Additional Host

There's been a lot of discussion about Berkshire's investments in the Japanese trading houses.

To the style point, another one that they covered was LVMH. What Arnaud has done has been amazing. So what do you make of that company?

So what do you think? So there are categories like C's or like Hermes where brands lead to pricing power.

Why do you think there are extremely well-known brands in other categories, maybe packaged food or something?

No, I have to and I do. I'm curious being that since these guys are very tech focused, I'm curious not being a tech person. How did you think about the Apple investment and what gave you the conviction to be so big?

I'm curious, what major companies that haven't been mentioned do you think people would do well to study the virtues of, like studying the virtues of Costco?

The companies that people would do well to study the virtues of.

Forgetting the prospects of the stock, how do you think about the next 10 years for the business? I think it'll do pretty well.

And I don't think you're saying there are no opportunities whatsoever. I think you're just saying low expectations and fewer bonanzas.

Well, that's sort of your philosophy on both sides is you've got to be patient for the great opportunities, but you've got to recognize them when they come and pounce.

It's simpler.

What do you think about the predictability? There were a number of companies back when you started where you could have said this business will be the same in 10 years. Do you think that number is the same today or do you think it's much harder?

What companies can you see today where you can confidently say, Berkshire aside, Costco aside, you can confidently say the business will be as good as it is today in 10 years?

Charlie, a lot of people are going to benefit a lot from hearing this and your wisdom, and they're going to learn so much.

What do you think about the algorithms, like Renaissance and stuff like that?

So it sounds like Roy's not coming to Adamsburg.

That's a good statement.

There's no apology in there, but you know.

Hopefully none of them listen to this. Hopefully they do. It's a warning.

Yes, I saw one from so original. Yes, that many O's, okay? Yes. Who said, my favorite moments are when Jeffrey's genuine laugh sneaks out. It's hilariously adorable. Yeah.

Because off air, Jeff laughs so much. And I was like, he's one of those people that makes me feel really good about myself because he laughs at everything you say.

Oh, man. That's great. But some friends you can't live with. There's a difference.

More than the cat. I'm sorry, but we got to give up.

I feel like it sounds like he left for a weekend trip and then was like, actually, this is nicer. I'm going to stay.

He has it. He has the cat.

Toxic? He dropped the word on you.

Okay. Did it, bro, or did you want the cat?

How many pets do you leave it cracked, actually, usually?

Yeah. We heard you love it.

Classic Shrek, though.

Oh, it's not even that good.

Legally got away.

Oh.

Yeah.

Don't say it that way, Jeffrey.

Nice.

Yeah.

Oh, that's a funny little chuckle.

Yeah.

Why is that awful?

Like anything?

It is...

Now here it is, your moment of bed.

Yeah.

We will win.

Well, I used to be one of those guys. I didn't even think about it. And one of my buddies said, hey, the only reason to not have life insurance is if you hate your wife and kids. And I immediately went and got term life insurance. That's a gut punch. And you're telling me and for decades, Dave, I've sat across people who've lost a spouse. They've lost somebody important to them. Me too.

They don't know what to do next.

Term life insurance can replace income, pay off debts, cover funeral expenses, so your family can actually have the opportunity to just be sad, to just miss you.

Okay.

Thanks, man.

Good.

Yeah.

What's the difference you owe?

Yeah.

What do you mean assisted?

Okay.

Yeah.

Yeah.

I know. I know. I know. And that hurt. That hurt.

No. Yeah, I know.