Tren Griffin+ Your Authors @trengriffin I work for Microsoft. Previously I was a partner at Eagle River, a private equity firm established by Craig McCaw. I am on the board of directors of Kymeta. May. 17, 2020 2 min read + Your Authors

15/ "Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond. Sometimes people go bananas and bubbles happen, but that’s capitalism.”

16/ "Future Berkshire return won’t be as good in the future as in the past. The only difference is that we’ll tell you. We’re going to try to compound it at a reasonable rate without taking unreasonable risk or using leverage. If we can’t do this, then that’s just too damn bad."

17/ "Personally, I think Berkshire will be a lot bigger and stronger than it is. Whether the stock will be a good investment from today’s price is another question. The one thing we’ve always guaranteed is that the future will be a lot worse than the past.”

18/ "Our cash is speaking for itself. If we had a lot of wonderful ideas, we wouldn’t have so much cash. There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash —and I don’t want to go back.”

19/ "We may well have a competitive advantage buying decent businesses at decent prices. But they won’t be fabulous businesses and fabulous prices. There’s too much competition and money out there, with many buyout specialists.”

20/ "People calculate too much and think too little. Part of uncommon sense is being able to tune out folly, as opposed to recognizing wisdom. If you bat away many things, you don’t clutter yourself. If you have analysts, due diligence and no horse sense you’ve described hell.”

21/ “If you, like me, lived through 1973-74 or even the early 1990s you know that there were things like a waiting list to get OUT of the country club — that’s when you know things are tough. If you live long enough, you’ll see it.”

22/ "Some people seem to think there’s no trouble just because it hasn’t happened yet. If you jump out the window at the 42nd floor and you’re still doing fine as you pass the 27th floor, that doesn’t mean you don’t have a serious problem.”

23/ "It is an unfortunate fact that great and foolish excess can come into prices of common stocks in the aggregate. We don’t give a damn about lumpy results. Everyone else is trying to please Wall Street. This is not a small advantage.”

24/ "Stocks are valued partly like bonds, based on roughly rational projections of use value in producing future cash. But they are also valued partly like Rembrandt paintings, purchased mostly because their prices have gone up, so far.”


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