r/WarrenBuffett

“Berkshire reversed a pattern of selling stocks, becoming a net buyer of equities in the second quarter with nearly $20 billion in net purchases. The conglomerate had been a net seller of stocks for 14 consecutive quarters before the latest period.
Buffett, now chairman, handed Abel a cash fortress unprecedented in corporate America, but in accordance with the 95-year-old legendary investor's patient and risk averse approach. Buffett had indicated for a while that he was having trouble finding any values in the equity market. Shareholders have been clamoring for Abel to put some of that cash to work outside of Treasuries.”

"One time, while Warren was slurping Mary Falk’s chicken noodle soup, he declared that he would be a millionaire by age thirty, and enigmatically added, 'and if I’m not, I’m going to jump off the tallest building in Omaha."

from his biography by Roger lewenstein

I’ve been thinking that the modern finance bro is basically Patrick Bateman minus the murdering.
Not necessarily in a bad way either, because I’m definitely guilty of half of it.
There’s this weird obsession now with having everything dialled in. Gym before work, protein-heavy diet, supplements lined up on the kitchen counter, sleep tracked religiously, nice suits, nice watch, good restaurants, skincare routine that would have been considered suspiciously advanced for a man 15 years ago.
Somewhere along the way, being good at your job in finance stopped being enough. Now you also need visible abs, perfect bloodwork, a tailored wardrobe and a resting heart rate of 48.
And I completely get the appeal. There’s something satisfying about trying to optimise every part of your life. Career, fitness, food, clothes, sleep. It all becomes one big performance review.
Which is why watching American Psycho now is quite funny.
Patrick Bateman was supposed to be an absurd exaggeration of the image-obsessed Wall Street guy.
Instead, 25 years later, half of us watched it and thought:
“Okay, obviously the murdering is a problem… but what moisturiser was he using?”

Berkshire adds $17B to Alphabet shares in Q2, still selling financials, Michael Burry, Stock falls dispute resumption of buybacks, Buffett around the web, and HIGHLIGHTS FROM CNBC'S BUFFETT ARCHIVE
Berkshire’s discipline is like 'Ted Williams waiting for a fat pitch' (2003)

https://link.cnbc.com/public/47055045

I always enjoy reading about Charlie Munger. Here are a few gems that I came across and just wanted to reshare here for daily inspiration for all things Buffett and Munger:

1. “It’s remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”
2. “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero.”
3. “I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up.”
4. “The best thing a human being can do is to help another human being know more.”
5. “Spend each day trying to be a little wiser than you were when you woke up.”
6. “Show me the incentive and I will show you the outcome.”
7. “You don’t have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time.”
8. “All I want to know is where I’m going to die, so I’ll never go there.”
9. “The big money is not in the buying and selling, but in the waiting.”
10. “I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.”

Abel puts a big chuck of Berkshire’s cash to work, and around the web.

https://link.cnbc.com/public/46954596

What to watch for Q2 earnings, Davita and from around the web. From the archives, “the fairer the better”

https://link.cnbc.com/public/46949332