In 1998, Warren Buffett gave a 1-hour masterclass on how to never lose money investing. Here are the 22 most valuable lessons from his lecture: 1. You only have to get rich once. If you have $100 million and can make 10% unleveraged or 20% leveraged, the difference between $110 million and $120 million at year-end means nothing to your life, your family, or anything. But the downside, especially with other people's money, is disgrace, humiliation, and facing the friends whose money you lost. The equation never makes sense. 2. To make money they did not need, they risked money they did have and needed. That is just plain foolish, Buffett says, regardless of your IQ. If you hand him a gun with a million chambers and one bullet and offer him any sum to put it to his temple and pull once, he will not do it. There is nothing on the upside that justifies the downside. People do this financially all the time without thinking. 3. The smartest people in finance went broke, and that is the most fascinating story Buffett knows. Long-term Capital Management had 16 people with possibly the highest average IQ of any business in the country, 350 to 400 combined years of experience, and most of their own net worth in the firm. They still went bankrupt. Buffett says if he ever wrote a book, it would be called why smart people do dumb things. 4. Beta and sigmas tell you nothing about the real risk of going broke. The LTCM team relied heavily on mathematics and believed a six- or seven-sigma event could not touch them. They were wrong. History does not tell you the probabilities of future financial events. The real risk is not volatility. It is a permanent, irreversible blind spot in something crucial, often caused by knowing a great deal about something else. 5. Invest only in businesses you can understand. That one rule narrows the field by about 90%, and that is fine. Buffett can understand Coca-Cola. he cannot value an internet company, and he says if a student handed him a valuation of one on a final exam, he would flunk them. People thought Enron was incredible because it had a good track record, but almost nobody understood how it made money. That was the signal to avoid it. 6. You want a business that is a castle with a wide moat around it. Inside the castle, you want an honest, able, hard-working duke. The moat can be low cost, like Geico in auto insurance, or brand, or patents, or location. But a wonderful castle will always be attacked, so the job of every manager Buffett owns is one thing: widen the moat. Throw crocodiles and sharks into it to keep competitors out. 7. Moats change slowly and invisibly, but they change. Thirty years ago, Kodak's moat was as wide as Coca-Cola's. They had share of mind; the little yellow box meant best in everyone's head. Then they let Fuji into the Olympics and narrowed their own moat. Coca-Cola's moat, by contrast, is wider now than 30 years ago. Every time infrastructure gets built in a country that is not yet profitable, the moat widens a little. You cannot see it day by day, but in 10 years, the difference is enormous. 8. Share of mind beats share of market. When you say Disney, every person in the room has something in their head. Say Universal Pictures or 20th Century Fox, and you have nothing. A mother with two kids will pick the $17.95 Disney video over the $16.95 alternative because she knows it will be fine and does not want to preview ten videos to decide. That little bit of certainty in the customer's mind is worth a fortune. 9. The best businesses have pricing power and require little capital. see's candy sold 16 million pounds at $1.95 when Buffett bought it for $25 million. The entire thesis was whether the price could go to $2.25 without hurting sales. It could, because nobody wants to hand their valentine a box of candy and say, "This year I took the low bid." Today, See's makes $60 million on the same formulas and still takes almost no capital. Compare that to GM, which had to reinvest every dollar into better factories and whose stock barely moved over 50 years. 10. The best businesses earn a royalty on other people's capital. Coca-Cola sells a formula and collects a royalty on every drink. American Express takes a few percent of every dollar you spend. You put up the capital, they take a cut. Low capital intensity is one of the most underrated qualities in a business and one of the surest paths to durable wealth. 11. Define your circle of competence and stay inside it. The size of the circle does not matter. Staying inside, it does. If you know which 30 companies out of thousands you actually understand, you are fine. Buffett understood H.H. brown shoes and Frank Rooney, so he closed that deal in five minutes. If you do not know enough to understand a business instantly, you will not understand it in a month either. 12. Ignore the macro entirely. Buffett has never bought or skipped a business because of a feeling about interest rates, the economy, or any macro forecast. If Alan Greenspan and Bob Rubin both whispered exactly what they would do for the next 12 months, it would not change what he pays for anything. You want to focus on what is important and knowable. The macro is important but not knowable, so you ignore it. 13. Inactivity is the strategy, not a flaw. Wall Street makes money on activity. You make money on inactivity. A broker is like a doctor paid by how often he changes your pills. If everyone in a room trades their portfolio with everyone else every day, they all end up broke, and the intermediary keeps the money. Buffett looks for one good idea a year and rides it to its full potential. He measures Berkshire by how little turnover there is, like a church where the same people fill the seats every Sunday. 14. If you understand businesses, diversification is a mistake. For the 99% who will not evaluate businesses, Buffett recommends a low-cost index fund and extreme diversification. But if you bring real intensity to evaluating companies, owning more than six is a terrible idea. Very few people got rich on their seventh best idea. A lot of people got rich on their best one. Buffett keeps about half his money in what he likes best. 15. Buffett's biggest mistakes are mistakes of omission, not commission. The times he understood a business well enough to act and instead sat there sucking his thumb. He passed on healthcare stocks during the Clinton plan and on Fannie Mae in the mid-eighties, each a multi-billion-dollar miss. Accounting never captures these. The $2,000 he put into a Sinclair service station as a young man, money he lost, has an opportunity cost of about $6 billion today. 16. Focus on what will happen, not when. Coca-Cola went public in 1919 at $40 a share and dropped to $19 within a year. There was always a reason not to buy: the great depression, world war, sugar rationing, thermonuclear weapons. But one share bought then and reinvested would be worth about $5 million. If you are right about the business, you will make a lot of money. The timing is the tricky part, so do not focus on it. 17. When hiring, look for integrity, intelligence, and energy. But if the person lacks the first one, you actually want them dumb and lazy. Because a person with intelligence and energy but no integrity will destroy you. Buffett borrowed this from Pete Kiewit. The trait everyone screens for last is the one that matters most. 18. Here is a thought experiment Buffett gives students. Imagine you could own 10% of one classmate for the rest of their life. You would not pick the highest IQ or the best grades. You would pick the person you respond to best, the one who is generous, honest, gives credit to others, and has leadership qualities. Now imagine you also had to short one classmate. You would pick the egotistical, greedy, slightly dishonest one. The qualities that decide both are not talent. They are character. 19. Every quality on the admirable side is achievable, and every quality on the repellent side is removable. The things that make you want to own 10% of someone are not the ability to throw a football or run fast; they are behavior, temperament, and character, all of which anyone can choose. Buffett's point: you already own 100% of yourself, so you might as well become the person worth betting on. 20. The chains of habit are too light to be felt until they are too heavy to be broken. Buffett sees people in their forties and fifties trapped by self-destructive patterns they can no longer change. At a young age, you can choose any habits you want. Ben Franklin and Ben Graham both did exactly this, looking at people they admired and simply deciding to behave like them. There was nothing impossible about it. 21. Take a job you would take if you were already independently wealthy. Buffett told a 28-year-old at Harvard who wanted a consulting job "to look good on his resume" that it was like saving up sex for your old age. There comes a time to just start doing what you love. Buffett offered to work for Ben Graham for free, was told he was overpriced, and kept pestering him for years. Take the job you would jump out of bed for. You cannot miss. 22. You won the ovarian lottery, and that should shape how you think. Buffett imagines a genie 24 hours before your birth letting you design the world's rules, with one catch: you do not know which of 5.8 billion balls you will draw. Born here or in Afghanistan, with an IQ of 130 or 70, male or female, able-bodied or not. If you could put your ball back and draw one of 100 random others, most people would not, because they are already in the luckiest 1%. Buffett knows he is perfectly wired for a market economy that pays him like crazy, while an equally good citizen leading scout troops and teaching Sunday school is not, purely by luck.

Elon Musk The remaining time is at most 3 years. During this period, it's still possible to make money through "human labor." But after that, Most jobs that have been paid salaries until now will become automated. The business of earning money will end. The "meaning of paying money to humans" will disappear. This system that's been going on for the last 200 years👇 "If you lend us your time for 40 years, we'll pay you a salary" This will end... Work will end In other words, history's largest-scale "money movement" will take place. So, what's the situation now? 👉Some people have realized it and taken action 👉Many people are "waiting until it's explicitly stated in the news" This "time gap between realizations" is everything. So, what needs to be done in these 3 years? Very Simple👇 "Transform your own time into an asset that machines cannot take away" Specifically, the following👇 • Rare digital assets like Bitcoin • Real assets like land or energy • Computers or infrastructure • Connections with people (network) • The power to produce food or things necessary for life What even is a salary??? "Just for having lent your own time" If the value of that time, becomes cheaper and superior with machines... - That value will suddenly collapse In the end, the only thing left will be this 👇 "What you own (assets)" In these 3 years👇 Those who can transform from "a salaried person" to "an asset-owning person" In 2035-2036 will be the "people who saw the future." After that👇 • Salaries won't increase They'll eventually become irrelevant The only thing left is one👇 "Who owns what" The door of opportunity is open right now. But it's closing faster than everyone thinks.

Elon Musk is telling you EXACTLY what to invest in. He said "the value of compute per watt will increase over time, not decrease." If I had $100,000 to invest in an AI portfolio, I would own these 10 stocks: $IREN - $27.65 now. Microsoft handed them a $9.7B AI cloud contract. Targeting more than $4B of ARR from 2026 capacity. $AVGO - $337 now. AI chip revenue up 221% to $16.7B last quarter. Guiding $21.7B next. $NVDA - $220 now. Data center revenue up 117% to $89B last quarter. Guiding $108B next. $CRDO - $182 now. Revenue up 115% to $479M last quarter. Optics alone expected to top $600M this fiscal year. $MRVL - $244 now. Record $2.74B quarter. Targeting $70B to $90B in revenue by fiscal 2031. $NBIS - $176 now. Revenue up 454% to $582M last quarter. Meta deal worth up to $27B. $VST - $153 now. 20-year nuclear power deals with Meta for 2,609 MW. Up to 1,200 MW more going to AWS. $NOK - $9.32 now. AI and cloud sales up 105% last quarter. Nvidia invested $1B for a 2.9% stake. $AMKR - $44.69 now. $1.5B multi-year advanced packaging deal with Nvidia to expand Amkor's Arizona capacity. $TSM - $431 now. Revenue up 41% to $46.7B last quarter. Guiding $52.3B to $54.3B next.

IIT, chalkboard, zero slides A 22-year-old at IMC gets paid $500,000 in year one for exactly one skill. Not picking winners. Seeing every trade as a full spread of outcomes, each one with its own odds attached. Her name is Prabha Sharma. She teaches this exact skill on a bare chalkboard, for free, in a lecture almost nobody outside that room has ever watched. Most people see a trade as a coin flip. Win or lose. Nothing else. You already think this way about your own trades, don't you. That's the mistake. A trade is never just win or lose. It's a spread of outcomes, each with its own odds and its own payoff attached before a single dollar moves. The formula for this is called the binomial distribution, and it's far simpler than it sounds. Here it is: P(X = k) = C(n,k) × p^k × (1-p)^(n-k) n = how many bets you take p = your real win probability on each one k = how many of them you actually want to win Try it yourself right now. Say you have a genuine 55% edge (p = 0.55) and you take 10 trades (n = 10). What's the actual chance you win at least 6 of them? Plug in k = 6: P(X=6) = C(10,6) × 0.55^6 × 0.45^4 ≈ 23.8% Add that up across every value of k from 6 to 10, and your real odds of winning at least 6 out of 10 land around 47%. Just under a coin flip, with a genuine edge in your favor. Sit with that for a second. A 55% edge does not feel like 55% once you actually run the math over a small number of trades. This is the exact formula that decides how much to risk on any single bet, once you actually know your edge. Sharma builds the whole thing from zero, in notation simple enough for a complete beginner to follow every step. Wall Street pays $500,000 a year for this one skill. An IIT professor already gave the entire thing away, for free, on a blackboard nobody bothered to watch.

Elon Musk offered $97.4 billion for OpenAI. Sam Altman answered in one line: "no thank you but we will buy twitter for $9.74 billion if you want" Exactly one tenth of the offer. Musk replied with one word. "Swindler." The two started OpenAI together in 2015 as a nonprofit. Musk left the board in 2018 and has been fighting Altman ever since, including in court. The bid landed in February 2025, right when OpenAI was trying to turn itself into a for-profit company. A few days later OpenAI's board rejected it unanimously. Altman's own guess was that Musk was "probably just trying to slow us down." I don't think either of them expected a sale. Musk's offer made OpenAI's restructuring harder and more expensive. Altman's reply turned a serious legal move into a meme the whole internet shared. Still, it's wild to watch two of the richest men in tech fight like this over a company they started together. Who won this round, Musk or Altman?

Elon Musk The remaining time is at most 3 years. During this period, it's still possible to make money through "human labor." But after that, Most jobs that have been paid salaries until now will become automated. The business of earning money will end. The "meaning of paying money to humans" will disappear. This system that's been going on for the last 200 years👇 "If you lend us your time for 40 years, we'll pay you a salary" This will end... Work will end In other words, history's largest-scale "money movement" will take place. So, what's the situation now? 👉Some people have realized it and taken action 👉Many people are "waiting until it's explicitly stated in the news" This "time gap between realizations" is everything. So, what needs to be done in these 3 years? Very Simple👇 "Transform your own time into an asset that machines cannot take away" Specifically, the following👇 • Rare digital assets like Bitcoin • Real assets like land or energy • Computers or infrastructure • Connections with people (network) • The power to produce food or things necessary for life What even is a salary??? "Just for having lent your own time" If the value of that time, becomes cheaper and superior with machines... - That value will suddenly collapse In the end, the only thing left will be this 👇 "What you own (assets)" In these 3 years👇 Those who can transform from "a salaried person" to "an asset-owning person" In 2035-2036 will be the "people who saw the future." After that👇 • Salaries won't increase They'll eventually become irrelevant The only thing left is one👇 "Who owns what" The door of opportunity is open right now. But it's closing faster than everyone thinks.

All those years of dreaming about a job where i play games all day are about to pay of

Jack Ma told Elon Musk humans will always be smarter than machines. Musk’s reaction says everything. “Computers may be very clever, but human beings are much smarter. We invented the computer. I've never seen a computer invent a human being.” Ma's argument was simple. Computers are tools. They calculate faster, remember more, but humans still hold something machines don't: experience, judgment, wisdom. Musk clearly didn't buy it. “What would be an example of something that humans are better than a computer at?” Watching this exchange now feels completely different than it did then. AI agents aren't just calculating anymore. They're writing code, analyzing documents, planning tasks, deciding what to do next on their own. METR found that the length of software tasks frontier agents can complete autonomously has historically doubled roughly every seven months, with signs of even faster progress through parts of 2024. That's where Ma's argument starts to buckle. For decades, technology automated what humans did. AI is starting to automate what we assumed required a human to think. And companies were already learning to create enormous value with almost no people before this wave even arrived. Instagram sold for $1 billion with 13 employees. WhatsApp sold for $19 billion with 55. Now picture what happens when a small team can direct hundreds of machines that never sleep, never take a salary, never need an office. The question was never just which jobs disappear. It's what happens to the money once fewer humans are needed to create it in the first place. That's the question behind 2028: The Economy Without Humans. Who gets the money when machines do the work?

AOC: Elon Musk is not A scientist, he is not an engineer. He is a billionaire con man with a lot of money'. Elon Musk : Trillionaire 🤣

Elon Musk The remaining time is at most 3 years. During this period, it's still possible to make money through "human labor." But after that, Most jobs that have been paid salaries until now will become automated. The business of earning money will end. The "meaning of paying money to humans" will disappear. This system that's been going on for the last 200 years👇 "If you lend us your time for 40 years, we'll pay you a salary" This will end... Work will end In other words, history's largest-scale "money movement" will take place. So, what's the situation now? 👉Some people have realized it and taken action 👉Many people are "waiting until it's explicitly stated in the news" This "time gap between realizations" is everything. So, what needs to be done in these 3 years? Very Simple👇 "Transform your own time into an asset that machines cannot take away" Specifically, the following👇 • Rare digital assets like Bitcoin • Real assets like land or energy • Computers or infrastructure • Connections with people (network) • The power to produce food or things necessary for life What even is a salary??? "Just for having lent your own time" If the value of that time, becomes cheaper and superior with machines... - That value will suddenly collapse In the end, the only thing left will be this 👇 "What you own (assets)" In these 3 years👇 Those who can transform from "a salaried person" to "an asset-owning person" In 2035-2036 will be the "people who saw the future." After that👇 • Salaries won't increase They'll eventually become irrelevant The only thing left is one👇 "Who owns what" The door of opportunity is open right now. But it's closing faster than everyone thinks.

Elon Musk offered $97.4 billion for OpenAI. Sam Altman answered in one line: "no thank you but we will buy twitter for $9.74 billion if you want" Exactly one tenth of the offer. Musk replied with one word. "Swindler." The two started OpenAI together in 2015 as a nonprofit. Musk left the board in 2018 and has been fighting Altman ever since, including in court. The bid landed in February 2025, right when OpenAI was trying to turn itself into a for-profit company. A few days later OpenAI's board rejected it unanimously. Altman's own guess was that Musk was "probably just trying to slow us down." I don't think either of them expected a sale. Musk's offer made OpenAI's restructuring harder and more expensive. Altman's reply turned a serious legal move into a meme the whole internet shared. Still, it's wild to watch two of the richest men in tech fight like this over a company they started together. Who won this round, Musk or Altman?

AI ads are getting real enough that you honestly can't tell anymore. Fastlane v2 builds an AI creator for each audience, makes their videos and posts them across IG, TikTok and Shorts. The question for brands now isn't whether to use AI creators. It's how many.

AOC: Elon Musk is not A scientist, he is not an engineer. He is a billionaire con man with a lot of money'. Elon Musk : Trillionaire 🤣

Jack Ma told Elon Musk humans will always be smarter than machines. Musk’s reaction says everything. “Computers may be very clever, but human beings are much smarter. We invented the computer. I've never seen a computer invent a human being.” Ma's argument was simple. Computers are tools. They calculate faster, remember more, but humans still hold something machines don't: experience, judgment, wisdom. Musk clearly didn't buy it. “What would be an example of something that humans are better than a computer at?” Watching this exchange now feels completely different than it did then. AI agents aren't just calculating anymore. They're writing code, analyzing documents, planning tasks, deciding what to do next on their own. METR found that the length of software tasks frontier agents can complete autonomously has historically doubled roughly every seven months, with signs of even faster progress through parts of 2024. That's where Ma's argument starts to buckle. For decades, technology automated what humans did. AI is starting to automate what we assumed required a human to think. And companies were already learning to create enormous value with almost no people before this wave even arrived. Instagram sold for $1 billion with 13 employees. WhatsApp sold for $19 billion with 55. Now picture what happens when a small team can direct hundreds of machines that never sleep, never take a salary, never need an office. The question was never just which jobs disappear. It's what happens to the money once fewer humans are needed to create it in the first place. That's the question behind 2028: The Economy Without Humans. Who gets the money when machines do the work?

AOC: Elon Musk is not A scientist, he is not an engineer. He is a billionaire con man with a lot of money'. Elon Musk : Trillionaire 🤣