I Saved $2.1 Million On Lunch – A Sit Down With Warren Buffett

I thoroughly dislike watching CNBC for investing purposes due to all the noise.  When the markets are up, they bring on every single pundit to talk about how the market is going higher.  When the markets are down, they bring on all the bearish pundits to tell you why the world is coming to an end.  I remember when the S&P hit the ominous 666 level earlier this year, they brought in a “famed” technical analyst who said to expect S&P 200 by year-end.   What was her name again? I forget.  Watch CNBC for entertainment purposes mainly, and a little bit of learning.  Don’t watch CNBC to get rich.

Sometimes though, CNBC puts together something great.  And that great feat was bringing Warren Buffet (Columbia B-School Alum) and Bill Gates together in a town hall with all their business school students to ask them questions.

Here are some of the most memorable lines paraphrased from the show:

A Weak US Dollar Doesn’t Matter Folks!

People have been freaking out lately by a weak US dollar.  I’m here to tell you it doesn’t really matter.  Did you know that 60% of Americans have never left the country and less than 25% of Americans own passports?  Most of the 40% who leave come back, so it’s only a temporary amount of time when their purchasing power may be relatively hurt.

An even better statistic states that only 20% of Americans speak a foreign language.  Hence, where the heck are the 80% of Americans going to go if they can’t communicate with the locals?  Ok, so they may understand what “I want a double quarter pounder with cheese please” in English means, but we aren’t going very far if we can’t speak another language.  Sure a vacation is fine, but it’s not like we Americans are suddenly going to relocate overseas and establish roots.

If you are an American who makes a US$ denominated salary, buys US$ denominated assets like property, consumes Levi’s jeans, and never plans to leave the country, what are you freaking out about? The US Dollar can depreciate by 90% against the Euro, and it still wouldn’t really matter.  The government is crushing our currency on purpose and you know the government would never, ever, ever do anything to harm the people they serve.

And The First $1,000 MBA Giveaway Winner Is………..

The first winner is Eric, a senior from UCLA!  Eric commented sincerely about his concerns post graduation, and whether or not it is a good idea to go to a “2nd tier” business school or just work for whatever company that hires him first.

We’ll be working with Eric to strategize a plan after UCLA and coach him through the process of finding a job in his desired field of finance, or applying to business school.

Financial Samurai $1,000 Giveaway & Your Chance To Make Millions Over Your Career!

“It’s not whether you have your MBA, it’s where it came from,” writes John Micklethwait, Editor-In-Chief of The Economist. I’m sure on at least two levels, he’s upsetting people. On one level, those without MBA’s are going to find it presumptuous that getting an MBA is a foregone conclusion.  On another level, there are thousands of MBA grads who didn’t attend the top tier schools who will take offense as well.

NA_table2-1 John is smart to be so opinionated because after all, the people who will be buying his magazine are those who have always wondered whether getting an MBA is a good idea.  He forces the assumption that if you picked up his magazine, you must get an MBA, and not just any MBA, but one of the top schools from his polls.

I don’t entirely agree with John, but let’s face reality, getting an MBA is gradually becoming the new standard for newcomers to the world of finance because some go-getter decided it was the right thing to do and succeeded to get others to follow.  The MBA is also too expensive to not try and go to the best school possible (although it’s not the end of the world).  The inertia is too strong to reverse now!

Here are some of the takeaways from the magazine:

The Latest “Did You Know” Video for Fall 2009

Fascinating video about the progress of technology and social media that everybody should know about.  This is my first attempt at posting up a video, so I hope it doesn’t blow up my site.  Thanks Gen Y Investor for the tips!

For all those who don’t know how to put up a video from YouTube on your site, simply go to your YouTube video, copy the HTML code on the right, past it into your HTML tab in your WordPress, click back to Visual, and edit accordingly!

Tomorrow we will reveal our $1,000 giveaway for those aspiring to get their MBA.  Even if you don’t want to get your MBA, you might know someone who does so stay tuned!

DID YOU KNOW? VERSION 4.0, FALL 2009

Readers, are you ready for the next 5 years?!

Keigu,

Financial Samurai – “Slicing Through Money’s Mysteries”

Follow me on Twitter @FinancialSamurai