QuestionerIn recent years, business schools have taken a lot of blame for some of the recent state of the economy. What would you suggest to change the way that business leaders are trained in our country?
WarrenWell, I wouldn't, I don't know, Charlie, I wouldn't blame business schools particularly for most of the ills, would you? I think they've taught the students a lot of nonsense about investments, but I don't think that's been the cause of great societal problems. What do you think?
CharlieNo, but it was a considerable sin. In investing, I would say that probably the silliest stuff that we've seen taught at major business schools probably has been, maybe it's because it's the area that we operate in, but it's been in the investment area. I mean, it is astounding to me how the schools have focused on sort of one fad after another in finance theory. And it's usually been very mathematically based. It's totally drifted away the teaching of investments. I look at the books that are used sometimes, and there's really nothing in there about about about. And that's what investing is all about. If you buy businesses for less than they're worth, you're going to make money. And if you know the difference between the businesses that you can value and the ones that you can't value, which is key, you're going to make money. But they've tried to make it a lot more difficult. And of course, that's what the high priests in any particular arena do. They have to convince the laity that the priest have to be listened to.