[TAG0][TAG1]
- Warren Buffett, Charlie Munger and Berkshire Hathaway executives gathered at the annual meeting of Berkshire Hathaway on Saturday.
- Topics covered included banking, real-estate, Apple, AI and Elon Musk.
- Here are the 18 best quotes of Buffett and Munger from the Berkshire Meeting.
Warren Buffett, Charlie Munger, and other Berkshire Hathaway shareholders discussed the current banking crisis, the grim outlook for commercial real-estate, and possible de-dollarization at the annual Berkshire Hathaway shareholder meeting held on Saturday.
The legendary investing duo also criticized Elon Musk for his high-risk investments, praised Apple, expressed concerns over the AI boom and gave life advice to their investors.
Here are Buffett's and Munger’s 18 most memorable quotes, lightly edited to lengthen and clarify:
1. Warren Buffett says: "When i woke up today, I noticed that we were broadcasting a competition somewhere in the UK and they were celebrating King Charles. We have our own King Charles today."
2. WB: A lit match can become a conflagration or be blown out. We want to be ready if, even temporarily, the banking system is stalled. It shouldn't happen, I don’t think so, but it could."
3. WB: "It was catastrophic and they were covered." The US will not behave in this way, even though the FDIC limit of $250,000 is the same. They won't let the debt ceiling create chaos either. Buffett was referring to the collapse of Silicon Valley Bank. He warned that the FDIC's deposit insurance cap would "start an attack on every bank across the country" and "disrupt the world financial system."
4. Charlie Munger: The hollowing out and unpleasantness of downtowns around the world, including the United States, will be significant.
6. CM: He would not have achieved the success he has had in his life if he didn't try to achieve unreasonably high goals. He enjoys doing the impossible. Warren and I look for easy jobs. "We don't want to have that many failures." "Elon Musk was mentioned by Munger.
7. WB: It just so happens that it's a better business than the ones we own. (Buffett spoke about Apple and said that the consumers of that company would rather give up their iPhone than their second car.
8. WB: "I do not see any option for another currency to be used as the reserve currency. We should still be cautious. Keep printing money is madness. Once you've let the genie go, it's hard to recover. People lose trust in currency. (Buffett was assessing de-dollarization risks and highlighting the dangers associated with excessive government spending.
9: CM : "The man has jumped from a high building and is fine until he hits ground." Munger was warning against the US government’s careless fiscal policy.
10. "I personally am sceptical of some of artificial intelligence's hype." I believe that old-fashioned intelligence is still pretty effective.
11. WB: When something is capable of doing so many things, it makes me a bit concerned. We will never be able undo it. AI can change the world, but not how men behave and think. Buffett made a comparison between AI and atomic bombs in terms of the unknown long-term effects.
12. WB: Other people's stupidity is what gives you the opportunity to succeed. Since we started running Berkshire in 1958, the number of people who do dumb things has increased dramatically.
13. WB: If you pay 12% or 14% of your credit card balance, you are saying that you will earn more than 14% in money. Come to Berkshire Hathaway if you can.
14. CM: Modern law practice at a large firm is similar to a pie eating contest, where the winner gets more pie. I would advise you to stay away from that type of law firm. "Life is too short for you to do nothing more than eat pie." "Munger attributes the quip to a relative."
15. CM: It's easy to avoid toxic people, toxic activities and spend less than what you earn. You can also invest wisely and learn all your life. You are almost guaranteed to be successful if you follow these steps. You'll need a lot more luck if you don't."
16. WB: If you choose the right spouse, then you have won the game. You'll have a lollapalooza sooner than you think if you keep trying to be thoughtful and not make stupid decisions.
17. CM: At Berkshire we take a very simple approach to planning your estate. Hold the stock, goddamn it."
18. WB: "Write your obituary, and then figure out how you're going to live it up." This was Buffett’s advice for anyone who is trying to figure out what they want to do with their lives.
Markets Insider has more coverage here.
—————————————————————————————————————————————
By: tmohamed@insider.com (Theron Mohamed)
Title: Warren Buffett and Charlie Munger warned a banking crisis is possible, AI may be dangerous, and government overspending will end badly. Here are their 18 best quotes from Berkshire Hathaway’s annual meeting.
Sourced From: markets.businessinsider.com/news/stocks/buffett-munger-berkshire-meeting-banks-real-estate-musk-ai-dollar-2023-5
Published Date: Sun, 07 May 2023 22:36:51 +0000
Related posts:
Elon Mush dreams big and takes on impossible problems. Warren Buffett & Charlie Munger have a lower goal: ‘We’re not interested in that much failure.
Warren Buffett condemned stock-market gambling, attacked bitcoin, and praised Elon Mussos and Jeff Bezos in 2017. Here are his top ten quotes from 2022.
Charlie Munger desecrated crypto and extolled BYD as the superior choice to Tesla. Cathie, Robert Kiyosaki, Patrick Byrne, just called him out.
Elon Musk suggests Warren Buffett run the US Treasury. This could be done in less than one hour per week by the investor.
Leave a Reply