Both men referred to philosophers (Aristotle and Rawles) and obviously care about ethics. To me at least they are true gentlemen and not just excellent investors and business leaders.
@shaunzhang5537
4 жыл бұрын
I got chills listening to how intelligent and wise these 2 men are.
@GeorgetheArchitect
5 жыл бұрын
Amazing question and incredible answer! Thank you Patrick
@candyfloss184
5 жыл бұрын
GeorgetheArchitect can u help explain kindly?
@GeorgetheArchitect
5 жыл бұрын
@@candyfloss184 There is so much talk (at least in US media) of too much tax, or too little tax, without really thinking through the broader implications. The sound bytes on TV mask the real issue in question. Its a policy issue that is best asked of an honest operator of business. And, who better than Warren and Charlie? So kudos to Patrick for asking this thoughtful question. There has to be an incentive to risk your capital for one's own as well as societal betterment.. The response was brilliant! Makes you wonder.. We ALL have to think of ourselves as the proverbial "one lucky ball drawn out the 6B" to really appreciate what it is to be unfortunate in that "ovarian lottery." We have to ask ourselves what does it mean to be fair.. Because the best deal is the one that is fair for all parties - everyone should walk away thinking they are a winner. What a way to frame the response, incredible.
@benbakhshi
5 жыл бұрын
What is Patrick's last name?
@jaypel5927
4 жыл бұрын
Great compilation! Thanks. If possible please provide text of interview in video description.
@burhanpanvelwala2716
2 жыл бұрын
Imagine that you were going to be born 24 hours from now. And you’d been granted this extraordinary power. You were given the right to determine the rules - the economic rules - of the society that you were going to enter. And those rules were going to prevail for your lifetime, and your children’s lifetime, and your grandchildren’s lifetime. Now, you’ve got this ability in this 24-hour period to make this decision as to the structure, but - as in most of these genie-type questions - there’s one hooker. You don’t know whether you’re going to be born black or white. You don’t know whether you’re going to be born male or female. You don’t know whether you’re going to be born bright or retarded. You don’t know whether you’re going to be born infirm or able-bodied. You don’t know whether you’re going to be born in the United States or Afghanistan. In other words, you’re going to participate in 24 hours in what I call the ovarian lottery. It’s the most important event in which you’ll ever participate. It’s going to determine way more than what school you go to, how hard you work, all kinds of things. You’re going to get one ball drawn out of a barrel that probably contains 5.7 billion balls now, and that’s you. Now, what kind of a society are you going to construct with that in prospect? You would try to figure out a system that is going to produce an abundant amount of goods, and where that abundance is going to increase at a rapid rate during your lifetime, and your children and your grandchildren, so they can live better than you do, in aggregate, and their grandchildren can live better. So you’d want some system that turned out what people wanted and needed, and you’d want something that turned them out in increasing quantities for as far as the eye can see. But you would also want a system that, while it did that, treated the people that did not win the ovarian lottery in a way that you would want to be treated if you were in their position. Because a lot of people don’t win the lottery. When (Charlie Munger and I) were born the odds were over 30-to-1 against being born in the United States. Just winning that portion of the lottery, enormous plus. We wouldn’t be worth a damn in Afghanistan. We’d be giving talks, nobody’d be listening. Terrible. That’s the worst of all worlds. So we won it that way. We won it partially in the era in which we were born by being born male. When I was growing up, women could be teachers or secretaries or nurses, and that was about it. And 50 percent of the talent in the country was excluded from, in very large part, virtually all occupations. We won it by being white. You know, no tribute to us, it just happened that way. And we won it in another way by being wired in a certain way, which we had nothing to do with, that happens to enable us to be good at valuing businesses. And you know, is that the greatest talent in the world? No. It just happens to be something that pays off like crazy in this system. Now, when you get through with that, you still want to have a system where the people that are born - like Bill Gates or Andy Grove or something - get to turn those talents to work in a way that really maximizes those talents. I mean, it would be a crime to have Bill or Andy or people like that, or Tom Murphy, working in some pedestrian occupation just because you had this great egalitarian instinct. The trick, it seems to me, is to have some balance that causes the people who have the talents that can produce goods that people want in a market society, to turn them out in great quantity, and to keep wanting to do it all their lives, and at the same time takes the people that lost the lottery and makes sure that just because they, you know, on that one moment in time they got the wrong ticket, don’t live a life that’s dramatically worse than the people that were luckier.
@JamesToler
Жыл бұрын
I’m a great admirer of Mr. Buffett and this KZitem channel. Terrific content. Thank you! Timeless!
@dp26385
3 жыл бұрын
In my opinion the tax system should tax the so called gamblers the heaviest. I’m talking about the types of investments that put the economy at any sort of risk. Things like MBS that are given fake elevated ratings etc. The average investor should have a minimal tax rate.
@obits3
Жыл бұрын
The capital gains tax rate should be the ordinary rate, BUT there should also be an inflationary adjustment to the original basis. The government should not get a reward for gains which do not increase purchasing power for the average American. For those who may not understand what I’m saying, here’s an example: John buys stock at $100. Two years later, the stock is $210, but their has been 10% inflation over the course of two years. Under the current system, $110 of gain would be taxed at a lower rate. Under my proposal, $100 would be taxed at the same rate as normal wages.
@theoc543
4 жыл бұрын
I believe this is the same Patrick Byrne of Overstock
@nickhoare6616
Жыл бұрын
It is.
@hnc098
9 ай бұрын
@@nickhoare6616@theoc543 I wonder what the oracle thinks about Byrne piling into crypto
@slowwco
Жыл бұрын
Wish everyone understood the ovarian lottery!
@johnmcquaid7524
8 ай бұрын
Excellent video!
@jumbojet8
2 жыл бұрын
Patrick Byrne is a great Patriot. 🇺🇸
@SusieAspen
3 жыл бұрын
"The Ovarian Lottery"...
@dogestranding5047
3 жыл бұрын
Did you repeat parts just to get to 10 mins?
@anthonywalker2887
Жыл бұрын
Nesara Gesara ❤❤❤
@HTHAMMACK1
2 жыл бұрын
ROTFLMAO! Billionaire who males almost all of his earning through capital gains wants a lower capital gains tax. Go figure.
@aksel6536
2 жыл бұрын
you think these guys give shit ab making more money?
@Dave-lr2wo
Жыл бұрын
@@aksel6536 Definitely, 100%, absolutely, and only. That's not a critique. It's in their character and it's the reason they go to work every singe day.
@ed1pk
10 ай бұрын
People will hear what they only want to hear. 😑
@st0a
5 ай бұрын
Did you stop rolling on the floor laughing your @$$ off or is this still funny to you? Anyone who uses ROTFLMAO is a man-child with 0 understanding of anything.
@peedinkus389
2 жыл бұрын
Nope
@indexplus
3 жыл бұрын
And you want a system that does not invite or allow Afghanistan into US. After all, Afghanistan and Iran were great societies of Buddhists and Persians before they invited the people that every western country now wants to invite in the name of doing good
@piotrkonieczynski
3 жыл бұрын
Absolutely. East and West are different. West thinks about them like behind in times. Technology clothing etc but it is a different culture and they happy with that. Different approach to same subjects we all face in lives as human beings no matter where people live. They want to come with boxing, democracy, and Pepsi cola.
@ronniedelahoussayechauvin6717
2 жыл бұрын
Behind the Scenes & Crimes Too
@pongfoong9523
4 жыл бұрын
Ok who am i .but am so fucking hurgry but i do have any credret on the bank hope .you can own some said youney .for eating .pls
@pongfoong9523
4 жыл бұрын
Anerican hecking for me what i think to selling you new.
@pongfoong9523
4 жыл бұрын
but your paid hecky .but me product thinker it free.
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