These older videos of these BKH meetings are precious and filled with golden nuggets!!!! 🙏✨🙌🏼 Warren and Charlie in their prime years💗

Thank you

2:08:03 it’s a good habit to trumpet your failures and be quiet about your successes.

3:24:10 Charlie’s talks about people’s mindset and how they mention doing a “deal”.

At BRK they are trying to welcome partners where as other places are just trying to make a deal and eventually sell to make a large profit.

47:21 Warren & Charlie were on the compensation committee at Saloman and they explain how envy is a greater motivation than greed. A person can be happy with a 2 million dollars bonus until they find out a fellow colleague made 2.1 million.

4:34:43 A question about illegal naked short selling. I found this interesting with the GME fiasco. So cool how things way back 10, 20 years ago are very relevant. Things really don't change that much in the equity market.

1:34:34 Warren had invested in Salomon therefore he inherited their business in Siberia, Russia and there came a time that they were investing and drilling for oil. Once the oil came out, the Russians weren't quite as friendly and they had a few extreme situations.

He also mentions having breakfast with Mikhail Khodorkovsky and the latter discussed taking his company public. Mikhail was sent to prison once he got back to Russia.

1:19:35 once price history develops people get interested
2:34:34
3:17:27 Old people’s CPI is diff from a young persons’s CPI who has yet to buy a house (the largest purchase for an individ)

3:51:42 "... I think he's demented! "

1:27:0 or thereabouts Charlie and Warren see the precursors of the housing crisis and the financial collapse that was going to happen in about two years from this meeting.

3:51:50  Question regarding Jeremy Siegel.  Charlie Munger calls Siegel demented.

3:25:32 Charlie asked a man who left a large investment bank, how does your firm make its money? The man replied, off the top, off the bottom, off both sides and in the middle.

31:32 end of advertisement

3:22:22 Warren says that one thing he hasn’t done is participate in auctions. He mentions how he gets books from certain businesses and that the projections are plain silly. Buffett says he would love meeting the people who write the investment banking books and make a bet against their projections 4 years out. He claims that he would make a lot of money.

4:34:53 Warren mentions that he has no objection of people shorting BRK and also speaks about the psychological effects someone goes through when shorting a company.

Most companies who should be shorted are fraudulent or semi-fraudulent and the person running the scam is probably good at it and working full time at it. They’ve succeeded at it and they might keep succeeding. If you go in at X and then it ends up going to 5X , after a while you’re just hoping for it to go back to X.

Charlie just like a chipmunk 😂 can't stop eating

4:38:35 Charlie says it might be one of the most irritating experiences in the world. To figure out something is crooked and foolish, to short it at X and then watch it go to 3 X, now you’re watching all these happy crooks splashing around in your money, while you’re meeting margin calls. Why would you want to go through an experience like that?

Hi, how can I get the transcription?

2:44:00 Charlie almost made it too 😢