QuestionerMy general question is about how ethical concerns enter into your asset allocation decisions. So, for example, I think there's some strong arguments that can be made that say classic Coke should never be part of anyone's diet. If such an argument could be made and you were convinced of it, would that change the way that you viewed Coca-Cola company as part of your portfolio?
WarrenWell, I think that's a hypothetical that simply wouldn't happen. I mean, I've been drinking five of them a day, you know, and maybe it's the combination of that in peanut brittle, you know, that does the job, but I just feel terrific. We passed one time on the chance to buy an extraordinarily profitable company, because Charlie and I met the people that ran it. And they were perfectly decent people, too. and we went down in the lobby of the hotel that we met him in, and we just decided that, in the end, we didn't want to be involved in that. On the other hand, I would have bought stock as a publicly traded stock in the same company. Charlie will give you his view on that later. So I do not have a problem buying stock in companies, marketable securities, the bonds of those of companies in the marketable securities, the bonds of those of companies in the market. that engage in activities that I wouldn't probably endorse myself. I would have trouble owning outright and actually directing the activities of some of those companies. But, you know, any major retailer in this country is virtually is going to be selling cigarettes, for example. And if they're not declared illegal, it does not bother me to own. would not bother me to own those retailers outright or it does not bother me to own the stock.
QuestionerYeah, but you wouldn't buy a company that made the tobacco and concocted the advertisements.
WarrenNo, we would, and, you know, I can't tell you perfectly why that, I mean, I can't tell you that's the perfect line, or I can't tell you precisely why that's where I draw it, but I will tell you that is where I draw it. I think it's a little crazy myself to say that it's terrible if people eat hamburgers or eat or drink Coca-Cola, eat candy or anything like that because they're likely to gain. That is a perfectly optional decision. And who knows whether somebody has lived a happier life that lives to 75 and their overweight condition causes them to die a little sooner. They live to 85 and lived on carrots and broccoli, you know, has lived a better life. I know which one I prefer.