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of course we should make friends with china and of course we should learn to get along with people who have a different system of government how does that work no warren warren called us oh he did so so he called and this story i've heard from warren but as far as he called and he got into the call centers and asked to speak to me and of course they don't transfer everybody calls the call centers to the ceo's line and having them hold you and so he found one of our investment bankers they worked with the cfo at berkshire and they called and i talked to him and he basically said brian i'd want to make an investment in your company and i said to him we don't need the capital he said i know that's what i'm calling you need stability you need an inframatter and and the capital will do good and that was in 2011 when the world was kind of interesting because remember the government was almost going to default um he had real uncertainty about this you know the litigation risk around the industry mortgage industry and he put the money in and from that day forward you know the company my teammates went back to work the next day saying the smartest investor in the world you know put five billion dollars overnight in this company he literally called me i talked to him first time in my life on fr on monday at 11 and we had the uh agreement signed on tuesday at by eight or nine a.m and we had the money by thursday and so he he you know he just he does that and and so we took hook now the interesting thing is if you're a common shareholder and bought that day you would have fared as well as he did it's just you had to have the courage and he had five billion dollars at a time when other people didn't have it why is berkshire hathaway selling shares of well far wells fargo as quickly as one can and the daily journal has sold one share if it's not good enough for berkshire shouldn't we have the same standards well i don't think it's required that we be actually the same on everything we have different tax considerations there's no question about the fact that wells fargo has disappointed long-term investors like like berkshire because the old management which is now removed we're not consciously malevolent or thieving but they had terrible judgment in having a culture of cross-selling where the incentives on the poorly paid employees were too great to to sell stuff the customers didn't really need and when the evidence came in that the system wasn't working very well because some of the employees were cheating some of the customers where they came down hard on the customers instead of changing the system that was a big error in judgment and and of course of course we don't like that and we wish that china and the united states got along better and if you stop to think about it think of how massively stupid both china and the united states have been to allow the existing tensions to arise what bad is ever going to happen to china or the united states if if we too are close if we make good friends out of the chinese and vice versa who in the hell is ever going to bother us of course we should make friends with china and of course we should learn to get along with people who have a different system of government it we like our government because we're used to it and it has advantages of personal freedom china could never have handled its life with a government like ours they wouldn't it wouldn't be in the position am i comfortable with a non-diversified portfolio of course i'm well if you think the mongoose i care about the mothers the mothers have three stocks they look like of berkshire we got a block of costco we have a block and we lose fund and the rest is gribs and grabs so am i comfortable am i securely rich you're damn right i and could other people be just as comfortable as i am didn't have a vast portfolio with a lot of names in it many of whom neither they know their understand or their advisors understand of course they'd be better off they did what i did but and and is three stocks enough what are the chances that costco is going to fail what are the chances that berkshire hathaway is going to fail what are the chances that lilu's portfolio and china's going to fail costco is going to be an absolute titan on the internet curated products that everybody trusts and huge purchasing power and a limited number of stocking units so i'm not worried about i i i'm not saying i'm buying costco at this price but i'm certainly not selling any i think it's going to be a big powerful company as long as far ahead as you can see and i think it deserves that success i think it has a good culture and a good moral ethos and so i wish everything else in america is working as well as costco does you
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