I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to develop that talent, and set up the laws and the finanical system to let me do what I love doing-and make a lot of money doing it. The least I can do is help pay for all that.
There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.
I don't really think that, as a society, we [americans] want to confer blessings on generation after generation who contribute nothing to society, simply because somebody in the far distant past happened to amass a great sum of wealth.
Getting fired can produce a particularly bountiful payday for a CEO. Indeed, he can 'earn' more in that single day, while cleaning out his desk, than an American worker earns in a lifetime of cleaning toilets. Forget the old maxim about nothing succeeding like success: Today, in the executive suite, the all-too-prevalent rule is that nothing succeeds like failure.
I mean, in terms of alternatives, some people have suggested for example that why don't we - why isn't America doing what Berkshire Hathaway is doing? Why isn't that a better deal for America?
Confidence is key. You're not going to put your money - you're not going to leave your money with me unless you're confident I'm going to give it back to you.
We are trading away a little bit of our country all the time for this access consumption that we have over what we've produced. That is not good. I think it's terrible over time. But our country's productive grows enough so we actually can do that, and we'll still be better off. We just don't be as well off as if we hadn't done it.
In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.
Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.
I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of "New Era" philosophy where trees really do grow to the sky.
If
you're an investor, you're looking on what the asset is going to do, if
you're a speculator, you're commonly focusing on what the price of the
object is going to do, and that's not our game.