Buffett: "We'd be happier, much happier, if we had $10bn of cash." "We love having the $4bn employed [in Iscar] not sitting around in short term securities." "You're right to say we should be very uncomfortable that we've got the cash.It's also important not to be so uncomfortable we go out and do something [just for the sake of it]."
On management succession at Berkshire:
Buffett:"If I die tonight, there are three obvious candidates to take myplace. The board knows which one of them they would agree on tonight. Any ofthose three would not miss a beat."
Munger:"Warren has kept the faith. Do you really think he's going to blow itwhen it comes time to pass it on? Speaking for the Munger heirs, I wouldprefer the current mode of operation to continue to wring the last drop ofgood out of Warren."
Buffett: "If we thought there was some better way to make this place function better or to make the transition easier, we¹d be delighted."
On US deficits and the dollar:
Buffett:"My views are as strong as ever, perhaps a bit stronger. We aredoing less directly in currency futures as the carry cost has gone frombeing positive to quite negative."
"We like the idea of developing earnings power in other currencies."
Munger:"In effect about half our spare cash was stashed in currencies otherthan the dollar. I consider that a non-event. As it happens it¹s been a veryprofitable non-event."
"Generally speaking, it can¹t be good to be running a big current accountdeficit and a big fiscal deficit and have them both growing. You would thinkin the end there would be a comeuppance."
Read the complete article
On management succession at Berkshire:
Buffett:"If I die tonight, there are three obvious candidates to take myplace. The board knows which one of them they would agree on tonight. Any ofthose three would not miss a beat."
Munger:"Warren has kept the faith. Do you really think he's going to blow itwhen it comes time to pass it on? Speaking for the Munger heirs, I wouldprefer the current mode of operation to continue to wring the last drop ofgood out of Warren."
Buffett: "If we thought there was some better way to make this place function better or to make the transition easier, we¹d be delighted."
On US deficits and the dollar:
Buffett:"My views are as strong as ever, perhaps a bit stronger. We aredoing less directly in currency futures as the carry cost has gone frombeing positive to quite negative."
"We like the idea of developing earnings power in other currencies."
Munger:"In effect about half our spare cash was stashed in currencies otherthan the dollar. I consider that a non-event. As it happens it¹s been a veryprofitable non-event."
"Generally speaking, it can¹t be good to be running a big current accountdeficit and a big fiscal deficit and have them both growing. You would thinkin the end there would be a comeuppance."
Read the complete article
