WarrenI'm Warren. He's Charlie. Charlie does most things better than I do. A nice thing about it in this country, I think, is that both Democrats and Republicans basically on balance, believe in the benefits of free trade. And we will have disagreements with each other. We'll have disagreements with other countries on trade, but it's just too big and too obvious that the benefits are huge, and the world's dependent on it, a major way for its progress, that too intelligent countries will do something extremely foolish.
QuestionerI should say this may be one of the most pointed questions I've ever received for you. disturbed when you were asked on CNBC about the role that business could play in sensible policies around the sales of guns. You said you didn't think business should have a role at all. Please tell us you misspoke.
WarrenI don't think that the, my political views, I don't think I put them in a blind trust at all when I take the job. And I, in the election of 2016, I raised a lot of money. In my case, I raised it for Hillary, and I spoke out in various ways that were quite frank. But I don't think that I speak, when I do that, I don't think I'm speaking for Berkshire. I'm speaking as a private citizen, and I don't think I have any business speaking for Berkshire.
QuestionerIf Wells Fargo Company is a chronically leaking boat, at what magnitude of leakage would Berkshire consider changing vessels?
WarrenThe fact that you are going to have problems at some very large institution is not unique. In fact, almost every bank has, all the big banks, I've had troubles of one sort. or another. They made a big mistake. But the, uh, uh, uh, uh, I like it as an investment. I like Tim Sloan as a manager, you know, and it, it, he is correcting mistakes made by other people. I think Wells Fargo is going to be better going forward than it would have been a bit if these leaks had never been discovered. Or it happened. Yeah. So I think it, uh, it, it, uh, it, it, uh, But I think Harvey Weinstein has done a lot for improving behavior too. It's, it was clearly an error, and they're acutely aware of it and acutely aware of it, and acutely embarrassed and they don't want to have it happen again.
WarrenThe truth is that, uh, I've watched Amazon from the start, and I think what Jeff Bezos has done is is something close to a miracle. And the problem is if I think something will be a miracle, I tend not to bet on it.
QuestionerI'm just wondering why you've never bought Microsoft.
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WarrenIn the earlier years, it's very clear. The answer is stupidity. But the, uh, but since Bill has, particularly since Bill has joined the board, but even, even earlier than that, because of our friendship, it would be, It just would be a mistake for Berkshire to buy Microsoft, because if something happened a week later, a month later, in terms of them having better earnings than expected, or making an acquisition, anything, both Bill and I would incorrectly, but would be, would be a target of suggestions and accusations, perhaps even, that somehow he had told me something.
WarrenCryptocurrencies will come to bad endings. And along with the fact that there's nothing being produced in the way of value from the asset, that you also have the problem, that it draws in a lot of charlatans and that sort of thing who are trying to create various sorts of exchanges or whatever it may be. To me, it's just dementia. And I think the people who are professional traders that go into trading cryptocurrencies, it's just disgusting. It's just disgusting. It's like somebody else is trading turds. and you decide I can't be left out.
QuestionerElon Musk this week on his Tesla earnings call said the following, quote, I think moats are lame. They are like nice in a sort of quaint, vestigial way, and if your only defense against invading armies is a moat, you will not last long. What matters is the pace of innovation is Elon right.
WarrenThere's been more moats that have become susceptible to invasion. invasion that seemed to be the case earlier. But there's always been the attempt to do it. But certainly, you can work at, certainly should be working at improving your own moat and defending your own mode all the time and then Elon may turn things upside down and in some areas. I don't think he'd want to take us on in candy, but...
QuestionerI've been semi-retired for decades.
CharlieWell, I've watched Warren for a long time, and he sits around reading most of the time and thinking, and every once in a while he talks on the phone or talks to somebody. I can't see any great difference. A lot of people, part of the Berkshire secret is that when there's nothing to do, Warren is very good at doing nothing.