Kevin Carpenter

Alice Schroeder: "[Warren Buffett] uses his business concepts interchangeably with the way that he lives." "He once said to me, 'If you want to go on that round-the-world trip, it's going to be more valuable to you when you're 40 than when you're 70. But when you're 20, delayed gratification is a great idea. You should be working really hard because your time is going to be more valuable to you when you're 40 than when you're 20.' That's kind of a mathematical concept that I would never have thought of — but that's how he thinks." (Microsoft Research || 2008)

They are retired/canceled. He does this so that vote-rich A shares aren't given to foundations, but instead B shares that have much less voting power. That's how Buffett retains ~30% of vote even after so many donations. But when all of his A shares are converted and gone, it will be up to the wider shareholder base to vote wisely on proposals, etc. There won't be a big block of shares dominating the vote in a pro-Berkshire direction like there is now (via Buffett himself).

@kejca Oh I didn't realize this but then who gets the original A shares? Do they get sold on the open market?

Warren Buffett announced today, as part of his traditional summer donations to four family foundations, that he hopes to dispose of ALL his Berkshire stock by the end of 2034. CNBC says Buffett will make a special appearance on Squawk Box tomorrow to discuss his donations.

Warren Buffett: "You should always adapt your consumption to your income. You shouldn't try to adjust your income to your consumption." "Reaching for yield is really stupid — but it's very human." (CNBC || 2020)

Charlie Munger on The Queen's Gambit, chess, and investing. "People have the theory that any intelligent, hard-working person can get to be a great investor. I think any intelligent person can get to be pretty good as an investor and avoid certain obvious traps, but I don't think everybody can be a great investor — or a great chess player." "I don't think it's easy for ordinary people to become great investors." (Daily Journal AGM || 2021)

@DDrolapas It will definitely be an aggressive donation schedule. I worry more about losing Buffett's huge chunk of voting rights (as A shares are converted to B and then donated).

@kejca Interesting. I'm wondering if the stock trades under value over the next 8 years since the donation amounts seem to be larger than the usual and will be the rest of his stack in a relatively short period of time. Thoughts?

Warren Buffett: "The same books I read — and really molded how I thought about businesses and investing — I think that they are just as valid now." "I've seen nothing to improve on [Ben] Graham and [Phil] Fisher in terms of the basic approach of going about investing — which is to think about stocks as businesses and then think about what makes a good business. Really, that's all there is to investing."

@StoneHillWealth If there is, it’s beyond my math skills (which aren’t great to start with, haha).

@kejca Usually there is a way to back into repurchases off this news, right?

Chris Hohn on what makes a good investor. "I was always willing to look at the company fundamentals and not try to guess the stock market. I was always fundamental." "Most investors are not fundamental. They trade actively. They look at data points. They say, 'What's the catalyst?' They don't really know what the company does." "Long-termism is key."

Warren Buffett: "Interest rates are the basis of all value." "If you knew interest rates were going to be zero for a hundred years, you would think 1% was a great rate of return. But you also would know if you bought something yielding 1% and rates went to 8%, you'd lose practically all of your capital." "It's an enormous factor, [but] we don't know the answer." (CNBC || 2020)

Charlie Munger: "A lot of the old moats are going away and, of course, people are creating new moats all the time. That's the nature of capitalism. It's like evolution and biology. New species are created and old species are dying." "Think of all the monopoly newspapers that used to be, in effect, part of the government of the United States — and they're all dying. Every damn one of them almost." "There's no rule that life has to be easy on the mental side. Of course it's going to be difficult." (Daily Journal AGM || 2021)

Warren Buffett: "You have to have an interest in money, I think, or you won't be good at investing. But if you're very greedy, it will be a disaster because that will overcome rationality." "You have to be realistic. You have to define your circle of competence accurately. You have to know what you don't know and not get enticed by it."

@SKongsingh Thanks!!

@kejca Absolutely sir... Make it a great birthday

Can’t think of a better birthday present than 1.5 pounds of peanut brittle.

@SKongsingh Can’t go wrong with See’s

@kejca Another Great One

@jbnewkirk Thanks Jim!

@kejca Happy birthday, Kevin.

@MichaelGielkens Thanks!

@kejca Happy birthday!

Berkshire Hathaway director Chris Davis: "Both my grandfather and father loved what they did — [and] that has a huge influence on a kid." "I would go meet the train out in Tuxedo and all the commuters are getting off and they're looking gray and worn with their briefcases — and my dad would sort of spring off the train. He loved what he did." "When I'd go away to school, my dad drove me and we would often visit companies on the way. Stocks weren't pieces of paper wiggling around in the news charts. They were ownership interests in businesses." (Bloomberg || 2025)

Alice Schroeder: "[Warren Buffett] has created this immense vertical filing cabinet in his brain of layers and layers and layers of information that he can draw back on now from more than 70 years worth of data. He's like a human computer." "The biggest thing he's done is to learn and to create this cumulative base of knowledge in his head. The one reason that he doesn't use a computer is that, in effect, he is one." "He reads hundreds of annual reports every year from companies that he doesn't own — yet — because he just wants to understand their businesses. And when the opportunity arises, then he's ready to make a decision." (Microsoft Research || 2008)

Charlie Munger: "The mantra [Lee Kuan Yew] said over and over again is very simple. He said, 'Figure out what works and do it.'" "It sounds like anybody would know that makes sense, but most people don't do that. They don't work that hard at figuring out what works and what doesn't — and they just don't keep everlastingly at it the way he did." "He had probably the best record [as a nation builder] that ever existed in the history of the world. He took over a malarial swamp with no army, no nothing, and pretty soon he turned [Singapore] into this gloriously prosperous place." (Daily Journal AGM || 2021)