Warren Buffett & Charlie Munger talk 'the mind of the consumer'

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  • เผยแพร่เมื่อ 31 ต.ค. 2018
  • Warren Buffett and Charlie Munger talk 'the mind of the consumer' at the 1997 Berkshire Hathaway annual meeting.
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ความคิดเห็น • 100

  • @martinoa1467
    @martinoa1467 ปีที่แล้ว +17

    Ten minutes listening to Buffet and Munger and you get a sweet combination of knowledge and laughter. You just can’t stop smiling when they speak. Two wonderful men

  • @lashakhonelidze1350
    @lashakhonelidze1350 5 ปีที่แล้ว +33

    ... “don’t know anybody going in the other direction” :))

  • @shubhampunj
    @shubhampunj 4 ปีที่แล้ว +25

    "It made a great deal of sense to figure out what pond to jump in and what pond you jumped in was probably more important than how well you could swim" - Warren Buffet

  • @kewlace
    @kewlace 5 ปีที่แล้ว +85

    I love Charlie Munger's wit, and his satirical comebacks.

    • @fernandoschmidt8
      @fernandoschmidt8 5 ปีที่แล้ว +4

      Genius.

    • @smallrossy
      @smallrossy 3 ปีที่แล้ว +5

      and his strength, He showed that mics who's boss

  • @jeremiahcastro9700
    @jeremiahcastro9700 3 ปีที่แล้ว +9

    Wow! This really opened up my eyes to how valuable a good name really is! If one pays close attention to the words Warren Buffett was speaking on what people will pay for company such as Disney and Coca Cola: one can only conclude that a good name is far more valuable in the long run and earns more money in the long run than a bad name

  • @ClaudioPascual
    @ClaudioPascual 5 ปีที่แล้ว +26

    This guys have so much fun doing their thing

  • @adrianfell4161
    @adrianfell4161 ปีที่แล้ว +5

    Warren understands the appeal of Disney far better than Disney do. They're doing their best to destroy it.

    • @bolokefe5300
      @bolokefe5300 10 หลายเดือนก่อน

      this is in 1997

  • @chiragpatel2423
    @chiragpatel2423 5 ปีที่แล้ว +23

    This is absolute gold, thanks for the upload.

  • @truckso2pl
    @truckso2pl 5 ปีที่แล้ว +11

    Nestle is the example of outside US company that have that.

  • @shivabreathes
    @shivabreathes 2 ปีที่แล้ว +2

    “Aging executives continuing to learn” could be the company motto of Berkshire Hathaway!

  • @leenightingale9061
    @leenightingale9061 4 ปีที่แล้ว +43

    "it's share of mind not share of market" well blow me that's amazing.

    • @ericguo8209
      @ericguo8209 4 ปีที่แล้ว +2

      that's what a lot of internet companies said pre-bubble

    • @SkeeNnN
      @SkeeNnN 3 ปีที่แล้ว +1

      ​@@ericguo8209 Yeah obviously this logic has to be applied with some caution and has to be used with an extreme degree of uncertainty in mind. You need to see evidence that the core business model actually can generate free cash flow at a rate sufficient to justify the market cap (relaying on crazy growth estimates are a sure way to get lured into bubbles). Looking at the financials of a company is always important, but it doesn't show how the future might challenge the business model. and this is where a more qualitative approach as discussed in this video become useful (also looking at the quality of management is important - management that does a lot of dumb things are deemed to repeat that sort of behavior in the future.) During the internet bubble (and today - we are defiantly in a bubble currently) too many people were almost exclusively relying on this type of qualitative analysis without any regard for the finances of the company (and how much you were paying for a piece of the business) - this is a faulty approach and you really have to combine both worlds in order to succeed.

    • @dealman6237
      @dealman6237 ปีที่แล้ว

      No thanks

  • @kaje01
    @kaje01 3 ปีที่แล้ว +6

    Every time I hear Warren talk, he’s never discussing numbers. It makes me wonder if his investing strategy is mostly intuitive. If it is that’s good news for us.. just have to get our temperament under control and keep our eyes open to be successful.

    • @Seppes94
      @Seppes94 2 ปีที่แล้ว +5

      It's probably not. The valuation model berkshire uses is kind off a trade secret. If they would publicly discuss their aproach, their competitors would just copy it and frontrun their every move. They are intentionally keeping it a bit vague. All we know is, that they use a discounted cash flow model and focus on businesses with stable, predictible cashflows and a significant moat.

    • @martinoa1467
      @martinoa1467 ปีที่แล้ว +1

      @@Seppes94 I actually really think his decisions are based a lot more on qualitative datas then quantitative ones. Both him and Munger are often very critical towards standard business education where you mostly get taught very complicated mathematical models that look extremely nice on paper but are frequently of very little help in practical situations (sometimes even counterproductive)

    • @matthewminors236
      @matthewminors236 14 วันที่ผ่านมา

      @@martinoa1467 exactly right. They are worried more about the quality of the business and when the price compared to the value drops to an attractive figure, compared to the numbers of the company (revenue, earnings, cash flow), they buy a large amount of it

  • @docthebilly
    @docthebilly 5 ปีที่แล้ว +24

    This one is a treasure.. 😊

    • @hustletip
      @hustletip 5 ปีที่แล้ว +3

      makes so much sense now why hes so heavily invested in apple

  • @The__Harvest
    @The__Harvest 3 ปีที่แล้ว +5

    This was a stellar video. Thank you!

  • @leonardopurba5140
    @leonardopurba5140 5 ปีที่แล้ว +23

    I love them both ❤️

  • @kashmira_zambad
    @kashmira_zambad 5 ปีที่แล้ว +3

    Simply awesome!

  • @jaclynconarko
    @jaclynconarko 5 ปีที่แล้ว +2

    thanks!

  • @PhysicsBaba598
    @PhysicsBaba598 2 ปีที่แล้ว +3

    As you get older in investing, you find that it's intelligent or IQ matters,all you need is disciplines, patience, and margin of safety.

    • @heavyduty5125
      @heavyduty5125 2 หลายเดือนก่อน

      Agreed. But nowadays we can’t afford a margin of safety

  • @ozzysgarage
    @ozzysgarage 5 ปีที่แล้ว +2

    LOVE IT!

  • @johnmcquaid7524
    @johnmcquaid7524 4 หลายเดือนก่อน

    Excellent video!

  • @johnsalas9436
    @johnsalas9436 2 ปีที่แล้ว +1

    Warren & Charlie Thank You

  • @ReflectionOcean
    @ReflectionOcean 6 หลายเดือนก่อน

    - Understanding "share of mind" is crucial for identifying strong consumer brands. (0:30)
    - Recognizing the importance of brand associations and consumer experiences. (1:17)
    - Evaluating the potential longevity of a brand's appeal to consumers. (1:45)
    - Considering the infrastructure required to maintain product availability. (4:45)
    - Learning from successful brand acquisitions like See's Candy for future investments. (8:15)

  • @wahyuramadhan195
    @wahyuramadhan195 2 ปีที่แล้ว

    Thank you

  • @GodsCreateRadio
    @GodsCreateRadio 5 ปีที่แล้ว +4

    Great channel

  • @JamesToler
    @JamesToler 2 ปีที่แล้ว

    Beautiful!

  • @solomoon4784
    @solomoon4784 2 ปีที่แล้ว +1

    The absolute best grandpas I never had.

  • @carlmannhard8051
    @carlmannhard8051 3 ปีที่แล้ว +1

    I'm using the exact same logic for investing in Spotify, Netflix and yes, Disney. The more people use a website or app, the more attractive that website or app becomes, thus leading more people to want to use it and pay for it

  • @luqmanhrizal
    @luqmanhrizal 10 หลายเดือนก่อน

    This. Is. Gold.

  • @michaelflynn9700
    @michaelflynn9700 5 ปีที่แล้ว +5

    Mic drop 😃

  • @davidroldan6007
    @davidroldan6007 3 ปีที่แล้ว

    "He emphasizes the key points" 😂😂😂😂

  • @yshkviswanatham172
    @yshkviswanatham172 4 ปีที่แล้ว

    Start your education : 10+2 is called intermediate groups. Mpc, Bipc, CEC,Hec easy groups M,: maths ,P: physical science ,C: chemistry ,,Bipc B: botany p: physics ,C,: chemistry,,CEC.C:civics,E: economics ,c: commers ,HEC H: means history,E men's economics, C: means commers .all these subjects 10+2+3 degree +2 years post graduated+3 means Bsc degree , batcholar of education , so many groups are there BA batcholar of arts so many groups.BE batchlors of Engineering ,so many branchers are there.4 years courses ,MBBS batchlors of medicians MSc postgraduate course MA master in arts so many branches are there 2 years courses then after Mphil, 2,3 years next research in the subject any one what you read then you gain more subject. Yshk viswanatham MscBed.

  • @vivaparenzo
    @vivaparenzo 4 ปีที่แล้ว +6

    wow great years, when bankers were boring and singers were creative, geeks were freaks and politicians were all serious, like it should be. now bankers are too creative, singers too boring, geeks too serious, and politicians freaky.

  • @anupamdutta959
    @anupamdutta959 5 ปีที่แล้ว +2

    What about NOKIA after listening this talk!!?

    • @ChaceBonanno
      @ChaceBonanno 4 ปีที่แล้ว

      ANUPAM DUTTA Yeah even the most reputable brands can lose relevance and market share to new competitors

  • @iFreeThink
    @iFreeThink 3 ปีที่แล้ว

    o_O
    Nothing wrong with being proud of one's creations.

  • @hightowerhomestead9046
    @hightowerhomestead9046 ปีที่แล้ว +1

    The example of Disney being automatically trustworthy for parents sure didn't age well...

  • @jadonneuhoff6184
    @jadonneuhoff6184 2 ปีที่แล้ว

    It’s amazing how they talk about the importance of name and don’t value intangibles nonetheless
    Why is that?

    • @talosgak1236
      @talosgak1236 7 หลายเดือนก่อน

      But they literally do that? He said multiple times that valuing intangibles is very important and warren is very good at that

  • @user-ql3ws5uz1d
    @user-ql3ws5uz1d 3 ปีที่แล้ว +1

    Here after the Kodak scam.. or soon-to-be scam. How ironic.

  • @matimandambha9468
    @matimandambha9468 3 ปีที่แล้ว +3

    Buffett talks... mic drops

  • @sathyapranesh788
    @sathyapranesh788 4 ปีที่แล้ว +1

    After many years eastman kodak bankrupt .

    • @n8-sofresh
      @n8-sofresh 3 ปีที่แล้ว +1

      The irony of this statement

  • @jonathankr
    @jonathankr 5 ปีที่แล้ว +4

    Annnd kodak is dead...

    • @n8-sofresh
      @n8-sofresh 3 ปีที่แล้ว +1

      The irony of this statement

  • @pongfoong9523
    @pongfoong9523 4 ปีที่แล้ว

    Candy about another thing whom design all a thing that i sew every day it all happen but what about change of all with out me ? Why ?

  • @SusieAspen
    @SusieAspen 3 ปีที่แล้ว +1

    and Disney being one of his largest mistakes...

  • @beggar_consultant
    @beggar_consultant 10 หลายเดือนก่อน

    japan have av and animation

  • @candyfloss184
    @candyfloss184 3 ปีที่แล้ว

    The brand moat should bring into memories of happiness in the minds of the consumers.
    Fact: you will never find coroner services advertising their product. The most famous actor is who make us laugh this most. You guessed it right. Charlie Chaplin.

  • @hankschrader7050
    @hankschrader7050 ปีที่แล้ว +1

    .Mcdalnolds
    .Amazon
    .Coca Cola
    .Gillete

  • @caucasianafrican1435
    @caucasianafrican1435 ปีที่แล้ว

    HOLY COW!!! They'd get assassinated.

  • @ChaceBonanno
    @ChaceBonanno 4 ปีที่แล้ว +3

    Makes sense why he got into Apple. Same way you want Coke over Pepsi, you want iPhone over Android.

  • @pongfoong8760
    @pongfoong8760 ปีที่แล้ว

    คุณต้องการซัมเพราะเริ่มหาเหตุผลของบาบาทไม่ได้

  • @JoelJoel321
    @JoelJoel321 5 ปีที่แล้ว +2

    Should have bought Coca Cola and Disney in 97!

  • @pongfoong9523
    @pongfoong9523 4 ปีที่แล้ว

    Hey grand ren you can?

  • @pongfoong9523
    @pongfoong9523 4 ปีที่แล้ว

    Cake free can be?

  • @hectorcervantes3214
    @hectorcervantes3214 ปีที่แล้ว

    I love when people pretend it’s rocket science to get into the mind of a consumer.

  • @jeffreyrichardson
    @jeffreyrichardson 3 ปีที่แล้ว

    jodys dads money
    catherines prose funny bunny
    jail visit sunny

  • @pongfoong9523
    @pongfoong9523 4 ปีที่แล้ว

    You hecking all my new product.seeing.free so how i gonna make conditsion free selling you ..

  • @pongfoong9523
    @pongfoong9523 4 ปีที่แล้ว

    Every thing that i drew can happened if pong of world coke all fŕee for me......?

  • @pongfoong8760
    @pongfoong8760 ปีที่แล้ว

    เเค่ไทยเฟ้อไม่ถึงกับโลกเฟ้อผมขอร.9ก้อได้ถ้าเค้าไม่แอบตายไปแบบนี้เค้าคงช่วยพิสูจน์ได้

  • @pongfoong9523
    @pongfoong9523 4 ปีที่แล้ว

    just give me about real cash .by no reason .like i am your kid.?can be.

  • @michaelsmith4904
    @michaelsmith4904 3 ปีที่แล้ว

    Garbage like this is why I have to shake my head when Buffet says "buy what you know". Coca Cola a good product? What a load of crap! I hated Coca Cola with a passion when I was a teen, the advertising especially made me want to throw an anvil through the television (the old CRT televisions, not the modern flat screens). I felt like an attempt was being made to force propaganda down my throat. I symbolically barfed whenever I saw one of their ads. What is so great about "Coca Cola" over any other soft drink? They are all fizzy and sweet, and which you like is a matter of individual taste. I bought the cheapest ones I could, Walmart off brands until I realized sodas weren't that great for me health wise in my early 30s and stopped drinking them. And chocolates? Give me a break! Are we so brainwashed that we act like sheep and associate a specific brand of chocolate with love? I'm not sure if that's overrating the chocolate or an indictment of the chemical basis of love. Either way, it leaves a bad taste in my mouth.
    And i have the same reaction to most other companies. I signed up for WeFunder at some point and the other day I got an e-mail about all the "great" companies I had an opportunity to invest in. There wasn't a single one I didn't have a reaction along the lines of, "that's stupid!" to about 90% of the stuff being sold, and maybe a "meh" to the other 10%.

    • @Draega007
      @Draega007 ปีที่แล้ว

      Guess it's a good thing you're in the minority then. Sales and profit numbers show that the majority of people (at least for now) love said products.

    • @MrAngelIsland
      @MrAngelIsland 5 วันที่ผ่านมา

      I mean chocolate is pretty lovely and Coca-Cola is pretty tasty 😊

  • @pongfoong9523
    @pongfoong9523 4 ปีที่แล้ว

    Caned coke free .? Can be? your richard mille i gonna hap or nap all gear . just pong of world coke all send to me free..

  • @RubbaDubbaDooskie
    @RubbaDubbaDooskie 5 ปีที่แล้ว +2

    WRONG. Bye bye Kraft.

    • @nierdoto
      @nierdoto 5 ปีที่แล้ว +1

      Even the best get at least 35-40% of their calls wrong.

    • @RubbaDubbaDooskie
      @RubbaDubbaDooskie 5 ปีที่แล้ว

      @@nierdoto Buffet isn't the best, not even top 10. He wouldn't have made it as a hedge fund manager because of all of his down years. His success is due almost entirely to how much money Geico made him. Edit: actually it was his use of leverage, tax avoidance methodologies, and ability to convince people to lend to him which were the main drivers of his success. He hasn't been a good stock picker since Graham's value formulas have gone out of style. Copying and applying a value formula isn't exactly genius. What he is extremely good at is selling people. I wish that people like Buffet had more bold visions for humanity and more complete definitions of success than a world in which the con is king. The way that he talks about Coca-Cola and the people who buy it is very telling.

    • @jimbrace4671
      @jimbrace4671 5 ปีที่แล้ว +10

      ​@@RubbaDubbaDooskie Ridiculously wrong. Absurd actually. C'mon, at least do a little research!

    • @satisfyinglook8291
      @satisfyinglook8291 5 ปีที่แล้ว

      @是邪恶的习近平 can you teach me value investing

    • @satisfyinglook8291
      @satisfyinglook8291 5 ปีที่แล้ว

      @是邪恶的习近平 what do you hold in your portfolio.

  • @jon_do
    @jon_do 2 ปีที่แล้ว

    Good job Disney for ruining that share of mind with wokeness and lousy politics this year.

  • @drott150
    @drott150 3 ปีที่แล้ว +1

    Woka Cola doesn't put a smile on my face. And honestly, as much as Buffett has huffed, puffed and bragged about Woka Cola all these years, you really have to think - he's talking about sugar water with some flavorings and dye added. Nothing more. They just marketed their sugar water carbohydrate solution better than other sugar water companies. So really, the big investment lesson here is what? Try to get a good price on a company that provides energy to human beings on a cellular level...and at the same time can market their otherwise identical product better than their competitors, on a "sellural" level. That's it. That's all there is to Woka Cola.

    • @MrAngelIsland
      @MrAngelIsland 5 วันที่ผ่านมา

      I think the big lesson here is that Coca-Cola is a very stable business. It’s virtually impossible for a competitor to come in and compete away the profits, which is all so common in capitalism. In the case of Coca-Cola, there is a sort of immunity to the regular dynamics of capitalism of profits regularly getting destroyed through competition and innovation.

    • @drott150
      @drott150 5 วันที่ผ่านมา

      @@MrAngelIsland It's effectively a monopoly that delivers carbohydrates in liquid form. Technological progress does not change human's craving or biological need for carbohydrates. Coke's seeming "immunity" is because of this uniquely unchanging market demand which is linked to an unchanging biological need. As long as they hold on to their monopoly - which hedges out all smaller competitors before they ever rise to any serious level of competition - and they don't mismanage too badly for too long, they are secure in their market dominance and will remain so ad infinitum.

    • @MrAngelIsland
      @MrAngelIsland 4 วันที่ผ่านมา

      Right! Now all you need is a good price quotation for the KO stock.