QuestionerI know you won't invest in technology companies, but are you afraid that the internet will hurt some of the companies that you do invest in, such as the Washington Post or Wells Fargo? Thank you.
WarrenWell, that's an absolutely terrific question. I may turn my money over to you. There's probably no better question we'll get. And I hope Charlie answers in an appropriate vein, considering your age. You mentioned the Washington Post. Even closer to home, we own a newspaper called the Buffalo News in Buffalo, New York. We own all of that. So we're in a position to make our own decisions of an operating nature as to what we should do in respect to the Internet. Newspapers are a category that, in my view, are very threatened by the Internet because we had an example. The Internet is terrific for delivering information. information. We have a product world book that's terrific for delivering information. But it requires chopping down trees and it requires operating paper mills and it requires binding and printing and it requires a delivery of a 70-pound, you know, UPS package. And it's a, it was put together in a way that was for four or five hundred years the best technique for taking that information and moving from those who assembled it to those who wanted to use it. And then the Internet changed that in a very major way. And the newspaper world, in my view, will look very, very, very different in not that many years. And I find it kind of interesting because the people in the newspaper business are a little schizophrenic about this. They see this. They're afraid of it. They're in almost all cases trying to combat it in some way operationally. But some of them at least continue to go out and buy papers at a purpose. that sort of reflects the economics that used to exist 20 years ago when it's, to me, it's very clear that it doesn't exist anymore. Our insurance business, particularly at GEICO, will be very affected by the Internet. Now, that may turn out to be a big advantage to us over time. I wouldn't be surprised if it is. But our retailing businesses are all threatened in one way or another by Internet developments, and there may be some opportunities there, too. But it's a change. It's a change in the it's going to be changed in the world, how the world gets entertainment. It's going to be changed in the world, how the world gets information. And it is incredibly low cost compared to the most of the methods of conveying entertainment information now.
WarrenCharlie?
CharlieWillie asked if we were afraid if the Internet would hurt some of our business, and I think the answer is yes. I'm learning to appreciate these short answers, though, Boris, the day goes...