A couple of Buffett’s quotes

Chasing my previous post. These quotes are from the 1980s but even more relevant today.

On a hypothetical shipwrecked 25 brokers stranded on an uninhabited island:
Faced with developing an economy that would maximize their consumption and pleasure, would they, I wonder, assign 20 of their number to produce food, clothing, shelter, etc., while setting five to endlessly trading options on the future output of the 20?

And another one:
We have “professional” investors, those who manage many billions, to thank for most of this turmoil. Instead of focusing on what businesses will do in the years ahead, many prestigious money managers now focus on what they expect other money managers to do in the days ahead.


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