Bravepawn
09/05/25 14:36
Ha respondido al tema
Vídeos largos interesantes para fines de semana - Valentín
La última conferencia de Buffett como CEO de BRK quizás podría estar por aquí.Dado que es un hilo dentro del foro de fondos, y bajo mi experiencia "de media" los que invierten en fondos suelen ser bastante más vagos y/o con menos tiempo que los que invierten también directamente en acciones, etc..., quizás alguno de los que invierten en IIC de gestión activa (paradójicamente no pocas veces más vagos "de media" que los que invierten en gestión indexada), al menos al abuelo si que lo puedan escuchar sólo del min. 03:30:00 al min. 03:32:40https://youtu.be/j1vGFpd49wM?si=cov0XkKCP7jkWNqETranscripción para vagos fondistasHollywood’s answer was always to get their money from other people to put up the capital. A lot of people have gotten very rich in the country by essentially figuring out how to get others to put up the capital. That’s what people do in the money management business – they get very rich because they get an override on other people’s capital.Incidentally, if all of you were paying 1% for investment management fees at Berkshire last year, you would have paid $8 billion for managing, and you really wouldn’t have had to do it. Investment management is a very good game because other people put up the capital and you charge them for the capital whether they do well or not, and then you charge them a lot more if they do well. It’s a well-designed business for the people who practice it – and who can blame them? That is capitalism.I saw that in operation when I was working at Salomon, but I didn’t need to see it. I knew what existed anyway. The trick in life is to get somebody else’s capital and get an override on it. Charlie and I decided it wasn’t too elegant a business after a while. We were not criticizing the efficacy of it – it just didn’t appeal to us after a while. I did it for 12 years though.The one difference that Charlie and I did from other people is we put all our own money into it. So we really did share the losses with our own capital, but we got an override on other people’s capital. People have made advances where they get the override on other people’s capital without putting up any of their own capital to speak of. That’s a very good business, but it can lead to a lot of abuse.PD: me niego a traducirlo porque imo el que aún por su vaguedad y/o falta de tiempo tampoco haya podido aprender inglés no debe impedir que el resto pueda captar mejor el mensaje. Y si ya ni si quiera hace el esfuerzo de utilizar traductor, subtítulos en Youtube, IA (la nueva moda que imo tiene el peligro de hacernos más tontos a la mayoría), etc..., entonces ...quizás si es que ya tampoco merezca entenderlo, pues dudo que se tomará si quiera un minuto para reflexionar sobre tan sólo ésta, una de las múltiples lecciones que nos deja el Oráculo de Omaha (imo más sabio por viejo que por oráculo 🙊).S2