Collection: Warren Buffett - #195 'Berkshire is Prepared For My Death'



[Transcript]

AUDIENCE MEMBER 00:08

A second question, again, not related. But I’ve heard this question several times today. And it comes up every year.

I’d like to couch it in sort of a different phrase. Let’s say that you stepped outside of this building and were hit by a bus.

WARREN BUFFETT 00:18

Yeah. We’ve got one fellow who objects to that here who’s a shareholder. It’s normally a truck. And he happened to be in the trucking business, so he —

AUDIENCE MEMBER 00:25

Or, given —

WARREN BUFFETT 00:26

Just so it isn’t a GEICO driver. But — (Laughter)

AUDIENCE MEMBER 00:35

Given Omaha, it could be a road grader.


WARREN BUFFETT 00:37

Yeah, right. (Buffett laughter)

AUDIENCE MEMBER 00:38

What kind, I mean, that would be a sudden — maybe you’d come out of it with a great fastball. Maybe that’s it. But you wouldn’t have your facility at stocks.

What kind of advice would you give people that hold Berkshire Hathaway at a moment such as that?

WARREN BUFFETT 00:52

Well, it’s — I’ve got the ultimate test on that. Because my estate, at that point, would be 99 3/4 percent invested in Berkshire. And I feel totally comfortable, considering the arrangements that have been made, and the businesses we own, and the managers we have in place, in terms of that.

But no one will be more affected, financially, let alone in other manners, by that truck than me. (Laughter)

So it’s a thought that’s crossed my mind.

And it’s a more important question to me than to anybody else. And I’ve answered it to my satisfaction. The directors have some of my thoughts on the subject. But the world will go on. The businesses will go on. And I think you’ll have terrific management in place.

AUDIENCE MEMBER 01:36

Thank you. I appreciate that. And thank you for taking all three of these. They’re so disconnected.

WARREN BUFFETT 01:40

OK, thank you.


(Source: https://buffett.cnbc.com/2000-berkshire-hathaway-annual-meeting/)

~ Please visit the site above for full video of Berkshire Hathaway Annual Meeting.

 

[YAPSS Takeaway]

Always Focus on the Downside.

"And it’s a more important question to me than to anybody else. And I’ve answered it to my satisfaction. The directors have some of my thoughts on the subject. But the world will go on. The businesses will go on. And I think you’ll have terrific management in place." ~Warren Buffett