40) $38B of cash where is it?

Not banks not money markets, the only thing I feel safe with is UST

CM - I have seen people struggle to earn 10 bps, I think it is stupid,
you don't want to fool around searching for yield with short term
money it is never worth it

WB - company was going to bankrupt, over the weekend, but FTC needed
time so they closed early but they had real cash and made amazing
deals, it can happen at any time, if ben bernanke runs off to south
america with paris hilton or something haha leave that off the
transcribed part, when someone comes to us and says we need a deal
right now

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WB - I own a lot of the securities I told you not to buy, UST, but its a good place to leave money and forget about it

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37) FMR: Do you estimate growth?

Some products travel way better than others, obvi if we see growth on
incremental capital we like it but we will buy companies with low to
no growth if the price is cheap relative to the value. we would love
them all to grow, lubrizol wont grow very much but we still like it.
In connection with Lubrizol, Sokol met with them and they had
projections out to 2013 and sokol had projections to 2015, i have
never seen projections not go up, i pay no attention to it, we are
doing projections in our head obviously, don't ask a barber if you
need a haircut

Cm - for the kids in school, here is my advice learn our way but while
you are in school pretend to learn their way

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36) reinstating charitable program

it was tax efficient way to give away money, to give three charities,
no one else copied it, CEO wanted to direct contributions which is
wrong, we always had a small backlash of where the money went, BRK
would have contributed to planned parenthood and we are not going to
buy Sees candy but it never amounted to anything, then we bought
pampered chef 50,000 independent contractors usually women and a
campaign developed because BRK was giving to pro life from A class
shareholders were going to boycott Pampered Chef and they were being
hurt in their livelihoods, it was hurting a whole lot of people,
reluctantly i ended it. When we started hurting our 50000 employees
it became apparent to me it was unfair and i reluctantly stopped it.

cm - we didn't want parent company debating social debates of the time

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35) Midamerica trying to build nuclear plant in Iowa? Bond like return is it worth mega catastrophe risk

I dont think there is anything like in the exposure you refered to, i
think nuclear power is very important in our future, 20% of
electricity in US is nuclear, OPPD has nuclear facility. I think
nuclear is important and I think it is safe, it is not going anywhere
in the US because of what happened in Tokyo but that doesn't change my
view that we should continue to develop nuclear around the world.

CM - We cant be so risk adverse that things taking a tiny dent in a
subsidiary, we have to have a reasonable amount of courage to run this
business.

wb - we have to carry toxic waste on RR, but I regard myself as a
Chief Risk Officer, we are not doing anything that pressing my
imagination that will not take one nights sleep

cm - you can believe iowa will have a far safer plant

wb - far more people lsot their lives in coal mines

cm - and if a tsunami gets to iowa that will be hell of tsunami

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34) Congress and the debt ceiling?

If they don't raise it, it would be the most asinine act they ever
performed. In Indiana they passed a bill to make pi an even 3 to make
it easier to learn that is the only thing that could compete with the
worst idea of not raising the debt ceiling, having a ceiling is
mistake. the debt capacity of 2011 is different then 2009, it doesn't
mean i dotn think it should grow larger as gdp but the amount of time
wasted, we have a lot do this is ridiculous waste, in the end there is
not chance they don't raise it, i wish they would eliminate they just
use it for posturing purposes, we wont have a problem as long we keep
isuing in our currencies, they difference between borrowing in your
own and somebody others is night and day! our only issues are the
printing press no working and inflation. we were trying to buying a
bank in in in (CM Chicago) only place we could find money in 1960s
were Kuwait in Dinars, but we didn't want to borrow in a foreign
currency

CM - i remember an era of bipartisan foreign policy (marshall plan)
now it seems to me both parties are competing to see who is the most
stupid and they keep topping each other

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33) Continuous learning, you read 5 papers a day and many reports?

I am not that fast

Cm - speed is over rated, I could do problems faster than my roomate
but he didn't make any mistakes, i wouldn't be disocuraged what the
hell difference does it make

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