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you both have made some comments about it recently to us that you think prices are very high in terms of what you have to pay for a premium for buying a company outright is that it's telling more competition for buying companies by people who are using other people's money and therefore have less sensitivity to price and who are willing to borrow a whole lot more and are being offered the ability to borrow a whole lot more with less than the way of covenants the competition is tough on it and make it part of the upside and I love the idea of not none of the downside in fact they make money on the downside yeah so that is really terrible competition for us it gets worse every year is that why you're sitting on such a big pile of cash at this point part of the residual on the other hand you know I would much rather own many common stocks the bonds and of course that's I think stocks compared to bonds and you have to compare that they are the ultimen we've talked about bond yields and effect being gravity and when they're very low there's very little growth with gravity to pull down stocks and that condition that's exists today I would so much rather own America the business of America then get a 3% for 30 years from the government that and people were making those choices all the time in the investment world that stocks actually in many cases they look like perfectly intelligent investments charlie you agree with that sure let's talk about some of the IPOs that have been coming to market recently because there has been a bit of a fervor many of these IPOs have done very well although not all of them who lift shares are under pressure uber comes to market this week and Warren you mentioned this weekend you talked once again about how you had looked at uber about 18 months ago and and passed on that what do you think about Hoover coming to market now well because I looked at I really don't want to that discuss I don't have any special feelings about it than any other coming to Martin but we I would say that in in 54 years well I don't think Berkshire has ever bought a delicious I mean the idea of saying the best place in the world I can put my money as something where all the selling incentives are there commissions are higher you know the animal spirits are rising that that's going to be better than a thousand other things I can buy where there is no similar selling enthusiasm and the desire to get the deal done an extra commissions that's the single best thing to buy at a given day I mean it's I can't think that time we've ever done ever bought an idea yeah never but how could it be the best single thing to use your money for in a given day is there something that you've got they got everybody the world out pushing it you know it just doesn't make any sense I mean I'm not saying that necessarily what we're buying is going to work out better but there have to always be better things then one single issue if you make one decision on investing if you can't find something among all the choices we see that is better than something that and like I say you know the Commission's used I come down I think now on this but I mean the highest Commission thing that has docked salesmen's gets out of surgeries was the new issue so yep all this push why don't we like to buy things we're nobody making a dimes on to us charlie just specifically on some of these companies and I won't talk about uber versus any of the others but a lot of these companies are coming very late in the cycle they've had massive private capital that's been put to work to this point and they they still have massive losses in the need for more capital what's even worse than that some of them have preference for each round and so the rounds are really fair rounds there's a lot of lying in modern finance so you're not in favor of any of these Buehler lying what what do you think of these I asked this because we have a lot of retail investors who watch and who are looking at this and they feel the excitement behind it wonderful advice and was about my IBS whatever you buy a stock let's say your bike and General Motors one point four billion stairs out will say the stocks for it's a little below that you should be able to take out a a one-page sheet of paper and say I am buying the General Motors company that's 56 billion dollars because and if you can't answer that question if you can't write that out then you don't go on to something else and if you're buying Berkshire you have to say I am buying Berkshire Hathaway at five hundred billion dollars because and if the answer isn't something you can write you can't say I'm buying it because my neighbor thinks it's got to go up or because you know everybody's talking about it on on CNBC this morning or whatever it may be I like a right around over yeah no yeah you have yeah that's the question you answer now when you buy you know buy groceries buy everything else you can answer that question but if you can't answer it on something that you're involving your savings you know may here's for why why in the world should use why should you be doing it you
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