Friday, February 17, 2017

Warren Buffett Outlook on 2017`s Economy













Transcript : I said what do I do with this money and 0:06 I said investing is just about assigning 0:08 yourself the right story I didn't want 0:10 to go to college my dad want me to go to 0:12 college 0:12 why did you come back to him all I came 0:14 back I had about a hundred and 0:15 seventy-five thousand dollars and I 0:17 thought that was all i would need to 0:19 live the rest of my life 0:20 have you ever run into that guy again 0:22 now he needs protection how when you had 0:24 your first annual meeting how many 0:25 people showed up with that 0:26 well we had 12 but you had to count my 0:28 and Katy and Michael friend any word of 0:30 advice you give to somebody was a young 0:32 investor who would like to emulate you 0:34 would you fix your time please 0:38 but people wouldn't recognize me of my 0:40 time let's fix the problem with this way 0:44 alright I don't consider myself a 0:53 journalist and nobody else we consider 0:56 myself a journalist I began to take on 0:58 the life of being an interviewer even 1:00 though i have a day job of running 1:02 privately from how do you define 1:06 leadership 1:08 what is it that makes somebody tick 1:13 appreciate it 1:19 the financial capital alright well right 1:22 yeah right there at your favorite 1:26 restaurant in Omaha clorox so why do you 1:29 like it so much is it the food or the 1:31 price or the combination of both 1:33 it's the food and the price and the 1:34 Heritage IE for generations of the 1:37 garage family were involved or palarong 1:40 i went to grammar school together and so 1:41 I've known the people over the years the 1:43 stakes are great you know the prices are 1:45 right so had lunch here earlier today 1:47 was very good and it wasn't that 1:49 expensive and i quite enjoyed it a lot 1:51 cheaper than new york and walking a lot 1:52 that's why i buy i buy people lunch here 1:55 and then they could buy me the kitchen 1:56 New York it's a good deal good arbitrage 1:58 you grew up in Omaha but then you move 2:01 to Washington when your father became a 2:03 congressman right how did you start your 2:04 business career in Washington with 2:06 various pinball machines or golf 2:08 businesses 2:10 yeah I was like that but a couple of 2:11 businesses going in and the best 2:13 business we had was the pinball machine 2:14 business which was the wilson 2:16 coin-operated machine company that was 2:18 named after the high school my partner 2:20 and i went to but but we had we had our 2:23 machines and barbershops and the barbers 2:25 always want to put us in machines with 2:26 flippers which were just coming in but 2:28 those machines cause 350 bucks whereas 2:30 an old obsolete machine cause 25 bucks 2:33 so we always told him we take it up with 2:35 mr. Wilson this mythical not sure what 2:37 caused it 2:37 he was one tough guy I got to tell you 2:39 so when you graduate from high school 2:41 you weren't as interested in academics I 2:43 assume at that time I was not interested 2:44 in your high school yearbook said he's 2:46 likely to be a stockbroker he's very 2:48 good at math 2:49 why did you go to warden and why did you 2:50 only stay two years there I didn't want 2:52 to go to college and my dad want me to 2:54 go to college and we didn't have sats 2:56 that but he probably would have done the 2:58 SATs for me so he had in the true that 3:01 and i always want to please my dad that 3:03 mean he was a hero to me and still is 3:05 but so he kept kind of a general email 3:07 log and said well why don't we just fill 3:09 out an application for the hell of it 3:11 and so what he suggested Wharton and 3:14 apply there and they let me and and and 3:17 after the first year I wanted to quit 3:19 and go into business and my dad said 3:21 well give it one more year and so I went 3:24 to second year 3:25 and I said I still want to quit and he 3:30 said well you know you've got almost 3:31 enough credits if you go to Nebraska 3:33 which I was quite willing to do for one 3:35 year you can get out in three years so 3:37 that's what i did this would never 3:39 called you up and said well you're a 3:40 half graduate you should give us some 3:41 money or they never bother you so far 3:44 they haven't tried that line but they 3:45 may after they watch this 3:46 so after that you wanted to go to 3:48 business school yeah I'd I'd ones some 3:51 minor scholarship but the Nebraska to go 3:54 to any graduate school I wanted to that 3:56 they give me 500 bucks and so I applied 3:58 my dad suggested Harvard so I applied 4:01 and you didn't get in 4:02 I didn't get it i mean no it took 10 4:04 minutes for the guy that guy's near 4:06 Chicago interviewed me so i spent about 4:08 10 hours going to see him and he looked 4:10 at me and he said forget it happen have 4:13 you ever run into that guy again or ya 4:15 heard from him since how he needs 4:17 protection huh 4:18 so I guess Harvard that doesn't come 4:20 after you for money because they turn 4:22 you down but you went to Columbia 4:23 Business School and why did you go to 4:24 Columbia well i was at the University of 4:27 Omar what was then called the universal 4:29 mods library in august and i was leaving 4:32 through catalogs and I just happened to 4:35 see that call me at gram and Dodd as 4:37 teachers and I i read their book but i 4:40 had no idea that they were teaching so I 4:41 wrote Dean died I said that their day 4:44 dot I said I thought you guys were dead 4:47 and i said but not for sure if I'd 4:49 really like to come to club if you get 4:50 me in so you did assume pretty well at 4:53 columbia business school I did okay 4:54 there yeah you worked for mr. grandma's 4:56 partnership and how did that work well 4:58 it was terrific in the sense i was 5:00 working for my hero but then was going 5:04 to retire in a couple of years and so I 5:07 was only back there about a year and a 5:08 half but but every day I was excited 5:11 about being able to work for him 5:13 so what you were good at was picking 5:15 stocks according to his formula which 5:17 was to look for companies were 5:18 undervalued now we call it value 5:19 investing did you realize that he had 5:22 some principles that were very unique 5:24 and that why you followed his guidance 5:27 well by the time i went to work for my 5:29 probably could have recited the words of 5:31 this book better than he could I read 5:33 his books multiple times and so it was 5:35 more a question of being inspired by him 5:37 that it was by 5:38 learning something new from him why did 5:40 you come back to him and I I want to 5:42 come back to home all I i had made many 5:45 friends in New York had a lot of friends 5:46 in New York but we had two kids by that 5:49 time and i lived in white plains I take 5:52 the train and they take the train back 5:53 and it didn't strike me as much of the 5:55 life compared to being here and all and 5:58 and both sets of grandparents were alive 6:00 at that time and it just and uncles and 6:03 Addison I i I'm all was a more pleasant 6:06 place to live right so you buy a house 6:08 here I rent a house we rented our house 6:10 at 475 dollars a month 6:12 ok and when did you buy your house that 6:14 you're still in in 1958 my my third 6:17 third child was on the way so you start 6:20 a partnership here and how did you raise 6:21 money well they've been actually when I 6:23 came back I had about 75 thousand 6:25 dollars and I thought that was all i 6:27 would need to live the rest of my life I 6:29 could take care of everything so I 6:30 really plan to go to school I thought 6:32 about going to law school 6:33 just think how successful you could have 6:35 been as a lawyer that's true i I've ever 6:37 regretted it ever since you know so your 6:39 first partnership when you had people 6:40 cobble together some money how much 6:42 money did you actually cobbled together 6:43 well we met one night in May early May 6:46 and of 1956 and there were seven people 6:50 there aside from myself and they put in 6:53 a hundred and five thousand dollars and 6:55 i put in a hundred dollars so we started 6:57 with a hundred and five thousand one 6:58 hundred dollars and i gave them a little 7:00 piece of paper called the ground rules 7:02 but then ultimately ended that 7:03 partnership I thought know what happened 7:05 was that between negative 56 in january 7:09 first 262 i started 10 more partnerships 7:11 I made a mistake i had no secretary 7:13 no-account everything so I every time I 7:15 buy a stock I break it into 11 tickets 7:18 hydride 11 checks i kept 11 sets of 7:21 books 511 tax returns and and yeah I did 7:25 it all myself right and i took delivery 7:26 of all the stocks that I was worried it 7:28 was other people's money so I good on 7:29 the bank and have these things delivered 7:31 graph it finally I got wise and I 7:33 January 462 I put all 11 of the previous 7:36 partnerships together in something 7:38 called Buffett partnership Iran that to 7:40 the end of nineteen sixty-nine at which 7:42 time i dissolve that dissolve that one 7:44 but then 1969 you start a new 7:46 partnership now in 1969 I i mailed by 7:49 that time we had about a hundred 7:51 five million dollars in the partnership 7:52 and about 70 million or so love that was 7:56 in cash to be distributed and the 7:58 balance was in three stocks mostly 8:01 berkshire hathaway that i distributed 8:03 pro-rata everybody okay and then you 8:06 started buying more stocks through the 8:07 vehicle berkshire hathaway and stocks 8:10 and and businesses yeah what would you 8:12 say is the reason for your ability to do 8:14 this is that you studied the company's 8:16 more than anybody else you stuck to your 8:18 principles 8:19 you're smarter than other people people 8:21 were just caught up with fads you didn't 8:23 get caught up with feds what would you 8:24 say is the reason for the success 8:26 well it first to be quite an extent that 8:28 would we bought businesses that we 8:31 thought were decent businesses that 8:32 sensible prices and we had good people 8:34 to run but we also bought marketable 8:36 securities and berkshire over time the 8:38 emphasis shifted from marketable 8:40 securities over to buying businesses 8:42 what was the theory behind by a railroad 8:44 because people thought they were kind of 8:45 fossils as businesses the railroad 8:47 business had a bad century they're kind 8:48 of like the Chicago economy everybody 8:50 has a bad century that 8:55 [Music] 8:57 over the years you've bought a number of 9:03 companies and head stakes in companies 9:04 one of the ones that I know very well is 9:07 Washington Post how did that come about 9:08 well in 1973 the washington post company 9:14 gone public in 1971 one right about the 9:16 Pentagon Papers type time but in 73 the 9:20 Nixon administration I was through bebe 9:24 rebozo was appalling Nixon's they were 9:26 challenging the licenses of two of the 9:29 Florida television stations the post own 9:31 so the stock went from 37 down to 16 now 9:35 it's 16 there were about five million 9:37 shares outstanding so the whole 9:38 washington post company with something 9:40 for 80 million dollars and that included 9:42 the newspaper for big TV stations 9:44 Newsweek and on some other assets and no 9:46 debt to speak up so the washington post 9:48 company which was intrinsically work for 9:50 500 million dollars was selling for 9:52 about 80 million in the market we've got 9:54 most of our socket about the equivalent 9:56 of a hundred million the market and and 9:58 it was it was ridiculous I mean you had 10:00 a business that unquestionably was work 10:01 for five times what are selling bore and 10:03 Nixon was going to put them out of 10:05 business when you're doing these 10:06 analyses then and now do you have 10:09 computers that help you or how did you 10:11 actually read on when you get pretty 10:13 materials or how to do it in those days 10:15 get the materials to read about the 10:17 washington post and how do you do it 10:18 today 10:19 well same pretty much the same way 10:21 except there's fewer opportunities now 10:22 but I met Bob Woodward back and and and 10:26 he just come up with all the president 10:28 Spano and all of a sudden is at all 30 10:31 years of age he was getting quite 10:32 wealthy we had we had breakfast or lunch 10:35 over the Madison Hotel I said what do I 10:37 do with this money and I said I said 10:39 investing is just about assigning 10:41 yourself the right story I said imagine 10:43 ben bradlee this morning said to you 10:44 what is the washington post company work 10:46 what would you do if you have to write 10:48 the story in a month you go out and 10:49 interview TV brokers and newspaper 10:51 brokers and the owners and get some x 10:53 value each asset I said that's what i do 10:56 i assign myself the right story and it's 10:58 it's nothing more than that now there's 11:00 some stories I can't write if you asked 11:01 me to write a story on you know what is 11:04 some glamorous but non profit making 11:07 business worth i don't know how to write 11:09 that story but if you ask me to write us 11:10 around what is Potomac Electric Power 11:12 where there's something like that i can 11:15 write the story and that's what I'm 11:16 doing everyday i'm assigning myself a 11:18 story and then I gotten so you get the 11:19 annual reports and then you read them 11:21 just like other people might read novels 11:23 you read manual courts right and then 11:25 you do the calculations of what things 11:27 are worth in your head you know you have 11:29 computers that help you know if you need 11:30 you need to carry something out to four 11:32 decimal places forget it today you use a 11:35 computer today even I use its white 11:37 bridge and i use it i use it to go to 11:39 search to start a lot 11:42 yeah so you're is a computer in your 11:43 office use I don't use them i don't have 11:46 one in the office but i have one home 11:47 and like for a smartphone if somebody 11:49 wants to you know get ahold of you can 11:51 they get ahold of you want a smartphone 11:52 or mobile telephone and now its 11:55 smartphones too smart for me and a 11:57 computer you use rarely well I use it 12:00 quite and one of the trick questions 12:01 that the bill gates and I give when 12:03 we're talking odds is who's on the 12:05 computer more excluding email and the 12:08 answer is I probably am because I 12:10 probably play 12 hours a week a bridge 12:12 on it and then I use it a lot 44 search 12:15 but who do you fight bridge with is it 12:17 anonymous people in bridgend all I'm 12:19 regular my name is t-bone and I play 12:21 with a woman and San Francisco goes by 12:23 the name of Sir line and she's a 12:25 two-time world champ and i'm going to 12:28 try more jump and so where we were good 12:30 way we've been playing together for 12:32 decades and are you had a world-class 12:35 level after all these shelves now that I 12:37 I she you could have a better teacher 12:41 than she is but the student had 12:43 limitations 12:44 now you mentioned Bill Gates how did you 12:46 actually come to know Bill Gates it came 12:48 about because the make greenfield was 12:50 the editor of the editorial page of the 12:52 post called me and the late nineteen 12:55 eighties and she said Warren I've always 12:58 loved the Pacific Northwest she's going 12:59 up there and she said I want to know 13:01 whether I have enough money to be able 13:02 to afford to buy a house a kind of 13:05 application type house 13:07 I'm bainbridge island near Seattle and I 13:09 said Meg anybody that calls and asks me 13:12 where they got enough money does have 13:13 enough money so we go call that don't 13:14 have it so she bought the house so she 13:16 invited me and grabbing a few people out 13:18 to the house and she knew the elder 13:21 cases so she called mary gates and then 13:24 marry one 13:24 work on bill to try and get him to come 13:26 and bills i'm not gonna go down and meet 13:27 some stockbroker or something yeah and 13:30 Mary wasn't very firm time and said 13:32 you're coming and these are not coming 13:33 in by they started negotiating hours and 13:35 she said four hours and he said one hour 13:38 him and this went back and forth and he 13:40 came to honor when we met we talked for 13:42 about 11 hours straight without bigger 13:44 and yeah so that was the beginning of a 13:46 relationship yeah we get it off but you 13:48 never bought any shares or you just 13:50 never i bought a hundred shares just to 13:52 keep track of what this young kid was 13:53 doing okay and he's now on your board is 13:56 that right that's correct 13:57 so the relationship has become very 13:59 close and you get involved with him and 14:01 many philanthropic things as well 14:03 oh yeah that way we we have we have a 14:05 lot of fun talking so let me just ask 14:07 about the philanthropic things that 14:08 you've done with Bill and Melinda had 14:10 that idea of giving away your money to 14:12 somebody else's foundation come to you 14:14 well I i originally a plan that that my 14:18 first wife would handle the disposition 14:21 of all everything the week we had when 14:24 we came to that conclusion when I our 14:25 twenties and we started something called 14:27 of accommodation over 50 years ago but 14:30 it but I didn't give a lot way a lot of 14:32 money during those intermediate years 14:36 because I felt I was a compound gotta 14:38 write that I could give away billions to 14:40 set of millions if I wait a little while 14:41 she died in 2004 so that plan our 14:45 disappeared and then I was faced with 14:48 the question of how do i give away this 14:50 money in a way that right that those are 14:53 the people I want without me doing all 14:55 the work so you called bill or Melinda 14:57 one day and said guess what i'm going to 14:58 give you the bulk of my fortune what was 15:00 the reaction wasn't quite as elegant as 15:01 that actually yeah I you know I've been 15:04 asked that I don't remember that clearly 15:06 but I just someone I didn't call him up 15:09 it was not over the phone I good night 15:11 and you didn't ask them to say will call 15:13 the Bill and Melinda Gates and Warren 15:15 Buffett fashion you don't your name now 15:16 I did not think that would do any good 15:18 no you are on the board of the building 15:20 the gates foundation now that is true 15:22 but they run it i'm going to give us 15:24 doctor 15:25 what would you say that some of the 15:27 highlights of deals that you're most 15:28 proud of you let's take one that you did 15:30 recently the biggest deal you've ever 15:32 done was precision castparts about 37 15:34 billion dollars and purchase that was it 15:36 was between 32 and 33 billion of cash 15:39 and then we assumed about 4 billion of 15:41 debt 15:41 ok so how much you prefer to spend 15:44 thirty seven billion years he spent a 15:46 year studying the company know how much 15:49 time you spend with the CEO I met the 15:52 CEO I think I'm july first blast last 15:56 year and he happened to be calling on 15:59 certain shareholders and one of the 16:01 fellows in our office had a position in 16:04 the stock for sometimes so it was an 16:06 accident i met him if I'd been out 16:07 playing golf or something I'd never 16:09 would have happened but I went and I 16:11 liked him i heard and talk for 30 16:13 minutes and I then said that the fellow 16:15 in our office i had called him tomorrow 16:16 and and and say if he would like to 16:18 receive a cash bid from purchaser 16:20 Hathaway we would supply one that they 16:22 would like to receive one you know 16:23 forget we ever called that was it you do 16:25 her any investment bankers healthy 16:27 analysis know you ever higher investment 16:29 bankers to help you analyze a company 16:31 not to help analyze and sometimes 16:32 sometimes with it they are involved in 16:34 the deal when we are perfectly willing 16:35 to pay of that Commission one time you 16:37 told me a story about how an investment 16:39 banker was hired by somebody you were 16:41 going to try to buy what happened on 16:42 that was i I said we pay thirty-five 16:44 dollars a share how for a company then 16:47 an American energy and and they hired an 16:51 investment banker and the best manager 16:52 came out and spend about a week and they 16:54 they they kept if they want to sell it 16:57 they said the big deal of the end they 16:59 said well you've got to increase your 17:00 prices to make us look good i said i am 17:02 really worried about whether you look 17:03 good so they hang around all for about a 17:05 week and finally they call up and sort 17:08 of pleaded and said you know catch you 17:10 increase your price somewhat so that we 17:13 can send a bill and get paid 17:15 appropriately for our non services and 17:18 so I said okay you can tell them we'll 17:19 pay thirty-five dollars and five cents 17:21 and you can say you got the last nickel 17:22 out of me so that's what we paid 35 17:24 alright 17:24 normally you make a price and you don't 17:26 body and you ever do any unfriendly 17:28 deals no no no why do you say berkshire 17:32 hathaway originally was an unfriendly do 17:33 I but now or we're just not interested 17:35 not that unfriendly deals aren't 17:37 necessarily bad 17:38 I mean they're management's that should 17:39 be replaced but now people must call you 17:42 every day and say I have a deal for you 17:44 it's perfect and how often any of these 17:45 deals ever pan out 17:47 they don't call every day and we've made 17:50 our Arkwright criteria fairly clear so 17:54 there's relatively few that call and 17:56 when somebody calls i can usually tell 17:59 within two or three minutes whether 18:01 deals like it happen or not there's just 18:03 a half a dozen fillers and either makes 18:05 it through the filters or it doesn't 18:06 one time I was told that you got a 18:08 letter from somebody from Israel correct 18:10 saying i like it like a look at my 18:12 company now what's the likelihood that 18:13 somebody from Israel sends a company of 18:16 perspectives to you over the transom and 18:18 you say you're going to buy it and you 18:19 did buy it yeah we did but we gave we 18:21 bought eighty percent of it at that time 18:22 for four billion and then we later 18:24 bought the remaining twenty percent but 18:25 before you bought it you go to Israel 18:27 look at the company now I did not go to 18:28 Israel 18:29 I hope it's there and you're happy with 18:32 what you bought 18:32 absolutely and you also bought one of 18:35 the biggest railroads in the world 18:36 that's correct and that's worked out ok 18:38 we just forgot okay what was the theory 18:40 behind buying a railroad because people 18:41 thought they were kind of fossils as 18:42 businesses the railroad business had a 18:44 bad century they're kind of like this 18:45 should all go coming everybody has a bad 18:47 century doubt that but it finally the 18:50 the railroad industry got rationalized 18:52 quite an extent modernized and and the 18:54 railroad business is a good business is 18:56 now that it's not a great business but 18:57 it's a good business and in the fall of 18:59 2009 we already owned a fair amount of 19:02 bnsf permit to Northern Santa Fe and the 19:05 price it looks like we could do it a 19:07 sensible price so that was a Thursday 19:11 and I'm try the I said we would pay a 19:15 hundred dollars per share the directors 19:17 were interested then he checked with the 19:18 directors over the weekend and the 19:20 followings sunday we have a contract 19:22 sign somebody from the White House 19:24 Collins that would you mind having a tax 19:27 named after you and I said listen 19:29 all the diseases have been taking like 19:31 why should i I'll take a tax 19:37 [Music] 19:41 your view still is the best place in the 19:45 world to invest in the United States 19:47 well it certainly it has to be the best 19:50 of it's the best I know open at it so it 19:53 it's been wonderful i mean at nobody has 19:56 sold American short since 1776 and and 19:59 and enjoy that the what happened 20:02 subsequently but we were having roughly 20:05 two percent or less slower growth in the 20:07 last couple years you think that it's 20:09 possible to ever grow three and four and 20:10 five percent again in this economy there 20:12 will be some years but two percent 20:14 growth if you have a little less than 20:16 one percent population growth means in 20:18 one generation 25 years call it that we 20:22 will add maybe eighteen or nineteen 20:24 thousand dollars of gdp per capita 20:27 family 475 thousands are so we're just 20:30 beginning that one percent you know much 20:34 my life has been a product of compound 20:36 interest it's maybe better to do it at 20:38 higher rates but if you haven't already 20:40 prosperous economy and we've got the 20:42 most prosperous account of the world's 20:43 ever seen and you keep compounding it 20:45 over time people will be living far 20:48 better 20 years from now than they are 20:49 now you have said your secretary amazing 20:52 higher tax rate than you do and coming 20:54 down accounting payroll taxes yes right 20:57 and civilians favor of changing that 20:59 some years ago somebody from the White 21:01 House not the president called and said 21:03 that they read my views on taxation and 21:05 they said would you mind having a tax 21:08 named after you and I said well all the 21:10 diseases have been taking like why 21:12 shouldn't I 21:12 I'll take a taxi and so they referred to 21:16 this but I really do feel that anybody 21:18 that's making millions of dollars a 21:21 years should have a combined payroll and 21:23 income tax that is at least thirty 21:27 percent and in my office 21:29 everybody in the office does have that 21:31 except me how do you think you became a 21:33 Democrat when your father was a big 21:34 Republican and you're living a very 21:35 conservative state how do you think that 21:37 evolved civil rights more than anything 21:39 else 21:40 i mean i-i didn't think about it when I 21:42 was now 12 years over 14 years old and I 21:46 went to Atlas deal that was a as 21:49 cool for blacks just a few hundred yards 21:51 away and and it just never gone on the 21:55 how different life was for for other 21:56 people and then as I got to see more of 21:59 the world i just decided that there were 22:00 a lot of things that were unfair and the 22:03 Democrats seem to be doing a little bit 22:05 more about it 22:07 in berkshire hathaway today you have an 22:10 annual meeting that attracts roughly 22:12 40,000 people when you had your first 22:14 annual meeting how many people showed up 22:16 at that 22:17 well we had 12 but but you have to count 22:19 my and Katy and Michael friend couple of 22:22 massacres we we usually had about to 22:24 outsiders and when you started berkshire 22:26 hathaway did you ever in your wildest 22:28 imagination think that you could build a 22:30 company that became one of the biggest 22:31 in the world was that ever in your plans 22:33 are well now I I just I've always just 22:35 kind of put one foot in front of the 22:37 other 22:37 what is it that you would like to have 22:38 as your legacy as you think i like to be 22:40 the oldest man that ever lived actually 22:42 but I I like teaching and so with that 22:47 if I've been a decent teacher and I have 22:50 a lot of university students come on 22:52 over here and today is there anything on 22:55 your bucket list that you would like to 22:57 do that you haven't done I've done heard 22:59 you know if there's anything I want to 23:01 do i do it my that money has no utility 23:04 anytime as you tell me to me but but 23:06 money in terms of going making trips are 23:09 going only more houses or having a boat 23:11 or something it has no utility to me 23:13 what has a lot of you telling other 23:14 people which is the reason for the 23:15 giving pledge what motivates you to 23:17 still run a company when most people 23:19 your age are playing shuffleboard or 23:22 they're relaxing or doing something 23:24 yeah they spend all week planning their 23:25 haircut usually but I i get to do every 23:28 day what I love with people that I love 23:29 I made it doesn't get any better than 23:31 that 23:31 and so the greatest pleasure in your 23:33 life other than doing interviews like 23:34 this is is what looking at new companies 23:37 making investments giving away the money 23:39 what he gives you the most pleasure your 23:40 grandchildren all is all of the above I 23:43 mean but the the truth is that that 23:46 regard berkshire hathaway sort of like 23:48 somebody that a painter regards our 23:50 painting in the difference being that 23:51 the campus is unlimited so there's no 23:54 finish line at Berkshire and it's it's a 23:56 game that you can continue to play any 23:58 word of advice you give to somebody was 24:00 a young investor who would like to 24:02 emulate you what you would recommend 24:03 that they do to kind of build something 24:05 close to what you've done 24:06 I think you should look for the job that 24:09 you would want to hold if you didn't 24:11 need a job 24:12 I mean you're you're probably only going 24:14 to live one Shirley MacLaine a different 24:16 without a few people but and you don't 24:19 want to go sleepwalking through 24:20 life and you're really whether you make 24:22 X or a hundred and twenty percent of X 24:24 really isn't remotely as important as to 24:27 whether in most cases you marry the 24:29 right person and you also find something 24:32 that you would do if you didn't need the 24:34 money and i've i've had that job for you 24:36 know if you're more years and I was 24:39 lucky and then I sort of found early on 24:42 what turned me on that way but but don't 24:45 settle for a something that you can 24:47 possibly but don't worry about making 24:48 the most money this week and next month 24:51 that means when I want to offer to work 24:53 for Ben Graham I said I work for nothing 24:55 and I'm at you know I mean I just the 24:56 idea being turned on so look look look 24:59 for the job that turn John find a 25:00 passion





No comments:

Post a Comment