HOWARD BUFFETT INTERVIEW BECOMING WARREN BUFFETT

HOWARDBUFFETTINTERVIEWBECOMINGWARRENBUFFETTKUNHARDTFILMFOUNDATIONHOWARDBUFFETTNovember19,2015Interviewedby:TeddyKunhardtTotalRunningTime:43Minutes

TITLEHischildhood

10:18:35:10HOWARDBUFFETT:

Wellyouknow,Icandescribemychildhoodasnormalbutwhoknowswhatnormalis.Imean,youknow,peopleoftenthinkwhentheyaskthatquestion,youknowwellWarrenBuffettwasthisfamousrichguy.Hewasnotfamousandhewasn’trichwhenweweregrowingup.Imeanyouknow,hewasintheprocessofmakingmoney,buthewasathomealot.Wehaddinnertogether,wehadChristmasestogether.We,youknow—we—wedidwhatIwouldthinkwouldbeaverynormal—wehadwhatIthinkwouldbeaverynormalupbringing.

TITLEChristmasattheBuffetts


IthinkanaverageChristmasattheBuffett’swaswhatyouwouldseeonTV.Imeanitwaslike,youknow,Lotsofgifts,agreattime,everybodytogetherandwedidthatyearafteryear.Imeanwejust—itwasaveryconsistentthinginourlivesandweevendiditwhenwewerelongintoouradulthood.Imeanit—itwassomethingthatwejustdidformany,manyyears.Prettymuchuntilmymomdied.

TITLEHissiblings


I’mthemiddlechildsoofcourseIgotpickedonfrombothends,hadthemostdifficultpartoflifeintheBuffettfamily.Askmysisterorbrother,they’lltellyousomethingdifferent.Butyouknow,SusieandIwereverycloseinage,wewereabout18monthsapartandsowewereabitcompetitivegrowingup.Ithinkitwasgoodthat—thatyouknow,shewasafemaleandIwasamale.Ithinkifweweremalesweprobablywouldhavekilledeachotherbut—butyouknow—andPeterwasfouryearsbehindsohewas—andhewas—andhewasmore—I’llcallhimmorepassiveifthat’s—youknow,ifIcanusethatterm,intermsofkindofmypersonalitysoyouknow,wejustdidn’tdoalottogetherandwedidn’tclashatallbutSusieandIwereprettycompetitivegrowingup.

TITLEWherehisnamecamefrom


Soyeah–myfirstnameHowardwasaftermygrandpaHowardHolmanBuffettandmysecondnameGrahamwasafterBenGrahamwhoofcoursewasyouknow,agreatmentortomydadandyouknow,they’rebothincrediblepeopleandyouknow,Ireallydon’trememberBenGrahambutIremembermygrandfather,youknow,toacertaindegree.HediedwhenIwasprobablymaybetenyearsold,somethinglikethat.Youknow,wewould—mygrandpaandIwouldwatchfootballgamestogetheranditwouldalwaysthrowmebecause—wellitdidinthebeginning—Imeanhewould—he’dberooting—routing—rootingforoneoftheseteamsandthenthescorewouldchangeandhewouldrootfortheotherteam,andIthought,waitaminute,youwerefortheotherteam.Andhe’dsay,“noI’malwaysfortheunderdog”andI’veneverforgottenthat.Youknowitwas—itwaskindofalifelessoninasensebecausehewasalwaysforthepersonwhohadyouknow,theleastamountofopportunitysothatfootballgamekindofrepresentedhisphilosophyandI’llneverforgetthat.

TITLE

Whathisfatherwaslikeasayoungman10:22:25:20

HOWARDBUFFETT:Wellhewashomealot,andIalwaysgetakickoutthisstoryaboutyouknow,howhewentacrossthestreetonceandaskedDonKeoughifhewantedtoinvestandyouknow,Donsaid,nottofacebutDonsaid,“whywouldIinvestinaguythatjustsitsathomeandreadsbooks?”Youknow,andsohewasaroundalot,whichwasgreat.Imeanwehadavery—itmay—Iwouldsaynormal—butitmayhavebeenunusuallynormalifthat—thatdoesn’tmaybemakesensebutImean,youknow,myparentswerearoundallthetimeandwehaddinnertogether,wewentonvacationstodinner—together—wentonvacationstogether.Wedid,youknow,celebratedholidaystogether.Andweevenyouknow,oftentimeshadyouknow,extendedfamily.SoIthinkitwasavery—forme,Ithinkthebigthingwasitwasaverystableenvironment,andyouknow,mymomanddadwerealwayscongenial.Imeanwe—weneversaw—Ineversawthemfight,ever.Inever—Ineversawtheminanargument.ImeanIneversawthemmadateachotherandsoIthinkthatmayactuallybeabitofafantasy‘causenowthatI’vebeenmarried,Iknowthatitdoesn’talwaysworkthatwaybutIalwaysmadethesameeffortwithmywife,yaknowtobehavethesamewayinfrontofourkidsandsoIthinkwehadthemoststableenvironmentyoucouldeveraskfor.


YeahImeanitwas,youknow,Iwouldconstantlykindagouptotheofficeandsay,“yougottimetothrowthefootball?Yougottimetothrowthebaseball?”Andyouknow,itwastypically—it—itwouldbe—it—it—it—ImeanIthinkitwasaprettytypicalresponse,‘I’llbethereinaminute.’Andafterthesecondorthirdtime,youknowofkindofpromptinghimyouknow,hewouldalwayscome,hewouldneversayno.Hewouldalwayscomedown,throwthefootballforawhile,throwthebaseball,youknowdowhateveritwasIwastryingtogethimtodo.SoImeanyouknow,afterthesecondorthirdtimeof,youknow,promptinghim,healwayscamedown.Healwayswouldthrowthefootball,throwthebaseball,participate,andyouknowhe

was—hewasaroundmorethanmostfatherswouldbearoundsoIprobablyhadanopportunitytodothatmorethanmostkidswouldyouknow,haveanopportunitytodothatbutyeahhewas—hewasalwaysgreataboutthat.Mostofthetimehewasverypatientwithme,youknow.Itwaswhenmy—whenIreallygotmymomtoherlimit,that’swhenshecalledintheheavyforcesandthat’swhenhehadtotakealittledifferentposition.

TITLEHouseholdchores


Youknowhe—Idon’trememberhimreallydoingmuchwithchores.BasicallyIthink,youknow,mymomanddadwouldpayusasmallallowance.We’dcleangutters,rakeleaves.Wewoulddothingsaroundthehouse—emptythegarbage;we’ddoallofthat.ImeanIrememberwhenitwas25centsatonepoint,then50centsaweekanditwasneveralotofmoneybutyouknowitwasyouknow,theincentivetodoitanditwastherewardfordoingyouknowwhatyouknow,ourparentswantedustodo.ButIdon’trememberhimdoingmuchofthat.Imeanhe’snotthekindofguywhowouldgooutandcutthegrassandthetruthis,today,Iwouldsay,youknow,that’snot—I’velearned—thephraseis,what’syourhighestandbestuseoftimeandobviouslywithhim,hishighestandbestuseoftimewasnotmowingthelawn.

TITLEHisfatheronanemotionallevel


Wellit’sdifficulttoconnectonanemotionallevelbecauseIthinkthatthat’snothisbasicmodeofoperation.Idon’tthinkhecouldbeassuccessfulinbusinessifhewereareallylike,normallyanemotionalperson.Obviouslyhehasemotionsandheexpressesemotions;there’stimesthatthatcomesandgo’sbutyouknow,Iwouldsayhe’s—he’salotoffunbuthe’s—he’sstillinhispersonallifeverydirectandvery

focusedonpracticalityandrealityandsoyougetthat.Butit’snot—youknowinbusiness,youknowitprobablyisahard-edgedapproachbutpersonally,eventhoughhe’snot,youknow,Iwouldsayextremelyemotional,itisn’tlikethethingmostpeoplewouldimaginebecauseheisthefunniestguyI’veevermetandpartofthatcomesfromhowcleverheis,andhowwittyheis,andyouknow,there’snobodywhocancomeupwithbetterjokesonthespurofthemomentthanmydadandsohe’safunguy—heisoneofthemostfunguystobearoundfromthatstandpoint.

10:27:53:07HewillcomeupwiththefunniestlinesthatyoucanimagineandsometimesIsitthereandthink,howdoeshedothat,youknow?Butit’s–it’s—that’shim—Imeanthat—and—and—sothat’sthepartIthink,theverycleverbusinesspartthatcarriesthroughtohispersonallife,youknow.He’sgotobviouslyatremendousIQandit’sanIQthatcanbeappliedtoyouknow,produceresults.Imean,noteverybodywithhighIQ’sproduceresultssoI—Ijustthinkit’skindofanaturalextensionofhowheactuallyis.

TITLETraitshehasincommonwithhisfather


YouknowIthinkthesimilaritiesyouwouldseethatI’vedevelopedfrommydadwouldcomefromwhathe’staughtusandallofuskidsandIremembercertainthings,IwasdrivingdowndodgestreetwhenIwaslikeelevenortwelveyearsoldwithhimandyouknowIstillrememberhesaid,“justrememberittakesyouknow,twentyyearstobuildareputationandfiveminutestoruinit.”Andhewasalwaysyouknowgivingusyouknow,theselittlebitsofphilosophyand—andtheyweregreat.AndIthinktheybuild—youknow,they—they—theybuildoutacharacter—theybuildout,youknow,whatyoursensitivitiesare,whatyourprioritiesare,andsoIthink,youknow,thekindofpersonheis,Ithinkallthreeofuskidsyouknow,havepartsofthatinusandhealwaystriedtostressintegrityandatthesametimebeingprettyflexible.

10:33:04:22

Knowingthat,youknow,allyoungkids,youknow,goodkidsmakemistakes.So,justbecauseyoumakeamistake,doesn’tmeanyou’reabadperson.Ithinkhewouldalwaystry,youknowIgotintroubleprobablywaymorethanmybrotherandsisterandIthinkyouknow,hewouldalwaystryandtakethatanduseitasalessontotrytoteachmeyouknowwhyIdidn’twannadowhatIwasdoingoryouknowwhyIgotintrouble,youknow,whatIcouldlearnfromthat.SoIthinkallofuswouldhavealotofthetraitsthathepossessesintermsofhowhefeelsabouthumanityandtreatingotherpeopleandbeingfairandhonest;Ithinkthoseareallthingsthathewould’veprettymuch,youknow,tohimwasimportanttomakesurethatweunderstoodthosethings.

TITLEHismother


Wellmymomwaslikethebiggestpartofmylifegrowingup.Imeanyouknow,eventhoughIgotdisciplinedonaregularbasisandshewastheonedoingit,shewasstillmybestfriend.Andyouknow,shewassomebodywhoIcouldgotowithalmostanyproblem,oranyissue,anysituation,evenifIknewIwasgoingtogetintrouble,IknewshewouldhandleitinawaythatIcouldconfideinheroraskforhelpsoshewas—Ithinkshewasveryunusual.Youknow,everybodymightsaythatabouttheirmom,Idon’tknow,butyouknowIthinkshewasveryunusualbecauseshewassomebodywhoyouknowcouldbethedisciplinerandthebestfriendatthesametime.AndIthinkthat’saveryhardthingtodo.Mymomwaskindofalwaysradiatingjoyandradiatingfriendshipandpeoplewouldbeveryattractedtoher.Andshewassomebodywhowasreallyeasytobearound,somebodywhowouldhelpanybody,Imeanwhethersheknewhimordidn’tknowhimormaybeevendidn’tagreewiththem,shewouldstillhelpthemand—soIthinkshewasaveryunusualpersoninthatway.

10:42:23:06Shewasabitofafreespirit.But—butshe,youknow,wasn’twayoutthere,youknow,shewassomebodywhoIthink—andIthinkthat’s

whatmake—Ithinkbeingafreespiritiswhatmadeherbesoopenandsogivingandwillingtoacceptinanythinganybody,andIdon’tthinkthat’snormaland—andIthinkshedidthattoamuchgreaterdegreethanmostpeoplecoulddoorwoulddo.

TITLETraitsheshareswithhismother


WellIthinkmymom,probablyit’sstillverydeeply,andI—againIthinkit’sprobablyforallthreeofus,butyouknow,anobligationtohelpotherpeople,anobligationtorespondtopeoplewhoareinneed.Mymomwasalwayshelpingpeople.Imeanthat—herwholelifewasabouthelpingotherpeople.AndsoIthinkthattherewasn’tanywaywecouldbearoundherwithoutabsorbingthatandhavingitbecomelikepartofourDNA.ImeanIjustthink,youknowwe’reall—allthreeofusareveryresponsivepeopletosituationswhereothersdon’thavewhattheyshouldhaveorhavewhattheyneedtohaveandthenIthink,youknow,withherandmydadsettingupthefoundation,itjustgaveusthefinancialabilitytorespondtoalotofthatandthat’swhatwe’vespentagoodpartofourlivesdoinginthelastyouknow,tenyearsormore.

TITLEHisfather’srationaleforgivingawaymoney


Iwouldsaythatshewasnotfrustratedatallthatmydadwasnotgivingawayalargeamountofmoneybecausehehasaverylogical,youknow,rationaleforthat.ImeanIrememberwhenTedTurnercriticizedhimyouknow,fornotgivingawaymoremoney.Ithought,wellthatmaybeyouropinionbutit’saverynarrowopinionbecausemydadistakingmoneyandmakingmoremoneyandhe—themoremoneyhehas,themoremoneyhecanmakeandsoyouknow,hisabilitytomakemoneyandgeneratereturnsasaresultofnotgivingitawaytooearlyactuallymeansitwillbeamuchgreater—Imeana

muchgreaterbenefitlateronandthat’saveryrationalargumentandIthinkmydad’srightaboutthat.AndsoIthinksheunderstoodthatandIthinkyouknowfromtimetotime,shemighthavebeenalittlefrustrated,youknowtryingtogethimtoloosenuphereandtherebutIthinkoverall,itwasn’tthisgreatfrustrationthathewasn’tgenerous.He’sverygenerousinhisownway,buthedoesthatbasedonyouknow,hisanalyticalanalysisofhowheseesthingsandhowheviewsthingsandit’sveryhardtoarguewithmostofhowheanalyzesthings.

TITLEHisfather’swayofanalyzingcircumstances


WellIthinkitdependsonwhatthecircumstancesare.ImeanIcanrememberwhenI—wewereoutinEmeraldBayonetime,andIdon’trememberexactlyhowoldIwas,butitwas—youcanactuallyfigurethisout,becauseitwaswhenthestrikewasgoingonatthepaperinBuffalo,NewYork.AndIjustsattherefascinatedkindoflisteningtohissideoftheconversationandthenhewouldhangupandI’daskhimsomequestionsandhewouldexplaintome.Imean,atthatpointintime,whathe’sseeingishe’sseeingasetofcircumstancesthatheknowswhenhe’sgonnastartlosingmoney,heknowshowmuchmoneyhe’sgonnaloseandheknowswhathistolerancelevelisforlosingthemoneyforthelong-termgain—ofgettingguysbacktowork.He’sgotthatallcalculatedoutandheknowswhatthatis.Now,hisdecisiononthatmaynotbethesameassomebodyelse’sdecisionbuthisdecisionisusuallythebestdecisionwhenitcomestosomethinglikethatandso,youknow,inthatcase,he’sseeingprettymuchnumbers.Imeanhe’sseeing,youknow—youknow,whatcanIafford,howfarcanIaffordtogobeforeitcostsmeenoughthatIcan’trecoveritandsoIwouldsaythat’sanumbersgameandIthinkmostofwhathedoesisanumbersgameandthat’swhathefocuseson.

TITLEHismother’sinvolvementinsocialissues


Youknow,whenyou’reakidgrowingup,youdon’talwayspayattentiontoeverythingyourmomanddadweredoingbutthereweresomethingswecouldn’tignorebecause—‘causeshewouldkindofpullusintothemorwewould—youknow,therewerebigenoughthingsgoingoninlifethat—thattheyhadsomekindofinfluencebutyouknow,Irememberherbeingveryinvolvedin—inlike,thewomen’sleagueofvoters.Notgettingreallyinto—Idon’teverremembergettingreallyintothepoliticalpartofpolitics,butIremembergettingintothe,youknow,thepartthatencouragespeopletovote,participateandbepartoftheprocessand—andthat—andthat—and—andherinvolvementinthatwasverymuchaboutcomingfromtheangleofcivilrights.That—thatallgroupswereinvolved,allgroupshadafairopportunitytobeinvolved.SoIthinkyouknow,wesawthat,whatshewasdoingandspendinghertimeon.YouknowsheusedtogodowntowhatwewouldcalltheprojectsofNorthOmahaand—anddodifferentthingsandIwentwithherquiteafewtimeswhenshewentdownand—andyouknow,gotengagedindifferentactivitiesandIsawalotofthat,andIsawherengagedinthat,andIthinkthatabsolutelywearsoff.Imean,you—youseethatandyoupickitupand—andyoulearnthingsfromitandIthinkwhat—youknow,whatIlearnedfromit,wasthatshewasaverycompassionatepersonwhohadempathyforcircumstancesthat—thatwerenotcircumstancesthatyouormewouldwanttobeinand—andsoIthinkitwasheractionsthatIlearnedfrom,not—notwhatshewouldtalkaboutbutwhatshewoulddo.

TITLEAcreatureofhabit


Wellhe’s—mydad’sacreatureofhabit,there’snoquestionaboutthat.Whetherit’syouknow,hamburgersorcherryCoke’sorwhatever.Imean,youknow,he—butIthinkalotofusarethatwaybutyouknow,healsohashadaveryclearphilosophyofyouknow,doingwhatyou’regoodatandstickingwiththat.Imeanheusedtoalwaystellme,youknow“everybodyhasacircleofcompetenceandstaywithinit.”Andthenhe’dalwaysremindmeminewasalittlebit

small,butyouknow,ImeanjokinglybutImeanyouknow,andthere—there’salottruthinthat.Imeanthatisgreatadvice.Peoplegetintroublewhentheygetoutsideoftheirelement,whentheygetoutsideoftheircompetencelevelandsoyouknow,he’ssomebodythatlivesinthatcircleandthatmeansyoucreatecertainhabits,itmeansyoudothingsacertainwayonaprettynormalbasisandthat’swhathedoesbutIdon’tthinkthat’ssounusual.Mostpeoplehavepersonalhabitsthatjustdon’tchange.Andyouknow,somebodymightfocusonhimbecausehe’sfamoustoday.Andsoyouknow,theyzeroinonsomething.Thetruthis,that’sprobablynotmuchdifferentfrom95%ofthepeopleinthiscountry.

TITLEHowOmahasuitshisfather


IthinkOmahaisagreatplaceformydadbecausehe—hedoesn’twanttobeyouknow,inbiggroups.Hedoesn’twanttobe—hedoesn’tlookforattention.Imeanyouknow,he—he—hedoesn’tavoidittodaybecauseit’spartofwhathis—kindofgoeswithwhathe’sdoneandwhathe’saccomplishedbutyouknow,he—he—he’s—he’salonerinasense.He—heisnotsomebodywho’sgoingtofollowagroup;he’snotsomebodywhocaresaboutbeingagroupie.He’snotsomebodywhocaresaboutyouknow,goingtopartiesorbeinginvolvedin,youknowthethingsthatalotofpeoplewanttobeinvolvedin.SoIthinkOmahafitswell.Imeanhecan—youknowpeoplehaverespectedhimwellinOmaha;he’ssomebodywhocankindofblendinand—andhe’sobviouslyveryfriendlyand—andsowhenhe’saroundOmahaandpeopleseehim,it’saneasythingforhim.Omaha’seasyforhim.NewYorkwouldnotbeeasyforhim.AndsoIthinkyouknow,Omahaisaperfectplaceforhimanditwasaperfectplaceforustogrowupasafamily.

TITLEHisfather’suniquequalities


Iwouldsay,theonethingmydaddoesthatalmostnobodyelsedoes—Imeanalotofpeoplewriteaboutthisisthatyouknow,hezerosinonsomething,hegetstounderstanditandknowitbetterthanprobablymostpeoplewouldhavethepatiencetodoandthenhestickswithit.Imean,youknow,hehasn’tmadethesebrilliantinvestmentsyouknow,allthetime.Imeanhedoessomethatareverycomplicatedandveryintelligentandverydifficult.I’mnot—youknowIwouldn’t,youknow,saythatisn’tapartofwhathe’sdone.Butyouknow,buying—youknowgoingoutandbuyingbrandedcompaniesandhangingontothemfortwentyorthirtyyearsissomethingthatanybodycoulddobutpeople—butmostpeopledon’tdoitbecausetheydon’thavethepatienceandeverybodywantstogetrichquick,everybodywantstomakeabucktoday.Andsowhatmakeshimreallydifferentthanmostpeopleishe’sjust—he’sinitforthelonghaulandthatishimandsothat’saverydifferenttraitthanalotofinvestorshave.Anditisn’tthattherearen’totherguysouttherelikeWallyWhite’sorotherpeopleyouknow,that—thathaveasimilarinvestmentphilosophybuthe’sdoneitextremelywellandashe’sgotten—youknowashe—ashe’searnedmoremoney,he’splacedbiggerbetsandhe’sjuststuckwiththosebetsandthathasreallypaidoffforhim.Hedoesn’tstickwithsomethingwhenitdoesn’tmakesenseanymore.Imeanyouknow,he’sgoneinandoutofsomeinvestmentsbutforthemostpart,he’ssomebodywhoisvery—he’saveryloyalpersonandhe’sveryloyalinhisinvestments.

TITLEHisfather’scompetitiveness


Mydad’sverycompetitiveandIthinkhe’salsoprettysmartaboutwhathedecidestocompeteinorwith.Youknow,he’s—he’snotgonnatrytotakesomethingonthathewon’tbesuccessfulwithbutwhenhe’sintosomething,he’sextremelycompetitive.

TITLEHismother’sroleinhisfather’ssuccess


OhIthinkmymomwasahugepartofmydad’ssuccess.Shewasthefoundation;shewaskindoftherockintermsofalwaysholdingeverythingtogetherandshedidthatinalotofways.Shedidthatforhimemotionally,shedidthatforusasafamily,shedidthatinawaythatshetookonprobablymoreresponsibilitythanalotofwiveswouldhavetakenonjusttomakethingsworkandshewasverycommittedtothatandshewasverycommittedtomakingourfamilyworkandtodothat,shewasverycommittedtomakingsuremydadwasverysuccessful.

TITLEOnhismother’sdecisiontomovetoCalifornia


Wellitwas—itwashardforme.Ithink,youknow,Itookthepositionthatthat’s—whateverthedecisionandconversationwaswithherandmydadwasnoneofmybusiness.ImeanIjustneverdidaskaboutthatandthatwasn’twhatIwasreallyconcernedaboutbecausetherewere—therewerealways—youknowitwasn’t—itwasalmostlikenothingchangedwiththeirrelationship.Imeanitwasn’tlikeitwassomeyouknow,bigthingthatcausedproblemsandcreatedbadfeelings.Imeannothing—nothinglikethateverhappenedthatIeversawsoitwasjustmoretheideathatshe’smovingaway—youknowphysicallymovingaway.Imeanprobablyaveryselfishreactiononmypartbecauseitwaslike,youknowshe’sgoingtobefurtheraway,Iwon’tseeherasoften.Shewon’tbeasinvolved,youknow,onaregularbasis.SomyreactionwasmoreprobablyabouthowitaffectedmeandIjust—Ijustfeltlikethatwasnot—it’snotmybusiness;Imeantheyneedtoworkthatoutandsoitwasn’tsomethingIreallygotverydeeplyinvolvedwith.

10:58:51:16ImeanI—IthinkoneofthereasonsitwasimportantforhertoleaveOmahawasbecauseshejustfeltlikeshewaskindoftrappedinthisenvironment,that—thateveryoneknewwhoshewas,thatshe

couldn’thaveherownidentity,thatshecouldn’tkindofjustgooutanddosomethingwithoutpeoplerecognizingherand—andthatwastrue.Andso,eventhoughshewasaverygivingperson,everybodyneedsyouknow,theirownlifeandtheyneedtheirown,youknow,timewheretheycanprivatelydowhattheywanttodoandshecouldn’tdothatinOmahaandshereallycouldn’tdothatinOmahaandsoIthink,youknow,shewantedtomovesomewherewhereshehadsomeautonomy,whereshecouldjustbeherselfandnotalwaysworryaboutbeingpulledintosomethingorbeingrecognized.

10:59:54:22Shewaskinda—whenshemoved—whenmymommovedtoSanFrancisco,obviouslywedidn’tseeherasoftenandthatwaswhyIwasn’tyouknow,thrilledabouthermovingbutyouknow,ifyoucouldtaketheselittlesnapshotsastowhenwehadChristmasorwhenwedidotherthingstogether,you—youwouldn’thaveknownthatanythinghadchangedandsoIthinkit’sprettyunusual.Idon’tthinkthat’sanormalsetofcircumstancesbutitworkedforthemanditworkedforus.

TITLEOnAstrid


WellAstridis,youknow,averyself-containedperson.She’snotsomebodywhoislookingforattentionorwantsattention.Ithinkshe’soneofthefewpeopleintheworld,tobehonestwithyou,whocouldbewithmydadtodayandIthinkmybrotherandsisterwouldgivethesameanswer,andnoneofusthinkthatshe’sthereforanyotherreason,thatshe’stheretosupporthim.Ithinkthat’sveryunusual.Ithinkveryfewpeoplewoulddowhatshe’sdoingandhaveitreallybewhatcomesnaturallyforthemandso—butshe’saveryprivateperson.

11:01:53:22Inevergetaskedaboutyouknow,howdiditworkAstridandmymomandifIdid,Iwouldjustsay,youknowwhocares?ImeanI—youknow,they—theymadeitworkandthat’swhatmatters.Andso,againIfeltlikeitwasjustnotsomethingthatinvolvedmeorwasfor

metobeinvolvedwith.Youknow,whenyouhavekids,youknow,there’sthingsthatyourkidswillaskyoutohelpwithandforthemostpart,youstayoutoftherepersonallifeandIfeltlikeyouknow,that—that’s,Astridmymomandmydad,howeverthey’reworkingitout,that’stheirpersonallifeandthat’snotmybusiness.

TITLEOnhismothergettingsick


YeahIrememberedbecauseIwasonmywaytoaboardmeetinginIndiathatIservedonandIremembersayingtoher,wellI’llgototheboardmeetingandI’llbebackandI’llseeyouwhenIgetback.Andsheactuallybrokedown,andsherarelycried.Andshejuststartedcrying.Andsaid,noyouneedtostayhere,andyouneedtocomeoutfortheoperation.Andsothat’s—that’swhenweallwentoutandshehadthis,youknowamazing—Ithinkitwasfourteenhoursorsometh—itwasanamazinglylongoperationbutshecamethroughitverywell.Youknow,she—shedidnottalkalotaboutthat.Imeanshe—shewasn’tlookingforsympathyoryouknow,shejustwouldkindoftelluswhatshethoughtweneededtoknow.OtherpeopleprobablyknewmuchmoreaboutitthanIdidtobehonestwithyou,‘causeIalwaysfeltlikeyouknow,Ididn’tpryintoherbusinessor—oryouknow,Idon’tpryintomydad’sbusiness;Imeanyouknow,they’re—they’regonnatellmewhatthey’regonnatellme,andIthinkthat’stypicallyhowyoushouldtreatpeople.

TITLEHowhisfatherhandledSusie’ssickness

11:03:56:02

HOWARDBUFFETT:YeahwellImean,Ithinkhewas—hewouldhavedoneandwastryingtodowhateverhecouldtosupporther.Andyouknow,oneofthosethingswastophysicallybethere.AndIcouldrememberwhen—whenIwouldgobackyouknow,itwasunpredictable.Imeanyoudidn’t

know—Iwouldgowithhersometimeswhenshewouldgethertreatment,andsometimesshewouldjusthavetogohomeandrest,othertimesshewouldwannagotakeawalkandsometimesthatwastwoblocks,sometimesitwastenblocks.Youknow,justcompletelydependentonhowshefeltphysicallyandIthink—Imeanmydaddidwhatallofustriedtodo,whichwasjustbetherephysicallytospendtimewithherandsupportherthewaythatshewantedit.

TITLEOnlearningthathismotherdied


SoIwas,I’djustgottenoffanairplaneandlandedinJohannesburgSouthAfrica,andmys—my—theguytherePeterKinerowhowastopickmeuphad—Icall—IalwayswouldcallPeterandsayok,I’mhere,I’mgettingmybags,I’llbeoutintwentyminutesorsomethingandPetersaidyouneedtocallyoursister.AndIsaid,“well,it’slike2amorsomething,I‘llcallherinalittlebit.”Andhesays,“Noyouhavetocallherrightnow.”Iactuallythoughtsomethinghappenedtomydad.Idon’tknowwhyIthoughtthat,IguessIthought,youknow,mymomhadthisrecovery,itwassuccessfulandwhywouldanythinghappentoheratthatpoint.AndsoIcalledmysisterandshetoldmewhatwasgoingonanditwaslike,ok,howdoIgethome?Shewaslike,“getaprivateairplane.”Isaid,“wellitwon’tmatterbecauseyouknow,it’sstillgonnatakethesametimetogethomeandthey’llhavetogeta—youknow,Imeanwhere’stheplanegonnacomefrom?”Andwewerealltalkingaboutthelogisticsofhowtogetbackbecauseatthattime,shewasonherwaytothehospital.Shehadn’tactuallydied.Andso,youknow,shewastryingtofigureouthow—shewasactuallygoingtotheairportandgettingonaplane,goingtoIdahoandIwastryingtofigureouthowtogethomeandthensheletmeknowthatshedied.Sothen,itwaslike,okIjustneedtofigureouthowtogetbackandtheykinda—Susiejustslowedeverythingdown,andjustmadesurethatyouknow,Icouldgethomeanditwasalongtriphome.

TITLEOncopingwithdeath


Youknow,itdependsonwhothepersonis,whattherelationshipis.ImeanI—Ihave—thisisgonnasoundstrangebutherdeathwasnotthatdifficultformebecauseIthinkIhadanamazingrelationshipwithherwhenshewasaliveandshewasahugepartofmylifesowhenshe’sgone,there’snothingIcandoaboutthat,butIhadnoreasontolookbackandfeellike,IshouldhavedonethisorIwishthishadhappenedoranythinglikethat.SoImean,Ithinkforme,itmaysoundstrangebutitwasnotthatdifficult.It’s—it’sdifficulttolosesomeone,don’tgetmewrong.Butitwasnotthatdifficulttodealwiththefactthatyouknow—ImeanI—Ithinkit’soneofthethingsthatIlearnedfrommydad.Imeanyouknow,it’sapracticalpartofit.Imeanthere’snothingIcandoabout;there’snothingIcanchangeaboutit.It’safact,it’s—youknow,it’shappenedandyouhavetodealwithit.Andsoforme,IjustlookedatitasIhadhad,youknowthegreatestmom,thegreatestlifewithmymom,shewasmybestfriend,alwayssupportedme,sotherewasnothingformetolookbackandgo,Iwishithadbeendifferent.

TITLEHisfather’sdecisiontodonatehisfortune


Yeah.Weactuallytalkedaboutitformonths,tobehonestwithya.Imeanthefirsttime,hesatdownwithSusieatourhousewhenIwasinOmaha,andjusttalkedtoSusieandIaboutit,someoftheideashewasthinkingaboutandyouknow,wehadalittlebackandforthonhis—whathewasthinkingandwhatdidwethinkofit.Andthen,ashekindagotmoregearedupontryingtogetsomethingdone,weallkindofhadsomeinputonitanddiscusseditandthenhedecidedhowhewasgoingtodoit.

TITLEHisrelationshipwithBillGates


Well,myguessisit’scomplicatedbutIdon’tknow.Imeanyouknow.They’refriends,they’reprobablyalittlecompetitive.They’re—theyhavedifferentinterestsbutyouknow,theyhavesomethingsthatareparallel.ImeanI’msure—Idon’t—ImeanIdon’taskhowhisrelationshipiswithBillGates,Idon’treallyknowhowtoanswerthat.ButI’msureit’sa—I’msureit’snotsimple.

TITLEThefutureofBerkshireHathaway


Well,ultimately,whenmydad’sgone,whathappenstoBerkshirewillbeadecisionbytheboard.Andthere’snoguaranteetheboardwillputmeinasanon-executivechairman;mydadhassuggestedthat,theboardhasbeenverysupportiveofthat.Ifthat’swhatI’maskedtodo,that’swhatI’lldo.

TITLEHisfather’slegacy


PrettyAmazing.Imean,youknow,he’sdonealotformany,manypeople.ImeanIthinkonething—Youknowoursocietymeasuresthingsinwealthandifyouwanttomeasureitthatway,hehasprobablymadeasmanypeoplewealthyasanysingleindividualeverdid,anddiditinaveryuniqueway.Andalotofthepeoplethathehashelpedoverthatperiodoftimeareverygenerouspeople,andsotheyhavehelpedmillionsofotherpeople.Andsoit’sjust—it’s—it’sreally—it’s—it’salmostlikethepayitforward,youknow,moviewhere,youknowyoujust,youknow,I—I’llhelpyou,butyouhavetohelpotherpeople.Andit’shappenednaturally.Imeanit’shappenedwithouthimever—hewouldneversuggesttosomebodyyouknow,

whohasmademoneywhetherit’sthroughhis—youknowthroughhimdoingitorsomeotherwayofdoingit,hewouldneversuggesthowyoushouldspendyourmoney.Youknow,hewouldbegladtogiveadviceonit,hewouldbegladtosharehisexperiencewithit,buthewouldneversaythisiswhatyoureallyshoulddo.AndsoIthink,youknow,inhiscase,hehasmade—hehasgivenalotofpeopletheopportunitytouse,youknow,financialresourcestohelpalotofotherpeopleintheworld,andthat’ssomethingnoteverybodycansay.

11:11:27:00YouknowIthinkit’shardtosaywhathislegacyisbecauseIthinkdifferentpeoplewillinterpretitindifferentways.IthinkheissomeonewhowillabsolutelyberememberedforBerkshireHathawayandwhathebuiltandthat’sbeenthemostimportantthingtohiminhislifeandsoIthinkthat’llbe—I—Ithinktome,that’llbetheoverreachingpartofhislegacythatthemajorityofpeoplewilltalkaboutwhenhediesandthemajorityofpeoplewillrememberhimfor.

TITLEHischallengingnatureasakid


WellsomebodyhadtokeepmydadonhistoessoImean,youknow,I—I—Ikeptchallenginghimalittlebit,Iwasaverychallengingkid.Youknow,mymomplayedthebiggestroleintryingtokeepeverythingundercontrol.Iam,youknow,probablyevenwhatIdotodayisabitofyouknow,whatIdidwhenIwasakid;whichis,Ilikechallenges.Iwanttodothingsdifferently,I’llpushstufftothelimitandI’lltakerisksandthat’sjustwhoIamand—andthat’showI’mmadeandsoasakidwhenyoudon’thavegoodjudgmentandyoudon’tunderstandtheconsequences,sometimesyou—youdomorethingsthanyoushoulddo,andIwasthatkid,Ididthatandyouknow,therewastimeswhenI,youknow,wouldreallypushittothelimit.Andnotillegalthings,notthingswhereIwasgonnaendupinjail,Inevercameclosetothat.

11:14:10:16Iwouldn’tgiveuponanythingthatIthoughtIhadachanceatgettingdoneoraccomplishingsoIthinkyouknow,mymomsayingIwould

surviveinanycircumstancesisprobablyafairdescription.Iwouldgiveitagoodfight.AndIthinkthat’spartofwhatdrovemewhenIwasyoung.ImeanIalwayswantedanotherchallenge.IwasneversatisfiedwithwhatIhad.

TITLEHisfatherduringtheSolomonBrothersscandal


Wellhewasprettypre-occupied.Idorememberitforonereasonbecauseitwasthe—rightintheheartofitwaswhenIgotacalland—andIwasaskedifIwantedtogotoworkatArcherDanielsMidlandatADM.SoIcalledhim‘causeIwanted—Icalledtwopeople.IcalledDonKeough,whowaspresidentofCoca-ColaatthetimeandIcalledandDontalkedtomeaboutitandthenIcalledhim,andIgotaholdofhimandhejustsaid,“Icantalktonightaslongasyouwannatalkbutyouknow,I’mgettingreadytogointoaCongressionalHearingandyouknow,butI’mavailabletonightforaslongasyouwannatalk.”Soyouknow,evenunderallthatpressure,thisiswhathewassogoodat.Underthatpressure,hecould—hecouldkindofcompartmentalizethingssohecoulddealwiththatandhecouldstepawayfromit.WhenItalkedtohimthatnight,youwouldnothaveknownhewasinvolvedinsomethingashugeandascriticalaswhatwasgoingonatSolomon.You—you—youwouldneverknowit.Imeanhewastotallyfocusedand—andrelaxedandwetalkedformorethananhourthateveningtalkingaboutmydecisiontogo.SoImean,I—Ithinkthat’sthebestexampleIcangivetoyouabouthowhewasthen.Imeanhewasvery,I’msureinsidehewastiedupinknots,andtenseandyouknow,upsetbuthedidaprettygoodjobofnotshowingit.Ican’trememberexactly,IknowhewasgettingreadyforthetestimonybecausehewasinNewYorkandhewaswithabunchoflawyersandwithyouknow,differentpeopleandwhetherit—whetheritwasthenextdayornot,I—Idon’tknowexactlywhatthetimingwasbecauseIdon’trememberthatbuthejust—Irememberhimreferringtoitandsaying“butIcantalktoyouaslongasyouwanttotalkto,youknow,tonight.Justcallme.”

11:21:04:02

Yaknowafter7or8,whateverhetoldme,Idon’tremember.ButImeanthat’s—thatinitselfisaprettyamazingcharacteristicbecause,yaknow,alotofpeoplewouldbreakdownunderthat.AlotofpeoplewouldnothandlethatpressureaswellashedidbutI—Ithinkthat’soneofthethingsthatmakeshimreallyuniqueandIthinkthat’satraitthatI’vereallykindofinheritedorlearnedorhoweveryoudoitfromhim.Ilovepressure,Ilovebeingunderpressure.Youputmeunderpressure,I’llrespondbetterthanifI’mnotunderpressure,andIlearnedthatfromhim.Iwatchedhimdothathisentirelife.Imeanthisisaguy,youjustkeepthrowingstuffathimandhewon’tslowdown,andhewon’t—hewon’tletitdeterhimfromwhathe’stryingtoaccomplishand—andIwatchedthatandIlovethatcharacteristic.Ithinkitis—it’sanamazingcharacteristictohaveand—andIdon’tknowifthat’salearnedcharacteristicorifthat’spartofyourDNAorwhatitisbutit’ssomethingIthinkhehelpedmelearnhowtodoandIloveitandmywifewilltellyathat.Yaknow,I’mthatwayandIthinkhe’sverymuchthatway.

TITLETheHowardGBuffettFoundation

11:22:29:13

HOWARDBUFFETT:Wellit’sgotthisamazinglyuniquename,theHowardGBuffettFoundation,whichactuallyitcamefromwhenmyparentssetitup;theysetitupunderournamesandSusie’schangedhers,whichisaninterestingstorybecauseshestolethenamefromme.AndthenPeterchangedhis,Ijustneverchangedminebutyouknow,wehaveevolvedovertimebutonethingwehavebeenconsistentonisagriculturaldevelopment,particularlyindevelopingcountriesalthoughwedosomehereintheUnitedStates.We’veworkedprettyconsistentlyonthepreservationofwaterresourcesortheimpactofwaterresourcesinparticularlymorespecifictoagricultureandthenwe’vereally,thelastfiveorsix,sevenyears,we’veworkedalotonconflictmitigation.

TITLE

Gettingoutsideyourcomfortzone11:23:24:23

HOWARDBUFFETT:

Wellyouknow,Ithinkmyfarmingiskindofafunnything‘causemy—my—it’snotsomethingthatyouwouldthinkIwould’veeverdo.It’snotsomethingIthoughtIwould’veeverdonegrowingup.MymomusedtosayIdidn’thaveenoughTonkatoyswhenIwaslittleandIthinkthatactuallymaybetruesoyouknow,Ilovebigequipment.Again,farmingisahugechallenge.Ilovechallengesandit’ssomething—Ihadnoideahowyoufarm.At—at—attwentyyearsoldwhenIrentedafarmforthefirsttime,IhadnoideawhatIwasdoing.Butthat’s—that’smylife.ImeanI—I—Ihavedone—mostthingsI’vedoneinmylife,I’vehadnoideahowtodotheminthebeginningandI’vehadtolearnhowtodothem.

11:24:20:08

AndIthinksomethingpeopledon’tunderstand;youknowmydadalwayssaysstayinyourcircleofcompetence.Butthatdoesn’tmeanstayinyourcomfortzone.That’sverydifferent.MydadwouldgooutsidehiscomfortzoneI’msureallthetimeandIgooutsidemycomfortzoneallthetimeandit’swhatchallengesyoutolearnanddobetterandtobeabletoexpandwhatyoudodoinyourlifetimeandsoyouknow,youshouldneverconfusethosetwothingsand—andsofarmingformewastotallygettingoutsidemycomfortzone.IhadnoideahowtodowhatIwasdoingbutIlearneditandtodayit’sahugepartofwhatIdoinmylifetime—inmylifeandit’sahugepartofwhatourfoundationdoesandIthinkit’sagreatlesson.And—andobviouslyIwouldneverhavedoneitwithoutthosekindsofthings,withouttheencouragementfrombothmymomanddadand—and—andmydadasarolemodel,watchinghimdoallthesethingsashegoes,not—there’snotatextbookforwhathedid.There’snotatextbookforwhatIdo.Idon’twantatextbook.Alright,Iwanttowritepartofthetextbookandthat’swhathe’sdoneinhislifetime,ishe’swr—hehaswrittenawholenewbookaboutbusiness,aboutphilanthropyandsomeofthosethingsaresuccessfulandsomeofthemaren’t.

11:25:45:00Butyouknow,whenhe—whenhewrotethelettertous,sayinghere’sthemoneyI’mgoingtogiveyouandhere—here’showit’sgoingtoworkandhere’stheprocessandhere’swhatIthinkwhatyoushoulddo.Heputsomethinginthatletterthatwasincrediblyimportanttomewhichisexactlyhowourfoundationbehaves.Youknow,“Ifyou’regonnatrytobat.1000,youwon’tdomanythingsthatareimportantbutifyou’rewillingtobasicallystrikeoutacoupletimes,youcanreallychangesomethingbig.”Andhedid—that’saparaphrase;hesaiditalittledifferentlythanthatbutthat—that’swhatitwas.Itwasbasicallyalicensetogotakearisk.Itwasalicensetogooutandtrytotakeonsomereallybigissuesanditwashiswayofsaying,it’soktofail.Youdon’thavetosucceedeverytime.AndoneofthebiggestproblemsinphilanthropyiseverybodyfeelstheyhavetotellasuccessstoryandIstartbytellingpeoplewhatwedidwrong,whatwefailedatbecausethosearethelessons.It’seasytotalkaboutthethingsyougotright;it’shardtotalkaboutthethingsthatyougotwrong.Andthat—thatisex—that’sanothertraitthatmydadtaughtme,isyouknow,it’snotabout,youknowjusttalkingaboutthesuccess.It’sasmuchastalkingaboutwhatdidn’tworkandwhatwentwrongandhow—howdoyouhelpotherpeoplenotmakethesamemistakeorhowdoyouusethatinyourfuturedecisionmaking.No,no,no,no,noitgoeshandinhandwithyourmotherscore—your—hercoreprinciplesandphilosophyoflife,sothankyousomuch,youreally—youreally—ohroomtonesorry.Thatwasawesome.

Documents

HOWARD BUFFETT INTERVIEW BECOMING WARREN BUFFETT