GOLD is the money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!
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
Labels: Warren buffett