Buffett: Bonds will fall a lot from current prices (as interest rates rise). Investors should buy S&P 500 Index instead. We are not in a stock market bubble. There has never been a good time to buy U.S. Treasury bonds.
Buffett: Wells Fargo will outperform its rivals in the future. Berkshire owns 10% and will not buy more because Berkshire would then be classified as a bank holding company and subject to more regulation.
Buffett: If a $100 billion deal came along that we like, we will get it done.
Buffett likes Apple a lot. He would like to own 100% of Apple if he could. He likes the business and the management.
Charlie Munger: “I’m delighted to be here. Actually, I am delighted to be anywhere.”
Buffett admits mistake of not following Munger’s advice to buy a large stake in Costco many years ago.
Munger recommends investing in Chinese companies. They are cheaper than U.S. companies.
Munger: When Democrats control government there will be a single payer system for health care with an opt out.
Buffett: Associate with people who are better than you and you will move in that direction.
Munger wishes Berkshire owned more of Apple. It is reasonably priced and strong.
