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Posts Tagged ‘Warren Buffett’

Every day, in countless ways, the competitive position of each of our businesses grows either weaker or stronger.  If we are delighting customers, eliminating unnecessary costs and improving our products and services, we gain strength.  But if we treat customers with indifference or tolerate bloat, our businesses will wither.  On a daily basis, the effects of our actions are imperceptible;  cumulatively, though, their consequences are enormous.
When our long-term competitive position improves as a result of these almost unnoticeable actions, we describe the phenomenon as “widening the moat.”  And doing that is essential if we are to have the kind of business we want a decade or two from now.  We always, of course, hope to earn more money in the short-term.  But when short-term and long-term conflict, widening the moat must take precedence.  If a management makes bad decisions in order to hit short-term earnings targets, and consequently gets behind the eight-ball in terms of costs, customer satisfaction or brand strength, no amount of subsequent brilliance will overcome the damage that has been inflicted.  Take a look at the dilemmas of managers in the auto and airline industries today as they struggle with the huge problems handed them by their predecessors.  Charlie [Munger] is fond of quoting Ben Franklin’s “An ounce of prevention is worth a pound of cure.”  But sometimes no amount of cure will overcome the mistakes of the past.
    —     Warren Buffett
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On This Day In:
2021 Core Strength
Thinking Of You
2020 Rising Danger
210 Day Health / Weight Update (Apr 2020)
2019 Never Let ‘Em See You Sweat
2018 Just Two?
2017 Living Without Love
Good News!
2016 At This Moment
2015 Still Dreaming
2014 Good Wins
2013 Before
2012 Look To This Day
2011 One View Of Man

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The big question about how people behave is whether they’ve got an Inner Scorecard or an Outer Scorecard.  It helps if you can be satisfied with an Inner Scorecard.
    —     Warren Buffett
[Happy birthday, Bro!  You demonstrated the meaning of an “Inner Scorecard” for me long before it was ever a thing or had a name.   —    KMAB]
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On This Day In:
2021 Show A Brother Some Love
Beyond Words
2020 Especially You, Bro
Words Without Explanation
2019 Enjoy!
2018 Happy Birthday, Bro!
2017 Love Can Change The World In A Minute
2016 60, Little Bro!
2015 Vision and Courage
2014 58 – Little Bro
2013 New Adventures And Old Hopes
Caving In
2012 Bits And Bobs And Birthdays
Always Hope
2011 Wet Snow And Long Hills

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We neither understand the adding of unneeded people or activities because profits are booming, nor the cutting of essential people or activities because profitability is shrinking.  That kind of yo-yo approach is neither business-like nor humane.
    —     Warren Buffett
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On This Day In:
2021 DIY: Outdoor Gym Modifications
First Hammock Hang Of 2021
Slow Moving Trains And Squirrels
Just Chillin’… Why?
2020 Still Crazy After All These Years…
2019 20 / 20 Foresight
He Knew Damned Well…
2018 Be Someone’s Kindling
2017 When The Moment Comes
2016 Changed Clothes Lately?
2015 Like Stone
2014 Resistance Is Futile
2013 Subtle Humor
To Look Behind Green Eyes
2012 The Path Is Endless
2011 Happy MLK, Jr Day!!!
A Factor Of Ten
Better Late Than Never?
Whoops!
Acceptable Beginnings
Slow Progress
Useful Confrontation
When Phenomena Are Different
Creative Avoidance
Thinking
Fast And Flexible
Surrender Certainty
Techniques
Vive La Difference
Destiny
Completeness
Art

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If past history was all there was to the game, the richest people would be librarians.
    —    Warren Buffett
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On This Day In:
2021 Inshallah
Leave No Doubt
2020 A Choice
2019 Fill It Up
2018 Can We Talk About Me?
2017 About Change
Gordian
2016 Are Your Prayers Functioning?
2015 Expressing Love
2014 Cyclical Attitudes
2013 Footprints
2012 Broken Resolutions
Bin It

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A public-opinion poll is no substitute for thought.
    —    Warren Buffett
[We are a republic because the “Founders” did NOT believe in the shared ignorance of the common man to run a government.  They believed representatives could gain expertise, but would fundamentally vote their conscious for a common good.  It is not at all clear the latter assumption remains true.  It is increasingly difficult to vote out of office ANYONE who no longer represents the electorate, because of the massive amounts of monies required to conduct modern campaigns.  Without the check of a suitable AND viable alternative replacing you at every election cycle, today’s politicians tend to vote in their interest and not in the interest of the electorate.  This is both the power of and threat from office holder incumbency.
In fairness to the “Founders”, it is also highly unlikely they imagined modern medicine would extend the lives (and working careers) of an average politician into their 70’s and 80’s.  The working assumption was political office would be a part-time thing or a crowning lifetime achievement, and not a life-long career.  The expectation was that most would HAVE to go back to look after their families, their farms / land, or their businesses.  This is obviously no longer the case – as long as you can retain the power of your elected office.    —    KMAB]
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On This Day In:
2020 One Is Not Plural
On And On…
2019 I Think I’ve Just Been Argoted
2018 Good-Bye AG Jeff Sessions
2017 On Our Wall (Part 2)
2016 I Beg The Question
2015 By Their Fruit
2014 Proven Worth
2013 From Missouri
2012 Recipe To Write: Start With One Aching Urge
2011 Ip And Rib
Real Things
2010 Final Competition

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It’s better to hang out with people better than you.  Pick out associates whose behavior is better than yours and you’ll drift in that direction.
    —    Warren Buffett
Happy Birthday, Hil!!  Our friendship / marriage has definitely made me a better person…
All my love,
Always!
Your Kev
XXX
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X
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On This Day In:
2020 A Mandelbrot Set
I Still Can’t…
2019 Proposing A Happy Birthday
35 Years Later
2018 Forever
2017 Too Good To Be True
Plain Speaking
2016 She Is Still Singing
2015 Don’t Complain
2014 Nothing Is The Same
Orange October (XII) – Giants Win Game 7 (3 To 2) And World Series (4 To 3)
2013 Hours, Days, And Years
2012 In Kev Are In Hil
2011 No Game, Didn’t Really Happen
A Good Post

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The only way to get love is to be lovable.  It’s very irritating if you have a lot of money.  You’d like to think you could write a check:  ‘I’ll buy a million dollars’ worth of love.’  But it doesn’t work that way.  The more you give love away, the more you get.
    —    Warren Buffett
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On This Day In:
2020 Does Blogging Count?
Just Like You
2019 None Absolutely Certain
Destroying The Republic
2018 Maps For Those Difficult Times
2017 A True American Hero
Or Desserts
2016 What #AmnestyDon Is Really Afraid Of
2015 What Are You Doing?
2014 The Ideal Man
2013 Daring Ripples
2012 Evermore
2011 Unpredictable Opportunity
2010 Giants Fall In Game 2 (1 to 6) – Leave PA With 1-1 Split !!

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Whatever the future holds, I make you one promise:  I’ll keep at least 99% of my net worth in Berkshire for as long as I am around.  How long will that be?  My model is the loyal Democrat in Fort Wayne who asked to be buried in Chicago so that he could stay active in the party.  To that end, I’ve already selected a “power spot” at the office for my urn.
    —    Warren Buffett
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On This Day In:
2020 The Main Thing: Vote!
No Other Reason
2019 A Big “IF”
2018 Committed To Thinking
2017 More Pictures From My (Family) Retirement Party
A Fondness For Sins
2016 Are You Waiting?
2015 The Future Myth
2014 Hands
2013 Because You Have Lived
2012 47%
2011 Conservative Values: Low And Lax
2010 A Non-Zero Sum Game
What If “c” Isn’t A Constant?
2009 Pictures from UCLA trip…

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Derivatives are dangerous.  They have dramatically increased the leverage and risks in our financial system.  They have made it almost impossible for investors to understand and analyze our largest commercial banks and investment banks.
    —     Warren Buffett
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On This Day In:
2020 Explaining And Gilding
That Way
2019 Lead To Action
2018 Listen And See
2017 The Big Illusion
2016 What Are You Thinking About?
2015 What The Framers Chose
2014 Lost Anything Lately?
A Life Of Science
2013 Serve The World
2012 Acquaintance, n.
2011 On Why His Father Was A Great Teacher
A Baker’s Dozen

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Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return.  The worst business to own is one that must, or will, do the opposite – that is, consistently employ ever-greater amounts of capital at very low rates of return.  Unfortunately, the first type of business is very hard to find:  Most high-return businesses need relatively little capital.  Shareholders of such a business usually will benefit if it pays out most of its earnings in dividends or makes significant stock repurchases.
Though the mathematical calculations required to evaluate equities are not difficult, an analyst – even one who is experienced and intelligent – can easily go wrong in estimating future “coupons.”  At Berkshire, we attempt to deal with this problem in two ways.  First, we try to stick to businesses we believe we understand.  That means they must be relatively simple and stable in character.  If a business is complex or subject to constant change, we’re not smart enough to predict future cash flows.  Incidentally, that shortcoming doesn’t bother us.  What counts for most people in investing is not how much they know, but rather how realistically they define what they don’t know.  An investor needs to do very few things right as long as he or she avoids big mistakes.
Second, and equally important, we insist on a margin of safety in our purchase price.  If we calculate the value of a common stock to be only slightly higher than its price, we’re not interested in buying.  We believe this margin-of-safety principle, so strongly emphasized by Ben Graham, to be the cornerstone of investment success.
    —     Warren Buffett
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On This Day In:
2020 In The Path
Hangin’ Out
But I Won’t Do That
Unless You Are #45
2019 Seeking Nobility
2018 My Family Calls It Hoarding
Day 30: Done & Dusted
2017 Rogers’ Rules (Hexadecimal)
2016 But, It’s Such A Simple Mistake
2015 Crawl Towards The Light
2014 Sweet Songs
2013 The Wife Of An Ordinary Man
2012 Three Words
2011 Know Anyone Like This?
2010 Apoplexy??
When Breaking Up Is Hard To Do…
Sibling Awareness

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Our prototype for occupational fervor is the Catholic tailor who used his small savings of many years to finance a pilgrimage to the Vatican.  When he returned, his parish held a special meeting to get his first-hand account of the Pope.  ‘Tell us,’ said the eager faithful, ‘just what sort of fellow is he?’  Our hero wasted no words:  ‘He’s a forty-four, medium.’
    —     Warren Buffett
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On This Day In:
2020 A Destructive Mistake
I’d Rather Live In HER World
2019 And #IncompetentTrump Is A Failure At Both
2018 To Excel At Your Craft
Day 12: Waiting
2017 Like When You Can Order Others To Fight For You
2016 Holding Fast
2015 Alms Or Balms
2014 A Day At The Beach
2013 Pillows
Steppin’
2012 Invincible Summer
2011 Being Objective
2010 First Things First…
Northwest Passages – Intro
Northwest Passages – Day One
Northwest Passages – Poetry
Northwest Passages – Evening One
Northwest Passages – Morning Two

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Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel.  These once unthinkable dosages will almost certainly bring on unwelcome after-effects.  Their precise nature is anyone’s guess, though one likely consequence is an onslaught of inflation.
    —    Warren Buffett
[Government handouts can get you through a non-market caused depression (like the one recently caused by COVID / relief payments), but without an employment plan which improves the general welfare (like a massive infrastructure bill), only the wealthy will benefit when inflation inevitably begins to roar.  Infrastructure will improve the national resource base (bridges, roads, levies, dams, drainage, parks, beaches, river-fronts, water and waste treatment, trains and airports, etc.), it will also provide medium and long-term employment to re-build our middle class.  The longer the delay in passing a major bill, the less time available for its impact to begin before the next election cycle and the greater the opportunity for the “do-nothing” Republicans to blame the lack of progress on Democrats who wanted more than they could deliver and then failed to deliver anything.  The danger is too little and too late.  With or without jobs, inflation is coming (IMHO).  The question is:  who will gain from it and who will suffer for it?    —    KMAB]
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On This Day In:
2020 Know Love
2019 Spoiler Alert
2018 Tic-Toc
2017 Explaining Working Class Support For Donald
2016 Not In My Experience
2015 Effort
2014 Honest Wants
2013 Faith, n.
2012 Surprise Me
2011 Confused With Truth

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The smarter the journalists are, the better off society is.  For to a degree, people read the press to inform themselves – and the better the teacher, the better the student body.
    —    Warren Buffett
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On This Day In:
2020 Neither Alone, Nor Lonely
Giving
2019 That’s Why It’s Called Faith
2018 So We Agree, #45 Is Dumb – Too
2017 The Morality Of Spying
2016 He Doesn’t Remind Me Of Me
The First Rule
2015 Free Your Mind And Your Ass Will Follow
The Man Without Fear
2014 I Blame Robocop
2013 Future Trustees
2012 Praise Not The Day…
2011 Educated Living

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I just think that – when a country needs more income and we do, we’re only taking in 15 percent of GDP, I mean, that – that – when a country needs more income, they should get it from the people that have it.
   —    Warren Buffett
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On This Day In:
2020 Steppin’…
2019 Every Vote Counts
2018 Or A President
2017 Pleasures
2016 Why Not?
2015 Je Suis Charlie
2014 To The Nines
2013 Higher And Truer
2012 Life’s Last Question
2011 A Single Heartbeat
A Little Male Humor – WHY MEN SHOULDN’T RETIRE

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We always live in an uncertain world.  What is certain is that the United States will go forward over time.
    —    Warren Buffett
[And the whole world will get through this, too…    —    KMAB]
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On This Day In:
2019 I Asked My Family Doctor Just What I Had
2018 You Have Just Begun To Climb
2017 Equal Protection Under Law
2016 A Stubbornly Persistent Illusion
2015 Or You Don’t
2014 If You Ever Fall…
2013 Glory Days (part 2)
2012 They Follow A Pattern – If You Know What I Mean
What I Live For (Precis)
2011 Giving

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