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Old 07-08-2017, 11:28 AM
8,804 posts, read 2,425,886 times
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Originally Posted by rruff View Post
On the other hand if Buffet is talking to the .01%, then their wealth has skyrocketed in the last 40 years and I suspect that will continue. He still needs to address the challenges that AI will cause to consumer-capitalism, and how those issues will be addressed. If he wants make any sense, that is.
Did you forget to read the last couple sentences of the OP? Buffet does say that the Government (we the people and our representative) needs to step in.

Check it out.
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Old 07-08-2017, 12:16 PM
Location: East Coast of the United States
15,692 posts, read 18,253,080 times
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Originally Posted by Pub-911 View Post
Nowhere in that letter or anywhere else has Buffett or any other sane person indicated that the American economy is indefinitely guaranteed at least a 2% annual growth rate. The OP puts forward a false premise entirely.
I thought it was fairly well-known by now that Buffett thinks the U.S. economy will grow by 2% for the foreseeable future. He's been saying this for a while. His time frame is decades. Listen from 18:00 of this discussion along with Bill Gates:

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Old 07-08-2017, 12:40 PM
Location: Ruidoso, NM
5,170 posts, read 4,743,149 times
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Originally Posted by craigiri View Post
I judge predictions by the record. Based on that, Buffet is probably correct. In fact, most of what he says is already happening...so no great feat to predict it.
Per capita GDP growth has been a surprisingly consistent 1.9%/yr since the mid 1800s. Population growth is currently about .7%/yr, so his prediction could be seen as a decline in growth compared to previous history.
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Old 07-08-2017, 12:59 PM
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Warren doesn't have a bleak outlook due to his wealth and very simple living. Guy still lives in a house he bought in 1950 for $38,000! He buys companies (or company stock) that he understands their business model, then holds on to the stock forever. Many people today cannot understand buy and hold investing. They want to buy stock, watch it jump a dollar or two and then sell.....day trader mentality. They do this with houses too!

This is a fantastic HBO documentary on Warren:

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Old 07-08-2017, 01:10 PM
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Mr. Buffet and others like him who have billions in the markets have to play cheerleaders to maintain public confidence.
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Old 07-08-2017, 05:30 PM
6,837 posts, read 4,429,823 times
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Warren Buffett has built a redoubtable brand, with his cheery, folksy no-nonsense optimism. He’s not by any stretch lying, but even so, his “predictions” are more abstract maxims and exhortations of the style of Ben Franklin’s Autobiography, than any attempt at actually forecasting the future, let alone pronouncing actionable investment advice.

Broadly, I agree with him; America endures. Contrary to loony doomsday porn, it is extremely unlikely for there to be a revolution or any other gross cataclysm. We need not don the proverbial tinfoil hats. But at the same time, I think that the broadbased appreciation of assets in the 1980s and 1990s will be unlikely to repeat in the near future. I don’t that if Warren had a grandson who would be starting out as an investor today, that Warren junior-junior would be able to replicate Berkshire Hathaway’s track record going forward.
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Old 07-08-2017, 07:30 PM
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Automation is going to cost many, many jobs and the American economy is a consumer based economy so what is to happen. There will be winners and losers but maybe less winners and more losers in the future.

The income gap from senior management and the average worker has expanded without any inclination of widening. Maybe America will continue on or may possible go by the way of Rome.
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Old 07-08-2017, 09:44 PM
Location: Texas
6,601 posts, read 2,396,848 times
Reputation: 14141
Originally Posted by BigCityDreamer View Post
We are pretty much guaranteed a 2% annual GDP growth rate, and this will continue indefinitely - short of a nuclear attack on this nation, which is unlikely. It doesn't matter whether there is a Republican or Democrat administration in the White House.
I think a nuclear attack may be inevitable at some point.
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Old 07-08-2017, 09:51 PM
7,704 posts, read 5,427,930 times
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Originally Posted by BigCityDreamer View Post

Do you agree with Buffett's assessment about the U.S. economy? Why or why not?
Yes I agree. How many times has Buffett been wrong in the past? Not many, if any!
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Old 07-08-2017, 09:57 PM
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
20,844 posts, read 37,540,192 times
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for the foreseeable future... yes, agree,

USA is still the most stable large economy, but... that WILL NOT last 'forever'. maybe 20 yrs, maybe 5 yrs, maybe 200 yrs...

No one is really 'minding the store', and eventually the train will run off the tracks and not be able to be repaired ... "Too Big to get back on track". (And too much divisive leadership, and few educated voters / engaged business centric leaders, only politicians. )

There are those in the world who are 'strategic', and they will eventually pull ahead of USA's great momentum.

I am concerned we (USA) do not have the fortitude to survive a serious erosion of economy / security / strength.

For now... we roll on full speed ahead. (That can be troubling, but no-one stands in front of the oncoming freight train. )
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