Betting and Buffett | What I Learned From Meeting Warren Buffett

Betting and Buffett don’t really go together.

Buffett is a devout campaigner against things that cost people money, whether active funds that levy fees despite the fact they can’t beat passive funds or gambling. Where people are almost certain to lose!

I’ve been lucky enough to be a Berkshire Hathaway shareholder for a large number of years. I learnt about Warren Buffett many years before he entered the mainstream and invested in his company with two intentions.

(1) I thought it would be a great investment
(2) I wanted to attend the Berkshire Hathaway AGM

When I started attending the AGM, it led me to meet lots of other like-minded people and meant, as an international shareholder, I actually got to meet Buffett and other directors on a personal basis after the main AGM.

One year I thought I would ask Buffett for his advice on betting and insurance as both things are effectively betting on people not knowing the real odds of something happening.

In this video you see this question, Buffett’s answer and some more detail on the similarities between sports betting and the insurance industry that you see in financial markets.

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