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I was wrong in a couple ways on Kraft Heinz the interesting thing about about Kraft Heinz this is still a wonderful business and that it uses about seven billion of tangible assets and earn six billion pre-tax ah nuts so on the assets required to run the business seven billion they earn six billion roughly after depreciation pre-tax but we and certain predecessors but primarily so for us it has to earn on one hundred and seven billion not just on the seven billion that the the business employs and and we don't have a way be wonderful we had a way to deploy another seven billion over six million but but it isn't there because Apple stock is down significantly from where it was four or five months ago that if it's stayed there Apple will probably they may not but they have said they're going to go down to cash neutral they can do it either by acquisitions or dividends or repurchases my guess is it'll be mostly very purchases there are about a hundred and thirty billion dollars away from cash neutral now if the stock worth two hundred it would buy six hundred and fifty million shares if it's a get on one fifty you buy close to nine hundred million shares we're way better off you know if it's a if it's a lower price when the repurchasing shares Apple it I don't see myself selling the every the lower goes the better I like it obviously I think you should show up the medical operation for twenty one point four billion the data I mean III think that he should be leverage it's no great insights there on that they believe the same thing I'm sure they just they owe they owe more money than they should at present and then and they should sell assets to some degree not not in a fire sale at all and son this is not a fire sale price I think I think all America is cheering for G but I'm certainly one of those that didn't searing but investments it's sensible prices based on my thinking and they're they're they're cheaper than other businesses that are also good businesses by some margin Bank of America has been particularly aggressive on on buying as I said Brian Moynihan has done such a good job running that company since he took over I mean everything he was the most underestimated banking executive in the country and he is everything he said he would do he's done it and he beat it and he said stuffer targets all the time for himself and smart about Rupert system chairs so why why JPMorgan now well better question is why we so dumb about not buying it and the answer I wasn't about by circling her but it's a it's a very well Matty Bank Larry Ellison is not a fantastic job I mean I've followed from the standpoint of reading about I thought I didn't understand the business that I first started I thought I actually changed my mind in terms of understanding and not in terms of evaluating it I think I mean Oracle's is a great business yeah but I don't think particularly after my experience with IBM I I don't think I understand exactly where the cloud is going and I've been amazed at what Amazon is done there and now Microsoft doing as well so I I just don't know whether I don't know where that game is going you
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