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

Warren Buffett and Charlie Munger talk 'the mind of the consumer' at the 1997 Berkshire Hathaway annual meeting.
Top ten investment books;
The Intelligent Investor by Ben Graham: amzn.to/2XP3Hvo
The Big Short by Michael Lewis: amzn.to/3ak7Wr0
The Dhandho Investor by Mohnish Pabrai: amzn.to/2PqQDgk
One Up On Wall Street by Peter Lynch: amzn.to/39JM2Kk
Ben Graham's Security Analysis: Sixth Edition, Foreword by Warren Buffett: amzn.to/2XNYtAh
The Little Book of Common Sense Investing by Jack Bogle: amzn.to/2UsGk8T
Common Sense on Mutual Funds by Jack Bogle: amzn.to/2Uxu2wl
Common Stocks and Uncommon Profits by Phil Fisher: amzn.to/2XOCU2v
Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger by Peter Kaufman: amzn.to/2oBddW4
The Essays of Warren Buffett: Lessons for Corporate America: amzn.to/3EwbNxx
(The above are affiliate links.)

[@martinoa1467]

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

[@CharlieChaplinVideos]

Well said

[@shubhampunj]

"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

[@lashakhonelidze1350]

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

[@kewlace]

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

[@fernandoschmidt8]

Genius.

[@smallrossy]

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

[@jeremiahcastro9700]

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]

This guys have so much fun doing their thing

[@adrianfell4161]

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

[@bolokefe5300]

this is in 1997

[@chiragpatel2423]

This is absolute gold, thanks for the upload.

[@truckso2pl]

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

[@leenightingale9061]

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

[@ericguo8209]

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

[@SkeeNnN]

​@@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]

No thanks

[@shivabreathes]

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

[@docthebilly]

This one is a treasure.. 😊

[@hustletip]

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

[@The__Harvest]

This was a stellar video. Thank you!

[@leonardopurba5140]

I love them both ❤️

[@kashmira_zambad]

Simply awesome!

[@kaje01]

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]

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]

@@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]

@@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

[@jaclynconarko]

thanks!

[@ozzysgarage]

LOVE IT!

[@johnmcquaid7524]

Excellent video!

[@johnsalas9436]

Warren & Charlie Thank You

[@wahyuramadhan195]

Thank you

[@ReflectionOcean]

- 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)

[@GodsCreateRadio]

Great channel

[@The_Financial_Review]

Thank you!

[@PhysicsBaba598]

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]

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

[@JamesToler]

Beautiful!

[@solomoon4784]

The absolute best grandpas I never had.

[@michaelflynn9700]

Mic drop 😃

[@carlmannhard8051]

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]

This. Is. Gold.

[@davidroldan6007]

"He emphasizes the key points" 😂😂😂😂

[@anupamdutta959]

What about NOKIA after listening this talk!!?

[@ChaceBonanno]

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

[@yshkviswanatham172]

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.

[@iFreeThink]

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

[@hightowerhomestead9046]

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

[@jadonneuhoff6184]

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

[@talosgak1236]

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

[@user-ql3ws5uz1d]

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

[@vivaparenzo]

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.

[@matimandambha9468]

Buffett talks... mic drops

[@jonathankr]

Annnd kodak is dead...

[@n8-sofresh]

The irony of this statement

[@sathyapranesh788]

After many years eastman kodak bankrupt .

[@n8-sofresh]

The irony of this statement

[@pongfoong9523]

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 ?

[@beggar_consultant]

japan have av and animation

[@hankschrader7050]

.Mcdalnolds .Amazon .Coca Cola .Gillete

[@pongfoong8760]

คุณต้องการซัมเพราะเริ่มหาเหตุผลของบาบาทไม่ได้

[@caucasianafrican1435]

HOLY COW!!! They'd get assassinated.

[@SusieAspen]

and Disney being one of his largest mistakes...

[@candyfloss184]

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.

[@pongfoong9523]

Hey grand ren you can?

[@JoelJoel321]

Should have bought Coca Cola and Disney in 97!

[@pongfoong9523]

Cake free can be?

[@ChaceBonanno]

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

[@jeffreyrichardson]

jodys dads money catherines prose funny bunny jail visit sunny

[@pongfoong8760]

เเค่ไทยเฟ้อไม่ถึงกับโลกเฟ้อผมขอร.9ก้อได้ถ้าเค้าไม่แอบตายไปแบบนี้เค้าคงช่วยพิสูจน์ได้

[@hectorcervantes3214]

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

[@pongfoong9523]

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

[@pongfoong9523]

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

[@pongfoong9523]

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

[@pongfoong9523]

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..

[@michaelsmith4904]

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]

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.

[@RubbaDubbaDooskie]

WRONG. Bye bye Kraft.

[@nierdoto]

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

[@RubbaDubbaDooskie]

@@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]

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

[@satisfyinglook8291]

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

[@satisfyinglook8291]

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

[@jon_do]

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

[@drott150]

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.