LXP

old talks. still useful.
--------------------
the lecture is free
the test is whether you run it

[LXP @LXPlLXP]

@diablomediablo he gave away 60 billion and still made her get a mortgage. the rule was the rule even for her

[LXP @LXPlLXP]

would you rather have the blank calendar or the full one

[LXP @LXPlLXP]

In 2005 Buffett and Gates sat with 92 Nebraska students.

Only the students could ask. Neither of them saw the questions ahead of time.

A lunch with Buffett sold for $19 million years later. This hour of them answering is still free.

Gates said one of the best things he ever saw from Buffett was his calendar. Almost nothing on it.

Gates told the students that learning to say no was the real lesson. Buffett joked he barely gets invited anywhere.

They also ran through a few other rules that day.

The newspaper test. Before you do something, imagine a smart reporter who doesn’t like you writing it up for your family the next morning.

If that feels bad, don’t do it.

No big committees for real decisions. Buffett said if you poll enough people you just end up buying what everyone already owns.

You are the asset. Getting comfortable speaking in front of people pays off for decades. Avoiding it costs you just as long.

His worst mistakes never showed up on a statement. Deals he understood and still skipped, or made too small. He put the number around $10 billion in missed profits.

And the tax part. Hold the stock. Borrow against it to live. Let the estate pay the loan when you die. Buffett called that very unfair.

Gates said he agreed. The tax shows up when you sell. They just sell less.

The program is still up. The 1989 letter with the math is still on Berkshire’s site.

Billionaires don’t avoid income tax by earning less. They avoid it by selling less.

[LXP @LXPlLXP]

was it the spending or the taxes that finished it

[LXP @LXPlLXP]

Mike Tyson made about $600 million.

He says he had a lot of fun spending it.

Houses. Planes. Boats.
He does not call it a mistake in the clip. He calls it fun.

Then the part that actually finished it. He did not pay the taxes. He says they always come back.

The fights paid him. The bill came later, and it did not care how famous he was.

[LXP @LXPlLXP]

@Nyxelarm yep but then it's not a garage anymore. she wanted the bed, not a suite with a different door

[LXP @LXPlLXP]

Maye Musk is 77. Her son is the richest man alive. She still sleeps in his garage.

Starbase, Texas. Small house. One bed in the garage, or a hotel suite 45 minutes away.

She took the garage.

Not a stunt. She said she would rather be in the house than in a five-star room and not see them.

The money is his. The choice was hers.
would you take the suite or the bed in the garage

[LXP @LXPlLXP]

@lorneseth half the orders are one client that still loses money. the 100 billion usd day was the contract, not the cash

[LXP @LXPlLXP]

@Nyxelarm the 722 is the press number. 162 checked is the one that matters. a sign error the next day is the tell.

[LXP @LXPlLXP]

she had the suite. she still took the bed. that part is the whole story.

[LXP @LXPlLXP]

would you pay for the speaking class before the finance class

[LXP @LXPlLXP]

Buffett was terrified of speaking.

He says he got physically sick before standing up in front of people.

At 20 he paid for a Dale Carnegie course. Then he asked to teach at the University of Omaha so he’d have to keep doing it.

The money came with the investing. The confidence came from standing up anyway.

[LXP @LXPlLXP]

@kejca blotting out startups is the speed. the no is what lets them answer the rest in a minute.

[LXP @LXPlLXP]

@KnowledgeArchiv he meant raw stuff. letters, reports, books. a feed is not the reading he was talking about

[LXP @LXPlLXP]

@InvestingCanons envy is the one that does not even pay you bck. the rest at least feel good for an hour

[LXP @LXPlLXP]

@riteshmjn Buffett calls gold lifeless because it pays nothing. the chart is people leaving the thing that does pay. that is a different trade.

[LXP @LXPlLXP]

is the block about security or about who keeps the customers

[LXP @LXPlLXP]

Elon says Starlink is still blocked in India.

Four years after the application. He calls it oligarchs keeping a chokehold.

He wants the service there. The approval is still not in.
A monopoly fight, said out loud, not in a filing.

[DogeDesigner @cb_doge]

ELON MUSK: “We’d love to be operating Starlink in India. That would be great.”

It’s been nearly four years since Starlink applied to operate in India, and it is still waiting to launch.

The government should grant the remaining approvals as soon as possible so Starlink can bring high-speed internet to India’s remote and underserved communities.

[LXP @LXPlLXP]

should the pension go with the job if the bank fails

[LXP @LXPlLXP]

Buffett said a bank CEO who blows up shareholder money should lose the pension.

In 2008 they lost the job and kept the life. The line worker does not get that exit.

He knew he would lose banking friends for saying it. He said it anyway.

The seat was never the punishment. The pension was.

[Kevin Carpenter @kejca]

Warren Buffett: "I would suggest that anybody who's CEO of a bank that screws up and costs shareholders a lot of money, that in effect they get no pension from the bank. They go back to living like a person who works on the production line at Ford. They don't deserve anything special."

"In 2008, all kinds of trouble was caused by the banks — but the CEOs who made those decisions all continued to live fine. They may have lost their job, but they get their pensions. They bore no responsibility."

"I had some friends in banking, but I may not have any by the time this program is over." 🤣

(CNBC || 2023)