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During the 2000 crash, I had no 401k, and my wifes 403B was tiny. In my own family, myself and my two siblings each had a very different relationship with money. I grew up lower income. My sister grew up a little more comfortable, middle income and the youngest, my brother, was solidly upper-middle class.
SETHI: Well, everybody thought they were a genius including me in 1999, 2000. That led to the next three or four years of learning how to sell, how to create value, and not worry about selling out, but do it in a very ethical way. You know, a rich life, most people expect a money book to start with a chapter on budgets.
It doesn’t manage for quarter-to-quarter earnings, provide earnings guidance, court investors with quarterly earnings calls and management meetings, or even have budgets and strategic plans at the parent company. Berkshire is unusual among public companies. equity universe. An investor cannot invest directly into an Index.
It doesn’t manage for quarter-to-quarter earnings, provide earnings guidance, court investors with quarterly earnings calls and management meetings, or even have budgets and strategic plans at the parent company. Berkshire is unusual among public companies. equity universe. An investor cannot invest directly into an Index.
00:17:16 [Speaker Changed] Starting back, this is around 2000 let’s say. And that’s, that’s a, I think about the, the scarce resource is your risk budget and how do you wanna allocate that risk budget If you’re allocating a lot of your risk budget to just pure beta, that might work for the manager.
RITHOLTZ: So wait, you’re, I’m trying to do the math, if you were 24 in ‘08, so you got this watch in 2000, 99? But there were a lot of other purveyors of watches that really were not super, super ethical folks. I’m giving you a budget. He gave me his Omega Speedmaster, which is a really nice watch.
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