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charlie so many of the people who come here come because they're looking for advice not on business or investments as much as they're looking for just advice on life there were a lot of questions today people trying to figure out what the secret to life is to a long and happy life and i just wonder if you were well that is easy because it's so simple what if you don't have a lot of envy you don't have a lot of resentment you don't overspend your income you stay cheerful in spite of your troubles you deal with reliable people and you do what you're supposed to do and all these simple rules work so well to make your life better and they're so trite how old were you when you figured this out about seven i could tell that some of my older people were a little bonkers i've always been able to recognize and other people were little bonkers and it helped me because there's so much irrationality in the world and i've been thinking about it for a long time its causes and its preventions and so forth it sure has helped me and like staying cheerful with because of the wise thing to do is that so hard and can you be cheerful when you're absolutely mired and deep hatred and resentment of course you can't so why would you take it on is there any advice you would go back and give your 20 year old self i have not many of my children have worked out well and i've had very little to do with it i think they come into the world of a certain extent pre-made and you just sit there and watch i i i i don't think they're it's been simply amazing to me as a parent to note how much is sort of preordained the shy baby is a shy adult the booming obnoxious domineering baby is the booming domineering obnoxious adult i've never found a way to fix that i can be careful about it but i can't fix it i can change my reaction but i can't change the outcome well charlie i want to thank you so much for your time today it's really been a pleasure being here well i'm glad to be here you know i seem to have a whole group of people in india and china that like me now that's pretty much my whole favorable constituency but it's more than a lot of other people have and so i'm thankful for what i have well i heard you speak cloud going to medical school that's a lot of work you're not living very high or this or that but later you're a doctor and you have a better life that's diverse gratification so charlie you're the chairman of this american hospital because it was basically a losing hand i play so many winning hands i thought i should force myself to play a losing hand i must say it's been very difficult thank you thank you do you believe in like a single healthcare repair system or um i think a single-payer health says system would work a lot better yes i think it will eventually come i think the zesting system is a ridiculous real goal it's ridiculous ridiculous how should we help our children to employ the boy dwight jealousy well nb jealousy made what two out of the ten commandments those of you who have raised siblings you know about in or tried to run a law firm or investment bank or even a faculty i've heard warren say a half a dozen times it's not greed that drives the world but envy here again you go through the psychology survey courses you go to the index envy jealousy thousand-page book it's blank there's some blind spots in academia but it's an enormously powerful thing and it operates to a considerable extent on the subconscious level and anybody who doesn't understand it is is uh is taking on defects he shouldn't have easy money and easy leverage creates a culture that's both envy jealousy craziness overreaching over leveraging it's a very hard business to manage in this way it was out of control the envy was this week you went for cert if one jerk got four million dollars some year the other guy was curious he only got three million and they just see them cause trouble it was a very difficult business to manage i think a lot of easy money that comes into finance just ruins practically everywhere well it's a very odd thing for us to do and obviously we've got no special insights as to how sticky apple's business is apple a whole supply chain is like one man with two million employees that's very peculiar and the man is nothing not perfect and on the other hand apple has a very sticky bunch of customers will they be able to keep that going and if so how long i don't know but i think the chances are pretty good it's going to be quite sticky and that's why we bought it but but as i say we may have a slight edge in our favor there but it's not a big edge we're doing that because we don't find the stuff we used to find where we knew we couldn't lose apple we've merely got we think it's a little edge we don't have a big insight that can't fail but if you can't find if you got the money you have to put it somewhere and you can't find what you used to like you have to put it look what's best available it's a nice problem to have so much we shouldn't really be complaining about it got harder the reason it got harder is we got so much money we bought that coca-cola it was a million shares it took us eight months to buy a million jericho we were buying like half the training every day it's hard to get into all these big blocks are you good friends with john bogle or you no i just maybe i've met him once or something i think basically everybody thinks he's right about his basic approach right a lot of people are not going to match the the averages that he is and he's he and his idea has succeeded and he succeeded and he was right but he's kind of a one-trick pony i don't think he has another he had one good idea in his lifetime he wrote it very hard that's all you need that's he's an interesting example he had one good idea he pushed it hard and it worked you don't need all your ideas but you do need one can you talk a little about byd and what do you want to talk about we would think what that again was something we never would have done in the early days when i got into that through legal byd had been pounded down so hard it was it was a gram-type stock it was a gram strike stock in it wasn't going to be a startup but a small company would you see byd doing the infrastructure here in the us no no no no i i beas now going into monorails they'll do monorails in china they wouldn't do that here in the us though they would but i think they were pretty dumb monorails in the u.s have been a peanut business forever heartbeat in china they can get permits china they just go do it how about energy storage well the way these begging energies are already happening here in the u.s of course everybody's going to do energy story you got to time shift the power if it comes from either the sun or the wind how would you of course are going to be a lot of storage this might sound like max playing chauffeur kind of knowledge but when it comes to finding the sellout price the intrinsic value of the company you want to compare that to the market of what just byd let's say how would you oh that's hard and again we've learned things there when we bought in we could see that venture capitalists were paid three times as much for that kind of a deal so it was cheap as a venture and we could see it was a good venture capital thing because the guy had worked minor miracles already so we that was a cheap stock but it was one that took some special insight and i wouldn't have had it leeway it's it's it's lilu who found that and once we were in it i got to know on john fu even though he can't speak a word of english and one chunk who is a genius and and he's shrewd and and he's honest and he's fanatic and he loves his company and so on and so on and so on and what he can do is just incredible he learns whole new technologies yeah so it's mostly qualitative it's every it's it's partly what they have and it's partly what it's called partly i'm betting on the horseman up there i mean because he's on the and he's got a bunch of chinese young chinese you can't believe what those employees do he's got 230 000 chinese working for him to have berkshire only has 460 000 employees i mean why it's a lot of employees and they can do things you can't believe you look at those young chinese girls i don't think so because one of the reasons he succeeds is the chinese are proud of a eighth son of a peasant that creates a little company all himself and is doing so far and a lot of the other stuff they're doing joint ventures and automobiles their joint ventures with the west that was already ahead so the sense they love and are proud of their own man the son of the peasants that did it all himself and it's still chinese so i wouldn't want to destroy that chinese image by buying byd it works better the way it's going and and but you're right i'm betting to some extent on a person i was in their battery separator there are about five companies on earth and only battery separators that goo comes bilaterally and hangs together through its own chemical something cohesion it's the most complicated damp process you ever saw it's very hard to do if you don't do it exactly right the battery fails he just learned that boom what he needs to know he just figures out there aren't many people who can do that do you see similar qualities in an elon musk with somebody of that sort no i think that the the honshu knows what he can do and what would be really difficult and i think he don't muslims he thinks he can do anything i'd rather vote on the man so he has some some limit to his cell phrase do you think mr bezos knows the limits of his skills way better than you think bezos is utterly brilliant and utterly ambitious i wouldn't i would never bet against jeff bezos did you ever meet him or am i good yeah i meant basically you mentioned earlier about coca-cola becoming a little bit less efficient than they used to be
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