QuestionerDear Warren, dear Charlie. My name is Victoria Wrenthrop. I am 22 years old and I study in Munich at the CDTM, the Center of Digital Technology and Management. As your grandchildren are more in my age group, let me ask you, how do you transfer your wisdom to your grandchildren and heirs? How do you lead them to investing? Do you see value in investing as a family? as a family or individually? Thank you.
WarrenI'm going to let Charlie do the answering on it. He's got more.
CharlieWell, I have more grandchildren, but I am quite philosophical about my grandchildren not thinking exactly the way I do. It seems to me that's almost the natural course of life. And I just live my life my own way and they can observe it as an example if they want to. And if they don't, they can try some other way. I don't like it when they try some other way. And I have to pretend that I like some of the boyfriends and girlfriends I don't like. But I just struggle through like everybody else. And usually I just bite my tongue and keep silent. That's my way of handling it.
WarrenWell, I would say that I think that, in my case, my three children have grown a lot smarter in the last 30 years, and I think I've grown smarter.
CharlieWell, I know. No, but you needed a lot of help.
WarrenThat is for sure. No, I would totally acknowledge that. That's why I had the room to go. I mean, I had plenty of room for improvement. We all had a lot to grow. I worked a year for U.S. Steel, which was in their fabrication department in Los Angeles, a big operation. The thing was utterly doomed. And three years later, it went back to Greenfields. The whole thing was raised to the ground.
Charlieto the ground, I did not see it coming. Now, I would, to be that ignorant, and that as I was at that age, it was a sin, and my professors by and large were even more ignorant than I was. We just, nobody had observed the basic economics of business in a scientific way at all when I was young.