Charlie thank you very much for takingCharlie thank you very much for takingCharlie thank you very much for taking the time to sit down with us todaythe time to sit down with us todaythe time to sit down with us today you spent a lot of time today talkingyou spent a lot of time today talkingyou spent a lot of time today talking about how people who think that they canabout how people who think that they canabout how people who think that they can beat the market averages are probablybeat the market averages are probablybeat the market averages are probably fooling themselves how much tougher it'sfooling themselves how much tougher it'sfooling themselves how much tougher it's gotten to be a value investor or evengotten to be a value investor or evengotten to be a value investor or even just an investor in general and I wasjust an investor in general and I wasjust an investor in general and I was just wondering do you think the goldenjust wondering do you think the goldenjust wondering do you think the golden era of investing is over well notera of investing is over well notera of investing is over well not forever why well because I think itforever why well because I think itforever why well because I think it isn't like the last recession or theisn't like the last recession or theisn't like the last recession or the last big opportunity that the worldlast big opportunity that the worldlast big opportunity that the world we're gonna get is passedwe're gonna get is passedwe're gonna get is passed there'll be opportunities in the futurethere'll be opportunities in the futurethere'll be opportunities in the future there are times that are easier andthere are times that are easier andthere are times that are easier and there are times which are harder so isthere are times which are harder so isthere are times which are harder so is right now tougher just valuations haveright now tougher just valuations haveright now tougher just valuations have come up would be the competition sortingcome up would be the competition sortingcome up would be the competition sorting through those opportunities is morethrough those opportunities is morethrough those opportunities is more intelligent more aggressive and moreintelligent more aggressive and moreintelligent more aggressive and more numerousnumerousnumerous of course it's harder do you think thatof course it's harder do you think that
of course it's harder do you think that the the net result is people are gonnathe the net result is people are gonnathe the net result is people are gonna get worse results do you think that theget worse results do you think that theget worse results do you think that the number of people who are smarter whonumber of people who are smarter whonumber of people who are smarter who have better information than they usedhave better information than they usedhave better information than they used to that that will go down or it willto that that will go down or it willto that that will go down or it will just be a question of valuations comingjust be a question of valuations comingjust be a question of valuations coming down at some point well I thinkdown at some point well I thinkdown at some point well I think valuations will come will go up and downvaluations will come will go up and downvaluations will come will go up and down because they always have and and I thinkbecause they always have and and I thinkbecause they always have and and I think we'll have smart people in the in thiswe'll have smart people in the in thiswe'll have smart people in the in this game forever lots of them thegame forever lots of them thegame forever lots of them the opportunities that we all remember cameopportunities that we all remember cameopportunities that we all remember came from tomorrow ice period about 90% offrom tomorrow ice period about 90% offrom tomorrow ice period about 90% of natural stock buyers got verynatural stock buyers got verynatural stock buyers got very discouraged to stocks that's whatdiscouraged to stocks that's whatdiscouraged to stocks that's what created the opportunity for thesecreated the opportunity for thesecreated the opportunity for these fabulous records that my generation hadfabulous records that my generation hadfabulous records that my generation had and that was a rare opportunity thatand that was a rare opportunity thatand that was a rare opportunity that came to a very rural people of whom Icame to a very rural people of whom Icame to a very rural people of whom I was one was another people who start nowwas one was another people who start nowwas one was another people who start now have a much less they have lowerhave a much less they have lowerhave a much less they have lower opportunityopportunityopportunity do you think we saw a generational low
do you think we saw a generational lowdo you think we saw a generational low after 2008 beginning of 2009generational maybe yeah I don't thinkgenerational maybe yeah I don't thinkgenerational maybe yeah I don't think the behavior is gonna be cheaper wasthe behavior is gonna be cheaper wasthe behavior is gonna be cheaper was them yes it was low huge opportunitiesthem yes it was low huge opportunitiesthem yes it was low huge opportunities then what about just back aroundthen what about just back aroundthen what about just back around December Christmas Eve prices were downDecember Christmas Eve prices were downDecember Christmas Eve prices were down 20% and further for a lot of stocks well20% and further for a lot of stocks well20% and further for a lot of stocks well I don't follow the details and rememberI don't follow the details and rememberI don't follow the details and remember the exact days that I know that when thethe exact days that I know that when thethe exact days that I know that when the Daily Journal bought those bank stocksDaily Journal bought those bank stocksDaily Journal bought those bank stocks it was basically a little low-tech thatit was basically a little low-tech thatit was basically a little low-tech that was an accidentwas an accidentwas an accident no way deserves some credit no well butno way deserves some credit no well butno way deserves some credit no well but the exact perfect timing was an accidentthe exact perfect timing was an accidentthe exact perfect timing was an accident what about the lack of volatility thatwhat about the lack of volatility thatwhat about the lack of volatility that we've seen in the markets that's alsowe've seen in the markets that's alsowe've seen in the markets that's also kind of as central bank's got into thekind of as central bank's got into thekind of as central bank's got into the game and increased liquidity well ofgame and increased liquidity well ofgame and increased liquidity well of course it's with all this massivecourse it's with all this massivecourse it's with all this massive central bank interference I think thatcentral bank interference I think thatcentral bank interference I think that was necessary to do others I admire thewas necessary to do others I admire thewas necessary to do others I admire the the politicians who did it and thethe politicians who did it and thethe politicians who did it and the technocrats including the Federal
technocrats including the Federaltechnocrats including the Federal Reserve people and I think it wasReserve people and I think it wasReserve people and I think it was absolutely required and that the dangerabsolutely required and that the dangerabsolutely required and that the danger they were avoiding was worth some thethey were avoiding was worth some thethey were avoiding was worth some the troubles they caused so but it was verytroubles they caused so but it was verytroubles they caused so but it was very peculiar and it did have the accidentalpeculiar and it did have the accidentalpeculiar and it did have the accidental effect of bailing out the rich in ordereffect of bailing out the rich in ordereffect of bailing out the rich in order to help the poor and nobody was doingto help the poor and nobody was doingto help the poor and nobody was doing that because they loved the rich theythat because they loved the rich theythat because they loved the rich they just didn't have any other tool than thejust didn't have any other tool than thejust didn't have any other tool than the kid and they had to do something so thekid and they had to do something so thekid and they had to do something so the inequality that came from that it wasn'tinequality that came from that it wasn'tinequality that came from that it wasn't malevolence it was an accidentmalevolence it was an accidentmalevolence it was an accident and it probably won't happen again andand it probably won't happen again andand it probably won't happen again and it's not a permanent conspiracy againstit's not a permanent conspiracy againstit's not a permanent conspiracy against the poor it was it was an accident thatthe poor it was it was an accident thatthe poor it was it was an accident that we had the huge recession caused partlywe had the huge recession caused partlywe had the huge recession caused partly by passive stupidity in finance andby passive stupidity in finance andby passive stupidity in finance and banalitybanalitybanality and then when we ran out of tools andand then when we ran out of tools andand then when we ran out of tools and had to do something really peculiar thathad to do something really peculiar thathad to do something really peculiar that we'd never done beforewe'd never done beforewe'd never done before that was the wise thing to do given thethat was the wise thing to do given the
that was the wise thing to do given the amount of trouble we were in you got toamount of trouble we were in you got toamount of trouble we were in you got to remember the trouble allowed to run weremember the trouble allowed to run weremember the trouble allowed to run we might have had a revisitation of themight have had a revisitation of themight have had a revisitation of the kind of troubles that brought Hitlerkind of troubles that brought Hitlerkind of troubles that brought Hitler into power so we were facing realinto power so we were facing realinto power so we were facing real difficulties and both parties and ourdifficulties and both parties and ourdifficulties and both parties and our technicalstechnicalstechnicals got together for the last time I thinkgot together for the last time I thinkgot together for the last time I think and work this out you can all be proudand work this out you can all be proudand work this out you can all be proud I've been proud of nothing in politicsI've been proud of nothing in politicsI've been proud of nothing in politics sense there are all sorts of politicalsense there are all sorts of politicalsense there are all sorts of political proposals out there right now to try andproposals out there right now to try andproposals out there right now to try and solve that inequality that was createdsolve that inequality that was createdsolve that inequality that was created everything from a 70% tax on the highesteverything from a 70% tax on the highesteverything from a 70% tax on the highest brackets to a wealth tax to taxing stockbrackets to a wealth tax to taxing stockbrackets to a wealth tax to taxing stock buybacks or even preventing them do youbuybacks or even preventing them do youbuybacks or even preventing them do you think any other we have to destroy sothink any other we have to destroy sothink any other we have to destroy so many qualities probably gonna go away bymany qualities probably gonna go away bymany qualities probably gonna go away by itself why well I think there was a weitself why well I think there was a weitself why well I think there was a we hit a peak of inequality becausehit a peak of inequality becausehit a peak of inequality because authorities had no alternative but toauthorities had no alternative but toauthorities had no alternative but to print a lot of money of course thatprint a lot of money of course that
print a lot of money of course that bailed out asset values and but that wasbailed out asset values and but that wasbailed out asset values and but that was a fluke and they can't they can't reallya fluke and they can't they can't reallya fluke and they can't they can't really do more of it they've played that gamedo more of it they've played that gamedo more of it they've played that game once as much as they really can and so Ionce as much as they really can and so Ionce as much as they really can and so I don't think people were worried aboutdon't think people were worried aboutdon't think people were worried about inequality here should worry too muchinequality here should worry too muchinequality here should worry too much about a lot more of it from a lot moreabout a lot more of it from a lot moreabout a lot more of it from a lot more interest rate lowering we are stillinterest rate lowering we are stillinterest rate lowering we are still stuck with this populist fervor thoughstuck with this populist fervor thoughstuck with this populist fervor though and yeah sure but that submit wasand yeah sure but that submit wasand yeah sure but that submit was breathing-- how do you think that playsbreathing-- how do you think that playsbreathing-- how do you think that plays out well I don't know so far it'sout well I don't know so far it'sout well I don't know so far it's probably doubt in waves sometimes theprobably doubt in waves sometimes theprobably doubt in waves sometimes the Democrats are and sometimes theDemocrats are and sometimes theDemocrats are and sometimes the Republicans in my lifetime the countryRepublicans in my lifetime the countryRepublicans in my lifetime the country has run better net because we had twohas run better net because we had twohas run better net because we had two parties each of which was partly inparties each of which was partly inparties each of which was partly in control if either party have been andcontrol if either party have been andcontrol if either party have been and totally in control of all branches oftotally in control of all branches oftotally in control of all branches of the government I think we would be worsethe government I think we would be worsethe government I think we would be worse off todayoff todayoff today do you think there's room for a third Ido you think there's room for a third Ido you think there's room for a third I think we buy going back and forth little
think we buy going back and forth littlethink we buy going back and forth little tension I think we got about the righttension I think we got about the righttension I think we got about the right amount of social safety netamount of social safety netamount of social safety net it would have been evil not to have asit would have been evil not to have asit would have been evil not to have as much and we probably couldn't afford amuch and we probably couldn't afford amuch and we probably couldn't afford a lot more do you think there's room for alot more do you think there's room for alot more do you think there's room for a third political party the way Howardthird political party the way Howardthird political party the way Howard Schultz is kind of stepping inSchultz is kind of stepping inSchultz is kind of stepping in potentially well we got one Abrahampotentially well we got one Abrahampotentially well we got one Abraham Lincoln took a civil war to create but ILincoln took a civil war to create but ILincoln took a civil war to create but I think it's unlikely that we have thethink it's unlikely that we have thethink it's unlikely that we have the last time we got a third party movementlast time we got a third party movementlast time we got a third party movement it just elected one of the two partiesit just elected one of the two partiesit just elected one of the two parties who otherwise would not have beenwho otherwise would not have beenwho otherwise would not have been elected you mean Ross Perot where areelected you mean Ross Perot where areelected you mean Ross Perot where are you going yes I mean Ross Perot Rossyou going yes I mean Ross Perot Rossyou going yes I mean Ross Perot Ross Perot or like the Republicans a year arePerot or like the Republicans a year arePerot or like the Republicans a year are there any politicians you look at andthere any politicians you look at andthere any politicians you look at and admire sure but generally speaking it'sadmire sure but generally speaking it'sadmire sure but generally speaking it's not a genre is my favorite what are thenot a genre is my favorite what are thenot a genre is my favorite what are the politicians you do admire who do youpoliticians you do admire who do youpoliticians you do admire who do you think has good ideas right now well I'mthink has good ideas right now well I'mthink has good ideas right now well I'm not ecstatic about anybody if you ask me
not ecstatic about anybody if you ask menot ecstatic about anybody if you ask me who performed pretty well recentlywho performed pretty well recentlywho performed pretty well recently I'd say Mike Bloomberg do you think heI'd say Mike Bloomberg do you think heI'd say Mike Bloomberg do you think he has a shot at winning I don't know whathas a shot at winning I don't know whathas a shot at winning I don't know what this that but I think he was a prettythis that but I think he was a prettythis that but I think he was a pretty reasonable evil kind of a guy who'sreasonable evil kind of a guy who'sreasonable evil kind of a guy who's trying to do righttrying to do righttrying to do right you mean in his job in his term as mayoryou mean in his job in his term as mayoryou mean in his job in his term as mayor yeah I'm sitting yeah right what do youyeah I'm sitting yeah right what do youyeah I'm sitting yeah right what do you think if you have not been thoroughlythink if you have not been thoroughlythink if you have not been thoroughly impressed by the political process sinceimpressed by the political process sinceimpressed by the political process since they came together to try and combat thethey came together to try and combat thethey came together to try and combat the Great Recession what do you think aboutGreat Recession what do you think aboutGreat Recession what do you think about our political fortunes going from hereour political fortunes going from hereour political fortunes going from here do you worry or is it something that youdo you worry or is it something that youdo you worry or is it something that you think will be well I would prefer thatthink will be well I would prefer thatthink will be well I would prefer that they do parties hated each other lessthey do parties hated each other lessthey do parties hated each other less and that everyone was more rationaland that everyone was more rationaland that everyone was more rational you don't like vast political excess andyou don't like vast political excess andyou don't like vast political excess and shouted epithets and so forth I reallyshouted epithets and so forth I reallyshouted epithets and so forth I really do but what can I do about them I'm justdo but what can I do about them I'm justdo but what can I do about them I'm just I can be cheerful you touched a littleI can be cheerful you touched a little
I can be cheerful you touched a little on the national debt which is just hiton the national debt which is just hiton the national debt which is just hit 22 trillion dollars you touched a little22 trillion dollars you touched a little22 trillion dollars you touched a little on yeah we're a new territory but thaton yeah we're a new territory but thaton yeah we're a new territory but that doesn't mean that it's crystal clear wedoesn't mean that it's crystal clear wedoesn't mean that it's crystal clear we can't get by what we've done we justcan't get by what we've done we justcan't get by what we've done we just know we're in uncharted territory youknow we're in uncharted territory youknow we're in uncharted territory you worry about the eventualities of aworry about the eventualities of aworry about the eventualities of a growing national debt well I don't worrygrowing national debt well I don't worrygrowing national debt well I don't worry much because I regard it as a sense of amuch because I regard it as a sense of amuch because I regard it as a sense of a great nation well and good time begreat nation well and good time begreat nation well and good time be ruined so where is Rome where is Britainruined so where is Rome where is Britainruined so where is Rome where is Britain at a day they all pass and so our turnat a day they all pass and so our turnat a day they all pass and so our turn is bound to come some day but I don'tis bound to come some day but I don'tis bound to come some day but I don't like thinking about it too much but islike thinking about it too much but islike thinking about it too much but is it coming some day sure of course it isit coming some day sure of course it isit coming some day sure of course it is but you have no guess as to win nobut you have no guess as to win nobut you have no guess as to win no earlier you you've been a huge boosterearlier you you've been a huge boosterearlier you you've been a huge booster of China's economies and some of theof China's economies and some of theof China's economies and some of the Chinese companies and the entrepreneursChinese companies and the entrepreneursChinese companies and the entrepreneurs who run them we've gotten obviously intowho run them we've gotten obviously intowho run them we've gotten obviously into a little stickier situation with Chinaa little stickier situation with China
a little stickier situation with China with the trade talks that are going backwith the trade talks that are going backwith the trade talks that are going back and forth and maybe a differentand forth and maybe a differentand forth and maybe a different relationship than we've been dealingrelationship than we've been dealingrelationship than we've been dealing with for the last 20 or 30 years what'swith for the last 20 or 30 years what'swith for the last 20 or 30 years what's what do you think about China right nowwhat do you think about China right nowwhat do you think about China right now in its fuel well I think it's natural toin its fuel well I think it's natural toin its fuel well I think it's natural to have some tension or the truth of thehave some tension or the truth of thehave some tension or the truth of the matter is that Ricardo when he inventedmatter is that Ricardo when he inventedmatter is that Ricardo when he invented the law of comparative advantage did notthe law of comparative advantage did notthe law of comparative advantage did not predict but someday the law ofpredict but someday the law ofpredict but someday the law of comparative advantage would make withcomparative advantage would make withcomparative advantage would make with grass would greatly accelerate thegrass would greatly accelerate thegrass would greatly accelerate the growth of some poor nation which had agrowth of some poor nation which had agrowth of some poor nation which had a particularly able populace like Chinaparticularly able populace like Chinaparticularly able populace like China free trade would enable them to come upfree trade would enable them to come upfree trade would enable them to come up rapidly and take a lot of power awayrapidly and take a lot of power awayrapidly and take a lot of power away from the companies that bill on top andfrom the companies that bill on top andfrom the companies that bill on top and like being on top he just didn't thinklike being on top he just didn't thinklike being on top he just didn't think about it once we realized it couldabout it once we realized it couldabout it once we realized it could happen I don't think it's crazy to thinkhappen I don't think it's crazy to thinkhappen I don't think it's crazy to think there may be some limit to the amount ofthere may be some limit to the amount ofthere may be some limit to the amount of destruction we want to Kerr in our
destruction we want to Kerr in ourdestruction we want to Kerr in our aerospace industry or something so Iaerospace industry or something so Iaerospace industry or something so I don't regard free trade is such a puredon't regard free trade is such a puredon't regard free trade is such a pure thing that we could never under anything that we could never under anything that we could never under any circumstances that our beam and I thinkcircumstances that our beam and I thinkcircumstances that our beam and I think that the advantages the United Statesthat the advantages the United Statesthat the advantages the United States and China after getting along are soand China after getting along are soand China after getting along are so great on both sides that dissipate theygreat on both sides that dissipate theygreat on both sides that dissipate they will reach some tolerable adjustment dowill reach some tolerable adjustment dowill reach some tolerable adjustment do you think the president's right to raiseyou think the president's right to raiseyou think the president's right to raise the questions about whether free tradethe questions about whether free tradethe questions about whether free trade is really free trade and open trade andis really free trade and open trade andis really free trade and open trade and fair to both sidesfair to both sidesfair to both sides I don't consider wrong to have someI don't consider wrong to have someI don't consider wrong to have some limits on free trade that matter of thelimits on free trade that matter of thelimits on free trade that matter of the United StatesUnited StatesUnited States I don't want many I don't want them toI don't want many I don't want them toI don't want many I don't want them to be huge but some limits on the operationbe huge but some limits on the operationbe huge but some limits on the operation of free trade are quite acceptable haveof free trade are quite acceptable haveof free trade are quite acceptable have you changed your perspective on Chineseyou changed your perspective on Chineseyou changed your perspective on Chinese investments to this point based on thisinvestments to this point based on thisinvestments to this point based on this trade talks or based on the newtrade talks or based on the newtrade talks or based on the new relationship we may have going forward Irelationship we may have going forward I
relationship we may have going forward I basically believe in the trade because Ibasically believe in the trade because Ibasically believe in the trade because I want two companies two countries have awant two companies two countries have awant two companies two countries have a lot of hydrogen bombs to be tradinglot of hydrogen bombs to be tradinglot of hydrogen bombs to be trading happily with one another instead ofhappily with one another instead ofhappily with one another instead of posturing the way we are with Russia soposturing the way we are with Russia soposturing the way we are with Russia so I prefer our relations with China to ourI prefer our relations with China to ourI prefer our relations with China to our relations with Russia and I think Chinarelations with Russia and I think Chinarelations with Russia and I think China thinks like what is and I anticipatethinks like what is and I anticipatethinks like what is and I anticipate that we will get along it will be crazythat we will get along it will be crazythat we will get along it will be crazy on both sides United States and Chinaon both sides United States and Chinaon both sides United States and China don't there's any one country both sidesdon't there's any one country both sidesdon't there's any one country both sides should want to keep friendly it's theshould want to keep friendly it's theshould want to keep friendly it's the other you know you bring up nuclearother you know you bring up nuclearother you know you bring up nuclear power or nuclear bombs and I just wonderpower or nuclear bombs and I just wonderpower or nuclear bombs and I just wonder what worries you the most and thewhat worries you the most and thewhat worries you the most and the arsenal of things that could go wrong isarsenal of things that could go wrong isarsenal of things that could go wrong is it nuclear bombsit nuclear bombsit nuclear bombs is it artificial intelligence is it nois it artificial intelligence is it nois it artificial intelligence is it no it's it's it's a nuclear war a nuclearit's it's it's a nuclear war a nuclearit's it's it's a nuclear war a nuclear war would be a really real disasterwar would be a really real disasterwar would be a really real disaster global warming is something that youglobal warming is something that youglobal warming is something that you cope with it we had tocope with it we had to
cope with it we had to but a nuclear war is that's that isbut a nuclear war is that's that isbut a nuclear war is that's that is really serious you point to ourreally serious you point to ourreally serious you point to our relationship with Russia obviously werelationship with Russia obviously werelationship with Russia obviously we have the situation with North Korea I'mhave the situation with North Korea I'mhave the situation with North Korea I'm all for making the Russian relationshipall for making the Russian relationshipall for making the Russian relationship better - how well that's difficult butbetter - how well that's difficult butbetter - how well that's difficult but you got to work at it I don't think theyou got to work at it I don't think theyou got to work at it I don't think the right way to handle every tough guyright way to handle every tough guyright way to handle every tough guy that's fighting against you is hostilitythat's fighting against you is hostilitythat's fighting against you is hostility there are times I think when they oughtthere are times I think when they oughtthere are times I think when they ought to be killed with kindness even even ifto be killed with kindness even even ifto be killed with kindness even even if they're wrong is that emphasis on killedthey're wrong is that emphasis on killedthey're wrong is that emphasis on killed or emphasis on kindnessor emphasis on kindnessor emphasis on kindness I think kindness they're worse things inI think kindness they're worse things inI think kindness they're worse things in the world when you're rich and powerfulthe world when you're rich and powerfulthe world when you're rich and powerful giving a little for the peace of thegiving a little for the peace of thegiving a little for the peace of the world your concerns about that whereworld your concerns about that whereworld your concerns about that where where would you rate it becausewhere would you rate it becausewhere would you rate it because obviously this is something you'veobviously this is something you'veobviously this is something you've thought about for a long time andthought about for a long time andthought about for a long time and watched for a long timewatched for a long timewatched for a long time are you less worried or more worriedare you less worried or more worriedare you less worried or more worried than you were 10 years 20 years ago 40
than you were 10 years 20 years ago 40than you were 10 years 20 years ago 40 years ago about that situation I don'tyears ago about that situation I don'tyears ago about that situation I don't think since the day they invented thethink since the day they invented thethink since the day they invented the hydrogen bomb I've had a moment when Ihydrogen bomb I've had a moment when Ihydrogen bomb I've had a moment when I didn't think that mankind's main problemdidn't think that mankind's main problemdidn't think that mankind's main problem was avoiding a modern war using hydrogenwas avoiding a modern war using hydrogenwas avoiding a modern war using hydrogen bombs it's a very circus problem surebombs it's a very circus problem surebombs it's a very circus problem sure can I ask you about some news of the daycan I ask you about some news of the daycan I ask you about some news of the day today while you were in your boardtoday while you were in your boardtoday while you were in your board meeting and then with the shareholdersmeeting and then with the shareholdersmeeting and then with the shareholders there was news out that Amazon isthere was news out that Amazon isthere was news out that Amazon is actually pulling its headquarters bidactually pulling its headquarters bidactually pulling its headquarters bid for New York City and I don't know howfor New York City and I don't know howfor New York City and I don't know how closely you followed that but it'sclosely you followed that but it'sclosely you followed that but it's certainly an interesting study when youcertainly an interesting study when youcertainly an interesting study when you start looking at how much states andstart looking at how much states andstart looking at how much states and municipalities should be doing to woomunicipalities should be doing to woomunicipalities should be doing to woo corporate investments and when when orcorporate investments and when when orcorporate investments and when when or if there's a time where it's giving tooif there's a time where it's giving tooif there's a time where it's giving too much or if they're standing up andmuch or if they're standing up andmuch or if they're standing up and they're just lost a potential for a hugethey're just lost a potential for a hugethey're just lost a potential for a huge investmentinvestmentinvestment well of course we've had states doing
well of course we've had states doingwell of course we've had states doing this kind of thing for a long long timethis kind of thing for a long long timethis kind of thing for a long long time and by and large the states don't haveand by and large the states don't haveand by and large the states don't have ways to do it the states that have wouldways to do it the states that have wouldways to do it the states that have would come yes it's been smart of them to do -come yes it's been smart of them to do -come yes it's been smart of them to do - whoo outside companies to come in andwhoo outside companies to come in andwhoo outside companies to come in and and of course it will go on time -and of course it will go on time -and of course it will go on time - wretched excess that's our system no Iwretched excess that's our system no Iwretched excess that's our system no I don't worry too much about it and mydon't worry too much about it and mydon't worry too much about it and my attitude toward Amazon is it theattitude toward Amazon is it theattitude toward Amazon is it the phenomenon of nature it's hardly beenphenomenon of nature it's hardly beenphenomenon of nature it's hardly been ever anything like it in the history ofever anything like it in the history ofever anything like it in the history of our country and very talented drivenour country and very talented drivenour country and very talented driven people and I would not have predictedpeople and I would not have predictedpeople and I would not have predicted that success that happened and nowthat success that happened and nowthat success that happened and now that's that one I wouldn't want tothat's that one I wouldn't want tothat's that one I wouldn't want to predict that it was gonna stop either Ipredict that it was gonna stop either Ipredict that it was gonna stop either I think it may run a long way just back tothink it may run a long way just back tothink it may run a long way just back to the idea of whether New York created athe idea of whether New York created athe idea of whether New York created a big problem for itself and I was justbig problem for itself and I was justbig problem for itself and I was just thinking about it in terms of the newthinking about it in terms of the newthinking about it in terms of the new tax laws that are there and the bluetax laws that are there and the bluetax laws that are there and the blue states the salt states have lost a lot
states the salt states have lost a lotstates the salt states have lost a lot in the new tax legislation it'sin the new tax legislation it'sin the new tax legislation it's basically punishment from the governmentbasically punishment from the governmentbasically punishment from the government for having such high local taxes becausefor having such high local taxes becausefor having such high local taxes because he can no longer deduct those on ahe can no longer deduct those on ahe can no longer deduct those on a federal level so New York is gonna getfederal level so New York is gonna getfederal level so New York is gonna get hit with that you combine that with thehit with that you combine that with thehit with that you combine that with the idea that it's not going to be not justidea that it's not going to be not justidea that it's not going to be not just only wooing Amazon but what message thatonly wooing Amazon but what message thatonly wooing Amazon but what message that may send to the broader businessmay send to the broader businessmay send to the broader business community could a state like New York orcommunity could a state like New York orcommunity could a state like New York or someone in the Northeast region reallysomeone in the Northeast region reallysomeone in the Northeast region really have shot themselves in the foot with ahave shot themselves in the foot with ahave shot themselves in the foot with a double whammy there are a number ofdouble whammy there are a number ofdouble whammy there are a number of places that have shot themselves in theplaces that have shot themselves in theplaces that have shot themselves in the foot Connecticut California New Yorkfoot Connecticut California New Yorkfoot Connecticut California New York Cityit's it's been serious and driving theit's it's been serious and driving theit's it's been serious and driving the rich people out is pretty dumb if you'rerich people out is pretty dumb if you'rerich people out is pretty dumb if you're a state or a city and the idea thata state or a city and the idea thata state or a city and the idea that you're going to help New York by richyou're going to help New York by richyou're going to help New York by rich people out of course it hurts New Yorkpeople out of course it hurts New Yorkpeople out of course it hurts New York and of course it hurt Connecticut theand of course it hurt Connecticut the
and of course it hurt Connecticut the idea that beautiful real estate Encanaidea that beautiful real estate Encanaidea that beautiful real estate Encana down 50% in value they've driven out alldown 50% in value they've driven out alldown 50% in value they've driven out all the rich people and California is doingthe rich people and California is doingthe rich people and California is doing the same thing I know a lot of richthe same thing I know a lot of richthe same thing I know a lot of rich people who love Californiait's I think it's really stupid for ait's I think it's really stupid for ait's I think it's really stupid for a state to drive the rich people out therestate to drive the rich people out therestate to drive the rich people out there old they keep your hospitals busy theyold they keep your hospitals busy theyold they keep your hospitals busy they don't burden your schools the policedon't burden your schools the policedon't burden your schools the police department your prisons they give a lotdepartment your prisons they give a lotdepartment your prisons they give a lot who wouldn't want rich people I thinkwho wouldn't want rich people I thinkwho wouldn't want rich people I think Florida and Hawaii but both been veryFlorida and Hawaii but both been veryFlorida and Hawaii but both been very smarter than the way they have recruitedsmarter than the way they have recruitedsmarter than the way they have recruited rich people and I think Connecticut inrich people and I think Connecticut inrich people and I think Connecticut in California have been stupid do you thinkCalifornia have been stupid do you thinkCalifornia have been stupid do you think the country risks some of those samethe country risks some of those samethe country risks some of those same stupid policies it some of the people instupid policies it some of the people instupid policies it some of the people in California or so any growth they likeCalifornia or so any growth they likeCalifornia or so any growth they like gravity no rich people well that's notgravity no rich people well that's notgravity no rich people well that's not my view but you can understand why somemy view but you can understand why somemy view but you can understand why some people think that way let's go back topeople think that way let's go back topeople think that way let's go back to Amazon and the growth that you've seen
Amazon and the growth that you've seenAmazon and the growth that you've seen there I know in the past that you'vethere I know in the past that you'vethere I know in the past that you've incredible what they've done yeah andincredible what they've done yeah andincredible what they've done yeah and you've called Bezos ferociously smartyou've called Bezos ferociously smartyou've called Bezos ferociously smart yesyesyes what do you think about the prospectswhat do you think about the prospectswhat do you think about the prospects for Amazon longer term there there arefor Amazon longer term there there arefor Amazon longer term there there are some movements in Washington that pushsome movements in Washington that pushsome movements in Washington that push back against him whether it's becauseback against him whether it's becauseback against him whether it's because he's the owner of the Washington Post orhe's the owner of the Washington Post orhe's the owner of the Washington Post or whether it's just one company gettingwhether it's just one company gettingwhether it's just one company getting too big and regulators worrying abouttoo big and regulators worrying abouttoo big and regulators worrying about that I guess is he still has a long waysthat I guess is he still has a long waysthat I guess is he still has a long ways to go up you're a lawyer too was wellto go up you're a lawyer too was wellto go up you're a lawyer too was well one's a lawyer always a lawyer correctone's a lawyer always a lawyer correctone's a lawyer always a lawyer correct not reallynot reallynot really that's a long time ago what do you thinkthat's a long time ago what do you thinkthat's a long time ago what do you think about hisabout hisabout his move that he's made recently with themove that he's made recently with themove that he's made recently with the the owner of the National Enquirer tothe owner of the National Enquirer tothe owner of the National Enquirer to say look he just came out and saidsay look he just came out and saidsay look he just came out and said they're blackmailing me they'rethey're blackmailing me they'rethey're blackmailing me they're extorting me well I admire people whoextorting me well I admire people whoextorting me well I admire people who simply confront problems head-on so I'msimply confront problems head-on so I'msimply confront problems head-on so I'm I have no quarrel with he's gonna
I have no quarrel with he's gonnaI have no quarrel with he's gonna probably go National Enquirer but Iprobably go National Enquirer but Iprobably go National Enquirer but I regard it is a little nothing place thatregard it is a little nothing place thatregard it is a little nothing place that the world would be could well do withoutthe world would be could well do withoutthe world would be could well do without and so on and don't they behave badlyand so on and don't they behave badlyand so on and don't they behave badly and he's objecting vigorously I'm alland he's objecting vigorously I'm alland he's objecting vigorously I'm all for it let's talk about bad behavior infor it let's talk about bad behavior infor it let's talk about bad behavior in business because I think of youbusiness because I think of youbusiness because I think of you sometimes as the high priest somebodysometimes as the high priest somebodysometimes as the high priest somebody who looks around and lods good behaviorwho looks around and lods good behaviorwho looks around and lods good behavior but also calls out bad behavior wherebut also calls out bad behavior wherebut also calls out bad behavior where you see it what do you think some of theyou see it what do you think some of theyou see it what do you think some of the worst behaviors are in business todayworst behaviors are in business todayworst behaviors are in business today well I think the behavior of thewell I think the behavior of thewell I think the behavior of the mortgage and banking industry in the inmortgage and banking industry in the inmortgage and banking industry in the in the delusional prosperity that precededthe delusional prosperity that precededthe delusional prosperity that preceded the great real estate bust was obscenethe great real estate bust was obscenethe great real estate bust was obscene practically everywhere and I think thepractically everywhere and I think thepractically everywhere and I think the people who got in a lot of the troublepeople who got in a lot of the troublepeople who got in a lot of the trouble will richly deserved it and I think theywill richly deserved it and I think theywill richly deserved it and I think they didn't get enough if God were just theydidn't get enough if God were just theydidn't get enough if God were just they would have been there would have beenwould have been there would have been
would have been there would have been more penalties they were bailed out tomore penalties they were bailed out tomore penalties they were bailed out to some extent because the country had tosome extent because the country had tosome extent because the country had to do it and but it never should have beendo it and but it never should have beendo it and but it never should have been allowed to run all that disgusting lyingallowed to run all that disgusting lyingallowed to run all that disgusting lying and cheating and delusional assumptionsit was justwe all would consider it totally illicitwe all would consider it totally illicitwe all would consider it totally illicit an awful $2.00 ate the baby food to makean awful $2.00 ate the baby food to makean awful $2.00 ate the baby food to make more money to an extent where the babiesmore money to an extent where the babiesmore money to an extent where the babies died and they were doing pretty much thedied and they were doing pretty much thedied and they were doing pretty much the same thing with the basic but theirsame thing with the basic but theirsame thing with the basic but their basic product they were adult aeratingbasic product they were adult aeratingbasic product they were adult aerating it so badly that it threatened the wholeit so badly that it threatened the wholeit so badly that it threatened the whole welfare Republic this was deeply evilwelfare Republic this was deeply evilwelfare Republic this was deeply evil it's one of the things Elizabeth Warrenit's one of the things Elizabeth Warrenit's one of the things Elizabeth Warren is really right about and you don'tis really right about and you don'tis really right about and you don't agree with her on much that's true but Iagree with her on much that's true but Iagree with her on much that's true but I agree with her on that is that behavioragree with her on that is that behavioragree with her on that is that behavior still taking place or you think it'sstill taking place or you think it'sstill taking place or you think it's well it's attenuated thank God but iswell it's attenuated thank God but iswell it's attenuated thank God but is there still some craziness in finance ofthere still some craziness in finance ofthere still some craziness in finance of course there always will be but it'scourse there always will be but it'scourse there always will be but it's it's way better
it's way betterit's way better anything that rises to your radar screenanything that rises to your radar screenanything that rises to your radar screen now that may be under the radar fornow that may be under the radar fornow that may be under the radar for other people well nobody you know is howother people well nobody you know is howother people well nobody you know is how much of this money printing we can domuch of this money printing we can domuch of this money printing we can do and of course we have politicians whoand of course we have politicians whoand of course we have politicians who liked and they're both parties who likeliked and they're both parties who likeliked and they're both parties who like to believe that it doesn't matter howto believe that it doesn't matter howto believe that it doesn't matter how much you do look and ignore the wholemuch you do look and ignore the wholemuch you do look and ignore the whole subject and just print money issubject and just print money issubject and just print money is convenient well that's the way the Romanconvenient well that's the way the Romanconvenient well that's the way the Roman Empire behaved that was wrongEmpire behaved that was wrongEmpire behaved that was wrong yeah that's the way the Weimar Republicit's there's a point where it'sit's there's a point where it'sit's there's a point where it's dangerous and of course my my otherdangerous and of course my my otherdangerous and of course my my other tools would something is big andtools would something is big andtools would something is big and dangerous is to stay a long way awaydangerous is to stay a long way awaydangerous is to stay a long way away from itfrom itfrom it other people want to come as close asother people want to come as close asother people want to come as close as possible without going in that's toopossible without going in that's toopossible without going in that's too tricky for me I don't like it in termstricky for me I don't like it in termstricky for me I don't like it in terms of possibly getting sucked up into itof possibly getting sucked up into itof possibly getting sucked up into it yes I might if there's a big whirlpoolyes I might if there's a big whirlpoolyes I might if there's a big whirlpool my rubberized to a long way for a theremy rubberized to a long way for a theremy rubberized to a long way for a there were a bunch of canoeist once that tried
were a bunch of canoeist once that triedwere a bunch of canoeist once that tried to to run the errand Rapids I think theyto to run the errand Rapids I think theyto to run the errand Rapids I think they were in Scandinaviawere in Scandinaviawere in Scandinavia and the fact of the Whirlpool's were soand the fact of the Whirlpool's were soand the fact of the Whirlpool's were so big made them very eager to Ted tacklebig made them very eager to Ted tacklebig made them very eager to Ted tackle was you would challenge death rate was awas you would challenge death rate was awas you would challenge death rate was a hundred percent I regard that is ahundred percent I regard that is ahundred percent I regard that is a normal result bill Melinda Gates put outnormal result bill Melinda Gates put outnormal result bill Melinda Gates put out their annual letter this week to and intheir annual letter this week to and intheir annual letter this week to and in it they had a list of a number of thingsit they had a list of a number of thingsit they had a list of a number of things that have caught them by surprisethat have caught them by surprisethat have caught them by surprise things they learned that they didn't seethings they learned that they didn't seethings they learned that they didn't see coming one of them I think was thatcoming one of them I think was thatcoming one of them I think was that toilets haven't really changed in thetoilets haven't really changed in thetoilets haven't really changed in the last hundred yearslast hundred yearslast hundred years another was they have as a matter ofanother was they have as a matter ofanother was they have as a matter of fact the Japanese made the openingsfact the Japanese made the openingsfact the Japanese made the openings bigger and what you want to go away goesbigger and what you want to go away goesbigger and what you want to go away goes away better they have changed their wayaway better they have changed their wayaway better they have changed their way better I don't think they paid enoughbetter I don't think they paid enoughbetter I don't think they paid enough attention to their toilets notice to seeattention to their toilets notice to seeattention to their toilets notice to see they they increase the size of the holethey they increase the size of the holethey they increase the size of the hole without telling them it does wash away
without telling them it does wash awaywithout telling them it does wash away more waste with less watermore waste with less watermore waste with less water I will give you takes away more waysI will give you takes away more waysI will give you takes away more ways takes away more with less faster bettertakes away more with less faster bettertakes away more with less faster better then a list of things sometimes thatthen a list of things sometimes thatthen a list of things sometimes that data can be sexistdata can be sexistdata can be sexist obviously whoever's programming stuffobviously whoever's programming stuffobviously whoever's programming stuff puts it in another is that DNA test canputs it in another is that DNA test canputs it in another is that DNA test can actually catch serial killers that hasactually catch serial killers that hasactually catch serial killers that has been a pleasant changebeen a pleasant changebeen a pleasant change catching silly it's here yes I wouldcatching silly it's here yes I wouldcatching silly it's here yes I would agree I use this though as a way of justagree I use this though as a way of justagree I use this though as a way of just getting into things that may have caughtgetting into things that may have caughtgetting into things that may have caught you by surprise is there anythingyou by surprise is there anythingyou by surprise is there anything recently that really caught you offrecently that really caught you offrecently that really caught you off guard or that snuck up on youguard or that snuck up on youguard or that snuck up on you I was surprised when simple banksI was surprised when simple banksI was surprised when simple banks started printing money and buyingstarted printing money and buyingstarted printing money and buying massive amounts of private security ISMmassive amounts of private security ISMmassive amounts of private security ISM they hadn't done that previously in mythey hadn't done that previously in mythey hadn't done that previously in my lifetime honest at least not in a biglifetime honest at least not in a biglifetime honest at least not in a big way and they did it massively and itway and they did it massively and itway and they did it massively and it seems to work considerably and thatseems to work considerably and thatseems to work considerably and that surprised me and by the way it surprised
surprised me and by the way it surprisedsurprised me and by the way it surprised the whole economic version if you readthe whole economic version if you readthe whole economic version if you read the textbooks on economics nobody wasthe textbooks on economics nobody wasthe textbooks on economics nobody was predicting this would be the logicalpredicting this would be the logicalpredicting this would be the logical response we're not out of it yet thoughresponse we're not out of it yet thoughresponse we're not out of it yet though no of course notno of course notno of course not you're never out of it until you're deadyou're never out of it until you're deadyou're never out of it until you're dead do you think we can call it a successdo you think we can call it a successdo you think we can call it a success without seeing quantitative easingwithout seeing quantitative easingwithout seeing quantitative easing wrapped up the big balance sheets kindwrapped up the big balance sheets kindwrapped up the big balance sheets kind of wound down or you think we've comeof wound down or you think we've comeof wound down or you think we've come far enough out of it to say this workedfar enough out of it to say this workedfar enough out of it to say this worked well all human successes are successeswell all human successes are successeswell all human successes are successes so far and this is a success so far andso far and this is a success so far andso far and this is a success so far and we don't know for sure what theywe don't know for sure what theywe don't know for sure what they although what consequences would bealthough what consequences would bealthough what consequences would be in the old days when people thought surein the old days when people thought surein the old days when people thought sure the currency should be back with goldthe currency should be back with goldthe currency should be back with gold and they wanted the inflation rate to beand they wanted the inflation rate to beand they wanted the inflation rate to be zero and the social safety net to bezero and the social safety net to bezero and the social safety net to be almost zero they created a lot of GDPalmost zero they created a lot of GDPalmost zero they created a lot of GDP growth and a lot of prosperity but withgrowth and a lot of prosperity but withgrowth and a lot of prosperity but with horrible recessions and to some extent
horrible recessions and to some extenthorrible recessions and to some extent the recessions automatically curedthe recessions automatically curedthe recessions automatically cured themselves when we got into the businessthemselves when we got into the businessthemselves when we got into the business of big interventions given by theof big interventions given by theof big interventions given by the example of the Great Depression what weexample of the Great Depression what weexample of the Great Depression what we got is pretty much a century of extremegot is pretty much a century of extremegot is pretty much a century of extreme prosperity with relatively minorprosperity with relatively minorprosperity with relatively minor recessions and but we're using methodsrecessions and but we're using methodsrecessions and but we're using methods that are so extreme that maybe we can'tthat are so extreme that maybe we can'tthat are so extreme that maybe we can't use a lot more of them and we don't knowuse a lot more of them and we don't knowuse a lot more of them and we don't know the answer to that if an economist toldthe answer to that if an economist toldthe answer to that if an economist told me he knew the answer to that I wouldn'tme he knew the answer to that I wouldn'tme he knew the answer to that I wouldn't believe him either way wouldn't matterbelieve him either way wouldn't matterbelieve him either way wouldn't matter which way his opinion was I just thinkwhich way his opinion was I just thinkwhich way his opinion was I just think we don't know is that because thatwe don't know is that because thatwe don't know is that because that question is too hard are you just don'tquestion is too hard are you just don'tquestion is too hard are you just don't trust economists in general well thetrust economists in general well thetrust economists in general well the reason the economists are wrong isreason the economists are wrong isreason the economists are wrong is because it's so hard you know the Greekbecause it's so hard you know the Greekbecause it's so hard you know the Greek philosopher who said man never stepsphilosopher who said man never stepsphilosopher who said man never steps into the same river twice you know theinto the same river twice you know theinto the same river twice you know the man is different and so is there everman is different and so is there ever
man is different and so is there ever any goes in the second back that's theany goes in the second back that's theany goes in the second back that's the trouble of economics it's not liketrouble of economics it's not liketrouble of economics it's not like physics the this is the same damn recipephysics the this is the same damn recipephysics the this is the same damn recipe different time gets a different resultdifferent time gets a different resultdifferent time gets a different result and I don't think the economicsand I don't think the economicsand I don't think the economics profession I think they're graduallyprofession I think they're graduallyprofession I think they're gradually coming to that recognition but it makescoming to that recognition but it makescoming to that recognition but it makes their subject harder nutty I'm more easytheir subject harder nutty I'm more easytheir subject harder nutty I'm more easy and they weren't handling it soand they weren't handling it soand they weren't handling it so perfectly even when they thought it wasperfectly even when they thought it wasperfectly even when they thought it was easier so of course it's hard for themeasier so of course it's hard for themeasier so of course it's hard for them and why would anybody think they knowand why would anybody think they knowand why would anybody think they know exactly take japan's present positionexactly take japan's present positionexactly take japan's present position can Japan double its national debt justcan Japan double its national debt justcan Japan double its national debt just yes because it feels like it from here Iyes because it feels like it from here Iyes because it feels like it from here I don't know I don't know charlie so manydon't know I don't know charlie so manydon't know I don't know charlie so many of people who come here come becauseof people who come here come becauseof people who come here come because they're looking for advice not onthey're looking for advice not onthey're looking for advice not on business or investments as much asbusiness or investments as much asbusiness or investments as much as they're looking for just advice on lifethey're looking for just advice on lifethey're looking for just advice on life there were a lot of questions todaythere were a lot of questions todaythere were a lot of questions today people trying to figure out what the
people trying to figure out what thepeople trying to figure out what the secret to life is to a long and happysecret to life is to a long and happysecret to life is to a long and happy life and I just wonder if you were butlife and I just wonder if you were butlife and I just wonder if you were but that is easy because it's so simple wethat is easy because it's so simple wethat is easy because it's so simple we don't have a lot of em but you don'tdon't have a lot of em but you don'tdon't have a lot of em but you don't have a lot of resentment you don'thave a lot of resentment you don'thave a lot of resentment you don't overspend your income you stay cheerfuloverspend your income you stay cheerfuloverspend your income you stay cheerful in spite of your troubles you deal within spite of your troubles you deal within spite of your troubles you deal with reliable people and you do what you'rereliable people and you do what you'rereliable people and you do what you're supposed to do all these simple rulessupposed to do all these simple rulessupposed to do all these simple rules work so well to make your life betterwork so well to make your life betterwork so well to make your life better and they're so trite how old were youand they're so trite how old were youand they're so trite how old were you when you figured this out about seven Icould tell that some of my older peoplecould tell that some of my older peoplecould tell that some of my older people were a little bonkers I've always beenwere a little bonkers I've always beenwere a little bonkers I've always been able to recognize and other people wereable to recognize and other people wereable to recognize and other people were a little bonkers and it helped mea little bonkers and it helped mea little bonkers and it helped me because there's so much irrationality inbecause there's so much irrationality inbecause there's so much irrationality in the world and I've been thinking aboutthe world and I've been thinking aboutthe world and I've been thinking about it for a long time it's causes and it'sit for a long time it's causes and it'sit for a long time it's causes and it's Prevention's and so forth it sure it'sPrevention's and so forth it sure it'sPrevention's and so forth it sure it's helped me and I guess staying cheerfulhelped me and I guess staying cheerfulhelped me and I guess staying cheerful with because of the wise thing to do is
with because of the wise thing to do iswith because of the wise thing to do is that so hard and can you be cheerfulthat so hard and can you be cheerfulthat so hard and can you be cheerful when you're absolutely mired and deepwhen you're absolutely mired and deepwhen you're absolutely mired and deep hatred and resentment of course youhatred and resentment of course youhatred and resentment of course you can't so why would you take it onis there any advice you would go backis there any advice you would go backis there any advice you would go back and give your 20 year old selfand give your 20 year old selfand give your 20 year old self I have not many of my children haveI have not many of my children haveI have not many of my children have worked out well and I've had very littleworked out well and I've had very littleworked out well and I've had very little to do with it I think they come underto do with it I think they come underto do with it I think they come under the world with a certain extent pre-madethe world with a certain extent pre-madethe world with a certain extent pre-made and you just sit there and watchaye-aye-ayeI don't think they're it's simplyI don't think they're it's simplyI don't think they're it's simply amazing to me as a parent to note howamazing to me as a parent to note howamazing to me as a parent to note how much is sort of preordained the shy babymuch is sort of preordained the shy babymuch is sort of preordained the shy baby is a shy adult the booming obnoxiousis a shy adult the booming obnoxiousis a shy adult the booming obnoxious domineering baby is the boomingdomineering baby is the boomingdomineering baby is the booming domineering and mashes adult I havedomineering and mashes adult I havedomineering and mashes adult I have never found a way to fix that I can benever found a way to fix that I can benever found a way to fix that I can be cheerful about it but I can't fix it Icheerful about it but I can't fix it Icheerful about it but I can't fix it I can change my reaction but I can'tcan change my reaction but I can'tcan change my reaction but I can't change the outcome well Charlie I wantchange the outcome well Charlie I wantchange the outcome well Charlie I want to thank you so much for your time todayto thank you so much for your time todayto thank you so much for your time today it's really been a pleasure being hereit's really been a pleasure being here
it's really been a pleasure being here well I'm glad to be here you know I seemwell I'm glad to be here you know I seemwell I'm glad to be here you know I seem to have a guru level and India and Chinato have a guru level and India and Chinato have a guru level and India and China that like me now that's pretty much mythat like me now that's pretty much mythat like me now that's pretty much my whole favorable constituency well it'swhole favorable constituency well it'swhole favorable constituency well it's more than a lot of other people here andmore than a lot of other people here andmore than a lot of other people here and so I'm thankful for what I have and weso I'm thankful for what I have and weso I'm thankful for what I have and we are thankful for having you here thankare thankful for having you here thankare thankful for having you here thank youyouyou youyou