"One gloriously capitalistic weekend"

Live-Blogging the Berkshire Annual Meeting


(10:11 a.m.) It's the cast of "The Office," with Michael Scott (Steve Carrell) telling Dunder Mifflin about a possible replacement. Enter Warren Buffett.

(12:08 p.m.) Buffett says that America is still a good place for banks to lend money, and singles out Wells Fargo and US Bancorp as two particularly well-run firms.


(12:21 p.m.) Buffett says that if you collect all the gold in the world and melt it together, you could form a cube with 67 feet on each side.

Here's what you could do with it: "You could get a ladder and climb on top of it and say I'm sitting on top of the world. You could fondle it, you could polish it, you could stare at it."

But Buffett's kicker is this: You can't do anything with it. It has no inherent value. Buying into gold is betting that someone else will come along and pay more for it -- who then is hoping that someone else will pay even more for it down the line.


(3:05 p.m.) Buffett says that growing up rich could rob children of crucial drive and enterprise. And if a child of privilege grows up unproductive, it's a matter of parenting.

"If your kids grow up rich and without incentive, I don't think you should point the finger at them," he says. "You should point it at yourself."


(3:35 p.m.) Don't question Buffett's commitment to nuclear power. He views it as essential to helping fill the United States' energy needs.

"I think some people misinterprted my interview when I said that it had suffered a major setback," he said. "That does not change my view that nuclear power is important for the world."


Comment: My Brother-in-Law went last year! Quote in title is at 9:36 a.m.

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