The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.
Interpretation
The quote critiques the idea that wealth will automatically benefit everyone if the rich are given more money.
Warren Buffett expresses skepticism about the concept of trickle-down economics, which suggests that enhancing the wealth of the rich will lead to prosperity for all. He highlights that this approach has not yielded positive results over the past decade, indicating a need for the American public to be more aware of the shortcomings of such economic policies.
In practice
In a discussion about economic policy, you might say, 'As Warren Buffett noted, trickle-down economics hasn't worked in the last decade.'
I have no views as to where it will be, but the one thing I can tell you is it won't do anything between now and then except look at you. Whereas, you know, Coca-Cola (KO) will be making money, and I think Wells Fargo (WFC) will be making a lot of money and there will be a lot - and it's a lot - it's a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that.
If the world couldn't see your results, would you rather be thought of as the world's greatest investor but in reality have the world's worst record? Or be thought of as the world's worst investor when you were actually the best?
Cash never makes us happy, but it's better to have the money burning a hole in Berkshire's pocket than resting comfortably in someone else's.
I think you should read everything you can. In my case, by the age of 10, I'd read every book in the Omaha public library about investing, some twice. _x000D_ You need to fill your mind with various competing thoughts and decide which make sense.
The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.
One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.
A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.
I went to the bank and proposed that they lend money to the poor people. The bankers almost fell over.
Unfair servicing practices can worsen a family's already difficult economic situation, and the injury echoes from the family to the community and ultimately throughout the economy.
The collapse of the world's banking system and the impending disaster of accelerating climate change are not separate phenomena. They are simply the most visible symptoms of a particular model of capitalism that will bring civilisation to its knees. But those symptoms will not get sorted unless and until we commit to a radical transformation of the way we create and distribute wealth in the world today
Prosperity cannot be restored by raids upon the public Treasury.
In order to deal with all the medical cost demands and other challenges in the U.S., as we look to raise that revenue, the rich will have to pay slightly more. That's quite clear.
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