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during our times who do you think is the greatest investor and why um I think I mean I I hate to be boring on this I do think Buffett is the greatest investor and the reason why I believe that is um you know just that this is a 50 odd year it's a 60-year track record of compounding at 20 plus percent uh with a very modest amount of Leverage um you know in the form of principally Insurance float uh and I just don't think there's a record that compares and I also think that what he does actually creates value for the world um you know I think George Soros is an incredible investor but I think what he does as an investor creates no value for the world um no I think what he does as a philanthropist I think he creates a lot of value um but uh so I think Buffett has the benefit of I mean I think hin will be a much better business by the time you know as a result of Buffett's ownership you look at what he did with Geico since he bought it I think he's been uh he's created enormous he's bought businesses well but not incredibly well as he's gotten to be quite large but he's made those businesses much more valuable and I think he's also uh created a lot of messaging that's affected the way people think about executive compensation and derivatives um so I think he's made an enormous contribution so I think it's combination of long-term you know kind of longitud you know and the um and the accomplishments he's had so I think he's the best by far the best given your uh relationship uh when you worked with 3G capital and Burger King what was your initial reaction when 3G teamed up with Berkshire halfway to buy hins in February this year my initial reaction was they're going to make a lot of money just from the fact that there are 15 Top Line businesses that make over 100 million or from selling those off or more of no look the the way three if you an interesting thing to do would be on a student trip I don't know if you can make it all the way to Miami but if you were to go to the Burger King Headquarters um and you get off on like the eighth floor there's no reception desk get off the elevator and you walk straight out and the first desk which is a desk you might see in a third grade classroom you know just a flat desk with four legs uh you could probably buy it at Kmart or something is the CEO and then about four Paces uh to his left uh is the CFO and four Paces to his right is the chief marketing officer and literally the entire senior management team is in a completely open space no offices behind his desk is a sheet of paper it's got the five key things he needs to accomplish that year it's got green yellow or red dots based on his relative progress this is the CEO's progress and each of the senior reports all around the office have their own metrics on things they need to achieve with commentary so that everyone can see them um the printers are all set automatically to print on both sides you're not allowed to print uh color they um won't allow they never allow presentations where the background is black and the letters are white because it consumes uh too much ink and and ink cartridge I mean the the all the executives fly coached uh they share rooms at uh you know cheap hotels um if you think about that kind of culture uh compared to the typical big American corporation of private jets and uh really a lack of regard to expenses they're just uh going to find you know I think the if I remember the company had did something like2 billion doar of operating income and had something like9 billion worth of sgna my guess is that $9 billion number becomes s in relative short order and the 2 billion of you know operating income becomes 4 billion of operating income and they bought the company uh with a lot of Leverage uh even though it was a junk bond issue I think they borrowed money at 4% interest so I think the the total capital structure was something like um 50% debt which was at 4% uh and Buffett put up this 9% uh Perpetual preferred stock uh and then the equity uh was only uh about a third of the total capital structure So when you buy a business like that with as much leverage as they did and The Leverage is long-term and on average very low cost and safe you know well the 9% is a big coupon if they can't afford to pay it there's no penalty for them paying it it just accumulates and you apply uh you know a cost uh driven restructuring of the company you're going to double and triple the value of that Equity over time so I think going to make a fortune and since I'm friends with them they very nicely allowed me to invest in the deal
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