QuestionerWhat are the key metrics you look at when you evaluate future inflation and your evaluation methodology?
WarrenI don't think you can look at any given metric in any given month and figure out exactly what that's going to do to inflation rates. Because so much, if it gets going, so much start, it creates its own dynamic. And we saw that in the late 1970s and early 1980s until Volker came along with a sledgehammer to the economy. But we had people running from money at that time. And, of course, we got the prime rate up to 21 and a fraction percent, and we got governments up to very close to 15 percent. So we had a little demonstration project 30 years ago in this country of what happens when people get fearful about money. And if we were to continue the policies we have now, I would think something, a rerun of that, you know, could be fairly likely, but, you know, but trend is not destiny. We don't we, we have the power to do things, and Congress has the power. I will just go back to the conclusion that based on what I see happening, American people, government around the world, I think currencies are poorer better than they have been for some time, but I have no idea what that means in terms of rates of inflation. inflation, and I hope I'm wrong on it. I would say if inflation ever really gets in the saddle, that it gets very unpredictable as to how fast it can accelerate, and how faith in institutions can break down. A lot of things, a lot of bad things could happen with it. Charlie?
CharlieYeah, the best defense, of course, is to contribute as much as you can to the civilization and expect to counter inflation's effects by your own merit. That's the safest antidote. The idea that just by outsmarting other people, you can somehow profit from the inflation is a much more dangerous course of action. Your money can be inflated away, but your talent can't be inflated away. If you're the best brain surgeon in Omaha or the best painter or whatever it may be, you will always command your share of the resources around you, you know, and whether the currency of sea shells or 10 million. dollar notes or whatever it may be. Talent is a terrific asset to deal with any kind of a monetary situation. But Charlie and I have to fall back on money.