Andrew Ross Sorkin

You would never go to a barber and ask them whether you need a haircut because, of course, they're going to tell you you need a haircut, just like every banker is going to tell you, of course, you need to either go do this merger or buy this thing or do whatever.

You would never go to a barber and ask them whether you need a haircut because, of course, they're going to tell you you need a haircut, just like every banker is going to tell you, of course, you need to either go do this merger or buy this thing or do whatever.

Sometimes bankers get it right. They get paid an enormous fortune, typically, for what they do. And I think that one of the things he's just tried to point out to people is that the bankers might not really always have your best interests at heart.

Sometimes bankers get it right. They get paid an enormous fortune, typically, for what they do. And I think that one of the things he's just tried to point out to people is that the bankers might not really always have your best interests at heart.

I mean, these are the biggest investors in the world these days who've made the most money. And he would tell you, don't invest your money with a hedge fund. Why not? He would tell you that your returns long term will be better literally buying an index fund like the S&P 500. And he would say accurately that the S&P has outperformed most hedge funds after fees.

I mean, these are the biggest investors in the world these days who've made the most money. And he would tell you, don't invest your money with a hedge fund. Why not? He would tell you that your returns long term will be better literally buying an index fund like the S&P 500. And he would say accurately that the S&P has outperformed most hedge funds after fees.

So one of the things he also talks about is just how so many of these firms are all just trying to extract fees from the people who are giving them the money. And it's that kind of advice and that willingness to sort of talk about what the fine print really says is, that I think has ingratiated him with large swaths of the public.

So one of the things he also talks about is just how so many of these firms are all just trying to extract fees from the people who are giving them the money. And it's that kind of advice and that willingness to sort of talk about what the fine print really says is, that I think has ingratiated him with large swaths of the public.

Or is it both? I think he thinks it's a better way, it's a safer way, and maybe ultimately it's a more moral way. He's not a shortcut taker. He's a long-term investor. And he really did try to teach the American investor

Or is it both? I think he thinks it's a better way, it's a safer way, and maybe ultimately it's a more moral way. He's not a shortcut taker. He's a long-term investor. And he really did try to teach the American investor

not to think about owning a share of stock for a month or two or 10 days or a year, but to think, okay, if I buy it now, what's this business going to be like five years from now? What's it going to be like 10 years from now? And not your little share, but what's the whole company going to be worth? As if you really are an owner. You know, as an example of just how long-term a thinker he is,

not to think about owning a share of stock for a month or two or 10 days or a year, but to think, okay, if I buy it now, what's this business going to be like five years from now? What's it going to be like 10 years from now? And not your little share, but what's the whole company going to be worth? As if you really are an owner. You know, as an example of just how long-term a thinker he is,

What's called the Class A stock of Berkshire now trades, if you can believe this, at $800,000 a share. A share.

What's called the Class A stock of Berkshire now trades, if you can believe this, at $800,000 a share. A share.

And you might say to yourself, what is going on here? Because most companies try to keep their shares sometimes $10 a share, $20, $30, $40, $100 a share, maybe $200. And that's part of the thing. He's created this— stock at this price, which effectively means that if you are in it, you are in it.

And you might say to yourself, what is going on here? Because most companies try to keep their shares sometimes $10 a share, $20, $30, $40, $100 a share, maybe $200. And that's part of the thing. He's created this— stock at this price, which effectively means that if you are in it, you are in it.

And you're in it for a very long time.

And you're in it for a very long time.

By design.

By design.