On margin

Finweek English Edition - - PIKER -

War­ren Buf­fett (86) and his long-time busi­ness part­ner Char­lie Munger (93) kept the 40 000-odd at­ten­dees at this year’s an­nual Berk­shire Hath­away share­hold­ers’ meet­ing in Omaha en­ter­tained for more than five hours. CNBC pub­lished a col­lec­tion of their fun­ni­est quips:

Buf­fett opened the meet­ing with a quip he’s used be­fore. “That’s Char­lie. I’m War­ren. You can tell us apart be­cause he can hear and I can see.”

*** In­dex-in­vest­ing pi­o­neer and Van­guard founder Jack Bogle was in the crowd and Buf­fett called him out to stand for an ova­tion, say­ing Bogle will have saved in­vestors “hun­dreds of bil­lions” over time with his low-cost in­vest­ing phi­los­o­phy.

He said to Bogle: “You’re go­ing to be 88 on Mon­day. In only two years, you’ll be el­i­gi­ble for an ex­ec­u­tive po­si­tion at Berk­shire. Hang in there, buddy.”

*** When some­one asked about iden­ti­fy­ing good busi­nesses, Buf­fett called com­pa­nies “eco­nomic cas­tles” and used a medieval anal­ogy for what he looks for in a busi­ness and the man­agers run­ning it.

“In cap­i­tal­ism, peo­ple are go­ing to try to take that cas­tle from you so you want a moat around it and you want a knight in that cas­tle who is pretty darn good at ward­ing off ma­raud­ers.”

*** Munger de­scribed what he dreams about:

“Some­times when I am es­pe­cially wist­ful, I think, ‘Oh, to be 90 again!’”

*** Munger said a friend of his used to say there are two rules of fish­ing. No. 1 was to “fish where the fish are”, and No. 2 was “Don’t for­get about rule No. 1.”

Munger then said: “We’ve got­ten good at fish­ing where the fish are... There’s too many boats in the damn wa­ter, but the fish are still in it.” Mac­a­roon: Mostly air No nutri­tional value Comes in what­ever flavour the gen­eral pub­lic wants

For rich peo­ple Macron:

Same, but he is the pres­i­dent of France

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