A new Word of Wisdom

[Jeff Lebowski]

Yea, he has a subtle humor about him. I think he really enjoys his interviews and sit downs with Becky Quick.

The pina colada song is awfully catchy too.

[Northwestcoug]

[byu71]

The pina colada song is awfully catchy too.

Whoa, guess I thought if you knew about it it was out public. This one too. My understanding is they were done in front of a very private gathering years ago. One of my clients has about 120 mil of buffet stock and so when he told me how humorous it was he swore me to secrecy.

[PaloAltoCougar]

I have always liked Buffet and his long term approach to investing. Very smart when it comes to investing.

My hero status for him though was busted with he misled everyone with his famous my Secretary pays more in taxes than I do statement. I looked to make sure he didn't give the full story and he hadn't. I only pay attention to him now when he is talking about investing.

I'd rather focus on the pina colada song at this point, but I'll make a final comment or two about Buffett as we drift further away from the WoW discussion.... I don't recall his exact statement but I thought he said his effective tax rate is lower than his secretary's, which is very likely true.

And during the documentary, Buffett showed a picture that I've loved since I was kid (see below--I recall this being on an SI cover). He said that most investors are overanxious and want to swing at every pitch/opportunity that comes their way, rather than wait for one in the sweet spot. He learned over the years to be very patient. Unlike baseball, where you might only get three pitches, investors have myriad opportunities and should wait for one they really know a lot about and that meets their specific criteria/needs. Then, you sit back and hold for the long-term. It seems to be working well for him thus far.

[Jeff Lebowski]

Whoa, guess I thought if you knew about it it was out public. This one too. My understanding is they were done in front of a very private gathering years ago. One of my clients has about 120 mil of buffet stock and so when he told me how humorous it was he swore me to secrecy.

Was this the party with the midgets and the plate glass window? Yowza, that was insane.

[byu71]

Was this the party with the midgets and the plate glass window? Yowza, that was insane.

I highly doubt it. The guy told me it was for shareholders with a certain percentage of stock. They had various entertainers there and Buffet did some impersonations.

He like I said swore me to secrecy. I don't know why unless he didn't want people knowing how much Buffet stock he had. Great guy. He played golf with two of my boys one day. Really really liked them and gave them 1 share each. At the time it was worth $80,000 I had to clear it through compliance so it didn't look like some kind of gift to me.

[byu71]

I'd rather focus on the pina colada song at this point, but I'll make a final comment or two about Buffett as we drift further away from the WoW discussion.... I don't recall his exact statement but I thought he said his effective tax rate is lower than his secretary's, which is very likely true.

And during the documentary, Buffett showed a picture that I've loved since I was kid (see below--I recall this being on an SI cover). He said that most investors are overanxious and want to swing at every pitch/opportunity that comes their way, rather than wait for one in the sweet spot. He learned over the years to be very patient. Unlike baseball, where you might only get three pitches, investors have myriad opportunities and should wait for one they really know a lot about and that meets their specific criteria/needs. Then, you sit back and hold for the long-term. It seems to be working well for him thus far.

I am not talking about misleading sophisticated highly intelligent people such as yourself. You understand he shelters money through charities. Unlike the little guy he gets to choose where and who he wants to help. The little guy gives it to the government to decide. You also would discover he has capital gains and would understand the value in the capital gains tax structure. He also can determine how much to take any given year.

So the average guy not just the little knows Buffet makes tons and yet he pays less than his Secretary. What do you think the average guy would think Buffet pays his Secretary. He is indicating a secretary. Most people would think $50,000 maybe. That is shocking Buffet pays less than his poor secretary making $50,000.

Buffet's secretary made $500,000 a year. Now if you don't think he was misleading, you are one of the few.

[PaloAltoCougar]

I am not talking about misleading sophisticated highly intelligent people such as yourself. You understand he shelters money through charities. Unlike the little guy he gets to choose where and who he wants to help. The little guy gives it to the government to decide. You also would discover he has capital gains and would understand the value in the capital gains tax structure. He also can determine how much to take any given year.

So the average guy not just the little knows Buffet makes tons and yet he pays less than his Secretary. What do you think the average guy would think Buffet pays his Secretary. He is indicating a secretary. Most people would think $50,000 maybe. That is shocking Buffet pays less than his poor secretary making $50,000.

Buffet's secretary made $500,000 a year. Now if you don't think he was misleading, you are one of the few.

We may be talking past each other. Why is it misleading to claim his tax rate is lower than his secretary's? I'd assume Buffett's tax rate, including factoring in his FICA payment, is probably around 10-15% (like Mitt's, and perfectly legal). I'd guess his secretary makes around $75K and including her FICA payment, has a marginal rate in the low 20's. I don't think anyone believes he pays less in taxes than his secretary, but why should we doubt that his tax rate is lower?

[Northwestcoug]

Can we forget the tax arguments, and get back to insider details about Buffett's singing and partying, please?

[Pelado]

Can we forget the tax arguments, and get back to insider details about Buffett's singing and partying, please?

Blasphemy!

[byu71]

We may be talking past each other. Why is it misleading to claim his tax rate is lower than his secretary's? I'd assume Buffett's tax rate, including factoring in his FICA payment, is probably around 10-15% (like Mitt's, and perfectly legal). I'd guess his secretary makes around $75K and including her FICA payment, has a marginal rate in the low 20's. I don't think anyone believes he pays less in taxes than his secretary, but why should we doubt that his tax rate is lower?

There is the misleading. His secretary makes $500,000 not $75,000. Of course we all felt bad for secretaries accross the nation paying more than billionaires. I didn't feel so bad when I found out she, might have been a he come to think of it, made $500,000 a year.

Note, I didn't say lie, I said mislead. It's like you went out and played with Spieth and let us know you beat him. You failed to mention he gave you 30 shots and you were playing at Lagoon.

Edit: I went and looked. Secretary is a she. Estimates are $200,000-500,000. If it is indeed $200,000, then I am beginning to feel sorry for her.

Mitt's rate is so low due to Carried Interest which Trump claims he will get rid off. I hope so. Dems have claimed they were getting rid of it. Never did. My guess is Chuck Schumer would be against getting rid of it when you consider how much money can be run through the exchanges. Just a guess though.

[myboynoah]

Did Drinking Give Me Breast Cancer?

I thought I’d done everything right: breastfeeding my children, a careful diet, plenty of exercise. I wasn’t overweight and didn’t have a family history. I bought BPA-free bottles for my filtered water. But on a visit to the radiology department last spring, a pair of red brackets highlighted something worrisome on the ultrasound monitor.

Invasive lobular carcinoma—a malignant breast tumor. This spidery little beast measuring nearly three centimeters meant I had stage 2 cancer.

. . . . . . .

I was born and raised in Utah, and after my cancer diagnosis, I wondered what would have happened if I’d stayed put. My home state has one of the lowest rates of breast cancer in the country. Observant Mormon women don’t drink, and like other populations that abstain, they have significantly lower rates of breast cancer than drinkers. In Utah, Mormon women’s breast cancer rates are more than 24 percent lower than the national average. (Mormon men have lower rates of colon cancer, which alcohol can also cause.)

Researchers suspect the low overall rate of breast cancer in Utah has to do with the LDS church’s strict control over state alcohol policy. Gentiles, as we non-Mormons are called, grouse mightily over the watery 3.2 percent beer sold in Utah supermarkets, the high price of vodka sold exclusively in state-run liquor stores, and the infamous “Zion Curtain,” a barrier that restaurants were until recently required to install to shield kids from seeing drinks poured. Yet all those restrictions on booze seem to make people in Utah healthier, Mormon or not, especially when it comes to breast cancer.

[YOhio]

mbn that's staley got cut. Someone posted it in another thread. I can't find it now but I know I saw it.

[myboynoah]

mbn that's staley got cut. Someone posted it in another thread. I can't find it now but I know I saw it.

Crap. I'm such a loser. Such a bad day.

[YOhio]

Crap. I'm such a loser. Such a bad day.

Hey it happens and if this is the worst thing that you deal with today then count your blessings.