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(CNN)   Warren Buffett had to eat an $11billion write-down for an investment 'mistake'; still manages $5billion profit   (edition.cnn.com) divider line
    More: Cool, Berkshire Hathaway, Charlie Munger, Warren Buffett, Berkshire's chairman, 90-year-old billionaire, company's annual letter, Omaha, Nebraska, Buffett's home town  
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770 clicks; posted to Business » on 28 Feb 2021 at 5:38 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



17 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-02-28 1:40:31 PM  
Buffett is 90. His partner, Charlie Munger, is 97.
 
2021-02-28 1:43:25 PM  
This is why I say business owning is well suited for the very wealthy. Most guys can't handle an 11 billion dollar mistake.
 
2021-02-28 2:01:37 PM  

Lambskincoat: This is why I say business owning is well suited for the very wealthy. Most guys can't handle an 11 billion dollar mistake.


I own a flat in France. It is a holiday rental in the high season. The Mrs and I visit it on the shoulders of the season. Last year, obviously, was not a good year to own a holiday rental. However, even in years that it is cash flow positive (not including a loan we took to purchase it), it loses money on paper. Last year, that was a $25k loss from expenses, depreciation, etc. Expenses include our travel to and from the place so we can open it in the spring and close it in the winter. It's not a wonder why Trump is in real estate.

More than "handling" an $11B mistake, the tax code is written for folk like him. "Privatize the profit, socialize the risk."
 
2021-02-28 2:32:46 PM  

Lambskincoat: This is why I say business owning is well suited for the very wealthy. Most guys can't handle an 11 billion dollar mistake.


From the Buffett Doc I watched a few months back, something like 95% of his wealth didnt occur until after the age of 60. He just spent decades building a compounding machine, and the waiting paid off.

He is the best.
 
2021-02-28 2:58:17 PM  
I would say just die already but they're just going to be replaced with some other douchebag.
 
2021-02-28 2:59:48 PM  

Mugato: I would say just die already but they're just going to be replaced with some other douchebag.


Warren is one of the good ones if you pay attention.

¯\_(ツ)_/¯
 
2021-02-28 3:04:27 PM  

AsparagusFTW: Mugato: I would say just die already but they're just going to be replaced with some other douchebag. Warren is one of the good ones if you pay attention. ¯\_(ツ)_/¯


Wow, people still believe that.
 
2021-02-28 3:29:58 PM  

Mugato: AsparagusFTW: Mugato: I would say just die already but they're just going to be replaced with some other douchebag. Warren is one of the good ones if you pay attention. ¯\_(ツ)_/¯

Wow, people still believe that.


Not every rich person is an a-hole.
Not every poor person is nice.
 
2021-02-28 5:44:49 PM  

Lambskincoat: Most guys can't handle an 11 billion dollar mistake.


The worst that happens is you file for a business bankruptcy. In some ways it's better to be poor and investing like that, because if you are rich you lose your money. Bankruptcy loses other people's money.
 
2021-02-28 7:07:57 PM  

Mugato: I would say just die already but they're just going to be replaced with some other douchebag.


He's stated publicly that he thinks rich farks should be taxed more.

"The wealthy are definitely undertaxed relative to the general population."

He lived through the 50's, when rich farks were heavily taxed. So he's seen both sides. Him and Bill Gates are the only rich bastards that will admit that the wealthy should pay more taxes. The rest of them know they should pay more, but would never say it in public.
 
2021-02-28 7:30:34 PM  

AsparagusFTW: Lambskincoat: This is why I say business owning is well suited for the very wealthy. Most guys can't handle an 11 billion dollar mistake.

From the Buffett Doc I watched a few months back, something like 95% of his wealth didnt occur until after the age of 60. He just spent decades building a compounding machine, and the waiting paid off.

He is the best.


Except that he's one of the wealthiest men in the world.  5% of his wealth is $5 Billion dollars.  He was running a pretty good sized fund back in the 1960s, and says that at one point you could buy the Disney Company for roughly what they had just paid to build the "Pirates of the Caribbean".  So he bought plenty (and later sold, but it would take decades for Disney grow faster than Berkshire Hathaway.  He's also been a member at Augusta for a good long time.  Long enough for Bill Gates to have been a guest and be told that the wait to be a member may be longer than his life expectancy, and he didn't have any sons... (they've since accepted a woman.)

Was this his big airline buy, or did he avoid taking a deeper bath on that one?  He's commented before that he has a special phone service to talk him out of buying airlines...
 
2021-02-28 7:32:04 PM  

phishrace: Mugato: I would say just die already but they're just going to be replaced with some other douchebag.

He's stated publicly that he thinks rich farks should be taxed more.

"The wealthy are definitely undertaxed relative to the general population."

He lived through the 50's, when rich farks were heavily taxed. So he's seen both sides. Him and Bill Gates are the only rich bastards that will admit that the wealthy should pay more taxes. The rest of them know they should pay more, but would never say it in public.


He and Gates have not formed a PAC to lobby for increased taxation of the rich.  He and Gates have their respective accountants ensure they (Buffet and Gates) leverage the current tax laws.

It's all lip service.
 
2021-02-28 8:43:57 PM  
He can't really lose. The gains are privatized, the losses socialized.
 
2021-02-28 11:03:31 PM  

Chief Superintendent Lookout: phishrace: Mugato: I would say just die already but they're just going to be replaced with some other douchebag.

He's stated publicly that he thinks rich farks should be taxed more.

"The wealthy are definitely undertaxed relative to the general population."

He lived through the 50's, when rich farks were heavily taxed. So he's seen both sides. Him and Bill Gates are the only rich bastards that will admit that the wealthy should pay more taxes. The rest of them know they should pay more, but would never say it in public.

He and Gates have not formed a PAC to lobby for increased taxation of the rich.  He and Gates have their respective accountants ensure they (Buffet and Gates) leverage the current tax laws.

It's all lip service.



"And yet you participate in society."

AFAIK the guy lives relatively modestly, doesn't say a lot of asshole things, donates tens of billions to charitable causes, intends to leave his children only a small percentage of his wealth, backs Democratic politicians and policy, funds the NoVo Foundation's advocacy for liberal causes, etc.

He seems an almost uniquely inane choice for Fark to grind its wealth-envy hateboner against.

/btw subby, the $5B is just operating profit, net for the quarter was $35B
 
2021-02-28 11:09:56 PM  

Chief Superintendent Lookout: phishrace: Mugato: I would say just die already but they're just going to be replaced with some other douchebag.

He's stated publicly that he thinks rich farks should be taxed more.

"The wealthy are definitely undertaxed relative to the general population."

He lived through the 50's, when rich farks were heavily taxed. So he's seen both sides. Him and Bill Gates are the only rich bastards that will admit that the wealthy should pay more taxes. The rest of them know they should pay more, but would never say it in public.

He and Gates have not formed a PAC to lobby for increased taxation of the rich.  He and Gates have their respective accountants ensure they (Buffet and Gates) leverage the current tax laws.

It's all lip service.


The both don't vote 70 million+ times for Donald Trump.  That's why the tax laws don't tax them more.
 
2021-02-28 11:43:16 PM  

yet_another_wumpus: AsparagusFTW: Lambskincoat: This is why I say business owning is well suited for the very wealthy. Most guys can't handle an 11 billion dollar mistake.

From the Buffett Doc I watched a few months back, something like 95% of his wealth didnt occur until after the age of 60. He just spent decades building a compounding machine, and the waiting paid off.

He is the best.

Except that he's one of the wealthiest men in the world.  5% of his wealth is $5 Billion dollars.  He was running a pretty good sized fund back in the 1960s, and says that at one point you could buy the Disney Company for roughly what they had just paid to build the "Pirates of the Caribbean".  So he bought plenty (and later sold, but it would take decades for Disney grow faster than Berkshire Hathaway.  He's also been a member at Augusta for a good long time.  Long enough for Bill Gates to have been a guest and be told that the wait to be a member may be longer than his life expectancy, and he didn't have any sons... (they've since accepted a woman.)

Was this his big airline buy, or did he avoid taking a deeper bath on that one?  He's commented before that he has a special phone service to talk him out of buying airlines...


It was  precision casting. A high tech metal fab company.
 
2021-03-01 12:41:26 AM  
The_Homeless_Guy:

It was  precision casting. A high tech metal fab company.

.Actually "Precision Castparts" , a collection of specialized subsidiaries. They aren't exactly building new metal plants. You probably wouldn't want one near your house. There were some misguided priorities there.
 
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