저자: CharlieMunger및질의응답중WarrenBuffett발언—실제발언자소속은제목·설명란기준확인불가 · 외국인
요약 보기
뮤저는 젊은 시절 오일 로열티와 Delta Duck Club 주식 투자 경험을 회고하며, 1주를 사고도 팔아 큰 이익을 놓친 것을 가장 어리석은 결정이라 말함. 질의응답에서는 버크셔의 정치 기부는 하지 않으며 정치 견해는 개인 자격으로만 표명한다고 설명. 자본주의와 사회안전망의 필요성, 민간 부문이 의료 개혁에서 더 나은 해법을 낼 수 있다는 견해를 밝히며 미국이 사회주의로 가지 않을 것이라 전망.
다듬은 글
When I was young and poor, I spent $1,000 once buying an oil royalty that paid me a h 100,000 a year for a great many years. But I only did that once in a lifetime. And on a later occasion, I bought a few shares of Elrich Oil, which went up 30 times rather quickly. And but I turned down five times as much as I bought.
It was the dumbest decision of my whole life. So, if any of you have made any dumb decisions, look up here and feel good about yourselves. Yeah, they're always more fun when you make a lot of money off of them. Well, I bought sh one time I bought uh one share of stock in the Atl. And Atlas had 98 shares outstanding and I bought one and uh not what you call a liquid security.
Uh and Atlid happened to be the word Delta spelled backwards and a 100 guys in St. Louis had each chipped in $50 or $100 or something to form a duck club in Louisiana and they bought some land down there. Two guys didn't come up with there were hundred of them. Two of them defaulted on their obligation to come up with $100.
So there were 98 shears out and they went down to to uh Louisiana and uh uh they shot some ducks, but apparently somebody shot fired a few shots into the ground and oil spurted out and and uh and those Delta Duck Club shares and there's I think the Delta Duck Club field is still producing by stock in it 40 years ago uh for $29,200 a share.
And uh it was it had that amount in cash and it was producing a lot and they they sold it. If if they kept it, that stock might have been worth2 or three million a share, but they sold out to another oil company. But I that was certainly uh that was the most interesting thing. Actually, I didn't have any cash at the time and uh I went down and borrowed the money and uh I I bought it from my wife and I borrowed the money and and the loan officer said, "Would you like to borrow some money to buy a shotgun as well?" I could add a few, but Andrew, [clears throat] Warren, and Charlie, this is a question.
Actually, we got a a handful of questions on this topic. This is probably the best formulation of it. Uh Warren, uh you have been a uh longtime outspoken Democrat. With all the talk about socialism versus capitalism taking place among Democratic presidential candidates, do you anticipate an impact on Bergkshire in the form of more regulations, higher corporate taxes, or even calls for breakups among the many companies we own we own if they were to win?
And how do you think about your own politics as a fiduciary of our company and at the same time as someone who has said that simply being a business leader doesn't mean you've put your citizenship in a blind trust? I have said that that you do not put your citizenship in a blind trust but you also don't speak on behalf of your company.
uh you speak you do speak as a citizen if you speak and therefore you have to be careful about when you do speak because it's going to be assumed you're speaking on behalf of your company. Berkshire Hathaway uh certainly in 54 years has has never and will never uh made a contribution u to a presidential candidate.
I don't think we've made a contribution to any political candidate, but I I don't want to say for 54 years that that we don't do it now. We have we operate in several regulated industries and and our our railroad and our utility as a practical matter, they have to have a presence in Washington or and in the state legislatures in which they operate.
So they have we have we have some a few I don't know how many political action committees uh which existed when we bought it uh we bought the companies at at at subsidiaries and uh I think that unquestionably they they they make some contributions uh simply to achieve the same access as their competitors.
If the trucking industry is going to lobby, I'm sure the railroad industry is going to lobby. Uh but the general well the rule is I mean that people do not pursue their own political interests with your money. here. We've we've had one or two managers over the years, for example, that would would do some fundraising where they were fundraising from people who were suppliers to them or something of the sort.
And if I ever find out about it, that ends promptly. Uh but this my position as at Bergkshire is not to be used to further my own political beliefs but my own political beliefs can be expressed uh as a person not as a representative of Bergkshire uh uh when a campaign is important. I don't I try to minimize it, but I but uh there it's no secret that in the last election, for example, I I raised money.
I won't give money to packs. I I accidentally did it one time. I didn't know it was a pack, but uh uh I don't do it, but I raised I've raised substantial sums. I don't like the way money is used in politics. I've written oped pieces for the New York Times in the past on uh the influence of money in politics.
I I spent some time with John McCain many years ago before mine McCain find gold and uh on ways to try to uh uh limit it but the world has developed in a different way. uh on your question about uh the I will just say I'm a card carrying capitalist. Um but I and I I believe we wouldn't be sitting here except for the market system and the rule of law and some things that are embodied in this country.
uh so I you don't have to worry about me uh changing in that manner but I also think that uh capitalism does involve regulation it involves taking care of people who are left behind particularly when the country gets enormously prosperous but beyond that uh I have no Bergkshire podium for pushing anything Charlie
well I think we're all in favor of some kind of a government social safety net in a country as prosperous as ours What a lot of us don't like is the vast stupidity with which parts of that social safety net are managed by the government. It'd be much better if we could do it but more wisely, but I I think it also might be better if we did it more liberally.
Yeah. One of the reasons we're involved in this effort along with JP Morgan and Amazon with Jamie Diamond and Jeff Bezos on the medical question is we do have as much money going uh 3.3 or 3.4 trillion. We have as much money going to medical care as we have funding the federal government. and and that's it's gone from 5 to 17% or 18% while actually the amount going to the federal government has stayed about the same at 17%.
So we hope we hope there's a some major private improve ma major improvements from the private sector uh because I I generally think the private sector does a better job than the public sector in most things. uh but uh I also think that if the private sector doesn't do something uh you'll you'll get a different sort of answer and I think I think I like to think that the private sector can come up with a better answer than than uh the public sector in that respect.
Uh but uh I will probably it depends who's nominated but I voted I've voted for plenty of Republicans uh over the years. I even ran for delegate to the Republican National Convention in 1960. Uh and uh but uh we are not I don't think the country will will go into socialism uh in uh in 2020 or in 2040 or60. Yeah. Okay. Hey, Greg Warren.
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