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Warren Buffett: "Everybody in my family has got all of their money in Berkshire — so those people are counting on me. And it's kind of fun to have something where you can actually deliver for other people and change their lives in positive ways."

Craig Federighi talks Apple Intelligence with Joanna Stern. "AI is one of those massive technological waves — like the internet or mobility. When you look at the internet, I don't think anyone was saying: 'Gosh, Apple, I use Amazon a lot. Why don't you have one of those?'"

Charlie Munger: "Where so much money turns on numbers that happen to be reported, the human temptation to manipulate the numbers is bound to be pretty substantial."

Charlie Munger: "We have way less chance of a ruinous surprise than almost any insurance company that you could name."

Warren Buffett: "I totally missed in March of 2020. We have not been good at timing [the market]. We've been reasonably good at figuring out when we were getting enough for our money." "We haven't the faintest idea what the stock market is going to do when it opens on Monday."

Charlie Munger: "It would be nice if I were like Mother Teresa and did something I didn't like doing because I'm a noble soul. But my life is organized so that, time after time, what works for my pocketbook works for every moral teaching that I've been taught."

Each week, I publish a roundup of all the latest Warren Buffett and Berkshire Hathaway news. Including EMILY SUNDBERG at WWDC, Buffett remembers insurance guru Mike Goldberg, and updates from NetJets, Brooks Sports, and BNSF Railway. kingswell.io/p/the-berkshir…

Warren Buffett on allowing his Berkshire Hathaway managers to run their businesses in their own ways.

Charlie Munger: "If it won't stand a little mismanagement, it's not much of a business. We like businesses that [can] stand a lot of mismanagement — but don't get it. That's our formula."

Warren Buffett: "Susan [Jacques] came to Borsheims and she was making $4 an hour — and, before she was 40, she became CEO. That's talent." "She really owns Borsheims. We have the stock certificate [and] we get the profits — but it's her baby."

Excellent post by Kevin Carpenter on the slow, yet deliberate process of building trust You need to play the long game to build trust ... it cannot be rushed Buffett's unrivalled trust with shareholders is built on three C's ➡️ Candor, consistency and competency

Charlie Munger: "We reject some wonderful businesses with some wonderful people where it's just too tough." "If they start tough, they stay tough. It's really hard to change a whole business — or a person. Lots of luck if you're somewhat disappointed in one of your children." 🤣

Warren Buffett: "Leadership at Berkshire really consists of taking a bunch of people who in a baseball analogy would be .400 hitters and just handing them the bat and telling them to get up to the plate and take a big swing. There's very little to it beyond that."

Warren Buffett on developing your circle of competence.

Warren Buffett: "Any time you combine ignorance with borrowed money, you can get some pretty interesting consequences." "The ability to borrow enormous amounts of money with the chance to get either very rich or very poor very quickly has historically been a recipe for trouble."

Charlie Munger: "What really works in life is win-win [deals]. That requires some sensitivity to the other fellow's way of thinking and his needs. Win-win is the only formula that really will work on and on and on." "Costco is into win-win — and that's what really works."

Warren Buffett 🤝 Jimmy Iovine