5/10 years when he passes we can revisit my predictions.

 

Grandfather early partners in for what? Are you referring to estate taxes?

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Too bad they don't have 13fs from back in the day.

 

 

I'm kinda hoping when Buffett and Munger pass on that the estate will "declassify" their notes and documents that are no longer relevant....I'm sure the big points will remain the same but it'll help shade in their masterpiece..

 

Keep dreaming.  My guess is most of that is under lock and seal.  Rumors were swirling that Buffett suddenly became a champion of higher taxes because he cut a deal with the Treasury to grandfather early partners in.  There are allegations of dodgy partnership situations where if a dividend were paid or if the person died there could be serious tax (if not legal) consequences.  And that Buffett "solved" this problem by cutting a deal. 

 

My prediction is everyone will be shocked at what comes out once Buffett dies.  I'm suspicious when the only person talking about how great someone is is themselves or their groupies.  My guess (educated and somewhat informed) is there are quite a few skeletons in his closet.

 

Of course this board will say I'm wrong, he's a saint and disregard all of this.  But maybe in 3/5/10 years when he passes we can revisit my predictions.

 

Yeah,

 

guilty by rumor,

guilty until proven innocent

 

guilty because you are now dead.

 

Doesn't matter how you conducted your public life for 100 years. It was all a show.

 

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Wonder if Buffett gave the Teledyne example or if the journalist came up with it. Funny either eay.

 

Conglomerates not his thing? Guess he didn't know he would be running one... Though to be fair, his model is different from what was popular at the time.

 

You need to read that in context of the date of the article (1969). This was the end of the "conglomerate boom". The conglomerates were the FANG of that era. Teledyne had an 89% peak-to-trough drop. The "good" teledyne came after.

 

I thought KFC was a more interesting example since this would be in Buffett's core competency. But there was also a "franchise" boom during the 60s, so it makes sense in context.

 

Of course, I'm just curious to know if Buffett volunteered Teledyne as an example or if the journalist just picked a conglomerate himself and ended up on the one that was run by the person who Buffett considers the best capital allocator (and if you had bought Teledyne even during the conglomerate boom, you'd probably have done really well afterwards).

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This is just too good not to share..

 

Thanks, and I think this points out (again) that Buffett invested very differently as a young man from the way he did in his later years at Berkshire.  He was very much a special situations investor back then.  A lot of people seek to emulate Buffett because he has a high net worth, but they're shooting at where the bird is now rather than where it was at their stage in the game.  Hence they fail.

 

The corollary to this is that US economic conditions were very different when Buffett got started than they are now.  I don't think that means one can't achieve his returns, but you can't expect to do it in the same way any more than he could have expected to achieve Vanderbilt or Gould's success by emulating them.  Although he means it a bit differently, that what I really take as his meaning by the claim "I won the ovarian lottery." Look at Rockefeller - I think he would have been rich regardless, but if you copied his strategy of going head over heels into the oil business you'd be unlikely to achieve comparable returns.  There is no such thing as a timeless strategy in investing, although I do believe there are certain timeless truths.

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Too bad they don't have 13fs from back in the day.

 

 

I'm kinda hoping when Buffett and Munger pass on that the estate will "declassify" their notes and documents that are no longer relevant....I'm sure the big points will remain the same but it'll help shade in their masterpiece..

 

Keep dreaming.  My guess is most of that is under lock and seal.  Rumors were swirling that Buffett suddenly became a champion of higher taxes because he cut a deal with the Treasury to grandfather early partners in.  There are allegations of dodgy partnership situations where if a dividend were paid or if the person died there could be serious tax (if not legal) consequences.  And that Buffett "solved" this problem by cutting a deal. 

 

My prediction is everyone will be shocked at what comes out once Buffett dies.  I'm suspicious when the only person talking about how great someone is is themselves or their groupies.  My guess (educated and somewhat informed) is there are quite a few skeletons in his closet.

 

Of course this board will say I'm wrong, he's a saint and disregard all of this.  But maybe in 3/5/10 years when he passes we can revisit my predictions.

 

"Cut a deal" with who? And why would anyone "cut a deal" with him? And why would he taint his entire reputation, which he's spent a lifetime trying to maintain, to "cut" shady background tax deals? And what does this have to do with the price of eggs? I think the real truth is that when you're on the throne, everyone's got an opinion.

 

You say you're somewhat informed. Go ahead and tell us who informed you and what they said. If you're going to pass on gossip at least be straight about it. The guy is going to give $100 billion to charity and we want to smear him because of some vague speculation about "cutting deals"? Go ahead and call me a groupie if you like. This stuff is ridiculous. Buffett has plenty of deep, well-known flaws but the rumor mill has nothing useful to add.

 

As for the person who doesn't like Charlie's upholding of traditional Chinese values and calling him "racist," I think you're seeing what you want to see. Charlie hired a Chinese guy (who by all accounts loves him) to manage half his fortune and the guy goes on and on about what an amazing job China has done coming up from poverty, and how much he admires Chinese ethos and how much he admires that Chinese folks are outperforming Americans, and particularly young Mungers...and he's racist? What are you talking about?

 

Give this a read and tell me why this 1950's racist man is so beloved by a Chinese man. http://www.distressed-debt-investing.com/2010/06/li-lus-foreword-to-poor-charlies.html

 

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The IRS cuts deals all the time. I just watched the documentary on Scientology. The scientologists pretty much bullied the IRS into cutting a deal with them. And that was the 90s. Imagine decades earlier.

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The IRS cuts deals all the time. I just watched the documentary on Scientology. The scientologists pretty much bullied the IRS into cutting a deal with them. And that was the 90s. Imagine decades earlier.

I would be surprised if Buffett didn't cut a deal with the IRS at some point in his life. He's been in business over 60 years and we all know he is desperate to avoid taxation, did he not try to write off his bicycle as a business expense when he submitted his first tax return!?

 

I would be shock it at some point in his career he didn't cross the line at some point. To cross swords with the IRS doesn't make him a crook, however at the same time you can't help but think his attitude to taxation is more of a "do as I say" rather than a "do as I do".

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The IRS cuts deals all the time. I just watched the documentary on Scientology. The scientologists pretty much bullied the IRS into cutting a deal with them. And that was the 90s. Imagine decades earlier.

I would be surprised if Buffett didn't cut a deal with the IRS at some point in his life. He's been in business over 60 years and we all know he is desperate to avoid taxation, did he not try to write off his bicycle as a business expense when he submitted his first tax return!?

 

I would be shock it at some point in his career he didn't cross the line at some point. To cross swords with the IRS doesn't make him a crook, however at the same time you can't help but think his attitude to taxation is more of a "do as I say" rather than a "do as I do".

 

This so called Buffett hypocrisy on taxes is laughable. Fact is that he made his early fortune when tax rates were much higher than now--he actually had a tougher playing field.

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The IRS cuts deals all the time. I just watched the documentary on Scientology. The scientologists pretty much bullied the IRS into cutting a deal with them. And that was the 90s. Imagine decades earlier.

I would be surprised if Buffett didn't cut a deal with the IRS at some point in his life. He's been in business over 60 years and we all know he is desperate to avoid taxation, did he not try to write off his bicycle as a business expense when he submitted his first tax return!?

 

I would be shock it at some point in his career he didn't cross the line at some point. To cross swords with the IRS doesn't make him a crook, however at the same time you can't help but think his attitude to taxation is more of a "do as I say" rather than a "do as I do".

 

Yep, a 14 year old filing taxes for a newspaper throwing job. Surely, the world is teeming with teenagers filing taxes for cash jobs.

 

Keep fishing.

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