QuestionerThis question comes from Dennis Degenero. As Warren stated in the 2022 annual report, Berkshire will always hold a boltlet of cash in U.S. Treasury bills. It will also avoid behavior that could result in any uncomfortable cash needs at inconvenient times, including financial panics and unprecedented insurance losses. After Warren passes away, his A shares will be converted into B shares and distributed to various foundations. These foundations will then sell the shares to fund their causes. Warren estimates it will take 12 to 15 years for all his shares to be sold. I worry that a corporate raider like Karel Icon or a group will buy up enough of these shares to take control of Berkshire and completely disregard Warren's philosophy of holding a lot of cash in U.S. Treasury bills and instead be greedy, reckless, and highly speculative, and ruin Berkshire's position as a rock-solid financial fortress. I also worry that changes might be made in how Berkshire subsidiaries are run. Do Warren and Charlie worry that these things could have to be? happen?
WarrenWell, I think it's fair to say we think about it plenty, but I don't worry enormously. If we, it is true that Greg and the directors will have a honeymoon period for a long time, simply because of the boats that will still remain. I mean, but it's true that eventually they will get judged based on how well our operation fairs versus others. Now, if we don't pay any dividends in 12 or 15 years, you're talking a trillion and a half that it would take to take over. And I think if we can't, that limits the group. They like to think about how much thing borrow against it. It doesn't work when you, and some of these, there's nobody to come close to doing it themselves. And I think that the important thing is that Berkshire be regarded as a national asset rather than a national liability. We've got to be a plus to the country with our form of operation. And we certainly have got a record which will then be 12 or 15 years longer, done with much more capital, more companies. More things will have happened where our hundreds of billions can work its way into the economy in terms of lots of jobs, lots of products, lots of behavior, and it can be compared with other things. So I think we went out if we deserve to win out, and I think the odds of that happening are very, very, very high.