Warren Buffett On Exposing Business Frauds And Deception

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  • čas přidán 27. 08. 2024
  • Warren Buffett is well-known as an investor with a great deal of integrity, and in this video, he explains how he has been able to determine with a great deal of accuracy whether certain businesses are engaging in fraudulent conduct.

Komentáře • 500

  • @damham5689
    @damham5689 Před rokem +231

    I like Warren but its fascinating to hear him talk about insurance companies denying legit claims, when the insurance companies he owns do exactly that all the time

    • @vaughnkavon3993
      @vaughnkavon3993 Před 12 dny +2

      How do you know that, who told you that?

    • @piggynatorcool668
      @piggynatorcool668 Před 12 dny

      ​@@vaughnkavon3993that's the point of insurance. They wouldn't make the maximum amount of money they could, and they sure as hell wouldn't hire lawyers and specialists in the field to deny somebody who clearly has a problem. And if they don't make the maximum amount of money the board fires ceos and executives

    • @CatoQassem
      @CatoQassem Před 11 dny +8

      Lol FACTS

    • @HeilPutler-ze9tz
      @HeilPutler-ze9tz Před 11 dny +11

      That's how he knows

    • @abhishankpaul
      @abhishankpaul Před 10 dny +7

      He is an investor, not the director or ceo of every company he owns stakes of

  • @chipper442
    @chipper442 Před rokem +303

    Anyone else get the two old guys in the balcony on the muppets vibe with these two? Great clips.

  • @andrewlayton9760
    @andrewlayton9760 Před 15 dny +82

    When there were vast numbers of people talking about Enron as a "can't miss," I read the annual report. I came away with no understanding of how they 'made money.' I thought it was me just not understanding their idea, but now we know.

  • @abelardoruiz5544
    @abelardoruiz5544 Před rokem +140

    1. Use your contacts to get investors...
    2. Start a campaign that your company will change the world.
    3. Bring celebrity investors
    4. Go to TedX or Joe Rogan podcast to talk BS.
    5. Start pumping money to your salary and compensations.
    6. Buy insane work spaces with company's money.
    7. Get a jet and go to parties every week with company's money.
    8. The company will tank and you blame the economy or government regulations.
    9. Cash your golden parachute.

    • @TRAVIESO_NA
      @TRAVIESO_NA Před 14 dny +3

      Sounds great to me, lol 😂

    • @robertduda6336
      @robertduda6336 Před 10 dny +10

      You’ve explained the business model for most “entrepreneurs” out to make their millions on the backs of others.

    • @jackstickler1705
      @jackstickler1705 Před 8 dny

      Are entrepreneurs bad this month?

    • @sjeffield
      @sjeffield Před 6 dny +3

      Sounds like WeWork.

    • @dafnik8925
      @dafnik8925 Před 4 dny +2

      Elon is that you?

  • @bjkarana
    @bjkarana Před rokem +238

    I love the story about Charlie kindly offering to inflate his claim to $120k from $12k so the insurer couldn't just dismiss him. Absolutely brilliant.

    • @adicamdzic8470
      @adicamdzic8470 Před rokem +20

      Wouldn't he be committing obvious fraud. He admits it in the letter.

    • @bjkarana
      @bjkarana Před rokem +38

      @@adicamdzic8470 I'd doubt that, because Munger could rightfully claim loss of productivity and other second order effects from the initial theft which would add up pretty fast. Thoughtful observation though!

    • @adicamdzic8470
      @adicamdzic8470 Před rokem +2

      Mmmmh gotcha

    • @walden6272
      @walden6272 Před rokem +33

      @@adicamdzic8470 You can always sue for more than owe if someone refuse to pay due to punitive damages in this case the Insurance company is committing fraud by not honoring his claim.

    • @adicamdzic8470
      @adicamdzic8470 Před rokem +4

      @@walden6272 thank you

  • @stumac869
    @stumac869 Před rokem +425

    Never trust a sales man dressed in an expensive suit driving a flash car because you'll end up paying for them.

    • @TimeSurfer206
      @TimeSurfer206 Před rokem

      "Never trust a man who wears a fake spray tan. If he'll lie to you about something as stupidly obvious as a spray tan, he'll lie to you about anything."
      My Dad, a member of "The Lost Generation."
      Who is now an avid tRUMP-licker.

    • @microdesigns2000
      @microdesigns2000 Před rokem +33

      My boss came thrashing into his office and I knew something was wrong. When I asked, he asked me a question. "What's wrong with my driving a Cadillac?". His customer disparaged him and thought the quote was too high, claiming he was financing the fancy car by raising prices. Not true, but I understood the guy's point. After that, my boss made a habit of driving the service van to appointments. That worked well.

    • @arthurmoore9488
      @arthurmoore9488 Před rokem +7

      @@microdesigns2000 Slightly related, but it's always funny hearing an apocryphal story. A young salesmen blows off a guy in a fishing shirt and jeans driving an dirty pickup truck. Thinking he's just some looser who can never afford the expensive cars. Turns out that guy own the multi-million dollar farm!

    • @roseymalino9855
      @roseymalino9855 Před rokem +5

      @The Richest Man In Babylon Same or maybe slight difference. Maybe the word trust is too harsh and the comment should read 'be wary'. but the point is the same which is that his customers finance his lavish living.

    • @roseymalino9855
      @roseymalino9855 Před rokem

      @The Richest Man In Babylon What's going over heads is your ability to correctly read comments. Learn to do that before you deem yourself qualified to criticize anybody.

  • @miked8227
    @miked8227 Před rokem +81

    I worked for a very big successful company that decided to go public, prior to going public they temporarily changed their very successful way of managing the company to soften up the numbers. Suddenly it was a night n day comparison until they eventually had their IPO. Awhile after the stock was issued, they went back to their efficient ways of managing . The term “integrity” was a convenient term for the management and was so important to continue one’s employment there, which it should be. Many times a family man or woman was terminated under the broad brush of “lack of integrity”. Even the biggest “honest” companies in the world will “confuse” the public.

    • @Thoth19
      @Thoth19 Před 3 dny

      What is your point?

    • @chunyuenlau56
      @chunyuenlau56 Před dnem

      Money can make even good people do bad things.

  • @yorktown99
    @yorktown99 Před rokem +73

    Warren & Charlie are a great comedy duo.

    • @titrecords2294
      @titrecords2294 Před 4 měsíci +3

      It looks like stand up comedy for investment 😂

    • @0MoTheG
      @0MoTheG Před 16 dny +2

      What are the names of the two elderly gentlemen from the Muppets?

    • @zachs7347
      @zachs7347 Před 7 dny +2

      @@0MoTheGStatler and Waldorf. exactly, lol

  • @MagnusAnand
    @MagnusAnand Před rokem +156

    It’s amazing how lucid they both are at that age.

    • @eddiemunster8634
      @eddiemunster8634 Před rokem +21

      As opposed to our President and Vice President? I don't know what her excuse is!

    • @robkunkel8833
      @robkunkel8833 Před rokem

      Keep watching, eddie. You may learn something. Putin and your Mr. Trump are the outliers; not our current leaders.

    • @rodrigorodriguez509
      @rodrigorodriguez509 Před rokem +24

      I work with accountants and attorneys, they stay working into old age and stay pretty Sharp since they're using their faculties instead of decaying in front of the TV

    • @Kid_Ikaris
      @Kid_Ikaris Před rokem +2

      The adrenochrome helps 🙂

    • @RearAdmiralTootToot
      @RearAdmiralTootToot Před rokem +8

      @@eddiemunster8634 a lifetime of lying causes the mind to rot quickly.

  • @ddicin7759
    @ddicin7759 Před rokem +79

    Too Good to be True == RUN ! Nothing's easy in life; people who peddle schemes that bypass that fundamental fact appeal to our need to get to the finish line unscathed by disappointment.

    • @rybolow
      @rybolow Před rokem +5

      Proverbs in the bible: Make Wealth Slowly". If a person in a hurry to become wealthy quickly, often falls for the schemes.

    • @robertewalt7789
      @robertewalt7789 Před 16 dny +3

      “If it seems too good to be true, it probably is.”

  • @Little-bird-told-me
    @Little-bird-told-me Před rokem +71

    Trust is like virginity, once its lost, it can never be restored

    • @raccoon874
      @raccoon874 Před rokem +1

      unless you become a 'born again' type loser

    • @g0679
      @g0679 Před rokem +3

      Au contraire, one can become a reclassified virgin after a year of abstinence.

    • @raccoon874
      @raccoon874 Před rokem +1

      @@g0679 no, I think they get classified as "horny masturbator"

    • @gumshoe7237
      @gumshoe7237 Před rokem +9

      @@g0679 on what planet does that make sense to you ? Once you've had it the first time , that's that.. smh

    • @st0a
      @st0a Před 4 měsíci +6

      ​@@gumshoe7237Probably a delusional woman who was careless with her most precious possession. Truly sad!

  • @tedfisk1211
    @tedfisk1211 Před rokem +73

    In my opinion, all business people or those looking to get into business should watch all the videos of Buffett and Munger. Quite educational.

  • @rozinant1237
    @rozinant1237 Před rokem +115

    I get this same gut feeling when I watch “promotional” videos by a startup company who are claiming they will revolutionize the building industry with their folding mini homes.

    • @TheLoiteringKid
      @TheLoiteringKid Před rokem +5

      I seen something similar, but the one I came across they build these lovely folding homes, could ship the equivalent of quad 16 foot mobile home in a single trailer, but never bothered to make the thing meet the basic standard building code.

    • @robbie_
      @robbie_ Před rokem +2

      One day one of them will get it right though.

    • @stephenoshaughnessy2279
      @stephenoshaughnessy2279 Před rokem +6

      I'm currently revolutionizing the transportation business with custom buggies -- horse not included. Now's you time to make your money work for you.

    • @managersamuel
      @managersamuel Před 16 dny

      And a few container homes startups

    • @LadiboiJoy
      @LadiboiJoy Před 10 dny

      Just Like learning about women in your life

  • @mateuszmattias
    @mateuszmattias Před rokem +76

    I once saw a secretly filmed movie clip from an event arranged by some hyped startup company, and at one time there was a fairly young woman (not Elizabeth Holmes, this was in the 90s) who stood on stage yelling like some cheerleader, getting people worked up like a preacher at an extatic evangelical church meeting. I remember thinking "does anybody really buy into this sh-t" but the thing is that they do, and had I been in that room maybe I would have been drawn into that extatic feel as well. It's very human and very disturbing.

    • @chrisj8662
      @chrisj8662 Před rokem

      I still can't believe Elizabeth Holmes actually got Warren to invest in her.

    • @lamusica1592
      @lamusica1592 Před rokem +13

      Sounds like an MLM , pyramid schemes

    • @tubergonz
      @tubergonz Před rokem +10

      and Fascism

    • @catherinesanchez1185
      @catherinesanchez1185 Před rokem +8

      Hey , it's been working for churches so why not?

    • @Gcock
      @Gcock Před 6 měsíci

      ​@@catherinesanchez1185The true church; given to us by Christ; in no way shape or form does this. All human beings are called to worship in reverence. If we fail to worship the only One worthy; then we will worship ourselves and others. Scam culture. Hoe culture. And many others

  • @bridgecross
    @bridgecross Před 5 měsíci +12

    "Easy money" "Like taking candy from a baby"
    lack of work ethic means trouble down the line.

  • @vinzanity68
    @vinzanity68 Před 8 dny +23

    If ur greedy, u can be scammed. As simple as that.

    • @RojaJaneman
      @RojaJaneman Před 4 dny +4

      Or desperate. That’s where conversions r easiest cause they’re vulnerable

  • @seansingh8862
    @seansingh8862 Před rokem +56

    Avoiding frauds is the elephant in the room when it comes to investing. I've beaten the my local total return index by an average of 7.7%p.a. over the past eighteen years.
    I'd estimate that I'd have added at least 4-5%p.a. to that by simply avoiding situations where crooks take your money! It's happened sooooo many times, I'm convinced that at least 30-40% of apparent bargains on the stock market are actually just instances where the market has cottoned onto the fact that there is something shady going on.

    • @tongobong1
      @tongobong1 Před rokem +5

      Exactly. When I was less experienced I lost so much on those bargain shares that my return was around 0% for first 10 years.

    • @sarnosidiq6212
      @sarnosidiq6212 Před rokem

      @@tongobong1 you are in good shape, most trader loose in their first years

    • @tongobong1
      @tongobong1 Před rokem

      @@sarnosidiq6212 yes I know.

  • @Ken-er9cq
    @Ken-er9cq Před rokem +19

    Insurance is a complex business. Each year you take in the premiums, people make claims and you pay out claims. Looks easy, but the payout of claims is often several years into the future, and the claims may also be made in the future. So you need to be able to predict how many claims will actually be made, how successful they will be and the size of each payout. Underestimate the future payouts and your insurance company looks like it is doing brilliantly. Of course only until someone notices that your estimates are wrong. Then it goes bad fast.

  • @walden6272
    @walden6272 Před rokem +45

    These two are the only investors that give good advices while others are trying to scam you into buying their pumped up stocks or cryptos so they can get rich off of you.

    • @robertagren9360
      @robertagren9360 Před rokem

      The best deal would be to buy stocks at $0.00 because it's the market value.

    • @DwightLane-dx2ch
      @DwightLane-dx2ch Před 10 dny

      8 I😊​@@robertagren9360

    • @Vmac1394
      @Vmac1394 Před 2 dny

      They give good advice because they got more money than they could possibly spend ages ago and have been just doing it for fun for the past 60 years.

  • @tylercampbell6058
    @tylercampbell6058 Před 8 dny +2

    Some guys would rather get ripped off by a guy that looks the part and makes them feel successful than actually be successful with someone who doesn’t look the part and have the right vibe.

  • @PraiseB2Allah
    @PraiseB2Allah Před rokem +15

    To sum the video up, people have tells. Very informative...

  • @AnvilDragon
    @AnvilDragon Před rokem +19

    Always have to watch the carpet baggers that will sell their bill of goods to the board. They'll force out key people that built the company, eliminate R&D other than on paper, reduce maintenance below minimums, accept a lower quality of goods and service, add quantity sales incentives to reduce inventory, and layer in short term performance bonuses to pocket as much cash as possible. In about two years the company is faltering, customers are pissed, market share has been lost, no next product was developed to stay viable, and the carpet baggers are moving to their next company. Why just look at the way they turned their last three companies around and how poorly they did without their firm management hand.
    So yes, look at their management. Look where they have been and did they leave wreckage, destroying promising company after company in their wake. Odd thing is that college business classes teach them how to do it and, in fairly unethical "ethics" classes, how not to go to jail while doing it. Basically how to be a toxic corporate leach for fun and profit. A how to "get rich" rather than how to grow a healthy and profitable company. More: How to fake it until you can cash out.

    • @marccox8977
      @marccox8977 Před rokem +4

      Exactly How Carl Icahn got rich
      New York City, U.S. In the 1980s, Icahn developed a reputation as a "corporate raider" after profiting from the hostile takeover and asset stripping of Trans World Airlines. Icahn is on the Forbes 400 and has a net worth of approximately $17 billion to $24 billion.

  • @LadiboiJoy
    @LadiboiJoy Před 10 dny +5

    This applies to women too

  • @defenstrator4660
    @defenstrator4660 Před 9 dny +1

    We have a family company, and have been offered deals which turned out to be fraudulent over the years. We always said no. We didn’t do this because we have magic powers that allow us to judge character. It always came down to having confidence in ourselves and our ability to understand things. We know how we make money, and are confident that we can understand how you make money. But if we don’t know how you make money, or can’t understand how you make money, then we don’t want anything to do with you. So far we have never missed that once in a lifetime deal, but have avoided being involved in several large scale scams.

  • @seventhson27
    @seventhson27 Před 17 dny +6

    ONE THING TO LOOK OUT FOR in these "Solar Pannel" salesmen is what they DON'T tell you. What they tell you isn't necessarily false, but what they don't tell you can bite you big time. I've run into this TWICE. I caught them both times, but it done seem to be pretty standard practice.

    • @gasphynx
      @gasphynx Před 10 dny

      What don't they tell you?

    • @seventhson27
      @seventhson27 Před 10 dny +1

      @@gasphynx Because the impression that they give by what they tell you is different than how much it will actually cost, how much of your expense you will be able to regain, and how it will work. For instance, a big portion of your electric bill is fixed "fees" that you will not recover.

    • @felixthekate4800
      @felixthekate4800 Před dnem

      "You don't know what you don't know."

  • @Tchild2
    @Tchild2 Před 10 dny +1

    It really helps to understand the mindsets and experiences of both Buffett and Munger when they relate actual experiences of their business dealings. The letter writing by Munger to stand up to a larger insurance company was quite impressive. Shows that Munger had a lot of confidence in his position and how to stand up to financially larger companies.

  • @Novastar.SaberCombat
    @Novastar.SaberCombat Před rokem +22

    90% of humans are pretty much hot garbage. If you assume you're NOT likely to meet the relatively good 10%, then it's a lot easier to hang onto your money, sanity, and most importantly... your TIME.

  • @kotamrajuprasad2742
    @kotamrajuprasad2742 Před rokem +10

    Intuition is highest form of intelligence..

  • @TheLookingOne
    @TheLookingOne Před rokem +7

    The time to already be worrying
    is when they say there's nothing to worry about

  • @garygerard4290
    @garygerard4290 Před rokem +10

    People will try to tell you who they are,
    'believe them.

    • @cisium1184
      @cisium1184 Před 26 dny +2

      I liked the "it's like taking candy from a baby" example. Dude, if you think taking candy from a baby is a good thing, you're probably not the kind of person I want to trust in business.

  • @zhli4238
    @zhli4238 Před 8 dny +1

    Buffet invests in insurance businesses, and knows a lot about it. Yes, there are frauds in employee dishonesty, loss reserves as he gave examples. As investors, using the board to control the management with governance and oversight is the key. You don't have to know the details, but you should use your power to control them. That is an art.

  • @jefflittle8913
    @jefflittle8913 Před rokem +5

    That bit about having to pay executive bonuses in cash is real. Companies have been using that very "profitably" for years. It's not really that you are paying extra for wall street companies that do that at this point so much as that you can get companies that don't do that at a discount.

  • @PaxAlotin-j6r
    @PaxAlotin-j6r Před 11 dny +1

    *Just remember this one thing* -------------- 'If it's too good to be true ----------------- *it's too good to be true'*

  • @quengmingmeow
    @quengmingmeow Před rokem +9

    Anyone that uses the term “game changer” might not be a fraud, but they certainly are either deluded or knowingly selling BS. “Game Changer” is a verbal tell…..walk away every time.

  • @sandeepvk
    @sandeepvk Před rokem +10

    I once went to this _startup_ meet where founders came up with proposition of future projected revenues at upwards of 1$ Trillion dollars ! People want to use superlatives to emblsh themseleves.

  • @fugu4163
    @fugu4163 Před rokem +27

    Golden Sachs and their affiliates always makes me suspicious.

  • @Seofthwa
    @Seofthwa Před 14 dny +1

    Very true, too many way over promise and always seem to under perform. I have met a lot of bullshit artists that have business degrees and wear expensive suits. It basically comes down to what is your product or service, and is there a need or desire for it.

  • @untouchable360x
    @untouchable360x Před rokem +22

    "Behind every great fortune lies a great crime."

    • @dat581
      @dat581 Před rokem +7

      Nah. There is plenty of jealousy though.

  • @monaoconnell5650
    @monaoconnell5650 Před rokem +10

    The accounting games we see every day as we look at the stock market is incredible. It has to change.

    • @fazole
      @fazole Před rokem

      Not as long as "money is free speech". They got away much richer and clean after 2008 and Barry told us "Technically, they didn't do anything illegal". Of course Bush and Barry BOTH in on it.

  • @mulemule
    @mulemule Před 5 měsíci +3

    *Where was **_Madoff's_** Fidelity Bond?*
    *Where was **_Lehman Brothers'_** Fidelity Bond?*
    *Where was **_Icahn Enterprise's_** Fidelity Bond?*
    *Where was **_Salmon Brothers'_** Fidelity Bond?*
    *Where was **_AIG's_** Fidelity Bond?*
    *Where was **_Deutsche Bank's_** Fidelity Bond?*
    *Where was **_Ivan Boesky's_** Fidelity Bond?*
    *Where was **_Michale Milen's_** Fidelity Bond?*
    *Where was **_Silicon Valley Bank's_** Fidelity Bond?*
    *Where was **_Lincoln Savings and Loan's_** Fidelity Bond?*
    *Where was **_Satyam's_** Fidelity Bond?*
    *Where was **_SAC Capitol's_** Fidelity Bond?*
    *Where was **_Wells Fargo's_** Fidelity Bond?*
    *Where was **_Long-Term Capitol Management's_** Fidelity Bond?*
    *Where was **_Bear Stearns'_** Fidelity Bond?*
    *Where was **_Tiger Funds'_** Fidelity Bond?*
    *Where was **_Marin Capitol's_** Fidelity Bond?*
    *Where was **_Dewan Housing Finance's_** Fidelity Bond?*
    *Where was **_Adani Group's_** Fidelity Bond?*
    *Where was **_Archegos Capital Management's_** Fidelity Bond?*
    *Where was **_Washington Mutual's_** Fidelity Bond?*
    *Where was **_Merrill Lynch's_** Fidelity Bond?*

  • @stevengreidinger8295
    @stevengreidinger8295 Před rokem +12

    Buffett wants to teach us but feels forced to answer these questions in purposefully vague ways. If he sees something, he should be able to say something without fearing consequences. We have some flaws in our system, which he believes prevent him from exposing fraud.
    Note also that he has more data about fraud investigation than ordinary people because the banks and insurance companies he invests in routinely face thousands of fraudulent claims and loan applications every year. It's a shame he believes he cannot share these lessons.

    • @steveburke7675
      @steveburke7675 Před rokem +4

      ...in the US you must be careful what you say and how you say it...even if it's the truth.

    • @craigwillms61
      @craigwillms61 Před rokem +1

      Buffett seems worried to broadcast to future fraudsters how he detects fraud for fear they will change their approach - and he said as much. But are you going to share your wisdom or not? You are not much good to anyone Warren, except your heirs, if you're afraid to teach.

  • @xpat73
    @xpat73 Před rokem +17

    Well he cut Wells Fargo loose.

    • @craigwillms61
      @craigwillms61 Před rokem

      me too...

    • @michaeldavis3819
      @michaeldavis3819 Před 5 dny

      A lady I respect used to work as a teller at Wells Fargo. She started getting nervous about her job when the tellers were directed to run sales pitches at every customer that came through their lines. Her supervisor started giving her verbal warnings about it, and ultimately she found other work. Too bad for them, too. Even in a medium sized town like this one, just about everywhere she goes someone recognizes her from her old job and stops to chat. When businesses get too pushy and stop focusing on good customer service they always lose the people who make their customers feel well taken care of. Then they start losing customers. Of course, as far as I understand, with Wells Fargo, that's just the tip of the iceberg.

  • @swisstroll3
    @swisstroll3 Před 17 dny +2

    Buffett and Munger are great. But remember that they only speak for one side of the equation. One approach to business is that it takes land, labor and capital to make a product. They speak for capital, and are good enough that labor pays the price in wages and safety.

  • @justinwyatt8
    @justinwyatt8 Před rokem +7

    If all frauds have the same pattern, then what pattern does success have?

    • @u.v.s.5583
      @u.v.s.5583 Před rokem +1

      winners win, that's the pattern. If you want to pick a winner, pick a winner! And, I do not mean simply pick the winner of the past. You need to pick the winner for the next period of time.

    • @justinwyatt8
      @justinwyatt8 Před rokem +1

      @@u.v.s.5583 you make no sense

    • @u.v.s.5583
      @u.v.s.5583 Před rokem +1

      @@justinwyatt8 Thank you! Seriously, success has no pattern, that's what makes succeeding on massive scale difficult.

    • @justinwyatt8
      @justinwyatt8 Před rokem +1

      @@u.v.s.5583 if there is a pattern to success, it would be incarnation. Making something real and embodied from a single idea.

    • @MrVisde
      @MrVisde Před rokem +1

      I think they’ve talked about this. It’s about the people they’re investing in. Do they know the business and are they passionate about it? Or are they looking for a cash grab and to step away after a payday?
      The businesses they invest in, they founders tend to reinvest the capital to scale the business. They know what they’re doing and stick around because they love the business.

  • @DivineMisterAdVentures

    5:00m Reflects on 1960's response to denial of payment for an indemnity. This is what I've been doing subconsciously to 'run up the bill' with mixed, undetermined results in my personal battle with over-the-top Corporate and Business Law Fraudsters.

  • @meowmeow1733
    @meowmeow1733 Před rokem +19

    Old Statler and Waldorf at it again 😁

  • @ilovebrandnewcarpets
    @ilovebrandnewcarpets Před 5 měsíci +3

    RIP Charlie 👑

  • @internziko
    @internziko Před rokem +8

    The puppets on the balcony of the muppet show really made something of themselves.

  • @megapolishardware630
    @megapolishardware630 Před 8 dny +1

    Get a good reputed private detective and all of a sudden, you have a leg up:- if you want, get a second opinion, if the conclusions are similar, decide quickly to drop the investment or buy in.

  • @rangedfighter
    @rangedfighter Před rokem +4

    Does anyone know where these talks are given? There are so many videos of him in a very similiar setting with his business partner.

  • @tvoesworld5725
    @tvoesworld5725 Před rokem +1

    How about ask people they've previously done business with. Frauds will always avoid this and once you see the hesitation that is the moment you walk away.

  • @johnbanks-ml8wt
    @johnbanks-ml8wt Před 8 dny +2

    Warren Buffett forgot to include himself as far as fraudsters

  • @AverageAngel
    @AverageAngel Před rokem +2

    What is the reason people fall for frauds, particularly repeatedly?

    • @pietergeerkens6324
      @pietergeerkens6324 Před rokem +2

      There is an old saying that an honest man is hard to con; and a dishonest one cons himself.
      Warren and Charlie are hard to con precisely because they are themselves honest.

    • @AverageAngel
      @AverageAngel Před rokem +1

      @@pietergeerkens6324 a dishonest man cons himself, I've actually never heard of that myself, it makes sense. The people who I've known who repeatedly fall for frauds or suspicious people do not seem to be of the highest character either

  • @savaun2
    @savaun2 Před rokem +8

    I hope and want Warren Buffett too live FOREVER 👍🙌

    • @oxydoxxo
      @oxydoxxo Před rokem +2

      Kind of setting yourself up for disappointment there mate

    • @miked8227
      @miked8227 Před rokem +4

      Well if you apply his lessons and advice, in a way he will live on. Not sure anybody is gonna ever quote or apply anything I’ve ever said.😂

  • @stanleymcvay9283
    @stanleymcvay9283 Před 4 dny +1

    Buffet should know. He just does it legally.

  • @genovo
    @genovo Před 10 dny

    The example he gives at the end is standard B-school valuation. Idea is that buyer and seller negotiate a mid-point between what the seller can do now vs what the buyer could do if they buy this company. Always of course based on negotiating advantage- and right there you see why Buffet can claim 100% of that.

  • @TimeSurfer206
    @TimeSurfer206 Před rokem +1

    The example you used is the Big Business variant of when a boss asked me to work for cash, off the books, "so you can make more money while drawing Unemployment, too."

    • @ricgunn1439
      @ricgunn1439 Před rokem

      But you'll be the one in jail for fraud😃

  • @juneyang1400
    @juneyang1400 Před rokem +2

    “Too good to be true.”

  • @lance8859
    @lance8859 Před rokem +10

    Insurance is a scam, at least how it's setup. That's why these guys love that business.

  • @phgamer4393
    @phgamer4393 Před 3 měsíci +1

    im kinda curious of the people they filtered out. if one was actually succesful and not a scam.

  • @racpa5
    @racpa5 Před 18 dny +2

    They really don’t say anything substantial.

  • @LivingAwake
    @LivingAwake Před 10 dny

    Too good to be true is for the few that need the many to manage risk.

  • @Schaneification
    @Schaneification Před rokem +4

    The GOLDEN RULE TO BEING RICH ! THERE NO LAW AGAIST STEALING FOR THE POOR !

    • @Schaneification
      @Schaneification Před rokem

      @The Richest Man In Babylon Easy look at the tax LAWS

  • @monaoconnell5650
    @monaoconnell5650 Před rokem +11

    I wonder if Warren Buffet ever considers the possibility that he's been blessed? I have known smart, hard-working people, who are poor.

    • @soulwailer3394
      @soulwailer3394 Před rokem +6

      He uses the word "lucky" a lot.

    • @monaoconnell5650
      @monaoconnell5650 Před rokem

      @@soulwailer3394 Oh, I didn't notice that. I thought he used the word, "lucky" once.

  • @michaelbush58
    @michaelbush58 Před 13 dny

    Charlie, can you expound on the Pelosi's sucess on their investments. They appear very good on deciphering deception also.

  • @jamesdean1143
    @jamesdean1143 Před 11 dny +3

    Charlie Munger died 33 days short of his 100th birthday.
    Damn !

  • @maxfastest
    @maxfastest Před rokem +4

    Buffet is no angel either !

  • @RandalColling
    @RandalColling Před rokem +3

    In the Real Estate World the fraudulent "fluff" is called "Pro-Forma" The agent claims the property income to be much higher than it really is. They want the buyer to pay based on these fabricated numbers.

  • @davidfleischer4407
    @davidfleischer4407 Před rokem +14

    One way of determining if someone is right, is if the premise of the argument leads logically to he conclusion. Even before going into the details this video states that according to Buffet there is a common thread to all frauds, but in reality he presents several disparate narratives

    • @BlueBeeThemeMusic
      @BlueBeeThemeMusic Před rokem +9

      If something looks too good to be true, it is false. That's the common thread. Titles on CZcams are not always formed by the speaker ... Editors make mistakes.

    • @diddy103177
      @diddy103177 Před 8 měsíci

      @davidfleischer 4407 I thought Buffet was actually saying that there’s a common set of cues he looks for and notices with fraudulent pitch men, versus just a single cue. Also, he obviously can’t state them publicly because it would tip off future fraudsters he may have pitching investment ideas to him. Remember, good fraudster watches and studies their target victim so they would be watching these videos too. So I believe Buffet’s main point is that in addition to there being a set of cues to look for, you MUST take time to learn them from experience and once learned, they’re reliable for helping to judge people’s character.

    • @davidfleischer4407
      @davidfleischer4407 Před 8 měsíci +1

      @@diddy103177 as explained in the other reply, the video from Buffet starts with a title that does not reflect the content of the video. The title says that all fraudsters behave the same way, but your observation is also that fraudsters are adaptable. So in the end the way Mr. Buffet is presented in this video is the fraud

  • @kourakis
    @kourakis Před 2 dny +2

    Why does he protect the names of fraudsters?

    • @johnpienta4200
      @johnpienta4200 Před 2 dny

      Have you seen what these serial criminal business people do?
      The ones that get away with it time and time again will sue you for defamation in a place that doesn't have an anti SLAPP law, aiming to cost you as much money as possible. All sorts of other bullying tactics that are available to the rich that are not available to the general populace. Not that any of these people would want to go toe to toe with Buffet either, lol.
      Good example of this is Logan Paul vs Coffeezilla.

  • @FreemonSandlewould
    @FreemonSandlewould Před rokem +2

    Does that include Theranos? Could have saved us some trouble if he spotted that?

    • @soulwailer3394
      @soulwailer3394 Před rokem

      Did Berkshire invest in Theranos?

    • @1981lashlarue
      @1981lashlarue Před rokem

      Anybody that couldn't see through Theranos from the beginning...

  • @jamesseeker1538
    @jamesseeker1538 Před 9 dny

    There's a good movie called The Jones. Has an underlying concept that i think they're trying to discuss here....

  • @trancendental5373
    @trancendental5373 Před rokem +4

    Amazing how insurance companies cut you a check when you're rich and powerful. Thanks for the super useful information!!

  • @francesbernard2445
    @francesbernard2445 Před 6 dny

    A person cannot be owned. That is called a crime.

  • @easyrebel
    @easyrebel Před dnem

    Imagine having more wealth then youll ever need, but not knowing having leadership to fix the things you own. High speed rail will be his only saving grace, the hate do to much coco

  • @gregmorris2022
    @gregmorris2022 Před 12 dny +1

    Do these two have a podcast????

    • @WarrenKLiu
      @WarrenKLiu Před 11 dny +2

      They are the most successful investors in the last 50 years. They make more money in their sleep over a night than Joe Rogan makes in a year and Rogan is the largest podcast in the world. This Q&A is happening only because they are required by law to do so once a year. It’s quite simple to be able to attend this, just buy 1 share of BRK.A and you will automatically get an invite to this annually. It’s listed on NYSE and as of this comment it’s priced at USD667,130.00 per share, there’s about 564K shares in the public float. This is the only guaranteed way you will hear these 2 gentleman’s wisdom and knowledge to your questions. Unfortunately Mr. Munger passed away last year so it’s only Mr. Buffet left.

    • @gregmorris2022
      @gregmorris2022 Před 10 dny

      @@WarrenKLiu
      I simple “no” would have sufficed. 😉 Thanks for the insight. ✌️

  • @jmfs3497
    @jmfs3497 Před 9 dny

    I deplore anyone who routinely predicts any risk they are asking of me will be "easy". Every time it results in scope creep due to that same person.

  • @bpalpha
    @bpalpha Před 12 dny +1

    Foxes telling you they're chickens.

  • @LIONTAMER3D
    @LIONTAMER3D Před rokem +2

    The two old guys on the balcony on The Muppet Show 0.o

  • @MR-qe9ve
    @MR-qe9ve Před 4 dny

    Charlie has such great examples.. warren has a lot to say with not much detail.

  • @lreeher
    @lreeher Před 2 dny

    Have Buffet explain the Federal Reserve and printing money from thin air. Then have him explain the Cantillon effect.

  • @lisalove6327
    @lisalove6327 Před rokem +3

    It's never that easy .... Indicator 1

    • @rodrigorodriguez509
      @rodrigorodriguez509 Před rokem

      No it's usually pretty easy. I'm a CPA and first I visit the bathroom. The soap and towels are empty, the people are Cheapskates. If they claim to be making good money too, they're lying

  • @RickySupriyadi
    @RickySupriyadi Před 5 dny

    so... buffet said what about cryptocurency?

  • @user-br5qu9uj9b
    @user-br5qu9uj9b Před 20 hodinami

    Wealthy people obtain wisdom from books. They read many books to learn about history and human nature to predict the future. Don't listen to emotions, but learn to use logic.

  • @shabudinjaver4672
    @shabudinjaver4672 Před 11 dny

    Good looks and sweet talk is always deceptive. Be Ware.

  • @GhostOnTheHalfShell
    @GhostOnTheHalfShell Před rokem +7

    Wells Fargo is a notable failure

    • @arcanondrum6543
      @arcanondrum6543 Před rokem +1

      Indeed. It got a bailout after hopping on the CountryWide Bank 2nd Mortgage media full-press blitz. After Taxpayers (that's; "not Warren Buffet") bailed out Wells Fargo Bank, Buffet used his 40% share in that Bank to start buying that Bank's foreclosed homes as a private citizen with a _different_ corporation. Berkshire Hathaway Real Estate is now, definitely in the green and even a landlord in some cases. Berkshire Hathaway Media Group (since renamed) forgot to report that.
      _"Watch out for Frauds."_ Thanks, successful Warren Buffet.

  • @PacoOtis
    @PacoOtis Před rokem +5

    Uhmm? A rather discombobulated bit of babbling! Best of luck!

  • @JoelGrant-ie4ly
    @JoelGrant-ie4ly Před 2 dny

    These two remind me of the the 2 Muppets that were supposedly wealthy businessmen that heckled from a balcony on the old Muppet Show.

  • @karlguntherfragstein4225
    @karlguntherfragstein4225 Před 5 měsíci +1

    What about the Manufactured Home industries. Some manufacturers are building Noncompliance Manufactured Homes that don’t comply with the Federal Construction Safety Standards.
    Should the manufacturers that don’t comply to the Federal Construction Standards be held accountable for CORRUPTION?

    • @epic6434
      @epic6434 Před 10 dny

      Home's are federally regulated?

    • @karlguntherfragstein4225
      @karlguntherfragstein4225 Před 10 dny

      @@epic6434 BY FEDERAL LAW. YOU ARE RIGHT.
      IS IT ENFORCED IS ANOTHER QUESTION?

  • @Dash_023
    @Dash_023 Před rokem

    Love the $120k $12k story!

  • @billr4164
    @billr4164 Před 7 dny

    Buffet was quoted as saying, he didn't bet other than on insurance companies. They don't loose money, comedy is usually based on truth!

  • @steveburke7675
    @steveburke7675 Před rokem +2

    One of the few that looked at, but declined to invest in Theranos.

    • @rodrigorodriguez509
      @rodrigorodriguez509 Před rokem

      Nah there were hundreds of millions, it was a public offering.
      Anyone with two years of college in life sciences would know theranos was totally impossible. The whole thing was an inside job

  • @ytugtbk
    @ytugtbk Před rokem +2

    What a unique individual. An American of acclaim who actually deserves the acclaim. A rarity these days. Guess that's the Midwest of old coming through.

  • @robertfarr9186
    @robertfarr9186 Před rokem +2

    What a non answer… warren just kept rambling on the same two sentences until he handed it off to his buddy who gives an obviously flippant answer.

  • @user-it8ps1yv3u
    @user-it8ps1yv3u Před měsícem +1

    He tells Charlie munger you tell them Charlie how we do it! That’s was suspicious in itself!

  • @revydmat
    @revydmat Před rokem

    @2:59 doing their best Statler & Waldrof act

  • @cisium1184
    @cisium1184 Před rokem +2

    This video could have been three minutes long.

  • @cassaxiom8019
    @cassaxiom8019 Před 8 dny

    Dude on the right has the body language of George Takei

  • @johnkraus4
    @johnkraus4 Před rokem +1

    Hey guys, what about the old folks getting bullied into buying Kirby vacuum cleaners?

  • @vickywhitesell7482
    @vickywhitesell7482 Před 13 dny +1

    The pot calling the kettle black!