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Hey guys, and welcome back to the daily dose of finance episode 14. Uh, today we're going to look at uh another Warren Buffett video. I think it will be great uh as always, the weather is fantastic, blue skies, the sun is out. Um, and yeah, I think it will be nice. Uh, right now we are looking at the market, the S&P 500.
Um what what do you think is going to happen? Please comment below if you have thoughts on it. Um we cannot predict the market anything like that but um it looks like we might recover a little bit. Uh and also the VIX is coming down as well soon under 30 as well. So it's going to be interesting. Um after hiking all the way up to 60 uh which is quite crazy.
AMD is doing quite well. Premarket IQ as well is getting up a little bit again. The one the two stocks that we really like. Um and as well China as well up about four 3 4%. Um so it looks quite nice. But yeah, let's just jump straight into the video and maybe you learn something new today. Where there were robots every place.
They were running farms. They were running Apple. They were running Birkshire Hathaway. And all you had to do was one person could punch a button at the start of every morning. And all the goods and services that we're getting now would be turned out by robots or whatever. And we'd have the goods. We'd have 18 million cars a year.
We'd have a million one housing starts. We'd have all the iPads being sold. And if all of that came from one person pushing a button, would that be a tragedy? I mean, just think of what how well we'd live. Now we'd have instead of having to work 35 hours a week, we might work an hour a week or something of the sort.
No, I mean basically the more output you can get from people, it it frees them up to do other things. And one of the things it frees them up to do is work less. We work less than people did 100 years ago. And what we've elected to do is bring down the work week to some extent, but also have a huge amount abundance of goods beyond what we had at that time.
at Geico, we have we are spending millions and millions of dollars with Watson and and uh we've been working with it for probably a year or so and uh it there are a lot of possibilities with it and and we're learning a lot as we go along. I mean it we're not we're not to the finish point by a long shot, but we do consider it something of potentially uh great value uh in terms of our insurance business.
Uh the one thing I was thinking of doing this year was to work into the my report the fact that there would be a third party at the uh sitting up there with Charlie and Munger and myself at the meeting and have people speculating about this being my successor and maybe having a some uh having it hidden in some way and then unveiling it and waiting for the first question which you could have asked and you could have said, "Well, let's get right to the meat of it.
Who's going to be Warren's successor?" and have Watson rumble a little bit and finally say I am sort of going back to hell in terms of 2001. Yeah. With Geico, what are you using Watson to do? Well, we're we're training Watson. What Watson learns and and basically with Wat but but it's not going to know anything that we haven't taught it.
I mean in terms of putting in the information but it learns and and it would be enormously valuable for example uh just in terms of training thousands of of new people who act as agents for us on the phone. I mean, have to be licensed and that sort of thing. And and it can be it may and this is a long way off, but it it possibly could could be uh uh responding to tens of thousands of phone calls that we get every day.
It it could be helpful in terms of claims and it, you know, it it it can learn a lot and it can uh it can it has to learn what humans mean when they talk to. I think the the most exciting thing right now of course is is is in the health field because uh you have millions of doctors around the world that can't can't possibly keep up with all the scientific specialist information coming along and you have you know somebody if I have prostate cancer my doctor seen maybe 500 people with prostate cancer in his life or a thousand and treated them and and he draws certain deductions from what this test meant and then that test meant but imagine getting that in the millions and having that all processed.
So I think I think I think a lot of things are going to happen in medicine. People win lotteryies every day, but there's no reason uh to have that effect at all. You shouldn't be jealous about it. I mean, you know, if they want to do mathematically unound things and one of them occasionally gets lucky and they put the one person on television and the million that contributed to the winnings with the big slice taken out for the state, you know, don't get on there.
It it's nothing to worry about. just all you have to do is figure out what makes sense. Uh and you don't and you look at buying when you look when you buy a stock, you get yourself in the mental frame of mind that you're buying a business. And if you don't look at a quote on it for five years, that's fine.
You don't get a quote on your farm every every day or every week or every month. You don't get it on your apartment house if you own one. If you own a McDonald's franchise, you don't get a quote every day. You know, you you want to look at your stocks as as businesses and think about their performance as businesses.
Think about what you pay for them as you would think about buying a business and let the let the rest of the world uh go its own way. You don't you don't want to get into a stupid game just because it's available. And uh I'm going to say a little bit more about that close to the break, but uh with that, I'll turn it over to Charlie.
Yeah. Well, I think that your children are right to look for people they can trust in dealing with stocks and bonds. Unfortunately, more than half the time they will fail in a conventional answer. So, you they they really have to they have a hard problem. If you just listen to your elders, they'll lie to you and make and spread a lot of folly.
But they really have an easy problem. What? In the in the sense that American business as a whole is going to do fine over time. So the only way that they can I'm not the average client of a stock broker. Well, we'll get to that later. The stock broker will do fine. The uh Yes, that's true. But they don't have to do that.
And we can talk. We I'd rather address that just a little later. But uh just you don't want to worry. You don't want to be a lot of problems, Charlie would say, are caused by envy. You don't want to get envious of somebody who's won the lottery or or bought an IPO that went up. You have to figure out what makes sense and follow your own course.
But um welcome back from the video. Um, I think it was really nice talking about the AI, the robot stuff that how it will improve everything that we work less than we did 100 years ago. And they talk about they doing like if robots do every all the work they do farms they do apple like they do all this stuff and that we're going to have less and less work because uh the tech boostes this boosts the performance of everything and that we could work like one hour a week uh maybe and still live well.
Um, and that AI is using Geico, using IBM Watson to train agents, handle calls and improve claims and also that it could use it in medicine in the sense of that it could process so many cases uh compared to a doctor and that it has a huge potential in in diagnosis and that kind of stuff. Also, when it comes to investing in business, not tickers, thinking uh like you're buying a business, not a stock, like we think about a lot, ignore daily prices, focus on long-term value.
This is where when I talked in the last video about IQ and looking at their balance sheets, uh looking at their revenues, looking at uh their moat, what they're going to do, what they like share of the market, that kind of stuff. uh and that it looks like a profit that that it is a profitable business and it will continue to grow.
It looks really really good. Uh also don't chase hype or envy. Ignore lottery winners and IPO hype. Stick to what makes sense. One example here is Palanteer. Uh nobody was looking at Palanteer at seven bucks, but everybody was looking at it when was 80, 90, 100. It peaked at 120 or so, I think. Um So, oh I see I don't have any I don't have any.
I just have my desktop here. But yeah, I think um that is the stuff like don't go after the hype. The hype will always like momentum. Everybody can buy momentum I think. Um but finding these long-term value stocks is is the one thing to find. But um yeah, I hope you enjoy your day. Um and that you go go on with the positive mindset from this video and uh you go outside, get a little bit of that vitamin D that we all need and uh that you have a great day and I'll see you tomorrow.
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