Buffett's frame from his first meeting watching from the audience: the market is a church with a betting hall attached.
The church own businesses, let time compound.
The other room one-day options, prediction-market bets, speed.
Same screen, same tickers opposite math.
Time works for you in one, against you in the other.
His warning isn't moral.
ne-day options are "not investing, not speculating gambling."
Not an insult, a category error: the betting hall now dresses like the church.
The tell? ~$400B in cash, doing nothing, at 95.
He says only ~5 of his 60 years were "really juicy."
The edge was sitting out the other 55.
You don't have to play just because the table's open.
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After 60 years, Buffett's last move as CEO was the hardest trade he ever made: allocating himself out of the job.
He handed Berkshire to Greg Abel on Jan 1, kept the chairman seat, and told shareholders "everything will be the same."
Six decades of ~19.9%/yr vs the S&P's 10.4% then years spent making the handoff boring on purpose.
Most founders confuse being indispensable with being valuable. The exit was the masterclass.
显示更多
After 60 years, Buffett's last move as CEO was the hardest trade he ever made: allocating himself out of the job.
He handed Berkshire to Greg Abel on Jan 1, kept the chairman seat, and told shareholders "everything will be the same."
Six decades of ~19.9%/yr vs the S&P's 10.4% then years spent making the handoff boring on purpose.
Most founders confuse being indispensable with being valuable. The exit was the masterclass.
显示更多
