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Weekend With Warren: Iscar Chairman Eitan Wertheimer on tax rates in the U.S. and his business with Berkshire Hathaway.
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Warren Buffett of Berkshire Hathaway.
Has bought outright summit eighty businesses.
Only one of those businesses.
Came from -- foreign country and we are now here explicitly but the chairman of his car which is -- cutting tools manufacturer.
Out of Israel and it's interesting -- time Wertheimer we're really happy to have you here I think about.
What you do at how many businesses he owns up to eighty businesses get out of the five.
What are you doing so well at his car during what could be a tough economy globally that.
It's a -- story.
We have through wonderful customers.
And they're wonderful people on this and we have to see that -- own.
Together that so ago.
In realistic we have 2 would usual I am -- -- solution well customer.
Because all of them want to be -- but -- -- tomorrow morning -- the next -- -- -- -- and if we get -- and good solution and then be competitive they'll be successful it's our job.
OK so you're executing you do a good job that's all very -- that time but the fact is.
We have big troubles in the eurozone the global economy has started to weaken China and which you do business as well is showing a little sign of stress and strain.
So how is it that you had record earnings last year in what you do and by the way he does cutting tools for heavy metal industries like aviation and the -- We found long time ago that we do not -- moment.
We think we have -- the people please get absolutely.
And find another cut.
The world get get this.
And our customers.
I see balance -- recession levels.
In the housing in the financial markets on the other hand -- about eating and drinking and driving -- and going over the life had some influence of plausible.
Stay right life and that -- of successes in spite of the balance sheet with.
-- economy which is just operational one.
He's aerospace industry is growing like this in you and -- people -- -- I have less problem and they have as always let's -- amount of people who want -- -- I have more energy people the woods is moving.
The countries around China around in the and the growing and growing and growing and keeping up the demand our biggest problem was he was keeping up and or problems got to -- Well that's a good problem to have you mentioned China -- the -- The substance that rare earth substance that you use tungsten a lot of it comes out of China.
Are they trying to slow down.
Your ability to mine out of there and what do you do how do you get around that work around that -- But the -- we probably Chinese market -- of them.
The second thing we also about those -- little bit into the mining area.
In the we're doing it slowly or time to -- destitute -- -- -- But it was always -- you have to look for them without material we don't look good to be able to drivers I think the price of I'm going to go higher in the near term it's gonna go up and down but we never know what's -- But we have to be let people situation and make it to be happy about it.
Traditionally it.
As a -- tended to forget -- -- you had dinner with more profit last night.
How to talk to you.
First -- -- awarded amazing dog we -- I was just.
So I MC was us.
-- Talk about marketing so what did amazing market figured they to have -- the market big enough customers -- it.
-- is.
Has got all that'd be you know.
Its old level bowers.
You don't fight the -- around.
It may be run out of the -- of about a hundred he has -- -- -- that will be especially -- is -- really great future.
And -- learned from him perfect balance between you'll had -- And those things and every time that we talked -- you -- something you and its.
Looks like the beginning of this on -- along song yeah.
I know you watch.
What happens in the United States very often he's pushing this profit tax -- a long millionaires.
Of course you do business in the US -- do it all over the place you based in Israel but the tax rates here in the United States you know.
How different is -- doing business here is it onerous is it more difficult if you think our rates.
Prevent businesses from growing.
I think.
That you USA has a very strongly and that the defeat he did to.
The promotion to.
Into and that helps a lot because you have to create all the time nuisance.
-- level of basic and effect from sometime going to -- the -- still -- egos who do those things but.
America delays main issue -- -- -- -- goods and how many infected people who want to do something good put to him -- And paid the -- things and AmeriCredit and -- times of course yep competition from China and India clearly hungry people.
Did move that thing they want to have the first the want to have that -- president says the very hungry.
And but that's the right thing so it's not that.
Just it's never the right things the auto industry how does -- look for your company because -- worked in it and as you know some people disagree with bailing out General Motors and Chrysler a couple years ago during the crisis.
President Bush.
For -- President Obama follow through with that Mitt Romney who's running for president has said he wouldn't.
I know very little about the politics.
Dealers say I know that the right thing to bail out the US I think GM came out from you models.
And is winning market.
An amazing job.
And I have all the respect -- -- inside.
The best idea that it is an investor like and think about politically I don't know but -- -- the business point of view over.
Have you also depicted -- -- DN and so you can go through rough weather.
You can -- terrain but you still have to -- -- to -- -- I think the lesson very -- may have some -- You must be.
Confidence public.
And finally it's time the one sort of out wire that could be a huge negative -- what happens in Iran and of course your country Israel there are tensions.
Between Israel and Iran what do you think is going to happen here do you think that there will be some type of military conflict and should the US get involved at that point.
-- Of those people my -- of the spending is.
Amazing -- up up.
And -- I think that's best things that can happen in -- -- to six.
One element that the people who rise from the inside and of the good chances.
Because really suffering because of what might some small group.
And other element that -- little thought it was because develop -- that would -- that they.
Two big times and it may happen twenty dollars a barrel what's gonna bring it out about it top.
Price of the gas and.
Of the natural gas natural gas that would bring them accumulate those people who -- Enjoy -- it's good.
To see -- a few -- -- Wertheimer is the chairman of this car out of this --
