Paulene

Also, an amazing person. I learned so much about trading, investing -- and kindness. Thank you!

I had no real father figures in my life to look up to. Warren and Charlie were that to me. I met Warren in 1994 and met Charlie when I attended a WESTCO meeting at Clifton’s early the next year. I knew I could trust them and that was one of the greatest gifts I ever received from strangers. It changed my life. I went from being a punk filmmaker to learning that there are many ways to be an artist. Buffett often talked about Berkshire as his “painting.” He was an artist and a teacher who happened to know how to make a ton of money. But unlike many artists, doctors, actors, business men and women, he brought a lot of people with him. Charlie and Warren, if they worshipped anything, it was reality and they practiced their skills with joy like any master practices. I was lucky to have been anywhere near them for so many years. They humbled me and made me want to be a better person. They were/are human and fallible—and, sadly, mortal. Here’s to Warren, and his friend, Charlie! And to Berkshire Hathaway, their masterpiece — and all those they inspired.

Glad you agree. Thanks.

Ron looked like he was going to cry. I would, too. After so many years of business and friendship with the great people of Berkshire Hathaway and all that surrounds such an enterprise, this was his last interview, as a board member of this very esteemed company, with the great Becky Quick, from CNBC, broadcasting to the world. I would hope he would want to keep in contact with his compatriots. I would hope he would be touched beyond words. It's also emotional to find out that this is the last annual meeting of his great friend, Warren Buffett, as CEO, that indeed the guard will change. I would be very protective of the new guard, Greg Abel, so i think the hope for the very best of close allies be his. Make sure that everything you learned and saw was passed on to him so he will have a successful fledging. (I've been watching baby birds below my window.) Warren built this enterprise, from the ground up. Every system was created by Charlie and himself--over 60 years. It will be a great undertaking to walk into the role of CEO of such a conglomerate, with systems in place. Abel will have a learning curve, and as many people as possible needed to support him. A good friend, a wise consigliere and trustworthy lieutenants will all be needed. The willing friendships. He probably has many already there, but his tenure hasn't quite started. Ron was expressing his earnest wishes that Greg have the closest of good advice and respect. Something Charlie and Warren built up over 60 years. It's asking a lot of Greg--of any one, so his wishes are for Greg to develop those relationships at Berkshire. Nothing more important than good and trusted friends--beyond Warren. Doesn't mean he doesn't believe he won't have them, or doesn't, but they are the most important things one needs to succeed and move forward. Warren won't always be there. Words fail. One of the great, life-changing experiences of my life was meeting Warren Buffett. Through his kids. and through them I met Ron and some of the people in Berkshire Hathaway. To realize that there are great people in the world and I could learn from them. That though they are only human, they aspire. They try to be their best. And they hope that for each other. As Warren said, if you succeed in life, try to bring others along with you.

As Ajit said at last week's meeting, "We are not early adopters." Know what your circle of competence is and step out of it at your own peril.

Thank you for this.

Buffett has said many times that Berkshire wasn't the most efficient tax structure. However, it was baked in at inception and there is nothing to be done about it. They do well, anyway. Berkshire is not a proxy for the S&P 500. It has a different collection of companies--and management. So, the issue is whether you trust Berkshire to make better investments than the S&P index, and what you think of their strategy for deploying cash. There are a lot of moving parts besides taxation. Understanding the various types of businesses, market cycles, and your own, as well, are just a few.