BECKY, YOU KNEW CHARLIE BETTER

THAN ANYBODY AT THIS NETWORK,

COVERED BERKSHIRE HATHAWAY FOR

SO LONG.

WE ALL KNEW CHARLIE FOR HIS WIT,

HIS MUNGERISMS, SO TO SPEAK, BUT

I THINK THE INTERPLAY BETWEEN

WARREN BUFFETT AND CHARLIE

MUNGER IS REALLY FASCINATING.

THE FRIENDSHIP, BUT ALSO SORT OF

THE GIVE AND TAKE AND HOW

CHARLIE WAS THE TRUE FOIL TO

WARREN BUFFETT IN TERMS OF

BOUNCING INVESTMENT IDEAS.

I REMEMBER WARREN CALLED CHARLIE

THE ABOMABOMINABLE NO-MAN.

>> YEAH, SAYING, THIS DOESN'T

WORK AND HERE'S WHY.

THEY DID FIGURE OUT TOGETHER A

DIFFERENT THOUGHT OF INVESTING,

A DIFFERENT WAY OF BUILDING

THINGS.

WARRREN BUFFETT HAD BEEN AN ACT

LITE, BUYING GOOD BUSINESSES,

DECENT BUSINESSES, AT REALLY

CHEAP PRICES.

CHARLIE MUNGER IS THE ONE WHO

KIND OF CHANGED WARREN BUFFETT'S

THINKINGS ON THESE THINGS, WHERE

HE SAID, WE SHOULD BE BUYING

GREAT BUSINESSES AT DECENT

PRICES.

YOU DON'T HAVE TO GO SO LOW AND

GET A GREAT BARGAIN PRICE FOR IT

IF YOU HAVE A GREAT BUSINESS,

THAT WILL EVENTUALLY TAKE CARE

OF OOITSELF.

TODAY, WARREN BUFFETT PUTTING

OUT A STATEMENT, SAYING,

BERKSHIRE HATHAWAY COULD NOT

HAVE BEEN BUILT WITHOUT

CHARLIE'S INSPIRATION, WISDOM,

AND PARTICIPATION.

AND JUST A COUPLE OF WEEKS AGO,

WHEN I SAT DOWN WITH CHARLIE, HE

DID TALK A LITTLE BIT ABOUT HOW

THINGS STARTED AT BERKSHIRE

HATHAWAY.

HERE'S WHAT HE HAD TO SAY.

>> I DID NOT REALLY THINK THAT

WE'D EVER HAVE ONE.

IT WOULD -- IN THE -- SO MANY

HUNDREDS OF BILLIONS IN

BERKSHIRE.

I DID NOT ANTICIPATE THAT.

AND WARREN AND I WERE STARTING

WITH OUR LITTLE PIDDLY START,

THAT WE'D EVER GET TO $100

MILLION, MUCH LESS SEVERAL

HUNDRED BILLION.

IT'S -- -- IT WAS AN AMAZING

OCCURRENCE.

>> WHAT HAPPENED?

THAT YOU DIDN'T ANTICIPATE?

WHAT LED TO THAT SUCCESS?

>> WELL, WE GOT A LITTLE LESS

CRAZY THAN MOST PEOPLE.

AND A LITTLE LESS -- AND THAT

REALLY HELPED US.

IN ADDITION, WE WERE GIVEN AS

MUCH LONGER TIME TO RUN THAN

MOST PEOPLE, BECAUSE SOMETHING

KEPT US ALIVE INTO OUR 90s.

AND IT GAVE US A LONG TRACK FROM

OUR LITTLE PIDDLING START, ALL

THE WAY TO THE 90s.

THOSE ARE THE TWO THINGS THAT

REALLY HAPPENED.

AND OF COURSE, WE WISED UP OVER

TIME.

WE GOT INTO BETTER AND BETTER

COMPANIES AND WE UNDERSTOOD MORE

AND MORE OF THE BAD THINGS THAT

COULD HAPPEN, HOW EASY THEY

COULD CREEP IN, AND WE AVOIDED

THEM EVEN MORE, WHEN WE WERE OLD

THAN WE DID WHEN WE WERE YOUNG,

AND IT ALL WORKED.

>> I THINK BACK IN 2015, FOR THE

50th ANNIVERSARY OF BERKSHIRE,

YOU WROTE IN THE SHAREHOLDERS

LETTER THAT AMONG MANY OTHER

THINGS, YOU HAD A $60 BILLION

PILE OF CASH AT THAT POINT.

YOU THOUGHT THAT -- THAT PILE OF

CASH WOULD DECLINE OVER TIME,

BECAUSE YOU'D BE ABLE TO BUY

MORE AND MORE THINGS.

NOW YOU'VE GOT ALMOST $160

BILLION IN CASH.

IS THERE AN OPPORTUNITY FOR A

REALLY BIG PURCHASE WITH THAT?

AND DO YOU THINK YOU'LL SEE ONE?

>> OF COURSE.

THERE'S AN OPPORTUNITY FOR A LOT

BIGGER.

AND PEOPLE WHO DON'T HAVE 160.

WE HAVE $160 BILLION IN CASH,

PLUS A GREAT CREDIT RATING WE

DESERVE.

AND WHO IN THE HELL HAS THAT?

NOT VERY MANY.

YES.

BUT WHAT IT'S GOING TO BE, I

CAN'T TELL YOU.

IT CAN'T BE ANYTHING TOO SMALL,

BECAUSE IT DOESN'T MATTER HOW

GOOD IT IS.

WE'RE OF A SIZE NOW, TOO SMALL

DOESN'T MOVE THE NEEDLE VERY

MUCH.

SO, WE HAVE -- WE NEED SOMETHING

BIG TO COME ALONG, AND USE UP

ALL OUR CASH AND SOME BORROWING.

BUT WHO IS MORE LIKELY TO FIND

SOMETHING THAN A GUY WHO HAS

$160 BILLION IN CASH?

PLUS A LONG HISTORY OF BUYING

BARGAINS?

I DON'T THINK IT'S HOPELESS.

IT MAY HAVE TO BE DONE BY SOME

DIFFERENT PEOPLE, THE NEXT TIME,

WE MAY NOT TO BE ABLE JUST TO

SQUEEZE A LITTLE MORE LEMON

JUICE OUT OF THE OLD LEMONS.

WE MAY BE ABLE TO -- WE MAY HAVE

TO SQUEEZE SOME NEW LEMONS,

MEANING NEW PEOPLE MAY HAVE TO

MAKE THE DECISIONS, BUT WHO CAN

MAKE THEM BETTER THAN SOMEBODY

THAT'S WATCHED THE EARLY PROCESS

ALL THROUGH ALL THOSE YEARS AND

SEEING HOW WELL IT WORKS?

AND WHO STARTS WITH A LITTLE

LEGACY, $160 BILLION IN CASH.

>> SO, YOU'RE TALKING ABOUT GREG

ABLE --

>> YES.

>> TED AND TODD.

>> OR SOMEBODY NOT YET THERE.

>> MELISSA, THAT WAS JUST TWO

WEEKS AGO TODAY, AND CHARLIE

MUNGER, AT 99 YEARS AND 11

MONTHS, REALLY STILL HAD GREAT

COMMAND OF EVERYTHING THAT HE

SAW, VERY QUICK MENTALLY.

VERY CAPABLE OF SITTING AND KIND

OF REFLECTING ON ALL OF THESE

THINGS, BUT HE'S A HUGE REASON

WHY BERKSHIRE HATHAWAY IS THE

COMPANY THAT IT IS TODAY, AND HE

WILL BE SORELY MISSED.

>> ARE THERE INVESTMENTS THAT

BERKSHIRE HATHAWAY HAS HELD OR

HAS CURRENTLY THAT HAS CHARLIE

MUNGER'S FINGERPRINTS ALL OVER

IT?

>> SURE.

PROBABLY BYD IS THE BIGGEST

EXAMPLE OF THAT.

THEY GOT IN VERY EARLY AND THAT

WAS SOMETHING THAT CHARLIE

MUNGER WAS VERY EXCITED ABOUT,

BECAUSE OF THE GUY WHO WAS

RUNNING THE COMPANY.

COUPLE OF TRIPS TO CHINA, ONE

WAS WARREN AND CHARLIE BOTH,

TRAVELING TO CHINA TO SEE THEIR

INVESTMENT THERE, ANDI THINK

THEY WERE BOTH KIND OF BLOWN

AWAY BY WHAT THEY SAW, B