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Welcome back we're live in Omaha Nebraska and we -- speaking with Warren Buffett Bill Gates and -- vice chair Berkshire Hathaway.
Charlie Munger nice to have -- -- what the Tonight Show yeah where we have the three guys -- moved over.
Thank you for making the move there.
Charlie we don't often get to hear from you so so this is a real treat -- no going back fifty years what it was like when you first met Warren was it.
His -- instantly.
-- what did you think of him.
Well I thought it was a prodigy and and I go criticism my wife said why are you paying such enormous respect of a young man with a crew cut.
-- won't eat vegetables and what that I think that's though are very young -- What was it about him that indicated -- -- -- my work threatened.
When we had a common in this world and it made it -- to my grandfather's grocery store -- had died but we were.
That and ages and a friend brought us together this -- -- -- -- into the city to produce fireworks are -- are great friendship -- -- -- Well the age issue you guys tease each other a lot about your externally you're 85 -- the young -- for -- at 78.
Do you feel 85 -- and it's so interesting to watch you work and talk.
Well I have a duty.
I have to.
Give people hope that war and has seven more good years and come -- I should not that period and even after the I have to do -- -- -- Charlie at 85.
This encyclopedic about.
Almost everything -- is is is it's sort of -- what goes over -- much broader.
-- -- geography than mine I'm I'm amber focused on business and economic stock market that's sort of thing add.
Charge you can talk to Charlie about almost any subject I want -- -- you guys speak on the phone.
Well not so much now as we used to because we already know the other one thing.
Yeah that was sort of gravity shuttle like an old married couple we have a tough start but that does that mean I have accused of abandoning my -- I -- a much better golfer than Tiger Woods.
I have -- shot my age three times the bad guy isn't even close to 90 wait we're gonna.
I haven't read it here.
They've been close.
-- -- to be.
Under that that -- -- -- that I had the -- yeah.
It -- -- Charlie those -- push Warren to go outside his investment strategy sometimes he recently got to do something he doesn't like to do and that is.
Invest in a company he didn't fully understand and that was the Chinese electric car company be widely.
How did you convince -- -- and was seen.
Resistance to putting money into that.
Well it's not his natural inclination.
I didn't really convinced him.
The facts convinced him.
Would -- -- has already done is ridiculously difficult to do.
And they've done it anyway so.
It's a very remarkable company and -- could see that from the numbers.
But -- which argued that he called me from Rochester.
He's he was describing want to run through the -- runs it he said.
He's another report.
And move he says he's another Thomas Edison a -- and -- He said he's another Bill Gates I should put -- -- a.
-- would you.
I don't feel like the car if he had the opportunity find it -- the -- he's got to bear interest in carver we all had a chance.
-- drive it now over the weekend and can't hear anything because it's electric does that mean freak you out a little bit.
Well it might have to put some extra noise and just so pedestrians on the economies but it's you know and accelerates well and and made their progress.
Is quite impressive.
Charlie have you ever told -- when -- calls he was something where he wants to commit a great amount of Capital One that's a stupid idea we're not doing.
You'd be surprised how seldom that happens but once or twice I've spoken up so firmly on a preemptive basis.
-- and give it to.
What if so that's a stupid idea I take that as agreed by acting.
Place that lets you know even -- I'm gonna have you committed that I started -- back problem.
Charlie you have spoken at these meetings a couple years now because I remember a couple of years ago you set for us not to harness the sun the wind.
And the -- it is not intelligent thing that we should go ahead and do that.
Does -- feel the same way in which he's looking at that companies in that realm for example we've got the Smart grid and solar.
-- those types of company's interest you in this early stage of their development.
With a cup.
-- don't understand you very much but the field -- me enormously.
It's what we're very obvious that.
-- good engine armistice.
Enormously more than we have in the past.
And I am who were -- obvious that we should have a much better electricity -- I can now see those things.
Coming on pretty.
Best of my like that.
We don't usually try to pick winners and deal like that but with.
It's something like that and it's very hard to pick the winners then.
But we we think society as a big interest and it.
May develop but -- we would out of that -- probably able to pick -- -- auto company you know a hundred years ago.
-- -- pacers are are different ways of doing business in the -- high tech world to me dot com an online world that's.
Just get in first in -- scoop it up if there's a chance even in the nascent stages.
I'm not sure it's it's really whose first there are some people.
Who have the right characteristics.
And when Charlie met -- John -- we thought hey this is a person who's got.
Those characteristics that culture of the company is right there on the learning curve and it's on to bet on that person.
You know I doubt that -- find so many of those that its portfolio will be heavily.
Technology oriented but you know when you find them it's it's great to go -- Berkshire has significant positions in newspapers that this is to the -- board members sitting here Buffalo News and the Washington Post.
This is not on expanding and growth sector now obviously newspapers are in big trouble is there a point where you turn to -- and say.
This is a shrinking sector it's not working anymore we need to get out Charlie.
-- are already knows that.
We don't need to talk about what we already both know but.
We have lists system we have some investments.
Where we don't discard them just because there declining.
So we are perfect.
General -- type capitalists voters just always -- always heading.
We have some things that were faithful to -- -- so to speak.
And we're married to these -- some and we will play out there.
At our age we have to be somewhat tall order declining curve because yeah.
Complete bigger body in the -- to be admired.
-- particularly other handling it well.
-- Washington Post of courses and great company with.
The newspaper -- many other things -- they're you know looking at how they can move into the new world they're doing.
Some very interesting things.
Buffalo News I think -- handled the challenge challenges working with their unions figure out how to push forward as well as any newspaper company.
And you know this idea being loyal to big companies that you buy a 100% -- That's part of the Berkshire franchise and people who -- companies really value the commitment that gets made that.
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