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Warren Buffett

Warren Buffett

American investor and former CEO of Berkshire Hathaway

Oct 2, 2026

46:39
You're, you're 91, so
46:41
... uh, it, it, it, three lifetimes, you are looking at less than 1% of the world's population, closer to half of 1%.
46:53
Half of 1% of the people in the world are sitting in this land.
46:59
They don't work harder than people in all the rest of the world.
47:03
I mean, you know, in terms of hours of unpleasant labor, everybody's got hours of unpleasant labor [laughs] in those days, practically.
47:10
They don't have...
47:12
They don't come laden with gold and...

11 MINS LATER

58:22
the choices.
6:00
couldn't be better.
6:01
Choosing who you work with.
6:03
It's everything.
6:04
I mean, I'll write a little bit about the annual report, but choosing what you do and who you do it with you know, if you're like me, you're going to spend 70 years or something.
6:23
My assistant hasn't worked the whole time with me, but she went to work for Berkshire when she was 17.
6:32
And she still looks 17.
6:35
And now, you know, she'll be with us 50 years, I presume.

23 MINS LATER

30:06
The
11:27
But what are your goals for the money? And you, you kind of intimated that the kids have similar goals as to what you have.
11:35
There's a...
11:36
There are all kinds of ways in which the world is as unequal as a- as you can possibly imagine.
11:44
I mean, just imagine in health or the luck of birth or all those sort of things, and the, the ultimate goal is to make life better for the people who get short straws.
11:56
And there's a lot more people who get short straws [laughs] than we'll ever be able to take care of.
12:00
And, and my kids will have more insight into certain areas than I would, and I w- I have more insight into than, than they do just because of different interests and exposure.
12:13
But- The one thing I'm convinced of is that they will be attempting to do something, and they'll be better at it, and the probability is that they've got more years to live than I do.

26 MINS LATER

38:52
Yeah
51:04
Just looking at the macro stock market environment, what does this feel like to you? Is, does it feel expensive? Does it feel like there are opportunities in some places?
51:14
Well, it feels like, you know, I've, I've compared it, the markets, to a church with a casino attached, and, and people can move between the church and casino.
51:26
And, and I would say there are more people in the church than more people in the casino, but the casino's gotten very attractive to people.
51:34
You know, if you're buying one-day options or selling them, I mean, uh, that is, uh, that's not investing, it's not speculating, it's gambling.
51:46
[laughs] You know, t- just totally.
51:49
There's nobody that can explain why they're buying an option for one day unless they ha- may- maybe, maybe the fellow that, that, uh, you know, made the 400 and something thousand dollars from knowing when we were going into Venezuela could [laughs] do it.
52:04
But I mean, a- at fre- and the quantity of those things is just incredible.

14 MINS LATER

65:53
[laughs] Why did you pick him?
4:20
Yeah
4:20
... who came to that church in 1963, and it was a dying church in a changing part of the neighborhood in San Francisco.
4:34
And, uh, they weren't glad to see him, uh, the 100-or-so parishioners that were left.
4:43
But he turned it into something that, uh, became, uh ...
4:53
It, it, it, it, it gave hope and life to people that the world had given up on.
4:58
And, uh, and I went on Sunday still expecting something less than that.
5:06
[laughs] And, uh, uh, I watched Cecil and, uh, I could see what he was doing, and he, he was for real.

35 MINS LATER

39:53
[laughs]

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