QuestionerWe are sitting down right now with Warren Buffett, uh, the chairman of of Berkshire Hathaway, who for the first time in 60 years has been watching all of this from the audience instead of being on stage. And, you know, last year at this time, Warren, you surprised everyone with the announcement that you were stepping down as CEO. Fast forward a year and here we are. What do you think?
WarrenWell, I think it's all working. It's all working. I It It isn't our ideal uh surrounding area. uh or environment I should say uh in terms of deploying cash for Berkhire uh but in terms of how we got the right management, we got the right arrangement and uh you know we can pick our spots and and and uh nobody can tell us what to do exactly and and uh so sometimes we're doing nothing But other other times we get quite active. I mean
Questionerquite active. I mean >> you know Ajet spent some time on the>> you know Ajet spent some time on the>> you know Ajet spent some time on the stage today talking about how one of hisstage today talking about how one of hisstage today talking about how one of his keys is to do nothing when it comes tokeys is to do nothing when it comes tokeys is to do nothing when it comes to insurance when it comes to writinginsurance when it comes to writinginsurance when it comes to writing insurance which is the same thing thatinsurance which is the same thing thatinsurance which is the same thing that you have always talked about withyou have always talked about withyou have always talked about with whether to invest or not.whether to invest or not.whether to invest or not.
Warren>> Yeah. The world is full of people that>> Yeah. The world is full of people that>> Yeah. The world is full of people that are offering you things to do and thenare offering you things to do and thenare offering you things to do and then the question is to find find one thatthe question is to find find one thatthe question is to find find one that you know makes sense. And there may beyou know makes sense. And there may beyou know makes sense. And there may be 20 that out there that make sense that20 that out there that make sense that20 that out there that make sense that you don't understand and you just leaveyou don't understand and you just leaveyou don't understand and you just leave them alone.them alone.them alone.
Questioner>> You you said that the world or the>> You you said that the world or the>> You you said that the world or the surrounding environment is not ideal.surrounding environment is not ideal.surrounding environment is not ideal. And I guess that points to the idea thatAnd I guess that points to the idea thatAnd I guess that points to the idea that there's almost $400 billion in cash onthere's almost $400 billion in cash onthere's almost $400 billion in cash on hand. Although Greg took some pains tohand. Although Greg took some pains tohand. Although Greg took some pains to show it's really more like $380 billionshow it's really more like $380 billionshow it's really more like $380 billion in cash on hand. [laughter]in cash on hand. [laughter]in cash on hand. [laughter]
Warren>> But that there's a lot of cash on hand.>> But that there's a lot of cash on hand.>> But that there's a lot of cash on hand. And you're still active in managing the
QuestionerAnd you're still active in managing the portfolio too and looking at stocks. You're looking around and you don't see a lot that you want to invest in.
WarrenWell, then we don't do anything. I mean, we've been in the of the 60 years I've been in the business, uh, you know, there probably five of them been really juicy, you know, and, uh, I think it was Tom Watson senior of IBM that, uh, said they asked him the reason why IBM had been so successful or something like that. And he said, "I'm smart of spots and I stay around those spots." And that's that's the whole thing. And IBM was in three different businesses including time clocks and a couple and two of the three turned out to be no good. But they so they just focused on the one.
QuestionerWhat what is it when you look around that it's just prices are too high at
Questionerthat it's just prices are too high at this point? I I would imagine there Greg
Questionersaid this from the stage too. There are businesses that you like just
Warren>> and I would say I understand fewer of the businesses as a percentage of the whole than I did 10 years ago. I have not learned uh new industries uh for some years, you know, and and so I don't kid myself on that. I'm I'm not going to learn. I'm not going to have an edge on, you know, a whole bunch of younger people that have actually grown up with it, used the product, seen things, but that uh well, as I mentioned, you know, you don't have to understand too many of them like Apple,
Questioner>> but looking around, um let's just get some macro thoughts on this because I don't know that this is something that that Greg is going to comment on per se. Just looking at the macro stock market environment, what does this feel like to
Questionerenvironment, what does this feel like to you? Is does it feel expensive? Does it feel like there are opportunities in some
WarrenWell, it feels like, you know, I've compared it the markets to a church with a casino attached and and people can move between the church and casino and and I always said there are more people in the church and more people in the casino. But the casino's gotten very attractive to people. You know, if you're buying one day options or selling them. I mean, that is uh that's not investing. It's not speculating. It's gambling, you know, just totally. There's nobody that can explain why they're buying an option for one day unless they may maybe maybe the fellow that that uh you know made the $400 and some thousand dollars from knowing when we were going into Venezuela could do it. But I mean that's pretty and the
Warrenit. But I mean that's pretty and the quantity of those things is just incredible. So we've never had people in a more gambling mood than now. But that doesn't mean that investing is terrible. That it does mean that uh that prices for an awful lot of things will look very silly. I mean they, you know, they had a squeeze and and then in and Avis of all things. Well, has been around for 50 years, but just this past week uh uh uh and uh we have lots more regulation and everything now, but uh but people spend their time figuring out how to get around the rules rather than follow the rules. That's just a challenge.
QuestionerThe type of investor you are though is is you laid it out yourself. In the 60 years you've been doing this in the business, you've had maybe five juicy years. I guess that means you're always looking for the next juicy year. What do you think it would take to make a juicy
Questioneryou think it would take to make a juicy year or a juicy opportunity for you?
WarrenIt's a phone call in many in some cases. You know, we we bought a business last year. It wasn't It wasn't big enough to be mean meaningful. We got a letter.
QuestionerBell Labs.
WarrenYeah. Bell Labs. And no. And And uh you know, and and and sometimes there's more zeros attached to them than others. And and we're big enough to handle anything and we can make decisions faster than anybody. And our word is good. uh it uh there's an awful lot of people that they're when they they're in the business of reselling something or you know it's uh and there's it's a lot better if you're a good salesperson. There's no reason to be selling vacuum cleaners or you know as we'll sell stock you'll make way more money. It's where the money is.
QuestionerYeah.
WarrenAnd there's and there's more money
WarrenAnd there's and there's more money around than ever. And it uh you know,around than ever. And it uh you know,around than ever. And it uh you know, but the best opportunities have probably but the best opportunities have probably but the best opportunities have probably come when the macro environment needs tocome when the macro environment needs tocome when the macro environment needs to most likely well the most likely time to most likely well the most likely time to most likely well the most likely time to buy things is when nobody else willbuy things is when nobody else willbuy things is when nobody else will answer their phones. You know, everybodyanswer their phones. You know, everybodyanswer their phones. You know, everybody else talks about their wonderful tradingelse talks about their wonderful tradingelse talks about their wonderful trading departments and everything. Just trydepartments and everything. Just trydepartments and everything. Just try them out. Sometime when uh markets arethem out. Sometime when uh markets arethem out. Sometime when uh markets are collapsing, they don't answer thecollapsing, they don't answer thecollapsing, they don't answer the phones.phones.phones.
QuestionerRight. Right. Right. Right. Right. Right.
WarrenAnd and if they do, the bids are subject And and if they do, the bids are subject And and if they do, the bids are subject and the offers are subject and theand the offers are subject and theand the offers are subject and the spread is wide and then and they'll usespread is wide and then and they'll usespread is wide and then and they'll use the information they get from you aboutthe information they get from you aboutthe information they get from you about what you want to do to go out and killwhat you want to do to go out and killwhat you want to do to go out and kill you some other way. I mean, it it's it'syou some other way. I mean, it it's it'syou some other way. I mean, it it's it's uh it's really like going to a slaughteruh it's really like going to a slaughteruh it's really like going to a slaughter house. I mean, you don't you don't feelhouse. I mean, you don't you don't feelhouse. I mean, you don't you don't feel like eating hot dogs for a while.like eating hot dogs for a while.like eating hot dogs for a while.
Other[laughter][laughter][laughter]
WarrenI guess what I'm trying to get at is do
QuestionerI guess what I'm trying to get at is do you see the circumstances building up anywhere that could lead to a time like that again? Any any sort of panic in the market?
OtherWhere do you see them?
QuestionerWell, if you saw them as they wouldn't happen.
OtherOkay.
WarrenI mean, you've got all kind you don't worry about what what people are talking about can happen. It's it's something comes out of the blue. Huh. But some something will come out of the blue.
QuestionerYeah. I mean, [laughter] a nuclear bomb could come out of the blue, you know.
WarrenWell, let's knock on wood on that. [laughter]
QuestionerWell, well, I it doesn't do any good to knock on wood. That's it. It it that's the point.
OtherYeah.
WarrenIt, you know, was the arch duke getting shot, you know, in 1914 or something like that for World War uh one. And I'm it just take everything in life and it if it if it's something people are
Warrenit if it if it's something people are talking about and thinking about it'stalking about and thinking about it'stalking about and thinking about it's not going to happen.not going to happen.not going to happen.
Questioner>> Yeah.>> Yeah.>> Yeah.
Warren>> But there are things that can happen out>> But there are things that can happen out>> But there are things that can happen out of the blue. And actually that'sof the blue. And actually that'sof the blue. And actually that's particularly true to use thatparticularly true to use thatparticularly true to use that phraseiology now becausephraseiology now becausephraseiology now because the things that can come out of the skythe things that can come out of the skythe things that can come out of the sky that you knowthat you knowthat you know we don't know what can happen tomorrow.we don't know what can happen tomorrow.we don't know what can happen tomorrow. I don't like to talk that way to peopleI don't like to talk that way to peopleI don't like to talk that way to people whe whether it's you or anybody else. Iwhe whether it's you or anybody else. Iwhe whether it's you or anybody else. I mean because uh you know whether it doesmean because uh you know whether it doesmean because uh you know whether it does you a lot of good to worry about that. Iyou a lot of good to worry about that. Iyou a lot of good to worry about that. I don't think it does do any good to worrydon't think it does do any good to worrydon't think it does do any good to worry about it. I think it's it's good to beabout it. I think it's it's good to beabout it. I think it's it's good to be cognizant of it but the worrying aboutcognizant of it but the worrying aboutcognizant of it but the worrying about it is terrible. I don't like toit is terrible. I don't like toit is terrible. I don't like to I don't like to even cause that beliefI don't like to even cause that beliefI don't like to even cause that belief with people. I don't like to go aroundwith people. I don't like to go aroundwith people. I don't like to go around
Questioner>> Yeah. Yeah, tell them the end is coming.>> Yeah. Yeah, tell them the end is coming.>> Yeah. Yeah, tell them the end is coming.
WarrenThe end is coming. Or somethingThe end is coming. Or somethingThe end is coming. Or something [laughter] like that.[laughter] like that.[laughter] like that.
Questioner>> A friend told me yesterday he's recently>> A friend told me yesterday he's recently
QuestionerA friend told me yesterday he's recently started using the phrase, I don't fret, I don't worry. And that's probably a good way to go about life. But let let's talk about some of the issues that are out there right now. Um
Questionerinflation is up. That's an issue. So how does Berkhire how does Berkhire handle that with its businesses?
WarrenWell, we can't handle runaway inflation except not to be there in the way of it. And if you look at the number of countries that have had runaway inflation since World War II, you know, in my lifetime, it's very large, you know, it uh and uh once you create that, it it becomes a different world. uh you know, Germany obviously experienced it after World War I and but but but there are dozens and dozens of countries that have experienced it. And of course, you have you have countries that gone bankrupt like six or seven
Questionerthat gone bankrupt like six or seven times. I mean, [laughter] it's just amazing what people do. But uh in financial markets,
Questioner>> what about the inflation that we're dealing with right now, which is, you know, not excessive. was north of 3% at this point, but we're not even back at the levels we were during co 8 to 9%. So, what about just higher energy prices? How that works through the line and how you handle it?
Warren>> Well, it came close before Vulker. I mean it was just it was cash is trash you know and and people were losing faith in the currency and they felt they could borrow and 12% to earn 6% on on farming or something like that and they they had huge farmers in this state Nebraska uh collapsed because they bought beyond the earning power or paid interest rates beyond the earning power just because they felt that that that uh the dollar was going
Warrenthat that that uh the dollar was going to disappear and the the land wouldn't disappear. And I'm it's it's it's tragic for many people. And and uh and if you're the best doctor in town or the best lawyer in town, you'll always make money under any situation. The best the best TV personality. I mean it's it's but uh what not having faith in the money does to a country it it turns it into something else.
QuestionerYeah.
WarrenAnd I you know I've always hope that you know US never does it but we are not immune from it happening. Uh we have a lot of control over whether rates may go up a half a point or down a half a point, but but we may have less control over whether they go up 50 points or [clears throat]
Questioneryou you've long been um a supporter of Jay Powell's.
WarrenExactly.
QuestionerHe had his last FOMC meeting as chairman uh just this last week. He did say that he's going to be sticking around,
Questionerhe's going to be sticking around, he's going to be sticking around, staying on the Fed, staying in that staying on the Fed, staying in that staying on the Fed, staying in that position um for the foreseeable future position um for the foreseeable future position um for the foreseeable future in part because of the threats that he's in part because of the threats that he's in part because of the threats that he's faced. Um faced. Um faced. Um
WarrenI'll feel better when he's there I'll feel better when he's there I'll feel better when he's there uh than when he's not. I mean it uh it uh than when he's not. I mean it uh it uh than when he's not. I mean it uh it uh uh uh you know I just I felt better when Boer you know I just I felt better when Boer you know I just I felt better when Boer was there was there was there but you but you but you that's economists aren't the best at that's economists aren't the best at that's economists aren't the best at this sort of thing read any old this sort of thing read any old this sort of thing read any old economics book from 1950 economics book from 1950 economics book from 1950 1970 that was that uh Paul Paul 1970 that was that uh Paul Paul 1970 that was that uh Paul Paul Samuelson who was a terrific guy and Samuelson who was a terrific guy and Samuelson who was a terrific guy and smart as hell uh he had the standard smart as hell uh he had the standard smart as hell uh he had the standard textbook for 25 years and if you looked textbook for 25 years and if you looked textbook for 25 years and if you looked up you know zero interest rates and year up you know zero interest rates and year up you know zero interest rates and year after year after year it was a 900page after year after year it was a 900page after year after year it was a 900page book and it wasn't an entry for it you book and it wasn't an entry for it you book and it wasn't an entry for it you know I mean it was the most important know I mean it was the most important know I mean it was the most important economic development I mean in terms of economic development I mean in terms of economic development I mean in terms of the impact it would have and everything the impact it would have and everything the impact it would have and everything during the lifetime of the students during the lifetime of the students during the lifetime of the students reading it but uh Uh, reading it but uh Uh, reading it but uh Uh,
Questionerit's what you don't think of that that
Questionerit's what you don't think of that that does all the damage.
OtherYeah.
QuestionerLet's talk a little bit about CEOs um in some of the Berkshire holdings. You mentioned Apple's uh Tim Cook and just the phenomenal job you think he's done.
OtherIncredible.
QuestionerUh he's not the only one of your major holding CEOs who stepped down. James Quincy recently stepped down from Coca-Cola, too. And we just spoke with Vicky Halib who announced that she is retiring and stepping down from that position at accidental. Um part of what Greg's talked about is how stable that portfolio is and and these holdings are companies that he knows and managers that he knows. There's going to be some new managers in some of those major holdings coming in. Is that a problem?
WarrenWell, it was certainly a problem at Coca-Cola there for good many years when I was around the company. I mean, sure.
WarrenI was around the company. I mean, sure. It's it's uh and you have the most problems with with a really good company because it'll continue. I mean, if you're selling some product that people are buying every day, you can make the wrong decision for a long time. Yeah.
QuestionerUh uh but that's one of the problems with investing at uh uh
WarrenTim Cook I I I felt was very very good from the start and and our most of our managers uh are very good at the smaller problems. They they can't anticipate the the overwhelming problems. That's that's that's my job or now Greg's job.
QuestionerDo you feel good about those holdings still? Have you met any of the new managers
Questionerof those businesses?
WarrenI haven't met the old managers [laughter]
Questionerof the new business of the new CEOs that are coming in. Tim replacement
QuestionerEnrique at Coca-Cola.
WarrenI certainly met the people that at at
OtherI certainly met the people that at at Bell Labs that we
OtherYeah. You know, and obviously I met Vick. He we made the deal and and so I I enjoy meeting the people and uh uh uh but you can make mistakes with people. I mean look at the divorce rate, you know, that's that's more important than whether you got the right CEO or anything else and and now you've got years of trial. I mean, back when I was young, you had to make the decision, you know, or you didn't have to make a decision. A good many people made the decision when they were 20 or 21 now
Questionerto get married.
OtherYeah. They got married. And now they they they spent five years and they still make the same mistakes.
QuestionerSo, you think we're getting worse at our judgment?
OtherWell, I don't know. Maybe that people behave differently before the marriage than after. Who knows exactly? Yeah,
Questionerthan after. Who knows exactly? Yeah,
WarrenI would say that almost everybody feels either their marriage is better or worse than they anticipated a month after they were married, [laughter] but I don't know which.
QuestionerUm, Warren, let's talk a little bit about deep fakes because the deep fake Warren that popped up early in this session was pretty good. Um, they had somebody standing up, you know, Greg was joking about it, but, you know, the first the first question went to a guy from Warren up in the rafters who lives in Omaha. Um, you've been concerned about some of these AI deep fakes and what that means for the world. Yeah, I
Warrenwould I would be concerned if everybody was well actually the worst thing would be to that have a a really good imitator of any president that came along. I mean, just imagine. Well, yeah, we had that famous thing before way back in in
Questionerthat famous thing before way back in in New Jersey where they the Martians coming and everything like that.
OtherWar of the worlds with Orson Wells.
QuestionerWhat you what you can do uhuh well, if you convince but people lend you money for it, they shouldn't you shouldn't be borrowing it. I mean, it's it's scary. And it's it's particularly scary when you have nine countries or so with the nuclear weapons and and people working on something even more. We haven't dealt with this. We don't know what's going to happen.
Becky QuickYeah. Let's circle back to Berkhire and the Berkhire today. Um I think I was speaking with you yesterday or the day before and we were talking a little bit about Greg Ael and what a nice guy he is and he said
Warrenhe's a terrific guy. You said something interesting to me though um about how you picked him and it wasn't because he
Questioneryou picked him and it wasn't because he was a nice guy. Why did you pick him?
WarrenWell, he's very very very smart about businesses. Incidentally, he's getting his Canadian I mean he's getting his American citizenship here very soon and he was going over with me all the things he had to learn about. And I've actually spent a little time in the past with groups of individuals. Of course, my wife did it too became an American citizenship, American citizen, and the things they have to learn about the Constitution and all these and they're usually so proud when they become American citizens. And I think I I think I detected Greg, but I mean, you know, as successful he's been and everything else, I mean, he is it it means something to him to become an American citizen. And uh you know he sits there with this this young son you know and son knows more about some of
Warrenknow and son knows more about some of the answers to the questions you know that he may get asked or something about becoming a citizen. It's it's really interesting and where else does that happen in the world? I mean what people you know that and America is special and and uh it's a miracle uh what America's accomplished. I mean it's just an absolute miracle and yet the miracle the division of the of of the output and everything is about as inequitable as it you can come up with while at the same time it's got these great attractions. There is some secret sauce. I've never been able to define it precisely, but that uh when you run a country for 200 and some years and people want to come here every year, I mean there's there's really something about it. And when Greg Ael is very, you know, is looking forward to becoming an American citizen,
WarrenAmerican citizen,American citizen, that means something to him. Andthat means something to him. Andthat means something to him. And you can't buy that at any place oryou can't buy that at any place oryou can't buy that at any place or package it or, you know, won't work forpackage it or, you know, won't work forpackage it or, you know, won't work for a Madison Avenue approach, you know, anda Madison Avenue approach, you know, anda Madison Avenue approach, you know, and you know, be an American or somethingyou know, be an American or somethingyou know, be an American or something like that. But that that that feelinglike that. But that that that feelinglike that. But that that that feeling just goes in my 95 years. I've I've seenjust goes in my 95 years. I've I've seenjust goes in my 95 years. I've I've seen it, you know, it's time after time. So Iit, you know, it's time after time. So Iit, you know, it's time after time. So I felt I felt good when I Greg justfelt I felt good when I Greg justfelt I felt good when I Greg just volunteered that in the last day or twovolunteered that in the last day or twovolunteered that in the last day or two to me that he was he was up there forto me that he was he was up there forto me that he was he was up there for his final exams here pretty soonhis final exams here pretty soonhis final exams here pretty soon becoming a citizen.becoming a citizen.becoming a citizen.
Questioner>> I didn't realize he wasn't a dual>> I didn't realize he wasn't a dual>> I didn't realize he wasn't a dual citizen already. I knew he was Canadian,citizen already. I knew he was Canadian,citizen already. I knew he was Canadian, but I thought he had dual citizen.but I thought he had dual citizen.but I thought he had dual citizen.
Warren>> He doesn't have a full whatever the>> He doesn't have a full whatever the>> He doesn't have a full whatever the complete citizenship requirement is. Andcomplete citizenship requirement is. Andcomplete citizenship requirement is. And and you can say, why does he care? Iand you can say, why does he care? Iand you can say, why does he care? I mean, he's gotten along fine without itmean, he's gotten along fine without itmean, he's gotten along fine without it here and everything. He still wants tohere and everything. He still wants tohere and everything. He still wants to be a citizen.be a citizen.be a citizen.
Questioner>> Yeah. 250 years we're celebrating our
QuestionerYeah. 250 years we're celebrating our 250th anniversary. Um you pointed out that you've been around for 95 of them. You think we have the special sauce that will continue in this country or what do we need to do to preserve that and make sure that it does continue?
WarrenWe've got a special sauce there. That's a secret sauce. It's such a good secret that I don't know what exactly it it is. But I do know this that that anybody that has a choice would choose to be in born in America. I mean, you know, you can pick some very small little country. They're very happy that they're but is is there any other country that everybody's for couple hundred years has wanted to immigrate to? I mean it it uh and it attracted some terrible people, you know, too. But but uh it worked and they had the mafias from the different groups, not not just the
Charliethe different groups, not not just the Italian mafia, but all I mean it itItalian mafia, but all I mean it itItalian mafia, but all I mean it it wasn't that they were all we had somewasn't that they were all we had somewasn't that they were all we had some system for picking out the the wonderfulsystem for picking out the the wonderfulsystem for picking out the the wonderful people from some other countries, butpeople from some other countries, butpeople from some other countries, but it has it has worked. But it's work theit has it has worked. But it's work theit has it has worked. But it's work the extremes to which it worksextremes to which it worksextremes to which it works uh don't seem to belong to that kind ofuh don't seem to belong to that kind ofuh don't seem to belong to that kind of a society. I mean if you were drawing upa society. I mean if you were drawing upa society. I mean if you were drawing up dreams for the ideal society and youdreams for the ideal society and youdreams for the ideal society and you would have this kind of GDP per cap andwould have this kind of GDP per cap andwould have this kind of GDP per cap and everything you wouldn't designeverything you wouldn't designeverything you wouldn't design you wouldn't design theyou wouldn't design theyou wouldn't design the you wouldn't decide the inheritance ofyou wouldn't decide the inheritance ofyou wouldn't decide the inheritance of laws. you wouldn't I mean you just dolaws. you wouldn't I mean you just dolaws. you wouldn't I mean you just do all kinds of things differently butall kinds of things differently butall kinds of things differently but somehow it's workedsomehow it's workedsomehow it's worked but that doesn't mean thatbut that doesn't mean thatbut that doesn't mean that we can't do better I mean at allwe can't do better I mean at allwe can't do better I mean at all
Questioneryou know Warren there are thousands ofyou know Warren there are thousands ofyou know Warren there are thousands of people shareholders and partners ofpeople shareholders and partners ofpeople shareholders and partners of yours for decades in some cases who areyours for decades in some cases who areyours for decades in some cases who are sitting out in this arena right now andsitting out in this arena right now andsitting out in this arena right now and I just wonder if there's a message you'dI just wonder if there's a message you'd
QuestionerI just wonder if there's a message you'd like to give to them um those been like to give to them um those been like to give to them um those been following you for yours and who've been following you for yours and who've been following you for yours and who've been partners of yours for years. partners of yours for years. partners of yours for years.
WarrenThe number one rule I give them is just The number one rule I give them is just The number one rule I give them is just not give them the golden rule to others. not give them the golden rule to others. not give them the golden rule to others. I'm not a religious guy, but I mean I'm not a religious guy, but I mean I'm not a religious guy, but I mean nobody said it any better and and and in nobody said it any better and and and in nobody said it any better and and and in a couple thousand years than that, which a couple thousand years than that, which a couple thousand years than that, which may be why it's lasted may be why it's lasted may be why it's lasted a certain degree, too. I mean that uh a certain degree, too. I mean that uh a certain degree, too. I mean that uh you know more people are reading a you know more people are reading a you know more people are reading a 2,000-year-old book about how to behave 2,000-year-old book about how to behave 2,000-year-old book about how to behave than anything that anybody's coming up than anything that anybody's coming up than anything that anybody's coming up with lately. uh uh now it's got a lot of with lately. uh uh now it's got a lot of with lately. uh uh now it's got a lot of particularly old testaments got particularly old testaments got particularly old testaments got different kinds of stories to some different kinds of stories to some different kinds of stories to some extent but extent but extent but uh if the whole world lived uh if the whole world lived uh if the whole world lived by the golden rule it would be such a by the golden rule it would be such a by the golden rule it would be such a more wonderful society more wonderful society more wonderful society
Questionerdo unto others as you'd have them do do unto others as you'd have them do do unto others as you'd have them do unto you. unto you. unto you.
WarrenYeah. And that's true for everything Yeah. And that's true for everything Yeah. And that's true for everything from from from parenthood parenthood parenthood to being a boss to being all I mean just
Warrento being a boss to being all I mean just everything in life. And it doesn't cost you anything. In fact, it it it's reflected in better behavior toward you. So I mean it's a very selfish sort of thing in in one sense, but I've never seen anybody that's unhappy that behaves that way. they uh uh and I've seen a lot of people in a lot of different kinds of situations.
Questioner>> Warren, I want to thank you for taking this time to sit down with us today. Warren Buffett, the chairman of Berkshire Hathaway. Uh Greg Ael is going to be taking the stage in just a moment and you will see more from him in just a moment.