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hi Warren how are you doll I'm just in town kind of passing through thought I'd stop by oh stop it is are you ready for this weekend I'm ready for this week I'm sure is this your favorite weekend of the year yeah I would say so yeah yeah what are you expecting with the crowds here this year it should just it should at least match the record and in terms of tickets we sent out it was just a touch higher than the record year it fell off the first year when Yahoo started webcasting it and then it's come back so it'll be it'll certainly tie the high know there's a lot of things that are happening but as we were building up this week kind of heading into things we heard about the deal where you're stepping in and backing occidental and it's been to take over Anadarko how did that come together well it happened right here on last Friday less than a week ago at the last Friday I got a call in the middle of the afternoon from Brian Moynihan CEO of Bank of America and and he said that they were involved in financing the Occidental deal and the Occidental people would like to talk to me and I said fine I could talk to him anytime and you know later on and said this that the CEO was traveling and that she called me the following morning so she called me about 9 o'clock on Saturday and I said I'd meet with her any time and on Saturday or Sunday so we scheduled me for 10 o'clock on Sunday morning and she and Oscar Brown came the ride the 10 o'clock and by 11 o'clock we had a deal and they had us committed unequivocally come hell or high water pretend billion dollars and if the deal is made with hanadarko so they had to get their own board approval but they walked away with it 9/11 happened or anything like that they had done though and for the deal did you do this because you're you're betting on the oil industry or the Permian Basin are on oil prices or is this just the terms of the deal itself well oil prices are the big determinant over time obviously if you're an oil same things true if you're in copper and copper right so oil prices are enormous Lee important but I was familiar with oxide generally familiar with Permian Basin all I've ever been there and if I were there I wouldn't know what to do but no it was it it was a sensible deal for us and sensible deal for them and that's I proposed it and they decided whether it made sense and then when we finished 11 they went back to the plane I called Raoul's and it was he's on the west coast it was nine o'clock his time and I said we need to get this done by tomorrow evening and and I said Cravath will be there lawyers and I assume they'll get similar instructions so just me whatever it takes got it and and then 10 minutes the rod had a couple people working on it you mentioned the plane and there was a story I'm not sure if you saw that about the the plane that occidental took out here got picked up by some people who were scouting for it and someone wrote an article about it and a guy who'd been tracking it saying hey maybe this is what's really happening there yeah I bring about that service I read about years ago where people track plane numbers and and try to make deductions is it pretty was there only some small town where there's only one employee or something of the sort so I thought well turns out whoever it was it turned out to be correct but i i i think i should point out anybody out there who wants to do business with us that if they take a netjet plane nobody will attract them we might for those of you don't always we might own that if we do all that Jetson and it really it really does make a difference I mean you cannot track who is going from here to there and if you use a company play and it it's a big way I'd rather go billboard that I'm in town for something good commercial or NetJets on the way with that I don't know if you saw it but Charlie gave an interview today to the Wall Street Journal and he says that he wishes Tim Sloan was still running the bank do you well I was 100% behind Tim Sloan as I told you the day that it turned out that his resignation was announced he told me the day before but I I i think i think Tim Sloan from everything I know about him was an excellent banker and and I was delighted when he was running the bank and and it just got so he felt he couldn't be helpful under the circumstances that existed to Washington so he decided resigned but I would have never asked for the resignation there there have been some other headlines that came out of that Charlie said he wished he doesn't want a Wall Street guy making the damn decisions around there I think that's what he said the damn decisions maybe was Ed worst of them yeah you you have said similar things we said it a little more politic than he did but what's wrong with a Wall Street guy or a Wall Street woman why would you want a mainstream Baker versus Wall Street there are plenty of people in Wall Street that would be very capable no certainly dozens be capable running Wells Fargo but they would not be they would be pinatas from now until the election time and they would face questions and aren't leading questions but the senators and and and and congressmen they're using a hearing to make a statement and they wouldn't be listening now but they said or anything this or they'd be poison in Washington and Wells doesn't need poison in Washington to frankly yeah anybody wants a job and good enough to take that job shouldn't want it either I mean it's it's a terrible way to spend your time all right just in terms of what Washington is doing so it's nothing you have against Wall Street it's just no I mean we own stock in JPMorgan we own stock it in comparison I mean there's a lot of people that are very capable of running very good banks I think we've got the very best on that they it's just under these political circumstances Wall Street associated with banks associated with one that people can make more the speeches about is just gonna be poison between now and the election charlie and a few other things to say let me quote a few things to you because he really laid in to take cabassa John Stumpf here's what he said about dick kvass image he never listened to anybody he never stops talking and he's full of himself he would not learn anything from anybody what do you think dick dick expresses himself very forcefully charlie expresses himself forcefully and maybe the two don't mix that well but you like dick of us during the financial panic and you know wells Wells came out of the panic better than I think any major bank and when Wachovia needed saving it was it was great the Wells was there and and Cabasa Fitch was running things I'm not sure exactly when I turned the baton over to John well speaking of John Stumpf here's what Charlie had to say about him he said he was almost as bad but not so loud and persistent he was at as good you're gonna have more things to probably clean up from Charlie after he says these things why did talk to you than just what you thought about apples earnings they just came out this past week better than a lot of people have been expecting were they better than you had been expecting well I don't really have big expectations about quarterly earnings would that come even with Berkshire I mean so I was pleased with what they reported them but it wasn't like I had something going in my mind if they reported X I was gonna be happy and part of 98% of X I was panicked or something the sort but what they talked about and and reported is consistent with my the reason we own fifty billion dollars plus of Apple I've been little by that ball have you been buying more Apple we we haven't changed our holdings unless and I haven't no reason because it's true but we there's one fellow that owns a little 1% of our holdings in the office and I don't I don't see what he does I have no reason to think he's borders over Apple once in a while you'll tell us something you're buying or selling anything else you're buying or selling these days I will tell you one thing I'll tell you one thing you'll see in the 13f which comes out in a couple of weeks which may cause you to ask me that question in two weeks but doesn't really is not significant my standpoint one of the two other fellows in the office that managed money time Ted one of them was some Amazon but but so it will show up on the 13th it is not true to say that I am by Amazon it's true to say that Berkshire is what whatever shows up there although you've been a fan of Amazon and Jeff Bezos for a long time I've been a fan but I just want you to know that it's no personality changes taking place or somebody else's okay so we'll keep that in mind when that comes out in a couple weeks we did just hear from the Federal Reserve this week Jay Powell the Chairman making some news on Wednesday when he said that he thinks inflation is transitory do you think inflation is transitory I think the lack of inflation and and that meaning that look the street took it to mean that he could raise rates that that might be the next move when there were people thinking he might lower rates what do you throw it so he was saying in effect that that the abatement are they that we're not we're not going to say there's no inflation for forever well I agree with him I don't know anything about what's gonna happen where or what the Fed is gonna do or anything else but I think that I don't think our present conditions can exist in terms of fiscal and monetary policy and various other elements of the political landscape I don't think they can coexist with really low inflation rates over time but I've been wrong on that for some time for a long time in the future I would say this there's nobody better to run the Federal Reserve then beat the chairman of it the Jay bubble I've had some experience with under the past and he is it would be my choice just in terms of things you might be surprised by I'm stunned that we're still looking at a tenure with a two and a half percent yield well that's what I can't I can't reconcile a five percent budget deficit in a world of law when unemployment low interest rates negative interest rates in many countries no economics textbook I know that was written the first couple thousand years discussed even the possibility that you could have this sort of a situation continue and have all the variables say more or less the same so I think of change I don't know when I don't know what degree I don't know what part of it'll change but but I don't think this can be done without leading to other things in economics like other things you could never do only one thing I had we will look back this period and be surprised that we didn't see what was coming Baxter Warren I want to thank you for your time today I know you have a lot of things that you have on your agenda but thank you very much thank you for catching okay we'll see you later okay okay you
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