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let me ask you about ted weschler and todd combs and you and especially warren talk them up and say what great managers they are and and how smart they are and i guess the proof will be in the pudding at some point down the road um do you see eye to eye with their investing philosophy well i don't even follow a lot of it just because one of them buys some security doesn't mean i start studying at a great length but i know them well they contributed enormously because they're talking to warren all the time and as i said at the meeting he's way better for it so am i we would not have bought that apple stock if one of the young investors had not steered us that way so did evan warren's conclusion in the end but it was prompted by one of the young men they've been enormously constructive and they help in a whole lot of ways they both think totally about the shareholder interest people coming from investment remarkable securities are always thinking about what's good for the shareholders and they're just a marvelous influence to have somebody two people smart and young around berkshire with that extreme orientation and they're not just doing pretty well with the money they're investing they're favorably influencing the investment they're they're not in charge of for instance the apple investment but would in other words does it change the investing philosophy of berkshire so if berkshire and warren and you were known as value investors is that not the core discipline of berkshire hathaway anymore or does that not even matter well you got to remember that in our way of thinking all intelligent investment is value investment because why would you want to buy something which wasn't worth as much as you were paying for it and who wouldn't like buying something for less than its worth so the only difference when people talk about value investing you're always a value investor now there are various ways to look for value investments just as there are various places to fish and the first rule of fishing is to fish where the fish are the first rule of value investing is to find some place to fish for value investments where there are a lot of them and of course it's gotten hard in the united states to find easy value investments because the world is so competitive and that accounts for a lot of what you see in berkshire where we buy securities like apple we wouldn't have bought in the old days when we had more mundane things that were serving us very well so we're just looking in different places but we're value investors and so some people when they say value investor they mean somebody that emphasizes working capital or something meaning they should you should fish in that particular place but i think that's all i think it's a bad use of the language to think there's a difference between value investment investing and other good investing all good investing is value investing by definition and so what they're just various places to fish for value investments and of course as the world gets tougher you have to fish in places you didn't fish before and so the idea with apple then is that there's value there that's unrecognized by the market different kind of value investing and one with which we're less familiar but we wouldn't have bothered if we didn't think it was a good investment
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