Miss nothing of the Q&A answers with this edit - we removed only the fluff in between! All Munger and Buffett say is preserved, only gaps and questions have been clipped top save you time.
Contents of the Q&A:
1. WHEN IS IT TIME TO BUY A HOUSE?
2. EXECUTIVE COMPENSATION: BUFFETT SLAMS BIG MONEY FOR MEDIOCRITY
3. CLASS B STOCK “WORKED OUT AS WELL AS POSSIBLE”
4. BERKSHIRE’S INVESTING MINIMUM
5. “SANDY WEILL IS A VERY, VERY GOOD MANAGER”
6. PHARMACEUTICAL STOCKS: “WE STUPIDLY BLEW THAT ONE”
7. DECENTRALIZATION “JUST SHORT OF TOTAL ABDICATION”
8. AVOID THE “FROZEN CORPORATION”
9. CHECKLIST FOR SELECTING STOCKS
10. EASY DECISION CASE STUDY: NATIONAL CASH REGISTER
11. “NORMAN ROCKWELL FRAME OF MIND”
12. A AND B SHARES ARE NEARLY EQUIVALENT INVESTMENT CHOICES
13. HOW TEENAGERS CAN PREPARE FOR THE FUTURE
14. “WE ARE NOT RELUCTANT TO INVEST ABROAD”
15. PHILANTHROPY SHARE SALES WON’T HURT STOCK PRICE
16. BUFFETT’S FAVORITE BOOK ON HIS PHILOSOPHY
17. DISNEY SALE IN THE ’60S WAS A “HUGE MISTAKE”
18. PHIL CARRET IS ONE OF BUFFETT’S HEROES
19. END OF COLD WAR ISN’T AN INVESTING FACTOR
20. SUBSIDIARY MANAGERS ARE NEVER SECOND-GUESSED
21. BUFFETT SMELLS TROUBLE FOR TOBACCO COMPANIES IN SETTLEMENT
22. BUFFETT ON INHERITANCE: “ENOUGH TO DO ANYTHING, NOT ENOUGH TO DO NOTHING”
23. MUNGER ON INHERITANCE: FEW PEOPLE ARE “RUINED BY MONEY”
24. TWO CONDITIONS NEEDED FOR A MARKET THAT’S NOT OVERVALUED
25. NO EXACT FORMULA ON RETAINING EARNINGS
26. BERKSHIRE STOCK TRACKS INTRINSIC VALUE “BETTER THAN MOST”
27. KKR SALE OF GILLETTE SHARES “MEANS NOTHING TO US”
28. NO SPLIT MEANS “BETTER CLASS OF SHAREHOLDERS”
29. “BOOK VALUE IS NOT A FACTOR WE CONSIDER”
30. AIRLINES NOT “INTRIGUING” ENOUGH TO BUY STOCK
31. NO “GOOD RETURNS” ON JAPANESE STOCKS UNLESS PROFITS INCREASE
32. “WE’RE ONLY INTERESTED IN PRICE AND VALUE”
33. BEWARE OF COMPANIES THAT MUST “SPEND MONEY LIKE CRAZY”
34. BERKSHIRE IS PREPARED FOR ADVERSITY
35. “WE’RE NEVER GOING TO GIVE OUT ADVICE ON BERKSHIRE STOCK”
36. GEORGE BURNS: ROLE MODEL FOR SURVIVING UNHEALTHY HABITS
37. “WE WAIT INDEFINITELY”
38. “CERTIFIED RECORD OF FAILURE” IN REAL ESTATE
39. NIKE: “WE KEEP ALL OF THOSE VIEWS TO OURSELVES”
40. BUFFETT DOESN’T EXPECT LITIGATION OVER FATS IN FOOD
41. LOTS OF CREDIT TO GO AROUND FOR STRONG ECONOMY
42. HOW PHIL FISHER’S “SCUTTLEBUTT” METHOD CHANGED BUFFETT’S LIFE
43. “REAL TEST IS THE GAIN IN INTRINSIC VALUE”
44. “WE PREFER WHAT OTHER PEOPLE CALL RISK”
45. WE WANT SHAREHOLDERS WHO LOOK AT BERKSHIRE THE SAME WAY WE DO
46. “GET MORE QUALITY THAN YOU’RE PAYING FOR”
47. NO INTEREST IN SPINNING OFF SUBSIDIARIES
48. SHAREHOLDERS BOOST SALES AT NEBRASKA FURNITURE MART AND BORSHEIMS
49. NO SPECIAL INSIGHTS INTO AUTOMOBILE INDUSTRY
50. SELLING ON INTERNET COULD HELP BORSHEIMS AND GEICO
51. MCDONALD’S VS. DAIRY QUEEN
52. MAKING MONEY WITH THE BYRNE FAMILY
53. FIXING PUBLIC EDUCATION
54. “THE TRUTH IS YOU CAN HAVE THE REPUTATION THAT YOU WANT”
55. NO EXPECTATIONS OF INVESTMENT PROBLEMS DUE TO Y2K
56. MCDONALD’S WILL KEEP ITS REAL ESTATE
57. BERKSHIRE IS “POORLY” STRUCTURED FOR OWNING SECURITIES
58. DUE DILIGENCE IS USELESS AND MISSES THE POINT
