38:02 Solomon was doing business with Marc Reich and Warren initially couldn’t get Solomon to stop. Doing business with Reich was similar to doing business with Al Capone in the 30’s yet the banks would tell Warren that it’s good business and that if they don’t deal with Marc, someone else will.

4:28:22 Warrens great nephew proposes.

3:34:01 Charlie Munger says: "there has been a lot of criticism of investment banking in this arena starting with that movie but Berkshire itself has had marvelous services from all of it's investment bankers which is interesting."

1:07:14  Warren mentions how in the 1980's, the Mutual of Omaha, which had been carefully built up over 75 years and they got the idea that they should be writing property casualty reinsurance and they came somebody the pen within the place and in just signing a few contracts, the Mutual of Omaha lost half their net worth in a very short period of time and they were worried that they might have lost more than that. You can do enormous damage in the insurance business with a pen and you have to be very careful of who you give that pen to.

Berkshire has given away that pen to Ajit Jain in a way they wouldn't give it to anybody else.

59:13 Students ask Warren what would he do if he ran a business and thought investments. Warren would only have 2 courses :

One would be how to value a business and the second would be how to think about markets.

3:55:55 Munger mentions Elihu Root and quotes him saying : No man is fit to hold public office who isn’t perfectly willing to leave it at any time.

3:18:48 Warren has stated in the past that management should be required after several years to provide a post-mortem on acquisitions it makes and he’s questioned on that and offers an answer.

1:25:10  Charlie and Buffett talk about Wells Fargo going below 9$ and Buffett recounts a story of how he was in a classroom and says he would invest his net worth into Wells Fargo.

3:31:28 Question regarding Goldman Sachs and General Electric. Warren is asked if he picked attractive businesses or simply attractive securities.

2:16:23  Someone quotes Warren saying that repurchasing Berkshire shares are self-defeating because before a repurchase, Warren writes a letter to shareholders as to why they're going to repurchase which the letter would then tell investors that BRK is at a substantial discount to it's intrinsic value which would cause the stock price to rise. The letter would be in essence a buy recommendation which Warren doesn't do.

44:15 There’s about 80 million houses in the USA, 25 million of those do not have a mortgage, about 1/3.  5-6 million of those homes are in trouble. The US sells about 4.5 million houses every year.

2:48:57   Charlie Munger goes deep on a question regarding BYD.

1:53:41  "We have an attitude that when we buy a business it's for keeps. We make only 2 exceptions, when they promise to start losing money indefinitely or major labor problems. Otherwise we won't begin selling something because we get offered more money for it even than it's worth."

1:40:07  Warren talks about derivatives compared to securities and the settlement dates

50:23  “ I don’t think we would want a manager who thought he can just go to cash based on macroeconomic notions and then hop back in when it was no longer advantageous to be in cash, since we can’t do that ourselves.

Charlie Munger

2:04:37 The best protection against inflation is your own earning power. If you're the best teacher, surgeon, lawyer, whatever it may be, you will command a given part of other peoples production of goods and services no matter what the currency is.

The second best protection is a wonderful business. If you own the Coca-Cola trademark, company, you will get a given portion of peoples labor in 20 years from now and 50 years from now for your product and it doesn't make any difference what has happened to the price level generally because people will give up X amount of labor time in order to enjoy a 12 ounces of the product they like.

1:06:23 Giving your pen away in insurance is extraordinarily dangerous. They have given that power to Ajit because they've firmly established in their mind what they're dealing with but that doesn't mean that the authority goes with the position but the individual instead.

Ty

14:42 Warren says how people do foolish things with their money and mentions how he drove west to Las Vegas in 1952 and stopped at the flamingo where many well dressed people had flown from New York or distant places to play a game that has a mathematical expectation that is negative on every action they take,

It’s a world of opportunity.

40:03 Warren says that they have the largest real estate brokerage firm in Southern California that’s owned by Midamercian.