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Warren Buffet the Billionaire Next Door
Old 11-20-2006, 09:41 PM   #1
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Warren Buffet the Billionaire Next Door

Starting on CNBC in a few minutes. It was on earlier while I was prepping dinner. I enjoyed what I heard of it enough to want to sit down and watch it in a few minutes. Here it will be on 2 more times this week.
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Re: Warren Buffet the Billionaire Next Door
Old 11-21-2006, 12:15 AM   #2
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Re: Warren Buffet the Billionaire Next Door

Just saw it a few hours ago. I think Liz Claman did a good job interviewing the "Oracle of Omaha". The first thing that impressed me was his (apparent) lack of ego, down-to-earth nature, and simple lifestyle. Very interesting and unique for someone of his financial stature, although I understand Sam Walton (founder of Wal-Mart) was of the same bent. Such a nice change from the Bernie Ebbers, Ken Lays, and Dennis Kozlowskys of the world.

I have read from prior business articles that his annual shareholders meetings are truly fun and memorable. I've thought of buying a share of Berkshire Hathaway just so that I could get the opportunity to attend one of these meeting at least once in my life. Although the A shares are prohibitive at about $100,000 apiece, the B shares might be worth it at about $3,500 (?).
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Re: Warren Buffet the Billionaire Next Door
Old 11-21-2006, 09:58 AM   #3
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Re: Warren Buffet the Billionaire Next Door

Quote:
Originally Posted by Toejam
Just saw it a few hours ago. I think Liz Claman did a good job interviewing the "Oracle of Omaha". The first thing that impressed me was his (apparent) lack of ego, down-to-earth nature, and simple lifestyle. Very interesting and unique for someone of his financial stature, although I understand Sam Walton (founder of Wal-Mart) was of the same bent. Such a nice change from the Bernie Ebbers, Ken Lays, and Dennis Kozlowskys of the world.

I have read from prior business articles that his annual shareholders meetings are truly fun and memorable. I've thought of buying a share of Berkshire Hathaway just so that I could get the opportunity to attend one of these meeting at least once in my life. Although the A shares are prohibitive at about $100,000 apiece, the B shares might be worth it at about $3,500 (?).
Too bad Sam Walton's kids don't feel the same way............they seem as greedy as he was not..........

Remember when Wal-Mart used to sell American-made goods??
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Re: Warren Buffet the Billionaire Next Door
Old 11-21-2006, 10:01 AM   #4
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Re: Warren Buffet the Billionaire Next Door

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Originally Posted by FinanceDude
Too bad Sam Walton's kids don't feel the same way............they seem as greedy as he was not..........

Remember when Wal-Mart used to sell American-made goods??
Another good reason for an inheritance tax.
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Re: Warren Buffet the Billionaire Next Door
Old 11-21-2006, 10:06 AM   #5
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Re: Warren Buffet the Billionaire Next Door

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Originally Posted by FinanceDude
Too bad Sam Walton's kids don't feel the same way............they seem as greedy as he was not..........

Remember when Wal-Mart used to sell American-made goods??
Can you cite specific examples of what makes the Walton offspring greedy?

Is there a problem with providing cheaper goods by importing them? Some of us like paying less for higher quality stuff (think asian electronics).
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Re: Warren Buffet the Billionaire Next Door
Old 11-21-2006, 10:27 AM   #6
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Re: Warren Buffet the Billionaire Next Door

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Can you cite specific examples of what makes the Walton offspring greedy?

Is there a problem with providing cheaper goods by importing them? Some of us like paying less for higher quality stuff (think asian electronics).
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Re: Warren Buffet the Billionaire Next Door
Old 11-21-2006, 10:34 AM   #7
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Re: Warren Buffet the Billionaire Next Door

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Huh?
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Re: Warren Buffet the Billionaire Next Door
Old 11-21-2006, 10:35 AM   #8
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Re: Warren Buffet the Billionaire Next Door

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Originally Posted by justin
Can you cite specific examples of what makes the Walton offspring greedy?
One example: the heir that had to return her degree to USC because she bought her way through classes:

http://tinyurl.com/yxybfc
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Re: Warren Buffet the Billionaire Next Door
Old 11-21-2006, 02:25 PM   #9
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Re: Warren Buffet the Billionaire Next Door

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Originally Posted by Robert the Red
One example: the heir that had to return her degree to USC because she bought her way through classes:

http://www.dailytrojan.com/media/pap...ailytrojan.com
Not to nitpick, but the article is about Sam Walton's brother's grandchild and the article doesn't really address her greed, but rather her lack of strong moral fiber (she cheated in an academic environment).

I'm just curious if the mere fact that the walton kids are hard-driving businesspeople in and of itself makes them "greedy" or if there have been outside actions that make them greedy.
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Re: Warren Buffet the Billionaire Next Door
Old 11-21-2006, 07:27 PM   #10
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Re: Warren Buffet the Billionaire Next Door

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Originally Posted by Greg
Another good reason for an inheritance tax.

Another? I dont think there are any?

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Re: Warren Buffet the Billionaire Next Door
Old 11-21-2006, 08:36 PM   #11
 
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Re: Warren Buffet the Billionaire Next Door

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Another? I dont think there are any?
The number one reason - if America keeps voting in idiots like the Current resident in the white house, the money that they are spending has to come from somewhere.

I'd rather tax the dead than the living!
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Re: Warren Buffet the Billionaire Next Door
Old 11-22-2006, 05:06 AM   #12
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Re: Warren Buffet the Billionaire Next Door

Would those idiots now include Pelosi, that pinnacle of moral fiber, bringing great ethics to a political office near you?

The estate tax is a great example of crappy legislation at best. Like restrictions on contributions to qualified retirement plans, it hits the almost rich, instead of the advertised targets. That tax is a lousy idea, and not an excuse for or panacea to drunken sailor spending.

Back to the topic, an attorney friend recently gave me a bound volume (homemade) of Warren's annual letters. Mr. Buffet is a great American, a great mind, and a great human being. We've been blessed by his presence in our world.
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Re: Warren Buffet the Billionaire Next Door
Old 11-22-2006, 10:09 AM   #13
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Re: Warren Buffet the Billionaire Next Door

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Originally Posted by Charles
Mr. Buffet is a great American, a great mind, and a great human being. We've been blessed by his presence in our world.
Warren Buffet strongly supports the estate tax. many fine quotes on this subject:

Without the estate tax, you in effect will have an aristocracy of wealth, which means you pass down the ability to command the resources of the nation based on heredity rather than merit. In other words, inheritance destroys competition and free enterprise.

He argues that repealing the estate tax would be a terrible mistake equivalent to “choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics” (New York Times, February 13, 2001).

[the estate tax] really reflects my views on how a rich society should behave. If it weren’t for this society, I wouldn’t be rich. It wasn’t all me. Imagine if you were one of a pair of identical twins and a genie came along and allowed you to bid on where you could be born. The money that you bid is how much you had to agree to give back to society, and the one who bids the most gets to be born in the US and the other in Bangladesh. You would bid a lot. It is a huge advantage to be born here.

There should be no divine right of the womb. My kids wouldn’t go off and do nothing if I give them a lot of money, but if they did, that would be a tragedy. $30 billion will be generated from estate taxes, which will go to help pay for the war in Iraq and other things. If you take away the estate tax, that money will have to come from somewhere else. If not from estate taxes then you inherently get it from poorer citizens.

Less than 2% of estates will pay the estate tax. They would still have $50 million left over on average. I think those that get the lucky tickets should pay the most to the common causes of society. I believe in a big redistribution. Wealth is a bunch of claim checks that I can turn in for houses, etc. To pass those claim checks down to the next generation is the wrong approach.

But for those that think I am perpetuating the welfare state, consider if you are born to a rich parent. You get a whole bunch of stocks right at the beginning of your life, and thus you are sort of on a welfare state of support from your rich parents from the beginning. What’s the difference?
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Re: Warren Buffet the Billionaire Next Door
Old 11-22-2006, 10:10 AM   #14
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Re: Warren Buffet the Billionaire Next Door

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Originally Posted by justin
Huh?
Sorry..................XP malfunction..........

What I meant to say is I don't think the kids share the vision that Sam had..........

Sam went out of his way to help American businesses. IMO, it's not ALL about the cheapest stuff at the lowest prices............for instance, my wife gave up shopping for the kids at WalMart because the stuff is so cheap it falls apart in 3 months...........

Remember the old commercials where WalMart would buy fishing reels from a family-run business somewhere in the US?? Don't see those commercials anymore.........

Retailers like Target are offering more upscale merchandise, and are beginning to take a chunk out of Wal Mart.........and it's about time........

I think WalMart is in an overbuilding phase, and it will hurt them long-term..........

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Re: Warren Buffet the Billionaire Next Door
Old 11-22-2006, 10:15 AM   #15
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Re: Warren Buffet the Billionaire Next Door

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Originally Posted by Charles
Back to the topic, an attorney friend recently gave me a bound volume (homemade) of Warren's annual letters.
Would that include his partnership letters from the pre-Berkshire days, or Berkshire letters before 1977? I've always wanted to read those...
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Re: Warren Buffet the Billionaire Next Door
Old 11-22-2006, 05:02 PM   #16
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Re: Warren Buffet the Billionaire Next Door

You can read all of Warren Buffet's annual letters from 1977 to 2005 by googling it: Just type in "Shareholder Letters" or "Warren Buffet annual letters".
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Re: Warren Buffet the Billionaire Next Door
Old 11-23-2006, 12:54 PM   #17
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Re: Warren Buffet the Billionaire Next Door

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You can read all of Warren Buffet's annual letters from 1977 to 2005 by googling it: Just type in "Shareholder Letters" or "Warren Buffet annual letters".
Sure, but the earlier ones aren't in print and might not even be in circulation. They're apparently passed around like gold bars or secret rites.

The link to Buffett's letters 1977-2005.

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Re: Warren Buffet the Billionaire Next Door
Old 11-27-2006, 06:15 PM   #18
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Re: Warren Buffet the Billionaire Next Door

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Would that include his partnership letters from the pre-Berkshire days, or Berkshire letters before 1977? I've always wanted to read those...
I guess this is a fitting time to end my 5 plus years of lurking. Nords, I have probably read 5,000 of your posts, and found a couple of them useful.

Check your email...your wish has been granted.
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Re: Warren Buffet the Billionaire Next Door
Old 11-27-2006, 07:40 PM   #19
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I guess this is a fitting time to end my 5 plus years of lurking. Nords, I have probably read 5,000 of your posts, and found a couple of them useful.
Well, if this is what it takes to bring a long-time lurker out of the shadows... welcome to the board!

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Check your email...your wish has been granted.
And thanks!

Dory, in appreciation of Fttaw's help I've made a donation to the server fund. This type of exchange would never have happened without the board... I've been looking for these longer than Fttaw's been lurking.
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Re: Warren Buffet the Billionaire Next Door
Old 11-27-2006, 08:19 PM   #20
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Re: Warren Buffet the Billionaire Next Door

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Dory, in appreciation of Fttaw's help I've made a donation to the server fund.
And, of course, it had nothing to do with those she-males from India...
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