126:31—127:44· 73s
1
Speaker A“So he would say to Alice in The Snowball about this, about Berkshire, quote, "So I bought my cigar butt and I tried to smoke it." This is amazing. "You walk down the street and you see a cigar butt and it's kind of soggy and disgusting and repels you, but it's free and there may be one puff left in it. Berkshire didn't have any more puffs, so, so all you had was a soggy cigar butt in your mouth. That was Berkshire Hathaway in 1965. I had a lot of money tied up in that cigar butt. I would've been better off if I'd never heard of it in the first place. Oof. Speaker BWhat did you say at the top of the show it cost him in terms of compounded opportunity capital? Yeah. Speaker AIn 2010, he did the math and claimed that not only was purchasing Berkshire the worst, biggest mistake of his investing career, but had he taken the money that he put into Berkshire and instead just invested it directly in an insurance company, by 2010, he figures he would have made about $200 billion in incremental returns. Ooh. But Like Steve Jobs said, you can only connect the dots looking backwards, not”