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Here is a lecture / Q&A session by Buffett at the University of Georgia, Terry College of Business in 2001.  Although its over 10 years old, it was relatively recently uploaded (compared to the lecture date), and it is the first time I've seen him explain clearly what he means when he says he "doesn't understand a business" ...

 

Posted

I saw this a little while back and I thought it was one of his better lectures to students on YouTube. Buffett was also making a couple of jokes in the beginning. He's got a pretty good comedic delivery.

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