QuestionerWhat can be done to educate the children about the sage of Omaha's philosophy of successful money management and to prevent another reoccurrence of the financial mayhem that we've all seen and experienced in 2007 and 2008 years?
WarrenWe will see financial mayhem, as you put it from time to time. I hope we reduce it. I hope we reduce the magnitude. But people do crazy things, and it's not a function of IQ, and sometimes it's not a function of education. In fact, I would argue that some of the problems, and not a small part of what's occurred in the last 30 years, has been because of what became the prevailing conventional wisdom in the leading business schools. I think it's much more important to have good learning at the elementary level, that frankly the habit of at the in terms of advanced degrees in graduate schools. Charlie?
CharlieYeah, there are other great educational institutions in America that help handle this problem. One of the ones I admire most is McDonald's. I had fun once at a major university when I said I thought McDonald's succeeded better as an educator than the people in the university did. And what I meant was McDonald's hires a lot of people who are quite marginal. the very start of their working career. And they learned to show up on time for work and observe the discipline. A lot of them go on in employment to much higher jobs. And they've had an enormous constructive effect about educating into responsibility. A lot of people who were threatened with not making it. So I think we all owe a lot to the employment culture of McDonald's, and it's not enough appreciated.