>> HI,ARREN, HI, CHARLIE

MY NAME IS ANDERSON FULLER, AND

I'M FROM DAVENPORT, NOVA SCOTIA,

IN CANADA.

BEFORE I ASK MY QUESTION, I NT

TO THANK YOU FOR ALL YOUE DONE

TO GIVE US INSIGHT INTO YOUR

GUYS' EMASIS AND SUCCESSFUL UR

USE OF PROPERLY ALIGNED

INCENTIVES

IN MY VIEW, OWNING AND LEADING A

BUSINE HAS TWO CENTRAL

BENEFITS

FIT, YOU DIRECTLY BENEFIT AS

THE MPANY GOES THROUGH YOUR

EQUITY IN IT, AND SECOND, YOU

HAVE AUTONOMY.

INCENTIVES FOR EMPLOYEES ARE A

BIT EAER TO UNDERSTAND SUCAS

OFFERING BENEFITS, FAIR PAY, AND

CREATING A STRONG CULTURE.

UNDERSTAND THEM AT THE HIGHEST

LEVEL.

EVENHOUGH YOU SAY BERKSHIRE

GIVES ITS MANAGERS SIGNIFICA

FLEXIBILITY, IT MUST BE LESS

THAN WHAT THEY H WHEN THEY

RE INDEPENDENT

ADDITIONALLY, YOU WOULD THIN

PASSION AND A WILLINGNESS TO

SELL WOU BE INVERSELY

CORRELATED

SO HOW EXACTLY DOES BERKSHIRE

BRIDGE TS GAP AND INCENTIVE

OWNERS OF ITS SUBSIDIARIES TO

GI UP THESE BENEFITS TO

BERKSHIRE?

THANK YOU.

>> WHAT WE REALLY HOPE TO FIND

IS MANAGERS WHO LOVE THEIR

BUSINESS BUT DON'T LIKE A LOT OF

WHAT COMES WITH IT AA PUBLIC

COMPANY.

MEAN, IF THEY HAVE TO END A

LOT OF TIME LISTENING TO PPLE

TELL THEM WHAT TO DO ABOUT THIS

OR TT, AND THEY CAN'T AFFORD

TO IRRITE THEM OR THEY HAVE TO

GO ALONG WITH THR TRADE

ASSOCIATION, WHATEVER THEY MAY

CALL IT BECAUSE YOU DON'T WANT

TOOOK LIKE A FREE RIDER,

THE'S ALL KINDS OF THINGS,

COMPROMISES THAT PEOPLE HAVE TO

MAKE IN ST JOBS.

AND CHARLIE AND I SOLVED THAT

PRLEM.

I HAD FIVE BOSSES INY LIFE

AND I LIKED ALL FIVE OF THEM,

D TWO OF THEM WERE JUST HUGE

FACTORS MAKING MY LIFE

BETTER

BUT I LIKED ALL FIVE OF THEM

A COUPLE OF THEM WERE -- SOME

PEOPLE AT JJCPENNEY, COOPER SMET

SMITH, I LOVED WORKING AT -- I

DIDN'T LE PARKING AT PENNEY'S,

BUT I LOVED WORKFOR COOPER

HOURH AND, YOU KNOW,5 CENTS AN

BUT I HAD -- I HAD TO DO WHAT

THEY TOLD ME TO DO WHICH WAS TO

SELL MEN'S SHIRTS FIRST, THEN

MEN ALLEGES CLOTHING, THEN

CHILDREN'S CLOTHING AND SO ON.

AND I LOVED WORKING FOR THE

NEWSPAPER.

AND I HAD A GREAT MANAGER WHEN I

WAS IN NEBRASK

GOT TO THE WORK FOR BEN GRAHAM

I MEAN, EVERYTHING WORKED OUT,

T -- THERE'S NOTHING LIKE

WORKING FOR YOURSELF

AND IF YOU CAN'TWN A BIG

COMPANY, WORKING AT BERKIRE

HATHAWAY AND RUNNING A COMPANY

IS THE CLOSEST THING YOU WILL

GET.

YOU DON'T HAVE TO SPEND TIME

COURTING ANALYS WHO YOU'LL

PROBABLY HAVE CONTEMPT FOR IN

MANY CASES

YOU DON'T HAVE TO SPEND ME

WITH BANKS, YOU KNOW, GETTING

MONEY AND PARTICULARLY IN

TERRIBLE TIM

THERE'S ALL KINDS OF -- YOU GET

A LOT IN THE WAY OF FREEDOM.

I WOULD THINK WOULD BE

MEANGFUL TO ME, AND MIGHT BE

BETTER IF YOU OWNED THE WHOLE

PLE YOURSELF

BUT MAYBE YOU'VE GOT SIBLINGS

THAT -- THERE'S A MILLION

REASONS Y YOU MAY NOT BE ABLE

TO ACHIEVEHAT UNLESS YOU SL

THEM TO BERKSHIRE.

THAT'S EASIER PROBABLY IF THEY

HAVE A FAMILY BUSINE WHERE

PEOPLE WANT TO GO IN DIFFERENT

DIRECTIONS THAN IT IS FOR THE

PUBLIC COMPANY

BUT THERE'S STILL POSSIBILITIES

THERE.

SO THAT'S -- THAT'S WHY --

THAT'S WHY I THINK IF I OWNED A

PUBLIC COMPANY AND IT WAS WORTH

GREAT MANY BILLIONS OF DOLLARS

AND BERKSHIRE HATHAWAY WANTED

BUY IT, AND THE SHAREHOLDERS

WERE WILLING TO VOTET, I

WOULD, YOU KNOW, CONSIDER THE

WAY I WOULD FEEL ABOUT LIFE.

FOR ONE THING, I WOULDN'T WANT

TO RETIRE AT 65.

I'D WANT TO KEEP WORKING

AND YOU KNOWWE -- WE JUST --

THERARE REASONS TO SELL TO

BERKSHIRE WHICH CHARLIE AND I IN

CERTAIN POSITIONS IF WE WERE ON

THE OTHER SIDE WOULD TAKE THE

DEAL

BUT IT ISN'T FOR EVERYBODY

CHARLIE?

>> I THINK WE HAVE A PRETTY GOOD

ONE.

WE'VE BEEN VERY LUCKY, AND I

THAT MOST OF THE PEOPLE WHO ARE

GOING TO END UP THE WAY WE DID,

THEY ALMOST ALREADY KNOW HOW TO

DO IT.

>> THE MOST IMPORTANT PUHASE

IN RETROSPECT THAT WE MAY HAVE

MADE WAS NATIONAL ENDEMOCRATITY

IN

NOW BECAUSE SPECIFICALLY WHAT IT

LED TO, AND JACK RINGWALD

CONTROLLED T COMPANY

AND I KNEW HIM AND LIKED HIM,

AND HE KNEW ME

AND ONCE A YEAR HE'D GET

IRRITATED WHEN T NEBRASKA

DEPARTMENT OF INSURANCE OR

SOMEBODY WOULD COME AROUND AND

ID -- THEY ALWAYS CAME AROUND

WHEN THE RACE TRACK WAS OPEN

HE H ALL THESE THEORIES ABOUT

WHY IT WAS A PAIN IN THE NECK TO

AND I -- AND I TOLD CHARLIE

HYDER NEXT TIME JACK IS IN THAT

MOOD WHERE HE'S READY TO SELL

JUST BECAUSE HE'S TIRED OF

FOOLING AROUND WITH ALL THES

GUYS, BE SURE AND FIND HIM

AND SO CHARLIE CALLED ME ONE

DAY, AND HE SAYS JACK IS I

HEAT, I SAID BRING HEM IM OVER

WE MADE A DEAL

HE WAS HPY AFTER WE MADE THE

DEAL

I WAS HAPPY AFTER WE MADE THE

AL

TO CONTROL THE BUSINESS, THESE

PEOPLE DIDN'T SEEM TO BOTHER

THEM AS MUCH ONCE THEY WERE MY

PROBLEM AND NOT HIS.

AND YOU JUSTAN'T TELL WHEN

LIGHTNING WILL STRIKE.

AND THAT DIDN'T DO MAGNIFICENT

THINGS FOR UINITIALLY, BUT

JUST LOOAT WHAT IT LED TO, YOU

KNOW

AND THEN -- SO YOU NEVER -- YOU

KNOW, IF YOU KNEW HOW YOU WERE

GOING TO -- AGAIN, IF YOU KNEW

HOW YOU WERE GOING TO SHOOT ALL

18 HOLES, IT WLDN'T BE ANY FUN

PLAYING, YOU WOULDN'T GET ON THE

FIRST TEE.

I MEAN, IT'SHE UNCERTAINTY,

THE FUN OF PLAYING THE GAME, THE

OPPONENTS, ALL KIND OF THI