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Warren Buffett’s big life lesson to students: Don’t borrow money like Donald Trump
13-04-2018, 06:23 PM,
Post: #1
Warren Buffett’s big life lesson to students: Don’t borrow money like Donald Trump
Warren Buffett’s big life lesson to students: Don’t borrow money like Donald Trump

Tae Kim
April 13, 2018

Warren Buffett warned students not to borrow money like Donald Trump Warren Buffett warned students not to borrow money like Donald Trump  
14 Hours Ago | 00:54

Warren Buffett warned students about the perils of using debt and leverage decades ago, using Donald Trump as a negative case study.

Buffett was asked by a Notre Dame student about Trump's business troubles during a question-and-answer session in 1991. Trump's Atlantic City Taj Mahal casino filed for Chapter 11 bankruptcy protection later that year.

"Where did Donald Trump go wrong? The big problem with Donald Trump was he never went right. He basically overpaid for properties, but he got people to lend him the money. He was terrific at borrowing money. If you look at his assets, and what he paid for them, and what he borrowed to get them, there was never any real equity there," Buffett said, according to a transcript published by former hedge fund manager Whitney Tilson. 

More details in https://www.cnbc.com/2018/04/12/warren-b...trump.html
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