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you briefly touched upon this but um on our side of the world there's a lot of discussion about the US dollar status as the world's Reserve currency sorry there's some feedback it's kind of weird um what would be the effect upon the US and the world economy if the dollar loses that status as a world Reserve currency well I don't know the answer to that but I but I fortunately don't work I think uh it's going to be relevant uh I think the uh the dollar but will be the world's Reserve currency for some decades to come I think China and the United States will be the two super economic Powers but I I don't see any I think it's extremely unlikely that any currency supplants the US dollar as the world Reserve currency for for many decades if ever uh Charlie well there are advantages to a country that has the reserve currency and uh if you lose that you lose some Advantage England had a better hand when it had the reserve currency of the world and it had later when the United States had the res eventually happened to the United States it would not be I think all that significant it's in the nature of things that sooner or later every great leader is no longer the leader over the long run as Kan said we're all dead and over the long run this is the Cheery part of the section well if you stop to think about it every great leading civilization of the past pass the Baton what do you think the probabilities are that the US dollar will not be the reserve concer currency uh 20 years from now oh I think it'll still be the reserve currency of the world 20 years from now that doesn't mean that it's forever okay section four uh good afternoon my name is uh Jerry Lucas from Newark Delaware uh you answered a question earlier about Emerging Markets I just have a similar question if you found a business that attracted you in subsaharan Africa outside of South Africa are the conditions right today to make that investment well I might not know enough to do it myself but I think I I wouldn't I wouldn't rule if it was attractive enough and I thought I understood the nature of the business uh I would probably get some advice from some other people and I might not end up doing it but I wouldn't I wouldn't totally preclude it I saw that done the University of Michigan hired an investment manager in London who specialized in subsaharan Africa and I thought my God how are they doing this what they did is the little Banks would trade in the pink sheets in Africa and the first thing people would want was not to have the money under their pillow and they just bought all the little banks in Africa and they made a lot of money so it is possible if you know what you're doing to to go into very unlikely places I would say we we're not very good at it no that isn't our specialty but but uh it can be done and if we were poor enough we might even be thinking about doing it right J I don't think so okay next year we'll prepare for this okay station five hello I'm Marvin Blum from Fort Worth Texas the home to four of your companies absolutely we love Fort Worth thank you we love you too and your presence in our community I an estate planning lawyer and it's interesting as we wrap up today to ponder that the baby boomer generation is about to pass along the greatest transfer of wealth in history I can design plans that eliminate estate tax and pass down great amounts of wealth to the Next Generation but many of my clients come to me and say they want a plan like Warren Buffett's leaving their kids enough so they can do anything but not so much that they can do nothing now they ask me and I'm asking you how much is that and how do you keep from ruining your kids yeah well I think more kids are ruined by the behavior of their parents than by the amount of The Inheritance that the you're you're you're your children are learning about the world through you and more through your actions than through your words you know from the moment they're born you're their you're their natural teacher and uh you know it's a very it's a very important and serious uh job and uh uh I don't think I don't actually think that the amount of money that a rich person leaves to their children is the determining Factor at all in terms of how those children turn out but I think that the atmosphere and what they see about them and how their parents behave uh is enormously important uh I would say this I've I've loosened up a little bit as I go along every time I rewrite my will my kids are happy because they know I'm not reducing the amount anyway and and I do I do something else I find that which I think is an obvious thing but but uh uh it's amazing to me how many people don't do it I I think that your your children are going to read the the will someday that's assuming you're wealthy person your children going to read the well will someday it's crazy to have them read it after your dad for the first time I mean they they're you know you're not in a position to to answer questions then unless unless the Ouija board really works or something of the sort and H so if they're going to have questions about how to carry out your wishes or or why you did this or that you know why leave them endlessly wondering after you die so in in my own case I always have my children I only I read write a will every five or six years or something like that and and I have them read it they're the executive under it they should understand how to carry out uh their obligations that are embodied in the will uh and they should also if they feel there's anything unfair about it they should Express themselves before I sign that will and we should talk it over and we should figure out whether they're right or I'm right or or someplace in between so I do think it's I think it's very important in wealthy fames once the kids are of a certain age I mean I don't advise doing this with your 14 year old or something but but uh uh when they get them you know certainly by the time they're in the mid-30s or thereabouts I think I think they should be participants in the will and I do think that that if you get to be very wealthy that the idea of of trying to pass on create a dynasty of sorts it just sort of runs against the grain as far as I'm concerned and the money has far more utility uh you know the last hundreds of millions or billions have far more utility to society than they would have to make it create a situation where your kids don't have to do anything in life except uh call a trust officer once a year and tell them how much money they want Charlie I don't think I want to go into this one okay and I I'm absolutely sure you don't want to discuss your will with your children if you're going to treat them unequally no that is poison but there one of the problems you have I mean and what you want to discuss just for that very situation is there may be there may be circumstances where one child will have much more of an interest in one type of asset than another or something of the sort and if you you want to make sure that the that your your definition of equality in terms of handling different kinds of assets is that is uh meshes uh or at least is understood by the children and so that they don't think the fact that you gave one a farm and another house or something of the sort resulted in inequality when you thought it was equality Charlie no I'm he's staying away from this one okay station five uh Derek Foster Ottawa Canada uh first of all thank you Warren for sharing all your information you've changed my life I I took Finance in University couldn't understand Greek formulas but now I can invest reasonably well my question to you is in the past you've said um for an investor you should simply for 99% of investors you should simply stick money in an index fund and let it go and don't worry about it um those 1% of investors choose your best five stocks and put a substantial amount of money in it I'm just wondering how about a strategy of s perhaps buying 20 of the best stocks in America you know Proctor and Gamble Coca-Cola Johnson Johnson whatever the companies that have been around for centuries or a century or decades or whatever and just leaving it at that do you think think that would outperform an index fund over the long term and I want Charlie's opinion as well well a little bit of I don't know whether you're saying the 20 largest companies the 20 best might you might get different thoughts from different people on what they are but I think you would probably the 20 you would pick would virtually match the results of an index fun who knows knows exactly which ones would be the best but the real distinction and Graham made this in his book basically is between the person who is going to spend an appreciable amount of time becoming something of an expert on businesses because that's what stocks are or the person who is going to be busy with another profession wants to own equities and and actually will do very well in equities but the real problem they have is that May tend to get excited about stocks at the wrong time uh you know they they uh really the idea of buying an index fund o over time is not to buy stocks at the right time or the right stocks it to avoid buying them at the wrong time in the wrong stock so if equities will do well over time and you just have to avoid getting you know getting excited when other people are excited or getting getting excited about certain industries when other people are are trying to behave like a professional when you you aren't spending the time and and and bringing what's needed to the game to be a professional and if you're an amateur investor there's nothing wrong with being an amateur investor and you just simply you've got a very logical profitable course of action available to you and that is simply to buy into American Business in a broadly Diversified way and put your money in over time so I would say your your group of 20 will probably will will probably match an index fund and and you'll probably do well in that and and you will do well in an index fund Charlie well I I've got nothing to add I do think it's that knowing the edge of your own competency is very important if you think you know a lot more than you do you're really asking for a lot of trouble yeah and that's true outside of Investments too Works particularly well in matrimony do you want to give any other advice on this subject he gave it in the movie and U I saw people taking notes uh okay Becky
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