Christian faith should coexist with respect for all
“As a Christian man, non-denominational, Christ is King, I say that comfortably. My life changed the day I accepted Jesus Christ as my Savior, January 21st of 2004. I will say that to a Jew, to a Muslim, to a Catholic, to anybody, that's my faith. And every day I fall short.”
“Charlie Kirk once said... Islam is the sword the left is using to slit the throat of America. Let me read it to you one more time. Islam is the sword the left is using to slit the throat of America. Do you agree with Charlie? Cause I do. Cause it's all like, hey, let's make it not a big deal. Let's be tolerant.”
Patrick Bet-David rejects Tucker Carlson's framing of slander
“You do twist words a lot and I noticed you did that with me. He hates Catholics. He hates this. Catholics hate the Jews and all the stuff that you did. It's a little bit of your shtick which I give. But let me get into a few things I want to address with you in this video. Maybe you're not aware of it.”
Succession planning must address gradual cognitive decline risks
“We've got a plan in place to essentially, respectively, with a good friend of mine, merge our operations in the event that that I or he running his firm would depart suddenly. So he's somebody that that I'd be very comfortable having my family's capital with and my clients' capital with. So we've got that in place as well. But I think to your point about a slow cognitive decline, we talk about tulipomania.”
Massive AI CapEx creates significant return on capital risks
“On $3,000,000,000,000 to make a 15% return on the capital that's spent, you need $450,000,000,000 in profit. The four big hyperscalers all have cash flow from operations at just over a $100,000,000,000 And I'm talking incremental profitability required from revenues that are now $30,000,000,000. So who knows who winds up winning if there can be a winner?”
Market buybacks often enrich executives while offsetting dilution
“For twenty five years, it's grown by 1.8%, but you're essentially if 30% to 40% of what every company makes goes to retire shares, you have not shrunk the share count, who got rich? The executives. You could say in the case of the shareholder, those repurchases supported the stocks and that's why we're trading at 26 times earnings today and that's probably the case. But those were dollars that didn't go into reinvestment in property, plant and equipment or acquisitions.”
Operating earnings require adjustments for accurate economic valuation
“Where for the year, it looked like operating earnings declined by almost $3,000,000,000. No, they were actually up by 1,100,000,000, but the world reacted, nobody in the media got it right and the stock just started getting just beat up. So Greg comes in with an acknowledgment to where he and in consultation with Warren thinks fair value is, started buying the stock back. I wish they hadn't filed and told the world they were buying it because I doubt they're going to get that much bought because the stock jumped back up.”
Personal faith drives PBD's vision for American success
“My life changed the day I accepted Jesus Christ as my savior, 01/21/2004. I will say that to a Jew, to a Muslim, to a Catholic, to anybody. That's my faith... My priority is to make sure we advance America in a way that young men are able to make enough money to get married and have three plus kids, preferably four, and be able to have their kids dream become a reality where if they wanna go build a business and make billions, do it.”
America First priorities must include protecting capitalism
“My number one priority is to make sure America stays as the greatest country in the world. Period. Full stop. I'm America first. I'm a Christian, non denominational Christian that you need to know about me... I want capitalism to be common sense for everybody to realize that if a new person wants to come up and have their dreams become a reality, I want that to be out there.”
“You said, Sharia law has made Islamic societies more advanced than the West. It's interesting. Sharia law has made Islamic societies more advanced than the West. It's a pretty bold statement. I mean, it's like you're selling Sharia law more than you're selling America. You had a guest on a couple weeks ago. Your guest said, you know, that capitalism should not be anywhere near Christianity.”
Berkshire remains a disciplined underwriter despite pricing pressures
“For thirteen years in a row, they ran insurance premiums down from $232,000,000 to $50,000,000 because insurance prices were not adequate. Berkshire does that. Nobody else does it that way. And they're in the process now of shrinking insurance premiums, both in reinsurance and in some of the property lines within the surplus and the primary group.”
Bank-backed stablecoins won via geopolitical alignment
“It became clear to me that bank-backed stablecoins were going to win because they were what we referred to at the time as geopolitically aligned. This basically means they're not going to be shut down because they funnel foreign money into US treasuries. We realized that was going to happen in 2018 when Coinbase and Circle launched USDC.”
America first values must prioritize capitalism and opportunity
“My number one priority is to make sure America stays as the greatest country in the world. Period. Full stop. I'm America first. I want capitalism to be common sense for everybody to realize that if a new person wants to come up and have their dreams become a reality, I want that to be out there.”
High margins and high multiples indicate future underperformance
“When you overlay high margins with high multiples, which is what you have at an extreme with those handful of tech businesses, which were properly rewarded for their economic success and they were properly rewarded with high multiples, I think you're at an inflection point and you could say it's an inflection point for the S and P five hundred, but it's probably an inflection point for the most richly valued of this large corner of the S and P five hundred.”
PBD rejects Tucker Carlson's claims of religious slander
“It's almost like a you you do twist words a lot, and I noticed you did that with me. He hates Catholics. You know, he hates this. Catholics hate the Jews and all this stuff that you did. It's a little bit of a, you know, your shtick which I give. But let me kinda get into a few things I wanna address with you in this video, and maybe you're not aware of it.”
Berkshire remains a disciplined underwriter despite pricing pressures
“For thirteen years in a row, they ran insurance premiums down from $232,000,000 to $50,000,000 because insurance prices were not adequate. Berkshire does that. Nobody else does it that way. And they're in the process now of shrinking insurance premiums, both in reinsurance and in some of the property lines within the surplus and the primary group.”
Greg Abel proves a capable successor through deep involvement
“Greg has been running Berkshire effectively as its CEO since 2018 when he became vice chairman. And he's gotten his arms around all those businesses. He knows what he could handle. Warren has said the guy just lives, breathes. All he does is Berkshire. He's gotten his arms around this business and he's leaning on Adam who he has a lot of confidence in to be essentially the CEO just overseeing 32 of the businesses because Greg can't handle the direct reports from all those companies.”
“The cases that the SEC and the Department of Justice brought against Nader have been dismissed. The DOJ dismissed in March 2025, and the SEC dismissed with prejudice — meaning it can’t be refiled — in March 2026. This comes after the founder was charged with defrauding investors of $3 million and running an unregistered securities offering.”
DESO creates censorship-resistant social media on blockchain
“DESO is short for decentralized social, and you can basically think of it as like Twitter or X, but on a blockchain. What that means is that when you make a post, it's actually stored on a fully decentralized blockchain and nobody can censor it. Just like nobody can take your Bitcoin, nobody can censor your content.”
Berkshire's intrinsic value grew 9.3 percent year-over-year
“I come up with when you just do a simple average of my four methods, a progression of 9.3% year over year, which gets you to a little over 1,200,000,000,000, almost 1 and a quarter trillion. My market cap would be intrinsic value and on a per share basis that went from the b shares a year ago were $5.22. I've got them at $5.70 per share now and the a shares are up to 855,396.”
Succession planning must address gradual cognitive decline risks
“We've got a plan in place to essentially, respectively, with a good friend of mine, merge our operations in the event that that I or he running his firm would depart suddenly. So he's somebody that that I'd be very comfortable having my family's capital with and my clients' capital with. So we've got that in place as well. But I think to your point about a slow cognitive decline, we talk about tulipomania.”
High margins and high multiples indicate future underperformance
“When you overlay high margins with high multiples, which is what you have at an extreme with those handful of tech businesses, which were properly rewarded for their economic success and they were properly rewarded with high multiples, I think you're at an inflection point and you could say it's an inflection point for the S and P five hundred, but it's probably an inflection point for the most richly valued of this large corner of the S and P five hundred.”
Massive AI CapEx creates significant return on capital risks
“On $3,000,000,000,000 to make a 15% return on the capital that's spent, you need $450,000,000,000 in profit. The four big hyperscalers all have cash flow from operations at just over a $100,000,000,000 And I'm talking incremental profitability required from revenues that are now $30,000,000,000. So who knows who winds up winning if there can be a winner?”
Berkshire's intrinsic value grew 9.3 percent year-over-year
“I come up with when you just do a simple average of my four methods, a progression of 9.3% year over year, which gets you to a little over 1,200,000,000,000, almost 1 and a quarter trillion. My market cap would be intrinsic value and on a per share basis that went from the b shares a year ago were $5.22. I've got them at $5.70 per share now and the a shares are up to 855,396.”
Greg Abel proves a capable successor through deep involvement
“Greg has been running Berkshire effectively as its CEO since 2018 when he became vice chairman. And he's gotten his arms around all those businesses. He knows what he could handle. Warren has said the guy just lives, breathes. All he does is Berkshire. He's gotten his arms around this business and he's leaning on Adam who he has a lot of confidence in to be essentially the CEO just overseeing 32 of the businesses because Greg can't handle the direct reports from all those companies.”
Market buybacks often enrich executives while offsetting dilution
“For twenty five years, it's grown by 1.8%, but you're essentially if 30% to 40% of what every company makes goes to retire shares, you have not shrunk the share count, who got rich? The executives. You could say in the case of the shareholder, those repurchases supported the stocks and that's why we're trading at 26 times earnings today and that's probably the case. But those were dollars that didn't go into reinvestment in property, plant and equipment or acquisitions.”
“I ended up returning the entire $140 million to investors; they got back like 94 cents on the dollar. I also didn't pay myself while doing it, so I literally had less money after than when I started. I had full control of the entity and over 75% of the equity, so if I wanted to grab cash, I certainly could have, but I decided to do the right thing instead.”
Operating earnings require adjustments for accurate economic valuation
“Where for the year, it looked like operating earnings declined by almost $3,000,000,000. No, they were actually up by 1,100,000,000, but the world reacted, nobody in the media got it right and the stock just started getting just beat up. So Greg comes in with an acknowledgment to where he and in consultation with Warren thinks fair value is, started buying the stock back. I wish they hadn't filed and told the world they were buying it because I doubt they're going to get that much bought because the stock jumped back up.”
“You said Sharia law has made Islamic societies more advanced than the West. It's interesting, Sharia law has made Islamic societies more advanced than the West? It's a pretty bold statement. It's like you're selling Sharia law more than you're selling America.”
Islamist expansionism poses a threat to American stability
“Charlie Kirk once said... Islam is the sword the left is using to slit the throat of America. Let me read it to you one more time. Islam is the sword the left is using to slit the throat of America. Do you agree with Charlie? Because I do. I do. Because it's all like, hey. Let's let's make it not a big deal. Let's be tolerant. Let's be tolerant Christians. Sharia law has made Islamic societies more advanced than the West.”
Al-Naji mined early Bitcoin on college campus electricity
“In 2012, when I was in college, I actually was able to mine 24 Bitcoin on free campus electricity. That's how easy it was to mine Bitcoin back then, you could just do it in your dorm. I remember I was so taken by it that I took a wad of cash to a CVS convenience store to send it to Mt. Gox just to buy more.”