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one million darker are like a lot talking about your financial future outthose figures become applet all of your sleep caught at uh... i'd like to start uh... by posing a problem for you and so i'm just gonna talk for a coupleminutes until two q and a because pat

what we want to loose talk about what'son your wife but i'd like to think about this for just a second if as we walked out of here today i said i would like to buy ten percent of your financial future i was going to write you a check today from the state forest you were going to give me ten percent ofeverything you her uh... how much would you want your forthat

modify one-tenth of you and uh... i may take a little bitincidently so careful what you are all right now well i think it has a lot about thatlogic cop like that for a few let's see howyou're going to check for me today in doing a lot with the money but from the state for if you have to giveme ten percent of what you were not

i think it would be very foolish of you any of you if you ask for less than say fiftythousand dollars out of the few years before you're out earning money in so i've got a few yearsof that money there but then i would start getting his royal yacht visual along so i really think that

if you thought about it most of you would want for a lot more that i think you'd beright uh... fortunately i didn't make thisdeal with anybody when i started out so i'm nobody's got a ten percent royallymay but uh... i think that fifty thousand what sort of the absoluteminimum and if you think about that that means the right today

you're worth five hundred thousand because of ten percent is worth fiftythousand in cash today your potential is worth a minimum on a hundred percentfaces a five hundred thousand dollars that isthe big financial asset you've got it's way more important what you do with that five hundredthousand dollar asset that you all today whether you decide to buy stocks orbonds or whether you put your money in a mutual fund or pick your own stocks oranything of that sort

the biggest financial asset that you have going for you by miles is the value of your own earning powerover the years so that's really what you should focuson you're focusing on your financial full future that means you should find focus on you because whether your ten percent isworth fifty thousand or a hundred thousand three hundred thousand which would be a five hundred thousandmillionaire three million for all of you

whether it turns out that be one of theother is really dependent i had a very large part on what you doin the next few years all of you in this room have the brains to do extremely well inlife you've all got the energy to doextremely well in life and the question is how do you apply it if you've got a two hundred horsepowermotor you get two hundred or spa robert you get your full

potential or do you get a hundred or spaour fifty horsepower now there's two things that happen hold you back and getting force power out of here your engine whatever may be all of youhave the contentions at one of those the lack of educationbut that probably isn't going to happen to very many people trump if you don't have a lack of educationdidn't it if you didn't have a chance to

get a decent education life it would make any difference what thatpotential was because you've ever unblock but the second most important thing and equally as important is in terms of the habits that youdevelop in terms of what you do with yourself one week hire people

we look for three qualities we look for integrity we look for intelligence and we look for energy but they don't have the first oneintegrity the other two will kill you because if you're hiring somebodywithout integrity he really want to be done and lazy gotcha major blasting the world you won't want to besmart energetic self smart energetic only goals

with integrity but i say well you make your own decision on that youcan change your i_q_ or how far you controlfootballer how high you can jump of the color of your hair very easily but you can elect to have integrity that matches anybodyelse has and if you match that with intelligence which you have

and energy which you have uh... you'll get an extraordinaryresulting you'd be very foolish to somebody ten percent of yourself forfifty thousand on the other hand if you don't match it without yourpotential in a significant part going use and i'll give you a little simple test apply in terms of thinkingabout the kinda habit she wanted about if you don't have any haven't you wantto get you can be it can be lazy who can be prompt you canbe it can be

late you can be honest you can cutcorners of the uh... police forces and those resources for you to make nobody else is going to make room foryou and i would suggest that you play thislittle game with me too think about the person you would mostlike to be in life submit is one of your contemporariesmaybe somebody will orbit pick up the person you admire the most person theyou change places with if you could and then write down what you martin just put it on a piece of paper

figure out the person that you would least like change places with who reallyturned you off when you find repulsive and lists the reasons why that person turn you off so much to put those on the other side of thepaper and then look at that list and you'll find that everything on theleft hand side with which in my and other people

the qualities they bring to life truthfulness generosity all kinds of things the finals of things you can do ityourself it's very simple got apply yourself but the habit shoeformed and doing early on a military through life and on the other hand you'll find that the things that make people repulsive selfishness ob noxious use all thesethings egotism

are things but no one has to have if you find thoseit yourself you can get rid of them as well you get rid of them early so all i suggest is that you're right the right down the list of what which admire what you find uh... contemptible and decide that in other ones on theleft

i meant add and admired side everyone's you'regoing to acquire for yourself as you do that when you're young and contrary tothe rest of your life this doesn't work if you do it when you're fifty or sixty by then they have a trip to well-formed uh... but if you do it early behavior becomes becomes a habit so if you do that two or three years now to go to the sameexercise

you'll find out the person you admirethe most as yourself i can be a little bags under somecircumstances but it does uh... but it's not it's not a bad thingand that you want to be somebody like and you don't want to be somebodypicture that you dislike and and uh... formals habits early uh... he basically can't mess i'll giveyou one other small piece of advice is just a corollary on this and then we'll get to your questions in and that is

as a general matters are one piece ofspecific finance uh... financial advice i would say in onboard credit cards just forgetabout me uh... where in various businesses issuecredit card the american public loves credit cards but if you start revolvingdebt on credit card you're going to be paying uh... eighteen or twenty percent and you can't make

progress and your financial life who are on borrowing money eighteen ortwenty percent you can make a lot of money by lendingout earlier eighteen or twenty percent over time you can find a way that's good thatuh... will borrow from you but you don't want to be on the side of theequation that's always behind in life uh... you know i was lucky i'd saved about tenthousand dollars by the time i got out

of school that ten thousand dollars was really worth millions i might have runlater on because after you get a family member vaguely expenses role in but but those are my tools to work with butit was only because i was ahead of the game if you're behind a game by ten thousanddollars at some point in paying eighteen or twenty percent interest on it you will never economically you'll neverget out of it cell their partner that says

i want to know is where i'm going to dieso i'll never go there events true international matters aswell you wanna figure out where you don't want to be uh... at a time in a void that i getabout a dozen letters a day from people who are having terribleproblems and there are two reasons why they haveterrible problems one is a number of them up had health problemsof some sort them and they have really been hit by some or somebody in theirfamily has been hit by some kind of

catastrophic uh... illness and that is that you know it's a terrible thing to happento any family and they get in there are bills they can't pay and andreally only society consult that one in terms of protecting people againstthat but that's just plain bad luck the other one is from people run upcredit card debt and uh... they're facing bankruptcy evident frombankruptcy once before and they'll of what your money and theycan they can pay the interest on loan

pani principled and a half of my letters come frompeople like that and that that that problem is avoidable catastrophic illnesses not but credit card debt has something to bringon yourself and it's way better it's way easier to stay out of trouble than to get out of trouble financiallyand and uh...

i will guarantee if you're in a bigrecord that you will be in trouble probably the rest of your life in termsof uh... your financial situation on theother hand if you get ahead of the game even as on a very modest scale money is coming in from investing mandira that you're a you b people owe you money or equities oyuownership and you'll be way ahead of the gamecompared to paying it uh...

it's always been paying them your creditors every month my advice to you this sir if you can't pay for don't buy it it yourself in a position where you canpay for anything and uh... then we'll be glad to see abortion intothe rest of furniture market now let's uh... let's have some questions we have a mic out there that

people can either go toward the travelsaround her and i can't necessarily situ well-fed i think that one might touch each sizein just raise your hand waitress to come to you we have some electronic like mine anything that's on your mind ask aboutthem gottlieb actual how do you guys people who are innocent and curriculum and to make a pen

my keeping families into my non-standard furman that mean uh... performing artscenter music how would you advise as to keep out financially weakness in the world but stroop that our market system does not pay as well in some and spendsome activities as

might seem appropriate for the importance of those activitiesthe society just a teaching for example on theteaching does not pay well what could be more important i mean youknow you've got to be is as interested in who you're too the teachers of your children areschedule your account desert and on uh... whatever firms winning the heavyweight title ofthe world of that sort of thing but it doesn't it doesn't pay well and and

it's a fundamental choice uh... what you're going to go intosomething it for many people could be of the definable choice where they're goingto go into something you love or something then to try to make a lot of money i thinkthat generally it pays to go with what youlove it's very hard to find people when they get to be my age say they're on

that they've love what they've done alltheir life and feel was very worthwhile uh... but they're terribly sad they madethat choice because they didn't make a lot of money i idon't think anybody ever ever said that to me that they wishthey'd gone into something else for this or uncomfortable doing under didn'tenjoy it didn't feel very productive but make a lot of money so i don't i don't think you'll find that's why would i would never go towork i would go to work

and whatever terms your honor it may turn out to will be moreprofitable than and you can thank but almost everybody here will make enough money unless they get some terrible habitsalong the way to do reasonably well and in doingreasonably well in this country really is is uh... is pretty darn good i meanactivities it's not necessary to have

uh... huge amounts of money in order andyour ears of i enjoyed myself when i wasn't and my ten thousand dollars in i live in the same house that i've livedin when i was making when i had about that i bought a forty one years ago i'd like the house and i like the housenow if you think about it if you have a reasonable job you'll be eating at mcdonalds and i'llbe there top so we're word approach

uh... on on food i mean help in fact i was very clear actuallyin baghdad uh... i think on the dairy queen you'llsee me and you can order reading on the menu i can order will be we both canafford it you know you old he'll wear the sameclothes i wear i'll pay more for my suits but isn't good for money lookcheap on me so well will talk about the same event will both live in the same houses i livein that house from forty one years ago it is it's it's warm in winter and aschool in summer and it's comfortable

and you live in a house that's beensomewhere in that whatever's is a negative you have fiftymore rooms orbital guesthouses relented encourages brenda problems i mean youhave to worry about that about the uh... greens keeper somethingwhen you get through side uh... i'd been in the house is thepeople uh... where the house is a work uh... all probably two hundred times uh... what my house is worth and i wouldnot be any heparin dose houses at all if i could i'd be less happy i just haveone more thing didn't to worry about and

you know there dozens of people around the place and people quitting in people stealing fromhim kinds of these helicopter we drive will drive the same kind of carthank you probably got a better car i'd record about eight years old i don'tknow what it's worth now but it took me around five and that i i'mpretty happy what will watch what what's the same television you know well will work on the same computerpretty much

the only difference will be how we travel long distances fly a plane that more comfortable in when flying southwest airlines orsomething at which etc i got nothing against babbitt that's theone real big difference and other than that i do what i like everyday i hope you you'll know what you like every day to do and uh... i work with nice people i hope you workwith nice people

and that's this twenty four hours in theday and those are where the hours ago or so great wealth the tiniest bit different uh... in a real stp sense than havingjust a decent a decent income and uh... and trade a decent income and something you love doing insomething where you feel worthwhile

doing it huge well for you to trade off a lot ofyour principles i would be a terrible mistake reviewing that acknowledges success moreon yourself helping teachings of others well i had i had the pipe who was very lucky in life uh... if you tell me who your heroes areare uh... i will make a pretty good prediction about how

what you're going to do and i i i i havethe right heroes i was very lucky in life and uh... my heroes never let me down and startingwith my dad and then i had others in business and so i have had great teachers some formal teachers some that were just informal teachers teachers by instinctfor example and uh...

if i hadn't had those you know mike my life insurer would havebeen very different if i'd been born any place else when i was i was born innineteen thirty uh... and at the time one out of fifty burst in the world oneunited states so i came and against fifty to one odds against being borndenied state i would have probably been a disasteryou know if i been born in afghanistan or peru or some place and that i was

four-to-one i won the lottery today iwas born you know by being born in this country so all of you uh... i mean you have you the odds were probably fourteen to oneagainst you being born in this country and uh... the roots five time are likely to been born in insuring their six times as four five times more likely been born in and in india or some other place wherewould not have been is easy

to exploit them for potentially account so we will wonthe lottery in that respect them and that's just plain luck i mean that uh... and i was lucky to be born at this timeand the capital allocation is something it pays off extremely well in thesociety now but it doesn't pay off in othersocieties in that didn't pay off you know many years agomy but friend bill gates says that if i

would have been born a few thousandyears ago i have been some animals launch i can't run very fast i can't climbtrees and you know i just happen those are talented nobody asked me toclimb trees now but uh... there was a time when i'm out of animportant can incidently bill would have been someanimals breakfast and he can not so fast leader but event uh... what we are lucky

we just imagine being part of a hundredyears ago exactly the same talents and how far they were thinking of that of the average person the bailiff somuch better than that the richest person would uh... hundred or a hundred and fiftyyears ago cell morgan at respective lucky to be one of terrific parents i was lucky to be raise them onlineagain i think in a great public school system i gotta start here

in the first eight grades they gave me a foundation that later when i went off the track afew times uh... carried me through because i had aterrific great school education in at writer analog roselle and one ofthe reasons i havent incidently is kind ofunfortunate but i had a great education uh... in part because women were being

enormously discriminated against andsold at that time could be a teacher she could be asecretary she could be a nurse you know and i was about a actually andi have to tell what pull in the united states limited to just a few jobs so you had toabundance of talent uh... in those activities like nursing her toward herteaching because uh... a talent with males was spread across

every act every formal worked activitythere was no with women it was concentrated in a few areas and that uh... benefit the it's kind of sadbecause they've been benefit those teachers but but i was very lucky have really been that way uh... all my life and what i do is what i do is important is that whatit would be pure dusre governors does or

something of sorts and i i think it's quite questionable it pays off enormously well in a marketeconomy like the united states and uh... but that's an accident demanding to any innate ability of mine underlining his marine it's an anti tenomaha central high school a place for you one institution chemistry buffettechnology has been agreed country and stimulating the world economy what areyour predictions for the future of out

of the technology industry and was whiteis a teacher role in world economy in the united states on download saidthere's no question strumming world upside down it's it's it's tons donesomewhat already but it will than i was just beginning but is moving very fast i met gates on july fifteenth nineteenninety-one dot there for a fourth of july celebration with a friend

who subsequently died meg greenfield ofthe washington post and she took us down to those of the gates family he tried to educate me about and he too had better luck withchimpanzees i mean i i was so there's really a disaster but but it's a good teacher but one thing he did told me was that at the time he said you know you've got this model in yourhead of the world

and your model time and distance as very limiting factors and he saidthey are limiting factors anymore receptivity cost talking to somebody around the world orgetting your message in front of somebody or publishing is that it's going to be zero and parcelpost a zero doesn't make any difference in

you know that was revolutionary it's happening already in a in a veryvery big way and it's just uh... what eight years later and and it's it's it's exploding so high-tech information technology where we want tocall it is changing the world and it's going to change it and ah... very very big way i would change andthat's one of things i think about a

businesses we buy uh... we announce the purchase of theyesterday uh... by uh... furniture retailer andand and and boston in the boston area you know i think to myself what effectdoes this new world of in terms of the internet on furniture repairman we haveto think about questions like that that the changes will be huge i will beplayed bridge yesterday uh... with people uh... all over the country but i playedit with people all of the world logistic down on my computer and i've got somepopcorn ironman khakis and a sweater and

i i can have a bridge game in thirtyseconds with people all over the world uh... no cost to add basically now that's a lot different than tryingto arrange a game before people a mama hawk anton hugged a one one guy wants toplay golf mother wants to watch baseball and its it it just it changes things in huge way we are very fortunate i mean it's indeed agreed to which the united statesleads to the world in this area mean we

have a lead it's hard to think of who's in secondplace and fifteen or so years ago this country had an inferiority complexwould be hard for you to remember to shoot you weren't old enough to bearound them but in the in the early eighties we were wondering whether the germansand japanese were going on everything and if they were going to make all thesteel when they were going to make all the cars

and everything else and the televisionsets and we were gonna flip hamburgers thatwas the standard line and just imagine a short period like fifteenyears i've been changed around in an important way that shane tobecause information a revolution uh... where we had like i said i don't know who i don't know who you would name is beingin second place in the world but here's

the most important industry in the world and the united states has thisincredible position and removing all the time of thatposition so i think that argues for a very i think it argues for trivia future forthe world over time and i think it argues even more for a terrific futurewith this company our country one of the best place for you to getstarted now in securing their financial future

uh... for forgot to secure theirfinancial future freely youthful well it's not it's a very complicated uh... it goes back to getting full use out of your own talentsfirst i mean there is a twin whether you'regoing to be earning extra two excerpts react see here uh... twenty years from now

is going to be a function awhile well how much talent you have buti'll how well you use the talent you already have so that is the your best financial future is your own ability and and and here uh... capacity to

to use those abilities to theirpotential they can take that can be taken awayfrom the kerry kerrigan taxes i mean that you know most things if you are not as a hobby serena statedthat they double the taxes than double the taxes that changes your ownership in the property becausenow in effect the taxing authorities all themore about because they've gotta greater command on the revenuestream

uh... sending about uh... almost any assets you have uh... big they and they don't tax what's inyour head and they don't act here but what we did start performing when u when you get towork in the morning and finish in the evening uh... to to yourpotential one of things it amazes me is how people who really do perform welljust sort of jump out at you want a running a business when i got out ofschool

you know everybody would behave that way but they don'tmost people go through life in the sleepwalking and added if you don't you will stand out so the big the biggest thing for yourfinancial futures yourself now beyond that it is always being ahead ofthe game rather than getting behind the game it's saving a little no matter howyou do it i mean i delivered papers i worked at pennies and sold well pullsout a pinball machine i did a lot of

things that enabled me gmail in about tenthousand dollars by the time i got out of school ten thousand only goes for now the deadthen but it having anything so that your head of the game and notgetting behind the game is enormously important i mean just you know if you go to a hundred and regard dash against a bunch ofpeople in life

uh... if you couldn't figure it out sothat when the gun goes off your ten or fifteen yards ahead instead of ten or fifteen yards behindis going to make an enormous difference in how the race comes out so having having some net resources the member service whether in stocks orbonds in my view let uh... uh... and not having debt when i've done goes off when you get outof school

uh... is a huge crossover being behindthe game and uh... it may come from dolores paper out inthe morning of may come from part-time work someplace but put aside a few dollars for yourselfthat uh... uh... so that when the time comes in the other yet of the work force uh... your head of the game and not behind andthen once you get there don't get behind by buying a lot of things that

if you're going to pay for sunday you'repaying twenty percent interest in between since bt please stay in maine and schoollet me ask you questions that they're missing him on the marketon this but i think my name is patrick burland from plymouth right i was wondering with the increasing hahahha education today

welcome students due to deal with itthat's one survivor college well i think that's a tough line and andand i decide that office passes i could and i would encourage you and others aspossible and uh... before that time came out i wouldsay this in my experience in business there's very little difference if any between a very high price businesseducation

and what's available a lot of for a lotless money so i i mean i a m i went to the university abreast oflincoln i last year in college i went to workfor a couple years before that uh... i learned as much as university breastas i did at wharton at uh... it's nothing against warner measuresthat we had a very good school he writes and terrific professors that at lincoln so i i would not assume that if i was paying a few thousanddollars for an education uh... here in the state for example

purses pain huge amounts of swear that it was going to make a lot ofdifference uh... uh... most of the a lot of the education uh... unit you need to be prodded to theright direction an awful lot of it is is is itself the self-taught me andrew carnegie a wonderful thing inthis country in terms of libraries and are you spent a lot of time

lovers and have locked in at theuniversity will not want what was then the university of mom on the head i couldn't get out for hours and uh...midnight i get so entranced with what i was reading but there's there's all kinds of informationavailable now internet it's so much you know issue that was then so it's out there to be taken it isn't necessary to pay thirty or thirty five oh three dollars ayear ago to some

uh... big-name school to get the education at all if you're not alone accounting it yetwhich is about the most important of course you take in business going to tell you not accountingabsolutely as well and my view going to you i was going to garber i mean i i see uh... i would i would abed on that and uh... i wouldn't grow up

huge bills interviewing a business education outyou know if you got to get a medical education i mean there's certain professionsworded not be any way around spending a fair amount of money andgetting in debt to some degree has been going to make that decision yourself butcertainly try to minimize it uh... and i was sort of i would havefigured out how i would

campbell that debt and say a five-year period after i gotout of school where i would think twice about incurring there's a question up here if we canbring a microphone uh... managed hong kong come here everysingle minute advisory council uh... what advice would you have for aforming nonprofit organization performing a non-profit organization always tried to avoid form a non-profitorganization well i i would bet would depend entirelywhat a lot wanted accomplish i mean

uh... you know it could be one there wasa hospital and another thing uh... it over visitors and are so many types of it soi you know you've got to get people thatare better experienced in involved internet idea like that and uh... uh... but uh... the defense so much onthat on the objectivity you're working at

down promises shown here microphone for a long time i mean carhartt right-hand nine westhigh school and engineer very speedy involved anairplane hampering inclined he think that is very individual and my headline you know i wouldn't say that i am notand i i do certain subject and i think i think europe your model as a citizen forexample and all of the walrus god and he is

far more so that were involved but i am and uh... incident his predecessor peter came itwas too but warmers carried it to new heights so i uh... i don't want to uh... on any mammal for that myself i dosome things uh... one of the problems i have that lovewhat i do so much that uh... that'd be a sort of takes over and i'mlike a uh... guy that likes to play a lot ofoffer some things that the liked i liked

the business i'm in uh... i've got a family district very actively uh... uh... some my children were worked on almost anything that comes along in thecivic area and you know it's you do and and people do what they want to meetthe criteria great and and uh...

i've never talked to anybody that that enjoyed working in civic activitiesthat india with was very worthwhile after they've done to build somethingand participating in building somethingalways offline and acting head of the time wehave a golf tournament for example september and we raise some money for seventy beveragea good time to nobody's paying any price by doing i'm having a good time topeople come running a good time and then we have to show almost twopeople

you should be enjoying things you go onand and you will want to work in civic activities that but interesting that you do the same inpolitics unconnected you know if if you if you get if you find political ideas drupal apart or politicians who particularly you down if i would really didn't get alot of self satisfaction out of

i working continue doing somethingworthwhile so i just just follow your instincts on thatuh... they my recommendation okay prime minister regret from the ritz outby school prided i guess the old beat youth oftoday and i question what do you see is the problem thebiggest economic problem facing uh... visa today going into the future now on i don't think give that uh...

you're going to have enormous economicproblems i think you will live in a society where the average person uh... lives better by a significant margin than the average one of the generationearlier two generations earlier that's been the history of this country it's amarvelous country that way when you really have four and a halfpercent of the world's population you know and and

what's been accomplished yearsincredible fifty three percent of them of the value of corporations that arepublicly traded in the world exists in the united states with four and a halfpercent of population this country always has done well isn't uh... and they say in stocks that you've got should buy stock in thebusiness is so good that even an idiot can run it because sooner or later one well and and

that's not terrible advice lessons havebeen sort of his used in this country from time to time i mean we've we'd have all these problems that havecome along if you look back on the ice hundred years and was all the problemsthis country is going to do integrate a very long list in a lot ofpeople who focused on those problems of the time have missed the bigger picture and the bigger picture is that every generation was better thanthe one before

and that's because of uh... ice because of savings because they didn't enablepeople to create new tools to do better thingsas they go on as also due to an environment that lets people realize their potentialto a greater degree than most other environments in the world it's far fromperfect i mean it's it's it's adult partisan perfect but it is better than anything else

around i mean in in this country uh... you've got you don't have some commissar somethingrunning haiti you know the of a big business in thiscountry you've got a guy like jack welch and and a fellow like jack welch makes a difference of might be in terms of the productivity of thatbusiness over a period of decades and productivity is whatever is what causes the standard of living torise so anything that

a system that throws up the jack welchis of the world to run businesses is going to have an enormous advantageover society that doesn't by heredity or the does it by government edict and we've got we're closer to that society that i've described in than thananything than any other country and it's its lead do to great things and i willcontinue to lead the great thing so i i think you've got the best future uh... you know you don't face you don'tface a war

and you've got a view that you've got a a break uh... you've got a better future in terms of achieving neutral rewards than any generation in history so which encourage places when i get taken upon it by field no

don't behind wilkins for millard west highschool i was wondering if you or if you couldnot speak for mister gates were afraid of the impact of white u_k_ on the economywere specifically the stock market bill and and i'm glad you indigestion bringanother day because i i'm the last night in the worldunderstand that white too chaotic you know i don't know why thismicrophones working i don't know you know why lights go on a

i flip on the switch of my televisionand pray i mean i say that's all it's all be i'm a bit i would say that's the smartest people iknow in that area uh... in large part think it's gonna be a non-event in this country i don't think againstspeak for the rest of the world but uh... so i think uh... i think you'll wake up on january

first in fine the world doesn't changefrom december thirty first now i would say that she might you mightget a whole bunch of friends a right to checks for a billion dollars on decemberthirty first and deposit them in you know who knows what'll happen can'tlose anything i mean like response and it's a system that's fouled up you knowyou you might find a lot of money to your account but i wouldn't count on itthere where we have that we had without acollege activity etc we have about fourteen or fifteenhundred uh... customers on pieces of airplaneswith us and we so we've got a hundred

we got a hundred and sixty their planesof some of our own flying around and be very interesting to me to see what p advance people on the cell at a time when theirmoney use it would be a very insincere many sign up for january first st twelve oh one boat dealer

it wouldn't bother me to fly middle east on january first or do anything else onjanuary first ideally i hope you getting to birdwatcher posters plane gamestop and jeannie solace from clint bolick house went and had a decidedly investedtime and money and yellow wine businesses that have good economics nowwhat what a good economics will good economics or business that has

some kind of a mold around that makes its product or service searchlocation or something a little more time undesirable into the customer than anyother sort of comparable product you know the number one candy bar in thelast thirty or forty years has been snickers people don't fool around with differentcandy bars they fool around with different length dresses therefore on the yellowkinds of things but they don't fool

around with candy bars because they figured we're going to layout fifty cents or whatever his input of their mouth and they're not going to run for fifty centsa putting in your mouth looking at herself of competence of twelve fortyfive cents and put something else i'm i'm also you find that very stable and we like businesses that we think

we can figure out where they're going tobe in ten or fifteen years i don't know where the informationtechnology businesses are going to be in ten or fifteen years idler snickers barsare going to be in ten or fifteen years are going to be selling just about thespin on the way they do now i don't worry please gum is going to bein ten or fifteen years be is not to be a lot of innovation in in insuring uh... the ended internet soccer causepeople to put showing them a dominant least

makes me think so but i don't accept butuh... ob it's predictability regarding the sustainability of acompetitive advantage some something special about proc so we look for those kind of products and then we look for people but running the business that are honest aane

clubs it's easier to find people hospitablebecause the fine businesses that are going just a wonderful for a long periodof time there are a business and look like arock star wonderful work really about breyer over time but that's what we're looking for m nice thing about it or not to find verymany we find one a year

that's terrific you don't need a hundred thousand greatinvestment ideas do well you need a couple the discipline is the most important thing wittybrainpower with winnie discipline you don't need a hundred and fifty i_q_to do what i do you know where you don't need a hundredand forty you know they are in thirty five you may need a hundred and fifteenor something like that and

and but she did he disciplined you have to wait until you see the fat pitch to swing up because investing is a noble calledstrike game you know up if i were baseball player and i only like pitches two inches above my navel and all some guy could run out and hecould pitch may you know three or four inches below that i get called onstrikes because i've never find

officially you can get colorado strikes in baseball you have to you have to swing it pitches that youyou don't even necessarily like degree after the county of san twostrikes units who had anything you can sit thereand the paper says general motors of sixtyyears as john electrical a hundred and fifty years as general dynamics of sixtythree and if you'd like this prices you haveto swing you can wait there

day after day after day after day andthere are no called strikes now when you swing when you decide tobuy something than enough you swing in this is justright but he it's a marvelous came to the end becausethere are no called strikes and you can simply wait for that one behind for six months for a year two or three years when you really know what you're doingwhere you like the price

we'd like the people running thebusiness and then you swing in the only need afew swings in your lifetime uh... so that's the way we got a picbusinesses we try to stay with with things we understand and that there can be all kinds ofwonderful investment opportunities out there but i don't understand i don't know whatcocoa beach are going to do next year you know maybe you know but i don't knoweither i don't know what i don't know whatuh... crude oil stocks sell for

i don't have to know it's just have to know all of the things at the know what i know pastor noel where the limits of mayaunderstanding hard what i call what my circle conferences and finally able to evaluate fivepercent of the businesses in the world no problem i just a within a fivepercent and try and find something and that's most people get in troublebecause

in investments because they what we did a cheap and i look at thesupport of salsa they hear about other people makingmoney nothing upsets people so much of their about their friends making moneycabinet that's very destructive to disciplinebecause i think i got smart guy next door neighbor's just bought that new carwith the money made trading stocks on the internet so i can die well the answers you cannot work dot youwill lose money for trade stocks actively

uh... it's it's hard to exercise at thispoint but anytime you buy something you should be able to take out a one patient a paper i say i'm buying travel more assistssixty-five i'm buying gallagher hundred fifty and you should write down the reasons to cancel out the sheet it's because somebody told me about acocktail party last night that's not

good enough because because my broker told me aboutit that's not good enough it's a you've got to have a reason for thinking that it makes anintelligent investor you do the same thing if you're buying a farm apartmenthouse provide apartments are by this parma thousand dollars an acre because i thinki can earn sixty dollars an acre on it if quan sells such-and-such destroyedhimself such-and-such should be able to such-and-such

and you've figured out it's the same reason you're buying businesses and when you buy stocksyou're buying a little piece of the business and as part of the most important thingto remember and an interesting is that when you're buying a stock your vitalpiece of the vote was sent if you're buying it had an attractiveprice for the business for the whole you donate money and if you aren't

over time you walk money promote michael home reverend jackson jesse jacksoncharges were there you seem to believe that the moralstandards astute today's society will eventually affect this business how you feel this will affect us asyouth growing up in nine states he said the most important to stop poetry institute opec disagrees

it's byo you reunite well i think very difficult quantify moral standards overtime i mean at that you know you could give you pick outhuge weaknesses at any given time in terms of how before the country's behaving and andand and and you'd strike so i think it's

normally difficult to quantify uh... i think by and large we have made progress in what i would callinstitutionalized moral standards in this country i mean the the the uh... uh... bell in terms of slavery in termsof the uh... in terms of them in the women women couldn't vote you know acentury ago at uh... half the country were second-classcitizens in that respect in a very and

they had much lesser rights in terms ofinheritance and all kinds of things the income tax did exist a hundred years ago so the idea oftaxing people according that to how much the they've benefitted from society in theirincome uh... didn't exist so i think in terms of institutionalizedmoral standards

the country has made really quite significant progress uh... and uh... in the last hundred years ithink you know there's a nor must distance to go ithink we're going on the right direction maybe by fits and starts but i think we're going to writecorrection and i think you know that there is that there willbe a it will be a significant costs everybodyin this role as they live in a more moral society forty years from now thancallosum although i think the odds are

that they will i think the country moves in thatdirection very difficult to do it all kinds of interested work against that but anne and i think the american peoplewant to and then is sought civil rights manitoba television to dramatize what was goingon in people don't want europe prefer not tothink about it it got through to the conscience ofuh... the american people

uh... allot of progress has been madethere and there's a lot left to be made but they're it's better that i was and the pace may seem very slow to thosepeople involved and i can understand that the pace you know for woman's suffrage for decades and decades and decades woman could be on a jury that i was reading the trial partsterile

which took place in california ofnineteen oh ten or eleven uh... there were no women on the jurythat one was in a lot of the behavior we're citizens in that sense so it's the moral behavior of the country has my view improved but it uh... uh... them up and it'll continue to improve and i hopeyou all in this room do your part to

help approach matures from central high wondering how us into stock market sohigh right now would be smart for us to give to get involved now are to wait till trickles down a little yeah i can tell you whether or not tobuy stocks dot generally i think it's important that you savemoney at on what they want to put the stockmarket out there dept

i don't think is terribly important i think if yourinterested stocks issued by a and you've got a couple youshould buy if you i mean i i don't get any way of running about them better than x printing it when im paperswith the same i can guarantee you if you lose money onpaper lose real money it's a different experience and uh... i am so i i i think they're think you'lllearn more about yourself if you do it that way i bought my firstarc

when i was eleven i was actually aliberal some of the time and by about three shares of city service preferred thirty-eight panna went down to twenty seven whichsomething i still remember even has a lot of time uh... and then a lot of four and i soldat i'm a five bucks on my free shares after commissions andthen i went to two hundred and something you know i i i probably remember that alittle better if i'd been doing it on paper it

i thought we were on doing a lot ofthings between about age eleven and nineteen in the stock market i didshortsighted all kinds of technical analysis i've read every booki could get on the subject i didn't do that well i can do terriblebut but i patted agree just while rob but bite that meant by the age of nineteen when iread ben graham spoke of the universe depressed him like that i went and bought this book calledintelligent buster just come out and i had an enormous impact on me

now if i had done in the previous eight years i've got allover the lot i'm not so sure that that book where thesender background and i was by that time i was prepared to read and read was book which changedmy life and actually the incredible life uh... i wouldn't be a part of the if ihad written a book part of life is getting when something does happen that'ssignificant

you can call us the significance of it and know what todo with it i would say that first eight yearsbefore her out it without produced nothing financiallyto speak of produced a lot in terms of getting mymind preparer but what i really didn't read somethingthat makes sense so i was ready to accept that and i actually went back in when to call me the study under theunder graham

because of of reading that book of all kinds ofthings flowed out of itself i would encourage you if you'reinterested in the field to do a few things but so far but it wasintelligence possible i would try to stick with things businesses i thought i understood but still get out that sheet of paper and i'd read i'm doing this because and just trust my reasoning that i goback and review the year later on

and see whether what you thought wouldbe true turned out to be true so i would always checked myself i believe in grading myself oneverything of doctors have post-mortems and they they do it because they were onfrom post-mortems uh... and business people don't like todo postmarked when im all i'm i can be on the board of the company building plants are buying companies and everyone two years later tour i check out how the decision turnedout does it

they can be unpleasant but you learn from post-mortems you don't wanna learn we burn from otherpeople's mistakes in your own this pattern from a few of your own to anduh... the time to do it is when you're young you can do maybe one more direct assault wonderware maybe maybe two more p well my name is pete wilson from craigimprov

my question is toward extent do you feel that thegovernment with uh... the current policies ofwelfare and social security is it financially competent and physicallyprepared for the future i think i think that the country as a whole is quite quite well prepared for the future ofthat doesn't mean that with about every policy they have but

i think eight we have an enormously rich society and want to reverse a site and they'llget richer uh... everyone isn't going toparticipate in that somewhat will participate because of physical disabilities either because amental disabilities other because of shortcomings in the education theyreceive winner dr all kinds of reasons we have a prosperous in our society to be able to take care of

of those people and we should take care of them and how we do what so that they feelmost useful in life and how we do it so that we continue to encourage people tobe more productive themselves all that i mean those are that easy questions but but that shouldn't take our i'd off thewall of feeling we should do something about it that uh... uh... opt-in i'd put my pose thisproblem sometimes the people i say let's

assume that it's twenty four hoursbefore you're born all of you can take the steps twentyfour hours before it went and then she comes to you and the genie says overdrew their again out there will call you go and the jenny says job as you look pretty promising to make i think you've got kind of a sense offair play in

at a good mind and so i'm gonna let you have anextraordinary opportunity i'm going to let you designed the worldinto what you're going to be born in twenty four hours it's yours you pick out the political rules you pick up the economic rules you pick up the social rules youdesigned the world and we're more than twenty four hoursyou're going to be one that i world

and that's the world standing just foryour lifetime for your children's lifetime fairgroundshorts lifetime and you having or some of the geniejokes in the past would say what's the catch and jenny said well it's a very slightcatch soon went when you're born in twentyfour hours you're going to emerge in this world you designed but what you don't know is whether you're going to be born

black or white male or female rich or poor brighter retarded able-bodied or infirm in the united states or afghanistan all you know is that you're going to reach into this barrel which now has six billion bowleswas withheld representing one person

every person in the world and you're going to participate in whati call the ovarian lottery you can take one bought a rubber neverget another book that u area one ball not even a merchant now what kind of rules do you wanna have for that society not knowing which ball you're gonna get now that night but deal with the way

i think people should think about social policy and if you're born ifyou're lucky enough to be born this country you've won the lottery already we should have a system in my view that encourages the jack welch is in thebill gates is an all out to work far beyond the time when it has anyeconomic significance to m we want people commanding those resources extremely able the commanding the metshouse pets have a how the standard of living moves forward

so we should want you know we should one tom osborne go to nebraska we should want we shouldwant bill gates designing software and we don't want a mix up those two hundredwell i wouldn't want to go coaching in the press kit uh... sold you what do you want people fill out asystem that directs gets people other potential m and puts them

in the position where they can do themost good for society which also wanna system for the peopleget the wrong lol timing somebody's going to get the ball you know that says eighty i'd kill someis gonna get the ball that says this is easier that diseaseearly in life to cripple zone and we've got a rich in our society that we can help we can take care ofthose people and i think that if your question i think that thissociety will move more and more in that direction it has the capability ofmoving more and more in that direction

as our resources uh... and our output increases and ithink the it has the will to do that in a generalway although i can't say they've always been taught to fits and starts so theiris no shortage in the united states of resources there's no shortage of output you have to have a system that encourages people to behaved to the limit of their

abilities and puts them in the rightplace but then you have to make sure thateverybody gets taken care of two now we can do one more and then we willbreak put this all over the microphone womanhere make the decision hyman's bengal were going on solid and i wanna know how you can to media ofextra-large in other places months small question uh...

well but obviously does simply because it's is move so far technologically is it's brought it together yahoo and iwas over china two years ago when i was right after the time of the women'sconference in and uh... in beijing and i was reading the chinese coverage

of that conference a and of course it it had nothing to do and what was takingplace but the internet was coming and you know you couldn't you can access the washington post to the new yorktimes and i i get the washington post at nine thirty year night in effect i never could get that next day on untrue through physicaldelivery but i'd buy electronic delivery

i can read it uh... denver bali earlier the mostpeople in washington to repeat itself ability to communicate and the degree to which the world thathave awareness of what's going on every place in the world is just you know it's been applied only and that will help that they wrote thema lot of things that come out of that there plus overtime but that they havebeen a b the ability of information to beavailable to everyone

worldwide almost instantlyinstantaneously its it's it's it's to be huge advances andthings like medicine for example justice it's it's it's a net plus it has a it has a big affected the definition of media has now beenexpanded anonymously i mean there were threetelevision networks and in the nineteen and you know in theearly nineteen sixties and that was that there were three highways informationtraveled electronically if the three piece of information were ilove lucy and i want something else and

something else those with the threechoices of information or entertainment that you had first tens and tens of millions ofpeople selling their looking at it too now it's unlimited and that's only forthree or so decades so it's just exploded and it'll continue toexplore them net i think it's a plus and i think i it's one o'clock i want tothank you all up i wish you well you're going to do aterrific now