Becoming Warren Buffett

00:29:06,920 --> 00:29:10,599 She never cared about money or business at all. 576 00:29:10,680 --> 00:29:12,519 Susie: I mean he would go around saying, 577 00:29:12,599 --> 00:29:16,000 "I'm going to be the richest man in the world." 578 00:29:16,079 --> 00:29:18,400 And I think, well, it's like somebody says, 579 00:29:18,480 --> 00:29:20,960 "I play music, and I'm gonna be Mozart." 580 00:29:21,039 --> 00:29:25,119 I don't know. How does anyone know... 581 00:29:25,200 --> 00:29:27,440 How does anyone know? You know? 582 00:29:27,519 --> 00:29:31,079 So that was okay. I don't really care about that. 583 00:29:32,880 --> 00:29:34,920 Loomis: I would say that Susie led Warren 584 00:29:35,000 --> 00:29:37,000 toward changing his political views. 585 00:29:37,079 --> 00:29:38,759 He grew up as a young Republican, 586 00:29:38,839 --> 00:29:41,640 his father was a Republican congressman, 587 00:29:41,720 --> 00:29:44,640 but Susie saw things in different ways. 588 00:29:44,720 --> 00:29:46,480 She was the catalyst. 589 00:29:46,559 --> 00:29:49,759 (crowd chanting) Freedom, freedom, freedom! 590 00:29:49,839 --> 00:29:52,480 (man shouts) Louder, louder, louder, louder, louder! 591 00:29:52,559 --> 00:29:55,960 Freedom, freedom... 592 00:29:56,039 --> 00:29:57,880 Susie: When the children were growing up, 593 00:29:57,960 --> 00:30:00,839 I was very involved in civil rights. 594 00:30:00,920 --> 00:30:05,119 I was immersed in it, and I think that's what made Warren a Democrat. 595 00:30:05,200 --> 00:30:09,000 He would go with me to hear speakers. 596 00:30:09,079 --> 00:30:10,519 (applause, cheers) 597 00:30:10,599 --> 00:30:13,160 Warren: I remember that speech that Martin Luther King gave. 598 00:30:13,240 --> 00:30:17,000 That was one of the most inspiring speeches I-- I've ever heard. 599 00:30:17,079 --> 00:30:18,839 I come to say to you this afternoon... 600 00:30:18,920 --> 00:30:21,240 Warren: Took me right out of my seat. My wife was with me. 601 00:30:21,319 --> 00:30:22,720 We both had the same experience. 602 00:30:22,799 --> 00:30:24,920 -M. L. King: It will not be long. -It was interesting, he-- 603 00:30:25,000 --> 00:30:28,559 in that speech, he talked about truth forever on the scaffold, 604 00:30:28,640 --> 00:30:33,759 long forever on the throne, but that scaffold sways the future. 605 00:30:33,839 --> 00:30:35,960 Well, he was going to be dead in six months, 606 00:30:36,039 --> 00:30:38,200 but that scaffold did sway the future. 607 00:30:39,920 --> 00:30:41,759 My wife was more active than I was, 608 00:30:41,839 --> 00:30:43,799 but I was 100% with her mentally. 609 00:30:43,880 --> 00:30:48,839 I was just working a little more on my own investments. 610 00:30:48,920 --> 00:30:50,559 But it didn't make a difference what we were gonna do 611 00:30:50,640 --> 00:30:52,160 with the money after we made it. 612 00:30:52,240 --> 00:30:54,039 I thought I would pile it up over the years 613 00:30:54,119 --> 00:30:57,759 then she would unpile it in terms of running a-- 614 00:30:57,839 --> 00:30:59,960 one very large foundation. 615 00:31:00,039 --> 00:31:03,079 And I was particularly good at compounding money, 616 00:31:03,160 --> 00:31:06,039 and therefore society would benefit by waiting. 617 00:31:06,119 --> 00:31:07,640 ## ## 618 00:31:09,599 --> 00:31:13,119 I was genetically blessed with certain wiring 619 00:31:13,200 --> 00:31:15,680 that's very useful in a highly-developed market system 620 00:31:15,759 --> 00:31:17,680 where there's lots of chips on the table, 621 00:31:17,759 --> 00:31:20,200 and you know, I happen to be good at that game. 622 00:31:20,279 --> 00:31:22,400 (scratching) 623 00:31:22,480 --> 00:31:24,559 Ted Williams wrote a book called "The Science of Hitting," 624 00:31:24,640 --> 00:31:27,279 and in it he had a picture of himself at bat 625 00:31:27,359 --> 00:31:31,960 and the strike zone broken into, I think, 77 squares. 626 00:31:32,039 --> 00:31:33,799 And he said, if he waited for the pitch 627 00:31:33,880 --> 00:31:36,680 that was really in his sweet spot, he would bat .400 628 00:31:36,759 --> 00:31:39,319 and if he had to swing at something on the lower corner, 629 00:31:39,400 --> 00:31:42,039 he would probably bat .235. 630 00:31:42,119 --> 00:31:44,920 And in investing, I'm in a no-called strike business, 631 00:31:45,000 --> 00:31:47,200 which is the best business you can be in. 632 00:31:47,279 --> 00:31:49,200 I can look at a thousand different companies, 633 00:31:49,279 --> 00:31:53,799 and I don't have to be right on every one of them or even 50 of 'em... 634 00:31:53,880 --> 00:31:55,839 so I can pick the ball I want to hit. 635 00:31:55,920 --> 00:31:57,799 (bas