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When the people running the company are old, you should be able to see them in person

Buffett & Munger2022-05-02video3:23Open original ↗

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SpeakersQuestioner1Warren1
[0:01]
QuestionerThank you. Thank you. I don't hear anything from the index funds. Where are they?
WarrenIt's really, it's really, it's really be, it really feels good to get back and be doing this in person. It's been three years and it's a lot better seeing actual shareholders, owners, partners, and We, uh, Charlie and I are now, uh, combined, uh, if we're wrong for fractions, uh, the two of us are 190 years old. And, uh, and I really think you're entitled, if you're the owner of a company, and they've got two guys, 98 and 91 running the company, you're entitled to actually see them in person. I mean, it, it shouldn't be too much to ask that, uh, I mean, for example, if we had a, we had a manager someplace that was 98, I might want to send somebody by occasionally to see whether he was cutting out paper dolls or something. So, so, uh, uh, uh, we probably do things that are a lot more foolish than cutting out paper dolls, but, but, uh, but we're having a lot of fun doing it, and, uh, and we really have a lot of fun, uh, when you come visit us, uh, actually, uh, we had, uh, to go back a few years, we've had a couple, um, a couple of managers that, that suffered from dementia, probably many more, but I mean, I'm just a couple known ones actually. And, uh, uh, there was one fellow that Charlie and I really loved, and, uh, he ran a business force, Charlie was out in California, and Charlie would see him occasionally, and I didn't see him, but everything seemed fine, and then we found out that he'd really been suffering. uh from dementia for quite a while and uh and it really was a wonderful friend of all of ours but but the business had done fine so that's become our our test really is that from new businesses we try to find something the guy with alzheimer's can run actually and and you don't have as much competition for businesses like that you're sitting there cutting out paper dolls and You know, that's our man.