WEBVTT - Professional Development: The Biggest Takeaways from Berkshire Hathaway's Shareholders Meeting

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:00:11.920 --> 0:00:15.840
<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:00:28.160 --> 0:00:31.680
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:00:31.760 --> 0:00:34.960
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

0:00:39.000 --> 0:00:43.000
<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 1>never return. But if you register using our CBP home

0:00:46.720 --> 0:00:50.120
<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>What are five biggest lessons to learn from Berkshire Halfway's

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<v Speaker 3>meeting this weekend?

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<v Speaker 4>For me after I checked it out. Number One, investment

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<v Speaker 4>is really easy. It's interesting to see that no matter

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<v Speaker 4>how much the world has changed, their philosophy has not.

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<v Speaker 4>So it brought me back to the point of like

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<v Speaker 4>sticking with the plan for a ten fifty year period,

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<v Speaker 4>even at some point someone asks them, like, what's their

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<v Speaker 4>one hundred year vision for Berkshire from today? Number Two,

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<v Speaker 4>cash is not tried to have one hundred and twenty

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<v Speaker 4>billion dollars in treasury bills in cash. So for everyone like,

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<v Speaker 4>your debt is good, I'm like, now the interest races

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<v Speaker 4>went up, not the best thing. It's better to have

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<v Speaker 4>a bunch of cash on hand in case if they

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<v Speaker 4>need to deploy, Like, this is amazing that if they

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<v Speaker 4>wanted to, they can buy seventy percent of Tesla or

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<v Speaker 4>consider proportion into AMD or any of these companies. Just

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<v Speaker 4>having this cash shitting around. Number three, the position in

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<v Speaker 4>Apple cannot be understated.

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<v Speaker 5>I'll say it again.

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<v Speaker 4>Apple is probably the greatest publicly traded company of all time.

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<v Speaker 4>They get one hundred million dollars a quarter and dividends.

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<v Speaker 4>And the funny part he was like, I don't even

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<v Speaker 4>know how the smartphone works, but I do know the

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<v Speaker 4>consumer when Apple knows how to sell phones incredibly well.

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<v Speaker 4>So it brings me back to my point of investing

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<v Speaker 4>in this top company in the world, the Buffets said

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<v Speaker 4>to me, and this is the greatest company we own

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<v Speaker 4>today by far. If he would have listened to Charlie

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<v Speaker 4>a few years prior, they probably would have had another

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<v Speaker 4>seven or eight billion dollars in dividends that they would

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<v Speaker 4>have collected, which is amazing. Number four, I thought it

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<v Speaker 4>was really interesting that he said that there's no other

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<v Speaker 4>option for reserve currency other than the American dollar. If

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<v Speaker 4>all of you is like yours, Ben Fearmonger, you don't

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<v Speaker 4>have to listen to me. You can listen to Uncle Warre.

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<v Speaker 4>Then he's provided you some safety, right, Could I add

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<v Speaker 4>to it?

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<v Speaker 5>Absolutely? I mean this is this is true.

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<v Speaker 6>He said that he doesn't expect you dollar to be

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<v Speaker 6>dethroned as a world's reserve currency anytime soon. Yeah, so

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<v Speaker 6>there's a couple of things you can look at that, right. Yes,

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<v Speaker 6>there's confidence in it at the time being. But the

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<v Speaker 6>fact that he said any time soon means that at

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<v Speaker 6>some point it could be. It could be maybe not

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<v Speaker 6>in his lifetime over fifteen years and yeah maybe yeah.

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<v Speaker 6>And the last one was just stall some paramount.

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<v Speaker 4>He said, it's never good when a company cuts his

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<v Speaker 4>divid in We'll talk about that a little bit more later,

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<v Speaker 4>but yeah, anytime a company cuts their dividend, it's usually

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<v Speaker 4>a sign of weakness and the time to actually get

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<v Speaker 4>out of the stock. And for a lot of the

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<v Speaker 4>streaming players, they don't have that much of a competitive

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<v Speaker 4>advantage anymore. It's not a place to deploy capital. And then,

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<v Speaker 4>of course the regional banks, we'll talk about that later

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<v Speaker 4>than in trouble. So banking has no significant advantage anymore,

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<v Speaker 4>and he does the streaming players. So those are my

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<v Speaker 4>five big takeaways from there.

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<v Speaker 6>He said that a couple of weeks ago about streaming,

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<v Speaker 6>they just didn't like it as a business.

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<v Speaker 4>Yeah, bad Mark, I'm it's not profitable. Here's a simple analysis. Fundamentally,

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<v Speaker 4>if the margins are saying less than twenty percent, don't

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<v Speaker 4>invest like you need Here's you need high growth marketins

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<v Speaker 4>to be able to grow your business, deploy capital into

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<v Speaker 4>that growth. And also they give money back to shareholders,

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<v Speaker 4>Like that's one of the first things you can look

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<v Speaker 4>at fundamentally, Like if they make one hundred dollars per sale,

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<v Speaker 4>how much that are they keeping. Some companies are only

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<v Speaker 4>keeping two and three bucks now, the interest rates have

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<v Speaker 4>been adjusted in the region of banks, some of them

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<v Speaker 4>only keeping one penny and trying to play the basis

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<v Speaker 4>point game.

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<v Speaker 5>It's now good.

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<v Speaker 6>I think one of the things was confirmation, Like listen

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<v Speaker 6>to the takeaways the confirmation, And we spoke about this

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<v Speaker 6>in market Mondays in La Grow shout to Dave Growth.

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<v Speaker 5>Yes we saw last night.

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<v Speaker 6>But we talked about the pressure that commercial real estate

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<v Speaker 6>is going to be and then he doubled down and

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<v Speaker 6>confirmed that and was talking about, you know, higher rates

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<v Speaker 6>are going to put pressure on the commercial space. It

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<v Speaker 6>was like we said this two months ago, right, so

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<v Speaker 6>it's again, It's not like you don't have to listen.

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<v Speaker 5>You have to listen to us. Listen to the greatest

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<v Speaker 5>vest of our time.

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<v Speaker 6>He's telling you, like, yeah, commercial clock is ticking their

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<v Speaker 6>times up. But he also talked about the banks, right,

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<v Speaker 6>and I know people have felt pressure.

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<v Speaker 5>They seen the regional banks, you know, have some turmoil.

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<v Speaker 6>But the number one thing I was like, all right,

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<v Speaker 6>that's cool, but don't worry about it. Positive safe. Yeah,

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<v Speaker 6>so I know that puts calm over a lot of people, right,

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<v Speaker 6>But yeah, if you're invested in the bank, regional banks

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<v Speaker 6>not a great idea. Maybe not a great time, but

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<v Speaker 6>if you're an average person who's just putting their money

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<v Speaker 6>in the bank, yeah you're fine, are going to be saved.

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<v Speaker 6>And then he talked about earnings year over year, and

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<v Speaker 6>you know, that's something we talked about. We watched the

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<v Speaker 6>earnings reports, we watch how they they're going to perform

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<v Speaker 6>compared to the prior. We said, he's expecting to have

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<v Speaker 6>a lower year over year earnings. So we'll have to

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<v Speaker 6>see what that type of impact has on the stop

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<v Speaker 6>of some us over the next twelve months, right, because if.

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<v Speaker 5>They're not bringing that much money, then we probably expect

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<v Speaker 5>to see some of them pull back a little bit.

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<v Speaker 6>Obviously, we'll talk about inflation and the impact that that's

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<v Speaker 6>had and the federate. So it's interesting, like hearing those

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<v Speaker 6>things was like, all right, yeah, we've been things and

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<v Speaker 6>it's again it's confirming the things that we've been saying already, and.

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<v Speaker 4>We can see it in the earnings now they've been

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<v Speaker 4>adjusting guidance slower. Even when I was with Mike and Josh,

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<v Speaker 4>she got to check out the episode with me and

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<v Speaker 4>Josh episode of the compl.

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:08:07.720 --> 0:08:11.520
<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:08:11.760 --> 0:08:15.880
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:08:15.960 --> 0:08:19.840
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:08:19.960 --> 0:08:23.720
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:08:23.760 --> 0:08:27.280
<v Speaker 1>Donald J. Trump's leadership. I'm Christy Noman, the United States

0:08:27.360 --> 0:08:32.120
<v Speaker 1>Secretary of Homeland Security. Under President Trump. Attempted illegal border

0:08:32.160 --> 0:08:35.720
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:08:35.800 --> 0:08:39.000
<v Speaker 1>one hundred thousand illegal aliens have been arrested if you

0:08:39.080 --> 0:08:42.920
<v Speaker 1>are here illegally, your next you will be fined nearly

0:08:43.000 --> 0:08:47.040
<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

0:08:47.080 --> 0:08:50.720
<v Speaker 1>never return. But if you register using our CBP home

0:08:50.760 --> 0:08:54.120
<v Speaker 1>app and leave now, you could be allowed to return legally.

0:08:54.480 --> 0:08:59.240
<v Speaker 1>Do what's right, leave now. Under President Trump, America's laws,

0:08:59.400 --> 0:09:01.840
<v Speaker 1>border and families will be protected.

0:09:01.960 --> 0:09:04.040
<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 4>Yeah, he has been going things to say about you too,

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<v Speaker 4>by the way, being a visionary. So you guys be

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<v Speaker 4>talking so but when I was talking to Josh, I'm like, hey,

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<v Speaker 4>our vacancy rates for the commercial space at like fifteen percent.

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<v Speaker 4>He was like, no, they're almost at twenty. So, like

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<v Speaker 4>a normal rate is like five to ten. Fifteen is

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<v Speaker 4>like a danger sign. I'm like, if we're twenty percent vacancy,

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<v Speaker 4>that is not a good sign.

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<v Speaker 5>We are going to.

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<v Speaker 4>See a correction in that commercial space probably in the

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<v Speaker 4>next two years. And I think that if they didn't

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<v Speaker 4>prop up these regional banks, the bigger banks will have

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<v Speaker 4>to start to pay for those vacancies. It's getting tricky

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<v Speaker 4>out here. Only investing the best companies in the space,

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<v Speaker 4>then you'll be good.

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<v Speaker 6>Yeah, they astraally longer about his response. Old fashioned intelligence

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<v Speaker 6>works pretty well.

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<v Speaker 4>Absolutely, It's just like, why what if a business is

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<v Speaker 4>not profitable or the margins are tooth in. I am

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<v Speaker 4>begging you to stay away. And I know we want

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<v Speaker 4>to gamble and we want to look. I know pepper

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<v Speaker 4>corn is taken off to the moon. It's going to

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<v Speaker 4>come back down to whatever normal deviation is normally at.

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<v Speaker 5>But we have to stop being involved in this hype cycle. Now.

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<v Speaker 4>If you catch it on the upside, I'm not mad

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<v Speaker 4>at it. But once it's in the news is usually

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<v Speaker 4>too late. And that's the thing that I want to

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<v Speaker 4>stress here. Week to week or day to day news

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<v Speaker 4>doesn't matter. It's the principles and investing that matter more

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<v Speaker 4>than anything.

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<v Speaker 3>So and you have it in Berkshire, half aways A

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<v Speaker 3>shares four hundred and ninety seven thousand dollars per year,

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<v Speaker 3>so almost a half a million dollars for one share,

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<v Speaker 3>and B share is three hundred and twenty seven dollars

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<v Speaker 3>per share for it. So the A share can we

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<v Speaker 3>tell you talk about that? Give them some explanation the

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<v Speaker 3>difference between A shar and B Sure.

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<v Speaker 4>Yeah, the class A shares are like the big shares

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<v Speaker 4>like the main.

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<v Speaker 5>Power player shares that you want.

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<v Speaker 4>Of course, if you invest the way back in the day,

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<v Speaker 4>the return and that has been amazing.

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<v Speaker 5>But the reason why he didn't split, so of.

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<v Speaker 4>Course as the price of those shares go up, they

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<v Speaker 4>all earned more. So they made it a B share

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<v Speaker 4>so people like us could be able to get in

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<v Speaker 4>and invest in it because people missed the opportunities. So

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<v Speaker 4>like when Apple was split or Tesla splits, they do

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<v Speaker 4>so so more cash can come in. But because they're

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<v Speaker 4>buying some quality businesses like Gary Queen Ce's Candies, a

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<v Speaker 4>bunch of like home furnishing companies, they didn't want to

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<v Speaker 4>dilute those shares so they can remain rich, but they

0:11:33.880 --> 0:11:36.760
<v Speaker 4>didn't want to provide access to the everyday person to

0:11:36.800 --> 0:11:39.320
<v Speaker 4>be involved in Berkshire and have the safety. So it

0:11:39.360 --> 0:11:42.880
<v Speaker 4>was interesting to see even how they allow people to

0:11:42.880 --> 0:11:46.079
<v Speaker 4>get into the fund later but also kept majority of

0:11:46.120 --> 0:11:48.559
<v Speaker 4>the riches for themselves as well. So I think it's

0:11:48.600 --> 0:11:50.480
<v Speaker 4>the best way to kind of like play the asset

0:11:50.480 --> 0:11:51.760
<v Speaker 4>allocation in ETF.

0:11:52.280 --> 0:11:53.160
<v Speaker 5>Yeah game as.

0:11:53.080 --> 0:11:55.560
<v Speaker 6>Well, And I'm glad you brought that up about acquiring

0:11:55.559 --> 0:11:57.440
<v Speaker 6>companies because one of the things that they spoke about

0:11:57.480 --> 0:12:02.040
<v Speaker 6>at the meeting was their involvement and as a petroleum right,

0:12:02.080 --> 0:12:04.320
<v Speaker 6>we keep seeing them invested in every every quarter and

0:12:04.320 --> 0:12:06.760
<v Speaker 6>it's like, all right, at this point, you're investing in

0:12:06.800 --> 0:12:08.640
<v Speaker 6>this pretty heavily. Are you just going to take over

0:12:08.679 --> 0:12:11.839
<v Speaker 6>the company? And it's His response was really interesting. It

0:12:11.880 --> 0:12:14.320
<v Speaker 6>was like, yeah, we would, but we don't know what

0:12:14.320 --> 0:12:18.040
<v Speaker 6>to do with it. I'm like, if you're invested in

0:12:18.040 --> 0:12:19.000
<v Speaker 6>every quarter, you don't know what to.

0:12:19.000 --> 0:12:20.199
<v Speaker 5>Do with it. So these are the things.

0:12:20.200 --> 0:12:22.360
<v Speaker 6>I mean, you watch for these things, right, So that's

0:12:22.360 --> 0:12:25.800
<v Speaker 6>a company obviously if you're looking if he's looking at

0:12:25.840 --> 0:12:28.480
<v Speaker 6>it and he's putting heavy money behind it, the same

0:12:28.520 --> 0:12:30.400
<v Speaker 6>way when we looked at TSM when they put money in,

0:12:30.480 --> 0:12:32.600
<v Speaker 6>it was like the stop price went up and then

0:12:32.640 --> 0:12:35.000
<v Speaker 6>they sold it and then stock price came down. The

0:12:35.000 --> 0:12:37.240
<v Speaker 6>reason they're moving their money is because they see something

0:12:37.880 --> 0:12:38.480
<v Speaker 6>five ten.

0:12:38.440 --> 0:12:39.960
<v Speaker 5>Years down the line. We're not.

0:12:40.400 --> 0:12:42.400
<v Speaker 6>Yeah, And that's the advantage you have of being in

0:12:42.400 --> 0:12:43.160
<v Speaker 6>those spaces.

0:12:43.200 --> 0:12:49.960
<v Speaker 3>So when Berkshire Halfway stock first came out in nineteen

0:12:50.120 --> 0:12:51.040
<v Speaker 3>eighty four.

0:12:51.000 --> 0:12:52.520
<v Speaker 5>I believe yeah, things later for you.

0:12:52.760 --> 0:12:58.600
<v Speaker 3>It debuted at fourteen hundred dollars. It's currently at around

0:12:58.640 --> 0:13:02.480
<v Speaker 3>five hundred thousand dollars right now. So that is a

0:13:03.600 --> 0:13:11.120
<v Speaker 3>thirty five thousand percent rate of return. That's a thirty

0:13:11.120 --> 0:13:13.880
<v Speaker 3>five thousand put the dollars in your favor. That's a

0:13:13.960 --> 0:13:18.320
<v Speaker 3>thirty five thousand percent rate of return since in thirty

0:13:18.520 --> 0:13:23.720
<v Speaker 3>nine years. And the b chare actually debuted in nineteen

0:13:23.840 --> 0:13:24.720
<v Speaker 3>ninety seven.

0:13:24.800 --> 0:13:27.440
<v Speaker 5>I believeue.

0:13:27.760 --> 0:13:32.480
<v Speaker 3>Nineteen ninety six at twenty dollars and now it is

0:13:33.400 --> 0:13:39.880
<v Speaker 3>three hundred and twenty seven dollars. So that is let

0:13:39.920 --> 0:13:41.040
<v Speaker 3>me see how much that is.

0:13:41.800 --> 0:13:43.280
<v Speaker 4>And that's why we will go back to the rap

0:13:43.320 --> 0:13:45.640
<v Speaker 4>debate versus sports debate thing while they had a debate

0:13:45.640 --> 0:13:49.640
<v Speaker 4>and who was better Mace or Jay or biggin Tipoc'm like,

0:13:49.720 --> 0:13:51.240
<v Speaker 4>no one will screaming with us. You should get b

0:13:51.280 --> 0:13:52.280
<v Speaker 4>shares of birch Shire.

0:13:52.400 --> 0:13:57.840
<v Speaker 3>Yep, that's a fifteen hundred percent rate of return. My

0:13:57.960 --> 0:14:06.080
<v Speaker 3>graduate from my school being force back drop dropdroproft.

0:14:16.320 --> 0:14:20.000
<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:14:20.040 --> 0:14:23.840
<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:14:24.080 --> 0:14:28.200
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:14:28.280 --> 0:14:32.160
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:14:32.280 --> 0:14:36.040
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:14:36.080 --> 0:14:39.600
<v Speaker 1>Donald J. Trump's leadership. I'm Christy Noman, the United States

0:14:39.680 --> 0:14:44.440
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:14:44.480 --> 0:14:48.040
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:14:48.120 --> 0:14:51.320
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:14:51.400 --> 0:14:55.240
<v Speaker 1>are here illegally, your next you will be fine nearly

0:14:55.320 --> 0:14:59.320
<v Speaker 1>one thousand dollars a day, imprisoned, and deported, you will

0:14:59.360 --> 0:15:03.040
<v Speaker 1>never return. But if you register using our CBP home

0:15:03.080 --> 0:15:06.440
<v Speaker 1>app and leave now, you could be allowed to return legally.

0:15:06.800 --> 0:15:11.520
<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

0:15:11.720 --> 0:15:14.160
<v Speaker 1>border and families will be protected.

0:15:14.280 --> 0:15:16.400
<v Speaker 2>Sponsored by the United States Department of Homeland Security.