Finding the next Star Wars. April 24, 2026

“If you had to give me a risk, you said, look, I want a low risk idea, to make me a lot of money. You're struggling to go past nostalgia right? Just as a concept. Like, well, always cashed up older people who just missed their youth. Take them back there. They will pay you whatever it costs to go back there. Even if only for a couple of hours watching a movie or something else, you got to figure there's something in that.”

“I've had the theory, and that's all it is, hypothesis that Star Wars memorabilia will plummet in price in the coming decades. Because, I mean, who are the people who... It's like you watched it as a kid. It was the best thing ever. Now, you're old peak earning power. You got a bit of cash. It's like, yeah, I want that. I will buy a Han Solo unopened for whatever Han Solo costs, 50,000. But the next generation doesn't give a stuff.”

“For that to remain accurate, the proportion of America's GDP created by listed companies would have to be the same. Because in terms of your PE, you're right in terms of saying it's a national PE, but it's a bit like property. The share market is 1,800 companies, not the entire economy... I suspect the applicability of the Buffett ratio for those two reasons is just less certain.”

“He's talking about using the elephant gun now for, I'm going to say over a decade. Now, any money that he withheld while that cash pile built and built and built and built... the reality of that is he's cost the company money by trying to wait. And so he has underserved the, if it was a deliberate, I'm going to wait for the crash. By the way, he had the COVID crash and he did nothing with the money.”

“All of their treasury exposure was basically one, six to 12 month exposure. So they just like, we totally can wait for it to mature. We don't need to roll things over and mark to market and all of this kind of stuff. But I do think that there is... why not buy some three-year treasuries, five-year bonds, whatever it happens to be. It was like, no, we will park it here because we need to get some interest on that just to outrun the money printer.”

“Back in 2016, as a sensible long-term investor, I'm going to buy a 10-year treasury, right? It was 1.8% was the yield, right? After 10 years, if you put $100,000 in, you've got $18,000 in interest... The cumulative inflation between April 2016 and April 2026, 38%. In other words, for you just to not make money, just to maintain your money... you have bought the lowest risk asset on the planet according to accepted wisdom.”

“Munger was talking about how an employee came up and said, it's great, great news. They've got looms now that we can, that are 10 times more efficient. And Buffett said, that's terrible. As Charlie Munger put it in a great way, he's just like, well, none of the meat's gonna stick to our ribs. That all goes to the consumer, right? And you go, well, what do you mean? He's like, well, everyone has access to these machines.”

“I suspect the most likely outcome for AI is like the internet. It's a cost-saving business for everybody else. Woolies and Coles aren't... Woolies is better than Coles because they use the internet. And Coles is better than Woolies because they use the internet. They both have to, because if they don't... Woolies isn't going to website? You can't shop online from them? Well, I guess I'll go to Coles then.”