Steve Ballmer

Who else? Yeah. The Google guys, I imagine, are concentrated, but I don't know that. I mean, I can't speak for anybody else. Obviously, Bloomberg is concentrated.

And look, if you sell it, you're just going to pay capital gains taxes. So if you're really just being a financial monster about it, you've got to decide, will Microsoft underperform the index by enough to offset the capital gains taxes? I don't need the money. I got plenty to live on without selling anything. That's number one. Financially, where's that money going to go?

And look, if you sell it, you're just going to pay capital gains taxes. So if you're really just being a financial monster about it, you've got to decide, will Microsoft underperform the index by enough to offset the capital gains taxes? I don't need the money. I got plenty to live on without selling anything. That's number one. Financially, where's that money going to go?

Some will go to my kids, but most of it's going to go to the government or to philanthropy. So why would I sell so we have less to give to philanthropy someday? Unless I really think Microsoft's going to underperform the market by essentially the capital gains rate.

Some will go to my kids, but most of it's going to go to the government or to philanthropy. So why would I sell so we have less to give to philanthropy someday? Unless I really think Microsoft's going to underperform the market by essentially the capital gains rate.

I got this question once. I'm a member of a country club in LA. And one of the things country clubs do sometimes is they'll do Q&A with members to entertain. And I did a Q&A with a friend of mine at the club who'd been president of the club, actually. And also kind of knows Charlie Munger pretty well. And Charlie Munger's there as well. And Charlie Munger comes up to him beforehand and to me.

I got this question once. I'm a member of a country club in LA. And one of the things country clubs do sometimes is they'll do Q&A with members to entertain. And I did a Q&A with a friend of mine at the club who'd been president of the club, actually. And also kind of knows Charlie Munger pretty well. And Charlie Munger's there as well. And Charlie Munger comes up to him beforehand and to me.

Yeah.

Yeah.

As only Charlie can. So you did a Charlie episode. So we do our panel thing, the two of us. And then Q&A, Charlie gets up to the mic. He's not moving super well, but he gets up to the mic. And, oh, Charlie, we can call on you. And Charlie says, Steve! Steve! You know, I'm wondering why you held on to your Microsoft stock when your partners over there didn't. I know you're not that smart.

As only Charlie can. So you did a Charlie episode. So we do our panel thing, the two of us. And then Q&A, Charlie gets up to the mic. He's not moving super well, but he gets up to the mic. And, oh, Charlie, we can call on you. And Charlie says, Steve! Steve! You know, I'm wondering why you held on to your Microsoft stock when your partners over there didn't. I know you're not that smart.

I don't know why Paul and Bill didn't hang on. I don't know. You'd have to ask them. But for me, it's sort of a from the heart kind of thing. And I think it'd be fine. It's not going to screw anything up financially. I mean, what's the worst thing that happens? Microsoft goes to zero, probably not. But even if Microsoft goes to zero, me and my family, we can live, we can give away money.

I don't know why Paul and Bill didn't hang on. I don't know. You'd have to ask them. But for me, it's sort of a from the heart kind of thing. And I think it'd be fine. It's not going to screw anything up financially. I mean, what's the worst thing that happens? Microsoft goes to zero, probably not. But even if Microsoft goes to zero, me and my family, we can live, we can give away money.

It's not going to go to zero. And I'm okay either way. Any way it goes, I'm fine.

It's not going to go to zero. And I'm okay either way. Any way it goes, I'm fine.

I paid them off the day I bought them. That's not true. I didn't want to sell stocks at the time. So I borrowed some money, which is long paid off. Intuit Dome, we borrowed some money against Intuit Dome. So I don't owe any money on it. Oh, that's not true. I have some margin debt. that I used to, but again, it's just a timing thing. I didn't want to sell stock.

I paid them off the day I bought them. That's not true. I didn't want to sell stocks at the time. So I borrowed some money, which is long paid off. Intuit Dome, we borrowed some money against Intuit Dome. So I don't owe any money on it. Oh, that's not true. I have some margin debt. that I used to, but again, it's just a timing thing. I didn't want to sell stock.

So took some margin debt, which as dividends come in, I'm reducing the margin debt. But the building itself has debt on it. Why? Because to sell the building, let's say something was to happen to me and Connie, my wife had to sell it. it obviously has a lower value. The buyer would have to come up with less cash because it has debt on it. So call it worth X billion.

So took some margin debt, which as dividends come in, I'm reducing the margin debt. But the building itself has debt on it. Why? Because to sell the building, let's say something was to happen to me and Connie, my wife had to sell it. it obviously has a lower value. The buyer would have to come up with less cash because it has debt on it. So call it worth X billion.

And it's got Y billion on debt on it. You're only selling it for X minus Y. You're not selling it for X, meaning the universe of buyers is bigger because it has debt on it. And oh, by the way, I happen to get the debt at a very good time at a very good rate. So it's sort of a double value to a future buyer. So that's the reason we put debt on the building.