QuestionerWith all due respect, Mr. Buffett, this question is for Mr. Munger. In your career of thousands of negotiations and business dealings, could you describe for the crowd which one sticks out in your mind as your favorite or is otherwise noteworthy?
CharlieWell, I don't think I've got a favorite, but the one that probably did us the most good is a learning experience with Seas Candy. It's just the power of the brand, the unending flow, of ever increasing money with no work. Sounds nice. It was, and I'm not sure we bought the Coca-Cola if we hadn't bought the C's. I think that a life properly lived is just learn, learn, learn all the time. And I think Berkshire has gained enormously from these investment decisions by learning through a long, long period. Every time you appoint a new person that's never had been, had big capital allocation experience. It's like rolling the dice. And I think we're way better off having done it so long. But the decisions blend. And the one feature that comes through is the continuous learning. If we had not kept learning, you wouldn't even be here. You'd be alive, probably, but not here. There's nothing like the pain of being in a lousy business to make you appreciate it. Make you appreciate a good one. Well, there's nothing to getting into a really good one. That's a very pleasant experience and it's a learning experience. I have a friend who says, the first rule of fishing is to fish where the fish are. And the second rule of fishing is to never forget the first rule. And we've gotten good at fishing where the fish are.