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Bill earlier we were talking before about how he wants to buy more newspapers and -- and did not -- to be living here.
You're not buying it spent Christmas -- because he got the idea of five railroads back in -- 2006.
Review you're already a Canadian railroad -- -- -- -- -- Railroad since he was boy got it right yeah.
I active hardly claim credit for -- -- him to that.
The whole sector of the -- I am I repeating what he told.
Well he's he's very generous.
We both we both made.
Good money -- -- we're happy railroad investors.
You've both been and I knew this about -- but I didn't know you used to be in newspaper delivery point absolutely I I was far better than Warren it's really one of those things that.
Needs are covered -- I was I was there yesterday not a big.
They didn't show up -- We got video lot better than this Paper throwing contest where we all cost Omaha world herald to the to the porch of a Clayton -- and exactly you on -- and I was stunned to see here's Warren.
You made a right to the porch.
And then bill.
Exactly in the same position.
That employers want to hear -- grandson.
Right under the new so.
GE he won that -- I all the house in the newspaper article -- -- up.
Athletic -- of being -- night I would say I was a little better.
So we're we're one to one for the weekend right people play ping pong against the Chinese champions right.
It was right that we tried to both serve -- to say hi and not they work it bolted out.
Right to want one and then you brought up the gigantic -- that didn't work either -- -- only break here and he's good workers and I've -- dramatic effort to rob Walton yeah.
I couldn't quite resort to that I would about a get a that you -- ultimately.
Of in the past you've done a lot of things you've you've deaths with Nebraska cheerleader our -- -- a wall.
That's an incredible -- -- figure you're back event you were doing it you were in your seventies look at them they're both looking at the monitored they are likely -- pot and.
I look at -- what I -- they're gonna do a.
-- your price chairman never participates in sitting on the people are throwing the newspapers why not.
Well he's the it is the thinker in the -- -- In fact areas Charlie Munger the vice chair of Berkshire Hathaway.
Will be joining us thrown out -- morning surely.
Welcome to the party here.
-- -- -- I'm Charlie there was there was so much focus this weekend on -- health and -- succession plan and how much longer Warren would be running the company but let's turn it to you.
How much longer will you be up on stage with warrant for these annual shareholder meeting.
Well I server very important function because.
People look at me and and so mug and other -- of seven years -- a warm yeah I think it.
These actions to get rid of me and others -- and British others have got lower than the American.
How much better it -- very good about butler's and how much longer will you participate somebody citizens try at least last year.
Well I hope not.
They were let every planned to remain on the stage at these meetings.
So the third ruling.
I -- -- the above -- ahead of the sterling today died.
I'd rather be there if the only way I get a very good -- -- rule.
I think that's right yeah I think that's right well.
Well -- you -- as feisty as ever one comment you made a product round of applause from the audience and that was on the mortgage lending bubble.
And you set.
It was wrong and this is stuff you -- over the past couple of years but you've never phrase it like it before it was wrong not to stamp down on felony and folly.
Of all but irresponsible lending quote I often say.
Alan Greenspan overdosed on -- -- Meaning the whole free market hands off approach was a total disaster.
I think most of these -- terms have limits.
In other words.
An axe murderers not a good thing because that happens -- a free market.
There's a limit to win the -- market is -- -- Free market and that kind of fraud and falling as well.
It's not wise to a lot -- never allowed it and they have -- had no trouble.
Weird we were disgraceful to sit there and look out be sensible well Lou.
I would say that's it and -- -- Alan Greenspan and Charlie but at this point of view that he has.
He has since said -- said that he sort of overestimated the ability of the free market to.
Throughout natural operation.
Two rain and and acted what was there Obama's self interest -- these that they missed that in terms of.
Yes Alan Greenspan is the only person.
Who has apologized for his best.
-- the wealth should apologize -- -- there's all off sort of the big lead.
Practically everybody expects US banks oh my god to us.
Dot -- now we have that but at the last numbers I looked at its 850 pages long.
The Volcker Rule of -- breaks down to 380 plus questions and those have more than 14100 sub questions.
Will that be the thing that prevents us from dealing with this type of disaster again.
-- certainly a step in the right direction.
Had the power of I -- amid the holder equity.
So you think that up for -- a much more preventing banks from from investing in the proprietary trading issue there are all complaining right now Charlie.
That that's ruining their ability to do well and do well for shareholders.
Well let's natural and -- -- regular money out of something.
Now ought to be forced out of it.
Starting -- banks are on it at all in the open on Christmas.
I don't I don't they ought to have a fairly restricted repertoire and that the -- reasonably keep them within that replica.
What we the taxpayer bailed out a lot of them including AIG in the news today is that the Treasury Department will try and sell off more of the the tax -- holdings of AIG.
You think the bailout of AIG it was something we have to do.
Do you think the taxpayer Warren will see a profit on the that the way it's going they would they will show profit you know -- he -- them.
-- He hated to say that --
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