ANDY SERWER 00:00
I want to shift gears and ask you a little bit about repurchasing shares. You said in the shareholder meeting, "I predict we'll get a little more liberal in repurchasing shares." How much more aggressive will you get? And do you think that's going to be a problem potentially with the Democrats?
CHARLIE MUNGER 00:19
Well, a politician that's in the business of howling about something, trying to create a sense of outrage – they're always complaining about something. And it is true that a lot of people – it got so popular to purchase shares that some people repurchased them even when they were too high priced. We will never do that. We're only going to buy them back if they're too cheap.
But of course that ought to be done. If you had a partnership with three of your crippled relatives and one of them needed some money, wouldn't you buy out the crippled relative with the company's money? It's just simple morality. But I do think it's being overdone by some people. And it undoubtedly is being done to prop up values, which I regard as an improper use of the share repurchasing technique.
ANDY SERWER 01:23
Should there be laws about that?
CHARLIE MUNGER 01:26
No. There are laws, and – but we shouldn't be telling people what the right price is.