On losing your bankroll....

[Warren Whitmore]

Just bought a terrific vidio called "Buffett & Gates on success."

The format is one in which people ask them anything they want and they both have to answer the questions. I highly reccomend it for its relavance to poker. I found this bankroll question particularly good.

Audiance member: Hypotheticaly if you were to lose everything today. Taking from the past starting fresh which 3 things would you keep?

Warren Buffett: I am not sure how you define the three. You would like to know everything everything that you now know. What things I applied in the past are going to be applicable in the future.

If I was to lose it all without losing any money of any other peoples, It would not bother me a lot. If I took other people down with me it would kill me. I mean that is the one thing that would absolutly destroy me. I am not sure that I would be able to recover from that.

If it was just my money it would not make any difference at all. Because I would keep living about the same, I'd have to give up the plane. I eat the same everyone in this room eats.

Bill Gates: He eats alot worse then you guys do!

Warren: Depends how you define worse but I think your probably right. As far as medical care or anything else I live the same way everyone else in this room lives now or will live in the next ten years. I wouldent miss anything.

I would like to keep playing the game because I enjoy it. So if I had the knowledge I had that got me here, and I had anything to work with at all, and I could probably talk someone into giving me a few bucks to start. I would have alot of fun playing the game again!

I am not sure I would want to follow your experiment I think it would be just about as much fun as what I do. As long as people dident go down with me. That would be no fun. Bill.

Bill: Starting out on a small scale again has a certain attraction to it. Our buisness is one where money dosent make much diffence. Someone was just saying to me recently that Microsoft has such a strong postion in the computer industry. I said hey if you drafted 30 of our top people for the other team the score would change rapidly.

First of all not just the 30 would go. Everyone that liked working with the 30 would go with them. All of the products are going to be obsolete very rapidly. It would be a shame to give that up. But the thought of starting another company again would be a blast and I would enjoy doing it.

[SNOWBALL138]

[ QUOTE ]
Warren: Depends how you define worse but I think your probably right. As far as medical care or anything else I live the same way everyone else in this room lives now or will live in the next ten years. I wouldent miss anything.



[/ QUOTE ]

You've got to be kidding me. Who were the people in the room? They certainly weren't the tens of millions of americans with no health insurance. Who else gets angry when extremely wealthy cutthroat businessmen try to pretend like they are down to earth guys?

[TStoneMBD]

well the people in the room are probably wealthy individuals and i dont think buffet would at all deny the fact that there are people out there living below the means of necessity in life.

however, i think buffet is trying to put into his own words the idea that money is only money. i wouldnt look into it as far as you have.

[Warren Whitmore]

College students. I would guess about 75% of them had insurance ( I dont). Warren Buffett is not a "cut throat" buisiness man, I think everyones standard of living is a little higher with him than it would be had he never been born.

[mindflayer]

I remember an old interview by buffet, where he describes his job.
to be sure that he is making the right decision (wether or not to buy a company) then he goes on to say fortunately I only have the one decision to make (every year)
I figure there is some analogy to no limit poker there.

[MrStretchie]

[ QUOTE ]
Warren Buffett is not a "cut throat" buisiness man, I think everyones standard of living is a little higher with him than it would be had he never been born.

[/ QUOTE ]

[Warren Whitmore]

Absolutly! Non self weighting stratagies are his mantra.