QuestionerHave you considered installing corporate defenses that might prevent future generations of activists from trying to break up Berkshire Hathaway?
WarrenYeah, I used to worry more about that than I do now. Partly, size is one factor. The, I think the more important factor would be that Berkshire will always be in a position to repurchase very significant amount of stock, and as long as it's willing to buy that stock at some price, and it should be, close to intrinsic value, there should not be a large margin in terms of anybody that might come along. I think there'd be a lot of money to be made by breaking up. There would be money lost by breaking it up in terms of we'd lose. There'd be certain advantages lost. I think the numbers involved would be staggering, and I think we have a shareholder base. that recognizes the advantages of both the Berkshire businesses and its culture. So I think it's very, very unlikely. I think we have almost no worries at all on this subject, and that most other people have a lot of thoroughly justifiable worry, and I think that helps us. So I look forward on this subject with optimism.
WarrenDo you want to explain how it helps us, Charlie?
CharlieWell, if you're... Being attacked by people you regard as evil and destructive and so on and you want a strong ally, how many people would you pick in preference to Berkshire?
OtherMy name is Warren Buffett and I approve of that a message.