4.8 • 1.5K Ratings
🗓️ 17 March 2022
⏱️ 37 minutes
🧾️ Download transcript
Warren Buffett battles his partners, and conventional wisdom, to invest heavily in American Express. But to protect his investment, Warren will take a hands on approach and push the failing credit card company to change its ways.
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0:11.0 | It's Friday, November 22nd, 1963 at the New York Stock Exchange over a month before Warren Buffett eyes American Express stock. |
0:34.0 | The vice chairman of the exchange Walter Frank rubs his eyes and looks down on the trading floor from his office. |
0:40.0 | Walter is worn out. Over the past few days Wall Street has been hit hard by the great salad oil swindle. |
0:47.0 | The long respected investment firm Halpton Company has been suspended from trading. |
0:52.0 | American Express stock is plummeted and creditors are banging on their door due to their connection to the scandal. |
0:58.0 | The Dow has dropped 1.3% over the last 24 hours. Walter tries to stay positive as he watches the action on the floor, but he fears the market is in for another bad day. |
1:09.0 | But then there's a commotion. A young clerk runs out onto the trading floor shouting something. |
1:15.0 | Walter can't make out what, but he doesn't think much of it shouting clerks are par for the course at the stock exchange. |
1:21.0 | But then Walter hears screams and whaling. |
1:25.0 | Very shortly after Ed Gray, the executive vice president of the New York Stock Exchange rushes into Walter's office. |
1:32.0 | Walter, they shot Kennedy. |
1:34.0 | What? The president, he's been shot in Dallas. Is he alive? We don't know. |
1:39.0 | Walter looks out over the floor and his heart starts to pound in his chest. |
1:44.0 | The news about president Kennedy has immediately resulted in a massive sell-off. |
1:49.0 | Walter watches his stock prices tick down on the big boards at each end of the trading floor. |
1:53.0 | He takes a deep breath and tries to collect himself. |
1:56.0 | Oh God, Ed, the market is going to collapse when we don't do something fast. |
2:00.0 | We need to get the chairman and the president together if we want to do anything. |
2:03.0 | Now they're both out today. Where are they? I don't know and we don't have time to figure it out. |
2:08.0 | Walter can hear the shouts of sell, sell coming from the trading floor. |
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