68: Brand New Warren Buffett Interview; My Notes w/Timestamps

Charlie Rose interviews Buffett in a new wide-ranging interview

Link →Warren Buffett's interview with Charlie Rose ←Link

I really enjoyed this. It was neat to hear about Buffett’s daily calls with BRK’s trader, Mark Millard.

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2:20: Choosing what you do and who you do it with. Buffett assistant went to work for BRK when he was 17.

3:50: Gets up a few minutes before 7am and watches the news. Looks at prices in Japan and Europe. Calls Mark Mallard at 8 to buy or sell x% of trading volume, limit price, etc. And he does it all day. “I don’t need to check with him.”

7:40: What WB enjoys the most about investing. His early mistake trading stocks and turn to owning businesses.

9:35: You don’t need to be a genius in what Buffett does. You need the right orientation. 90% of people who buy stocks don’t think of them the right way.

11:15: On his competitive spirit. When I do something I do it big.

12:20: What brings him happiness. He’s in a game that’s very easy if you do it the right way. He likes being trusted by people.

21:20: Trillion Dollar Triage: Book recommendation

22:00: Parallels to the 1970s; “All I’m trying to do is buy businesses.”

24:00: On Activision Blizzard

27:45: Occidental deal; lawyers working all night; Sunday deal pitch, Tuesday done deal

29:25: “That’s what I’ll do.” Re: getting a deal done. No question about it.

30:00: On the deals of 2008; dominoes falling

31:30: Building his and BRK’s reputation

33:45: Not talking about Russia/Ukraine; US economy

35:00: Bottom 2% in US are living better than John D. Rockefeller

39:45: Amazing advances in productivity; what capitalists do for society

42:15: On Apple; aspirational product

43:00: On Tesla/Musk

44:00: Why he’s sure America’s best days lie ahead

45:00: His greatest fear: nuclear war

50:00: How Buffett has changed over the decades; he can’t add numbers as fast as before; he forgets names; can’t read as fast; “I’m a decaying machine that feels wonderful.”

51:20: He can allocate capital as good as ever; but can’t earn as much as before because BRK has so much capital

54:00: On Haven, the failed healthcare venture

56:00: The ability for fast and nearly free healthcare (to individuals not society) should exist for everyone

1:01:00: How much he’s worried about protecting the planet; nuclear

1:02:00: On Tim Cook; a great manager and great human; what Buffett looks for in a great manager; ability, trust, and character

1:03:25: On Charlie Munger; someone he didn’t want to disappoint; it made him a better person

1:05:35: On Jeff Bezos; “Amazon couldn’t happen but it did.”

1:07:45: The Giving Pledge; McKenzie Bezos’ letter is “beautiful”

1:09:00: Bill and Melinda Gates; “Time is the most precious thing you’ve got.”

1:09:30: On giving his time to Berkshire vs something else.

1:10:00: He’s achieved all he’s wanted in life, but he’s not done yet. No real regrets. Aside from sickness and death, the things he’s thought were bad at the time have turned out well.

1:11:00: He’s the luckiest guy in the world

1:12:30: One of the richest men in the world. What means the most to him is the record of Berkshire. “I paint the painting. The world can bid on it at auction.” It’s been more fun doing it with Munger.

1:13:00: His legacy is BRK and his friends. What his last lecture would be. He has a great family, built BRK, and had millions of people who trusted him.