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QuestionerI greatly admire the way you have lived a frugal personal life, even with your considerable wealth. How do you think your frugality has helped Berkshire shareholders over the years? And Charlie, are there any instances where you think that Warren's frugality has hurt Berkshire as shareholders?
WarrenWell, first of all, let's ask who is the more frugal between us? Charlie, who do you think is now?
CharlieWell, in personal consumption, Warren is more frugal.
WarrenWould you care to give an example?
CharlieWarren lives in the same house he bought for a very much. Not its price, what, in 1950-something?
WarrenI bought it in 1958, and you moved into years about 1960, didn't you?
CharlieYeah, and I paid more. But he designed his own house. He did not pay an architect, right? I did. I paid an architect $1,900. It was as much as 30% of the normal price. Notice how he remembers the details.
WarrenNo, I would, I have everything in life I want. It's a very simple thing. If there's anything that money could buy, there are things money can't buy. But if there's anything money could buy that I want it, I'd do it this afternoon. I wouldn't have any problem with that at all. I do not think that standard of living equates with cost of living beyond a certain point. I mean, up to a certain point, there's no question that it does in terms of having good housing, good health, good health service, good food, everything. But good transportation. But there's a point, I think, if anything, you start getting inverse correlation. My life would not be happier, and I'd be worse, if I had six or eight houses or, you know, a whole bunch of different things I could have. It just doesn't correlate. And so having everything I have, I mean, you can't have more than that. And that doesn't really make any. It makes the difference up to a point. I mean, I, I, you can start thinking a lot differently when you got to X, but having, but when you get the 10X or 100 X or 1,000 X, it just doesn't make any, any possible difference.
QuestionerCharlie can you...
WarrenThe frugality, basically, has helped Berkshire. And I look out of this audience, and I see a bunch of understated, frugal people, too. We collect you people.