Greed on Trial, Branson's Backup and Tax Hacks
Money Rehab with Nicole Lapin
Money News Network
4.6 • 1.7K Ratings
🗓️ 6 December 2023
⏱️ 13 minutes
🧾️ Download transcript
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| 0:00.0 | I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand. |
| 0:06.3 | It's time for some money rehab. Here's our weekly roundup of the biggest headlines on Wall Street and how they affect you and your wallet. |
| 0:19.4 | Last week one of the greatest minds in investing, Charlie Munger passed away at 99 years old. |
| 0:24.7 | Munger was Warren Buffett's business partner in their very successful company, Berkshire Hathaway. |
| 0:29.1 | Side note, Berkshire Hathaway is a company very much defined by its structure. |
| 0:32.6 | The company owns stock and equity in a variety of public and private companies. |
| 0:37.0 | The whole company is also a publicly traded company with two classes of stock offerings, |
| 0:42.2 | Class A stock and class B stock. |
| 0:44.7 | Now one share of class A stock is worth a cool half a million dollars. |
| 0:49.6 | Seriously, class B stock is worth a more modest $300-ish share. |
| 0:55.0 | Because of the structure, Berkshire Hathaway functions almost like an exchange-traded fund |
| 0:58.9 | or E.T. |
| 1:00.3 | It gives investors exposure to a diverse set of companies without dealing with the sorts of fees that mutual funds have. |
| 1:06.5 | But the biggest draw of buying Berkshire Hathaway is the access that investors got to investments guided by Warren Buffett and Charlie Munger. |
| 1:15.0 | Together they hone their investment strategy and have one of the most successful track records of all time. |
| 1:21.0 | And their friendship is goals. |
| 1:23.0 | Buffett described Munger as the architect of their success and himself as the general contractor. |
| 1:29.0 | They've known each other for over 50 years and beyond creating billions of dollars in wealth for both men, it also seemed to bring them a great deal of joy. |
| 1:37.7 | When Buffett and Munger weren't in the same place, they spoke on the phone for several hours every single day. |
| 1:43.3 | During the last few months of his life, Munger wrote a piece for |
| 1:45.8 | C. NBC with his three rules for work satisfaction. |
| 1:48.8 | And I want to read them to you. |
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