The Ledger, every show

“At a time when, by the way, Larry Page no longer shows up. To work.”

“It's well over 20%.”

“Even Philip Morris, when I met with the CEO in Switzerland in September, suggested that they'd have a billion dollar savings potential over the next several years. And when I asked him what it sourced from, he said, big data.”

“And so long as all of the infrastructure that I described within the Berkshire model as they operate, Remains. I think Berkshire will have the ability to drop people from similar businesses down the road over time. The moment that they break from that process …”

“You really can't go to Ajit and say, let's have an afternoon chat about how we're doing in reinsurance business, because there are a lot of factors. Everything is relatively channeled through the proper conduit.”

“And as a result of those spending years, they developed a product that once launched, 18 months ago, has captured nearly 25% of markets in Japan, the first market it launched to. They've converted two million cigarette smokers to users of one of their new prod…”

“But the payout is going to increase massively to both share buyback and to dividends because they know now that they cannot redeploy capital given their size.”

“Now, one of the ironic stock declines over the past several weeks has been Federal Express, which has dropped from two 60 to a 150. And, you know, they're trying to serve Amazon at the same time, compete with it. And its share prices collapsed to nine times th…”

“And it probably has grown. 25 times the business that existed when they bought it”

“They had an interesting phantom stock arrangement. They created a phantom share. Called a share of my tech within the company. And Warren referred at one point an annual report that had gone up a thousand times.”

“Warren insisted over the years that companies had to compete for the business, that the internal crutch of a natural demand to Clayton homes for the Acme bricks threatened over time to lead to less than market tested outcomes because each of them knew that the…”

“American Express is part of the portfolio, and Borsheim's had, and Nebraska Furniture Market had MasterCard, and Visa, no American Express, because obviously each of them said, the premium's just not worth it for us, and Warren never insisted that they migrate…”

“I remember after Katrina, where they survived with barely a nick relative to the kind of crushing consequences that even Jack Byrne suffered with White Mountains, and then they had something called Olympusry. And it was blown up. They aggregated too much risk …”

“And Berkshire survived, and then they wrote the next year, and at premiums that were massively higher, and they wrote lucky, and so they kept all the premium, because it was an event-free year. And then they didn't write the next year”

“They don't have any reporting responsibilities outside of Warren, in some ways. They don't meet with committees. They don't have to describe why it is that they like Amazon to people who may not have the capacity to even understand the essential value that the…”

“They paid 10 times pretext to buy that business, and then they had an endless ability to deploy capital in the capital-starved company that they bought. Scottish Power hadn't invested in that production and distribution network sufficiently, and so they had th…”

“And if you compound from that moment till today, I think the compound is about eight percent. Embedded, you can check that number. What year and what year was that? Between 99 to today, and then if you go back to 65, I think that's when he first starts to repo…”

“You know, I think over its life, they've had a 50% drawdown four years over the period of time.”

“Almost the first responsibility that was handed over to the co-vice chairman was compensation. And so off the bat, at the start, both Greg and Ajit, I understand, were responsible for the compensation structure.”

“Philip Morris, four years ago, decided that they were going to take about half a billion dollars a year from their income statement. And deploy it into efforts to research and develop a reduced risk product set so that they could come to their consumers.”

“Today, the largest profit pool for Heineken is Mexico, which they bought through the market of FEMSA. The second most profitable market in the world for Heineken State is Vietnam, which they grew Greenfield that didn't even exist in their portfolio in 1994.”

“For example, in 1999, I was down two percent, and the Dow and the S&P were both up mid-twenties. That's a big miss, let's just say.”

“He doesn't feel That he has as strong a way of quickly assessing the caliber of the management in foreign markets as he does in the U.S.”

“Well, that's a very interesting question because their capacity to reinvest Had already been fairly limited by virtue of the fact that they now exceed 11% of the deposit base in North America, and they can't buy new assets in the banking industry, new banks or…”

“And Aperol's gone from 30,000 cases seven years ago to a 100,000 cases. Now, the largest aperitif companies in North America do six million cases.”