Spencer Jacob

I'd take it too. I think I'd settle for that.

I'd take it too. I think I'd settle for that.

I'd take it too. I think I'd settle for that.

He's spoken many times about why he likes to have a lot of cash. He likes to have dry powder for opportunities. But he's also on the record, and pretty recently, that he would like to do a big deal. You know, he's asked pretty much every year, especially since he's had this large amount of cash, what are you going to do with this cash? What are your plans?

He's spoken many times about why he likes to have a lot of cash. He likes to have dry powder for opportunities. But he's also on the record, and pretty recently, that he would like to do a big deal. You know, he's asked pretty much every year, especially since he's had this large amount of cash, what are you going to do with this cash? What are your plans?

He's spoken many times about why he likes to have a lot of cash. He likes to have dry powder for opportunities. But he's also on the record, and pretty recently, that he would like to do a big deal. You know, he's asked pretty much every year, especially since he's had this large amount of cash, what are you going to do with this cash? What are your plans?

And, I mean, he's just said, you know, I'd sure love to do a deal, $50, $75, $100 billion deal. He's called it, you know, an elephant. He'd like to go and bag an elephant.

And, I mean, he's just said, you know, I'd sure love to do a deal, $50, $75, $100 billion deal. He's called it, you know, an elephant. He'd like to go and bag an elephant.

And, I mean, he's just said, you know, I'd sure love to do a deal, $50, $75, $100 billion deal. He's called it, you know, an elephant. He'd like to go and bag an elephant.

He has not hesitated to sit on the sidelines and just sit on that cash. And so, you know, he's very disciplined that way. And so that should concern all of us, just as people who have 401ks. Why is he not seeing good opportunities? What kind of returns does he foresee?

He has not hesitated to sit on the sidelines and just sit on that cash. And so, you know, he's very disciplined that way. And so that should concern all of us, just as people who have 401ks. Why is he not seeing good opportunities? What kind of returns does he foresee?

He has not hesitated to sit on the sidelines and just sit on that cash. And so, you know, he's very disciplined that way. And so that should concern all of us, just as people who have 401ks. Why is he not seeing good opportunities? What kind of returns does he foresee?

He now manages so much money that he has to make very large investments. And he only can buy very large companies. And I think the question is, really is like, can Warren Buffett do 20% a year in the future? And he probably can. And there's two reasons for that.

He now manages so much money that he has to make very large investments. And he only can buy very large companies. And I think the question is, really is like, can Warren Buffett do 20% a year in the future? And he probably can. And there's two reasons for that.

He now manages so much money that he has to make very large investments. And he only can buy very large companies. And I think the question is, really is like, can Warren Buffett do 20% a year in the future? And he probably can. And there's two reasons for that.

One is that markets are not really well-priced to deliver outstanding returns today over the next decade because markets are very expensive. And so the more expensive things are, the less prospective return that you have. But the other thing is that he just can't double the market's return anymore because he has a trillion-dollar company

One is that markets are not really well-priced to deliver outstanding returns today over the next decade because markets are very expensive. And so the more expensive things are, the less prospective return that you have. But the other thing is that he just can't double the market's return anymore because he has a trillion-dollar company

One is that markets are not really well-priced to deliver outstanding returns today over the next decade because markets are very expensive. And so the more expensive things are, the less prospective return that you have. But the other thing is that he just can't double the market's return anymore because he has a trillion-dollar company

Yeah, it's a high class problem that you have a lot of money and you can't double it. You can't buy a $100 billion company and then have it be worth a trillion dollars in a few years because that just doesn't happen, right? So you'd have to be so not just smart, but lucky for that to happen. And so he is reaching the limits of his ability to outperform the market. He already has reached it.

Yeah, it's a high class problem that you have a lot of money and you can't double it. You can't buy a $100 billion company and then have it be worth a trillion dollars in a few years because that just doesn't happen, right? So you'd have to be so not just smart, but lucky for that to happen. And so he is reaching the limits of his ability to outperform the market. He already has reached it.