YouSaid · the spoken record

Roger Lowenstein

lines on the record: 35
first: 2017-10-21
most recent: 2017-10-21
sittings or episodes: 1
sources: podcast

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“Really like John Kenneth Galbraith's The Great Crash about 1929. You read it in a day and a half. It's a thin little book. It's terribly witty, Galbraith was always wonderfully witty. I'll just pick out a few that in no particular order once in Galconda by John Brooks again about the 20s and 30s was a wonderful book. I'm going to stop there because I don't want to seem to be even close to exhaustive because then I feel bad about leaving out some very good books, but that's the three I've always really admired and enjoyed.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And there was no clear one organism or mechanism or actor responsible for getting the economy going again, as obviously Ben Bernanke obviously in charge in 2008. So the gold standard was a terrible restraint, and there was just a lines of authority check which hampered them from using the tools they did have.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Wrong for a couple reasons. One was that we were still in the gold standard, which had been, so ultimately you couldn't mint more Federal Reserve notes, even though there were different notes and the old national bank had been serving his money. You couldn't print more of them than there was gold behind them in some ratio and the amount of gold was limited. And then there was so much controversy over whether authority in the Fed would be housed in the branches in Fed Reserve Bank of Philadelphia and St. Louis, New York and so on, or in Washington that to get it through Congress, many of these decisions were left vague. And the Fed was born with very uncertain lines of authority so that when the time came that we really needed a dose of liquidity, of course, during what became the Great Depression, there were cross lines and uncertain lines of authority.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“One of them was just how avidly they debated the same things we debate today and the same styles. There were these populists who didn't trust bankers. There were bankers who were aghast at the notion of putting anyone in government in charge of anything to do with the banking sector. There were Wall Street people who were convinced that the Fed was going to basically destroy the economy by being inherently inflationary. By the way, the gold standard still existed when the Fed was created on the other side, you know, there were people from the Southwest and agricultural sectors who were afraid that the built-in dynamics of the Fed were such that it would be inherently disinflationary. And by the way, I think that they were much closer to the truth than the inflation East does.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In the 1920s, late 20s and early 30s, the French, the British, and the Americans tried to coordinate central banking activities. They did a very good job of it. But it's not as if international markets, that they weren't interconnected and affecting each other for many decades. To some extent, it's beneficial right now because there's still QE going on in some of the countries you mentioned or still stimulus. So as we withdraw stimulus, the fact that other countries are behind us that are worldwide sense amiliative sedative effect by not having everybody rushing out the doors at the same time. But yes, I mean, they're interconnected and that makes things, I think you're asking harder to program and to predict and so on.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That will probably be less disruptive, but nonetheless, that means that markets won't be enjoying the periodic stimulus they've been getting. Because up till now, the Fed has been replacing bonds or bills that have been running off, and now they're not.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It is responsible for the monetary stability of the largest economy in the world. So what it does has great ramification. Specifically today, gigantic balance sheet, of course, accumulated during the aftermath of the Great Recession, $4 trillion. That's a lot of balance sheet. And my own guess, by the way, that's going to be a little bumpier. I just don't think you can sell that amount of bonds and not have there be some disquiet in markets. I mean, what does it mean to be when you're buying bonds, you're lending? And that's what they were doing in all the stimulus years. They were lending and therefore adding liquidity to the system. Well, when you're selling bonds, you're borrowing. You're creating demand. That generally drives up interest rates. Now, some of this they're going to do, not by selling bonds, but just not by replacing the ones that they have on their balance sheet.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Entire Tea Party section of the Republican Party and for many in the far left and the Democratic Party. And by the way, that's not the way it is in the rest of the world. In France or in Japan, Canada, any other country you can think of, the idea of having a central monetary institution to regulate the bank, set interest rates, unify the financial strengths of the country, particularly in times of stress. This is as basic as having a cohesive army instead of a bunch of random foot soldiers or having a centralized post office. But the Federalist mistrust of centralized authority is our birthright in this country, and it's a very strong force even today, which is why, for me writing this book was a lot of fun. You know, in terms of whether the Fed is at a tricky point today, tell me the time when it hasn't seemed as if it's at a tricky point.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“First, I think it's remarkable that we're having virtually the same conversation about central banking today that we had in the period 100 years ago, there was the focus of the book and really the same conversation that we were having 180 years ago when Andrew Jackson was taking a hatchet to the second bank of the United States, the previous experiment, short-lived experiment in central banking. And the same discussion that felled the first bank in the United States, the one founded by Alexander Hamilton, this enormous suspicion of large banks, central banks, any connection between governmental banking authorities in Washington and large private banks in New York, these were demons in Andrew Jackson's day. They were demons when Woodrow Wilson and Paul Warburg and Carter Glass tried to set up what became the Federal Reserve, and their demons for certainly the”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In terms of how I would paint him then and now, really very little has changed, as I said. I did update the book with a new epilogue or afterward or something about 12 years after the book came out. I reissued it because his wife had died. Remarried, so it turned out to be his first wife, but required him to fill in a piece of the puzzle that people had been very interested in, which was, of course, what he would do with his estate now that it wasn't going to Susie because Susie had passed away and the plan had been that she would make those decisions. So now he had to make them. And of course he chose for the bulk of his estate, the Gates Foundation and his plan of peeling off stock year by year by year into his foundation at the Gates Foundation. I thought that was a required update more than whatever new company he's bested and acquired since then. There's certainly been plenty of them.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“20%, and then it can't take the money, and then you're just getting cash back, and you're going to have to hunt for that money. If you can keep the money at work, 8, 9, 10, 11%, year after year over a span of time, the compounding effect is extraordinary. And you've avoided the real pitfall of most investors, which is the dead space time, the backtracking because the next investment is not as good.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The tax aspect is important Don't think it's the largest aspect, actually. If you have a business, let's say it earns 8% a year on capital, which most people would say good, but not great. But if it's clocking away at that 8% year after year, and if, this is a big if, if it's a type of business that is growing so that each year it can reinvest the earnings at 8% a year, and you do that over decades, the relative difference is enormous because what's not happening is you're not selling after three years. As you said, paying the tax, then the money's dead for 18 months or six months till you buy one for another three years. If you keep buying a succession of businesses, one or two of them is going to be 11. So instead of having 8%, you're going to have minus 14% every so often. Or you're going to have to find a business that gives you one great shot.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Charlie certainly encouraged him to do that. And I think Warren would have gotten there anyway. In fact, he already, you know, when he was running Seas was the mid-70s, but in the late 60s, Warren on his own was buying American Express, a terrific business. It had a bump in the road. So Charlie encouraged and probably hastened Warren's evolution to paying more than Ben Graham would have paid. But I think had it not been for Charlie, you know, we'd still be having this conversation would the stock be 270K or 240 years. That stuff's hard to say, but I think it's been a sort of a healthier, more pleasurable process for Warren. I've known, maybe you've known people who've run businesses and they by themselves who haven't had someone at their level to bounce things off of. And that's a strain and they suffered for it, maybe in ways that are intangible as much as tangible.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“At a reasonable price. One of the first ones they did together was seize candy. I think the figures in the book, so don't hold me to this, but it was something like $30,000, $35 million, something, a lot of money back then.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And Warren surrounded himself by one guy. He's personally calls a no-man. So I think that's been tremendously useful that's made. It saves him from mistakes. I think it's made the work more fun for Warren to have this partner and alter ego. They see so many things alike and to have this professional and personal partnership for whatever those decades now. I don't think many of the ideas came from Charlie. So early in his career, Warren was still very much picking stocks the way his teacher Ben Graham picked him, which was basically looking for inexpensive securities to hold him till they got up to their trading value, fair value, and then load him. And Charlie urged Warren to go from, I'd say, okay business is a cheap prices to good business.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“CEOs they might be investing with, or he doesn't fall for, he's hurt at all. He gave me a million dollars and said use this to try to con Charlie Munger, I give you the money back. You just couldn't do it. And by the way, he doesn't get conned by war either. A lot of people find it hard to tell Warren, you know, you're really all wet on this one. Not Charlie. And that's invaluable. We see with a lot of politicians that they surround themselves by yes men.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think Charlie has been a terrific sounding board for Warren, A, because he's so, so, so smart. He's so unconventional or at least unafraid convention. There's no sensor there. There was one time the two of them were walking down the hallway, and they had this manager who was, the company he was running wasn't going well. And the guy was always asking them questions. Should I do this? Should I do that? He was just a big bother for them. They see this fella coming toward him and Charlie just blurts out, here comes trouble. And his singular ability, Warren used to call him the abominable no-man, Charlie doesn't get stars in his eyes about company.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, it was more later. And I said to somebody, you know, did I say the wrong thing? No, no, that's just Charlie. He doesn't waste time on salutations. In terms of your question, how responsible is he?”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“He just kept talking about Just kept typing. And you'd think that there'd be no limit if you're trying to get all the dirt not in an unclean way, but just good, good stuff you can get on your subject. And here you've got the guy who had a business sense, knows him best. You'd sit there for three days. But the human mind doesn't work that way. After some spell of time, you just can't really take in anymore. You just got to walk around the block or something. So I remember it was about four hours had gone by, and I sent to Charlie. This has been great. I think it's about enough for the first day. And he just stood up, turned 90 degrees toward the door, and walked out. Not at work. Not I enjoyed it. Not I didn't enjoy it.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I would say more of the latter, and that's not to depreciate a Charlie at all. Charlie, he's also a genius, a curmudgeonly genius, whereas Warren is a sunnier, optimistic, at times almost so optimistic about the American and so on. He's almost a cheerleadering Charlie. I'll never forget the time I for his metrolie. I was researching the Buffett biography. I was very excited. I was riding the people close to him. Most people did cooperate, but some didn't. And naturally, when I'd send a letter, I'd wait with bated breath. And Charlie said, come out. I'll see you at the California Club, which is where he hangs out in Los Angeles. So I flew out there and we sat down and I had a primitive personal computer laptop with me. And I started to ask questions. A trolley just starts to talk. I probably asked two questions in four hours.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“tremendous business titans face what I would call their role in society moment, at least a great many of them do. And it wouldn't surprise me if there's some type of drama for Jeff Bezos ahead at some point, or at very least he'll face decisions on what to do with his wealth. So right now, when both he and Amazon are still sort of a rocket ship, pointed upward. They may have to get a younger biographer.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You know, with a biography, at least all the things I just said about Buffett, self-confidence, the way he approaches stocks, his unique role in the American investing culture and so on, that hasn't changed, although it's certainly grown. Whereas with Jeff Bezos, I don't think the story can quite be written yet. Will he go down as the guy who ended the bookstore? Will he have his own antitrust challenge? It's certainly not unthinkable, and you wouldn't want to miss that. After all, Bill Gates had one. Google's dealing with those types of threats, and there's certainly a very live issue about how society will deal with and regulate digital giants that although they escape some of the traditional nets for antitrust and regulation, nonetheless are extremely powerful and getting more so economic entities. And at some point,”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“With questions again, because they wanted to hear him speak. It was an unconscious address rehearsal for the day decades later when he'd be running this company Brookshire Hathaway with his annual meetings where 40,000 people would show up to hear him talk. When has there ever been a stock picker with 40,000 people flying across the country? I think he's sort of a one-off. We're not going to see it yet.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The teacher of business and investing is a student annual report readers and now listeners, although all the shows he's interviewed on, he's created a role that never existed, and I think there's not going to be another one. And interestingly, I saw sides of this way early in his career before anyone had heard of Warren Buffett when he was in a fraternity, actually, when he transferred, maybe this was at Penn, the first school he went to, is the fraternity brothers used to have him stand up against the wall and then pepper him with questions just because they like to hear his answers. And then a few years later, when he was a young investor, he'd go to these dinner parties in New York and they'd have a kind of a ritual. A bunch of young brokers and investors, Bill Rawayne was probably there. Half dozen others. And they would all gather around his feet, all these other grown men, his peers, and listen to him talk and pepper him.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Greatest competitor and the hungriest competitor of the digital age. Can he pick stocks? I have no idea. And Buffett talks about circle of competence. And there are other things that Bezos does so well that he sticks within his circle of competences, which is electronic retailing and spin-offs now, as we've seen, physical retailing to Whole Foods. In terms of the next buffet, there are half a dozen investors, really, really, really respect. I think a buffet is really a one-off. You know, he's been doing this since 1956. That's 61 years. He has top drawer results for 61 years. If you combine above its record with his endurance, with also his skill as a manager running this conglomerate with 70 companies, with his larger role in the American business culture, he's really become”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think Jeff Bezos is the singular businessman of our Europe. I mean, of his generation, I wouldn't say he's the Warren Buffett of this generation because he's not a capital allocator. There's no one business that Warren does, I guess really the insurance business you'd have to say. But even there he has people underriding the policies. Warren's singular unmatched skill is allocating capital to companies and managers who do run business such as Jeff Bezos. I would say that Jeff is the John D. Rockefeller of his age, someone who has competed so relentlessly as to Rockefeller basically drove everyone else in his business, either into merging with him or going out of business. I'm not saying that visas is an illegal monopolist is Rockefeller was convicted of, but he's clearly the”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“All that other stuff. And that's really his special quality. He's more able than any investor that I know of to say, I think this is going to work in the long term and everything else is shut to decide. Market forecasts, market trends. He's buying shares of businesses to hold.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The cash flow generating power in five and even ten years. Buffet holds his investments for 10, 20 years. And if you're holding for that time period, what they're saying on CNBC is irrelevant. What the Fed's going to do is irrelevant. I just had this discussion with one of your competitors, so to speak, who said, well, don't you have to know what the euro is going to do? Seriously. And I said, you got to be kidding. If you bought Starbucks 20 years ago and you'd been right on the franc, it wouldn't have mattered. If you'd been wrong on the franc, it wouldn't have mattered. All that mattered was that you could see that there was a company that had been able to build a brand for premium coffee drinks, you know, what the exchange rate was going to do, what the Fed was going to do, whether it was going to be war in the Middle East. There have probably been three of them since then. None of that mattered if you got the basic long-term decision about the company right. It takes a lot of, and I come back to Buffett again, a lot of self-confidence to ignore.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But you wouldn't find one exactly like Uber and it existed before. And that's where the art side of it comes in, since you're ultimately making a decision. And this is where I really get to buffet, you're relying on your own judgment and not on what the stock market's doing every day. It's not about whether the stock has been going.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Think the hardest thing to get about Buffett and the hardest thing to get about value investing is there's no formula. Buffett and his friend to build away, and I can't remember which of them said it, but they would quote it. You either get this in the first five minutes as explained to you, or you never get it. There's no computer program that can tell you what the next six best stocks are. There's no dogs of the Dow or secret formula. It's part art, certainly part science in that you're evaluating securities based on their reported numbers. But there's also an instinct, but it's an educated instinct. It's the instinct based on years of appraising companies with making them with similar dynamics. But every company has its own dynamic and its own period and time. So if you're looking at Uber, you might be looking at other companies that had network effects that were trying to disturb a settled industry like the taxicab industry.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And by the way, I'd advise people with an idea to pitch to Warren or maybe they want him to contribute to their golf charity or something. The soft cell doesn't work with him. These conversations where you make pleasantries for five minutes and then say, hey, Warren, I was thinking it'd be great to have you on the board. He sees these things coming. It's like he can see around a corner. And he's unique in the things he does are precisely things he wants to do, not the things that other people recruit him to do, but no approach is going to work with him better than just a direct approach. Take 30 seconds if you get him on the phone and ask him if he'll do a favor. But trying to sweet talk them or sneak up on him is not going to work. He's been there. As he says, he's always getting these calls where people say, with my idea and your money, we can do wonders.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We were neighbors, my folks and particularly my father, we were neighbors of a guy named Jerry Orans, who had gone to school with Buffett at Penn. And Jerry used to tell my father he wanted to invest with him. And I think dad would ask him, well, what else? And Jerry would basically say, you don't need anything else. Give it all the war. And dad also, he was a lawyer as part of his career and had a couple of interchanges with Buffett actually on the other side of a deal and was trying to persuade his client that the business that Warren was selling was probably not a business he wanted to buy. But Warren's a very good salesman. He got the soft sell down to a T and I think Dad came away wishing he'd been on the other side of the table with Warren. So there were a few points of contact.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“From a Solomon Brothers. And John Goodfriend, who ran the firm, was, I guess, a friend of Buffett's. And Buffett had owned a little bit of the preferred stock in Solomon. Good friend called Buffett up. I'm stepping down. Good friend hadn't handled the scandal well. It wasn't implicated. So Buffett ends up running this Wall Street firm. There was a lot of headlines about Omaha boy goes to evil caverns of Wall Street. And suddenly I realized that this guy who I knew a lot about, at least something about, was very much in the news. So I thought that'd be a very good trigger to pitch a book and I did.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You'd size up a stock, a trade, a security every day, and get some analysts to tell you that it was either too expensive and advise your readers to sell it or that it was cheap and they ought to pile in and buy it. And it struck me that the interviews that I was getting and the reasons from these analysts were so short-term. And they felt so far short of the wisdom and understanding of markets that I was getting each year in the annual reports from Buffett. And I thought, you know, he really had a story to tell to the American investing public. This is in the very early 90s. Buffett was not well known then outside of Wall Street. But within Wall Street, he was certainly recognized already the greatest, probably investor of his generation. And then in 1991, there was a scandal at a Wall Street firm, guess we've heard that one or two times since.”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I had followed him since it's hard to remember now, but late 70s, early 80s, we owned a little bit of his stock in the family and used to get his annual reports and read them with a whole lot of interest and frankly admiration. And of course, we weren't ignorant of the fact that the stock seemed to be rising. We'd have discussions around the kitchen table. Gee, it's $200 a share. Can it go higher? It's $400. Should we hang on? And of course, his wisdom was always that it's not the sticker price. It's the intrinsic value of the business. And of course, you're value and the number itself is just a number. In the late 70s, then I got a job at Wall Street Journal as a reporter, came out of school, and by the late 1980s, I was actually riding the Heard in the Street column for the Wall Street Journal. And that's the column where they, at least in my...”
2017-10-21 · We Study Billionaires · TIP161: Warren Buffett, Charlie Munger w/ Renown Author Roger Lowenstein (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT