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Feel like I.
Thank you look here -- -- full.
Did you ever get concerned about movies.
Well I think everybody's following lose.
Whole credit rating thing in talking about different reforms in terms of how those and -- work but I certainly never.
What Berkshire should do one way or the other we'll think that's the thing.
Do you ever tell him what you think when it comes to at least some of the stock portfolio because.
-- struck me as a very independent thinkers and entrepreneurial guy and everybody knows we've done in your house but.
Don't think that it's the right of the board members to be able to say warrant bargain by ConocoPhillips when oil is -- 147 dollars a barrel I was.
Well I get to talk to warrant a lot about businesses and what things are doing well and we often talk about.
Companies in the portfolio.
So there's lot of open discussion.
Out -- -- the CEO to make those decisions and so far so good that it doesn't just -- you know at all but if I don't.
It failed about a developing software but I -- I know you wouldn't have done this because -- actually got his idea to invest in the railroads from new.
You were one of the original guys who is thinking let me put into railroads but.
What -- you have -- to him if you felt this way.
-- a lot of money to spend on Burlington northern its capital intensive business and think you should do it hadn't thought that would you have had the correct thing that's ever would you -- he's not listen.
But it was a lot of good discussion about.
It's prospects is the US does well.
Some of -- issues about that it's partly in -- regulated business.
The fact that it requires capital.
Is if it's getting reasonable returns that's actually hunt.
Not a bad thing at this stage because Berkshire's generating a lot of -- and some of that the businesses.
All other incredible businesses additional capital would have very low returns.
And so even though this one doesn't have mind blowing 20% -- terms it's nice to have one.
-- typically about how good returns there wasn't a good discussion and Warren decided to look harder at Burlington Warren.
In the end you know that's.
A big decision that that he made that.
I felt like he he'd made sure -- if we have any thoughts he he could put that into the equation.
That's that -- -- he was only about five years they haven't made on I got here I was really didn't actually -- just -- five years behind about the big Purdue I'm.
As any of your board members ever flat out says don't do this out I mean I'm not -- not a -- -- other issues don't you know and you go ahead and do it.
Listen to them -- I might I might I might go ahead and -- -- might not about it I've.
Both things have occurred.
-- what impresses you most about the way Warren Buffett thanks.
But he -- -- framework.
Or looking at a business and the profit stream that's gonna come out of -- in the dynamics.
Competitors and policies.
That allows him to make very quick and very sound judgments and you know it's a lifetime of -- Doing that you know and a rare case where it doesn't work out he thinks OK what did I mean essence about -- just keeps getting better and better.
And no one else's salute as fanatical -- is as talented.
He and Charlie this weekend were ripping people not talk with high IQ's but saying just because somebody has a super high IQ.
Doesn't necessarily mean.
They're not gonna blow at some point losing my job.
You don't you don't need honored that the IQ I mean if you got got a hundred that the -- -- thirty points or somebody else.
Yeah I'm starting I would got -- -- a good job where I needed if you look.
Boy you brought up the long term capital management if it's -- -- -- that of course that was -- -- -- the blow up in 1998 due to a very -- Ruble that Russian -- -- That was them that a whole bunch of conversion -- that it all started.
Correlating together and they had extreme leverage -- Smart guys are very Smart guys that -- and I know some on the decent guys and they have their own money at risk but -- that's -- he's intelligent in the -- of 200 people.
-- enough leverage.
About interconnected -- in the financial world.
Could cause a situation where the Federal Reserve and was worried about what their failure would be -- system which is pretty amazing thing about.
-- you're obviously technical guy Warren is not I never remember you and I were talking.
10-Q you said I've is a couple years that he's -- I've just recently taught him how to click on the blew me for Internet Explorer.
How do you get and understand your world.
Well Warren knows what he needs to know -- -- technologies.
Making information available.
It's both good for companies.
To get things done and it lets them compete more vigorously and so -- and you go through the Berkshire businesses they're all.
You know is Carter.
Using new technology very effectively even something like Burlington the real world story.
Really is a story of scheduling the equipment in a rational way.
And so over the -- when he -- it's gone from a business that didn't.
Use its capital very well one that.
Use it better and if he can share and many cases way from trucking because of the.
About what you know looking at technology it's it's not.
One of these fly by night sectors anymore -- and this is not a nano technology works in its early stages or something brave new world.
Have you ever brought warrant a tech company and said.
You really ought to look at this to consider mind.
No I've never -- Whether it's Microsoft or any other because.
Tech companies by their very nature live on.
Five years down the road they'll be another breakthrough that changes the rule in five years later -- be another breakthrough.
Now that's a fun ride but in terms of being able to say is this where couples should go for twenty years.
I think that risk of technical change.
-- -- What Warren feels this is gained when he's got a game or he's better at it there's one person who has got one -- Biotech company announced Charlie I don't I don't get that distinction.
We'll be speaking with can hit it.
Well a couple years ago you got a -- have you looked at the iPad one.
That's I think they'll tell why will be the last guy in the world.
With a landline phone reading your daily newspaper -- a -- about -- or maybe -- -- you think -- the last battle -- at the collapse.
What they'll see you guys just -- plans for a tablet -- for Microsoft.
Was that concession in a way to think -- -- the iPad came out swinging here had huge sense.
None -- -- -- it tablet it's a device where you have input you can take notes and right.
And Microsoft have a lot of different tablet projects.
That we're -- we think.
That work with the -- that that Microsoft pioneered will become a mainstream for students and give you device you can not only read.
But also create documents at the same time so that's the -- values.
That's a pen if it's a lot easier and you.
You look at a company like apple right now it's market cap and I know -- you might argue with this because of the way they actually count the shares but.
-- speaker that a company like Berkshire it's now counted bigger than Microsoft may be bigger than everything except ExxonMobil.
What does that say to you about how intelligently or not the market is valuing cup.
Audience it was let's say is Steve Jobs is done a perfect job and there will be companies -- Stalin and occasionally they will excel because of what we usually excel because of brains.
Yes I think both in general and in this specific.
And -- Apple's done a great job.
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