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Non-Tech : Berkshire Hathaway Class B -- Ignore unavailable to you. Want to Upgrade?

To: Leroyt who wrote (777)	5/3/1999 7:06:00 PM
From: Sbtorres	Read Replies (2) \| Respond to of 1652

Oracle of Omaha on Nightly Business Report--3rd May?

To: Leroyt who wrote (777)	5/3/1999 11:48:00 PM
From: Fredman	Read Replies (1) \| Respond to of 1652

Part 2 of my paraphrased notes: this is miscellaneous ramblings: 'If the I-net is a threat to any retailer, then they are not interested in the retailer'. - They are interested in retailing things on the I-Net, but nothing you would consider 'Brand-X'. Only the Best. - If retail stores fail, so will Real Estate. - All Insurance companies - look closely at their 'Float'. - 'look at ABC NBC and CBS, none of them stay on top forever, or ride the bottom forever. Things change'. - Buy a company you can really see still being around in 10-20 years. - Cologne RE - is going to have a 275 million dollar 'loss' that was unexpected - bad underwriting - that will take 10-15 years to settle, much like BH's endeavor in something he called the 'Omni Affair' they had in 1974 or so. - 'you never get good surprises in the Insurance Biz'. - he expects growth in General RE to be very VERY slow, due to having to wait for other companies' contracts with other Reinsurance companies to expire before GR can solicit or grab their business. - LTCM - the hedge fund that failed - he was on Vacation in Alaska when the whole deal came about, and charlie was in Hawaii, so they couldn't really discuss it in GREAT DETAIL (about seriously buying it), So the deal was made with somebody else before they could throw together a really good offer for it. - WEB said, 'if you were to be running ONE business, and you had a silver bullet to kill off ONE competitor, WHO would you kill off and WHY ? - WHO do you worry about ?' - There is a difference between intrinsic value of a stock's market PRICE, versus it's market VALUE. - CM said he was all for a 100% tax on anybody that bought AND sold the same stock in one year. I agree 100%. * now what i liked: Munger listed some book he really liked: He said the latest book by Hagstrom - 'Buffett Portfolios' - is one of the best he's ever read. He also likes 'Titans' - about JD Rockefeller, and a book called 'Guns, Germs and Steel', and also one by Landis called 'The Wealth and poverty of a Nation'. Charlie also liked ValueLine 1,000 best companies. WEB said he liked 'Common Sense on Mutual Funds' by Jack Bogle, and one from (?) Kathleen Graham - but i didn't catch the name of it (it was NOT Ben Graham as Author). I will say Charle talked a helluva lot more than i've seen him talk in years. Charlie talked numbers, WEB talked businesses, but named NONE. They did not speculate on any deals they might be working on (duh). REMEMBER - i am paraphrasing, so if somebody comes on and says i misquoted something, OH WELL. And, as Charlie would say, 'I have nothing else to add'.