Witty and amusing investing wisdom and jokes from the greatest investor of all time, Warren Buffett and his partner Charles Munger.
Buffett & Munger’s Wittiest Moments: Drinking Pepsi & Candy Stores
Q4 hedge fund letters, conference, scoops etc
Transcript
What do you think about Tesla.
Its founder is bold and brilliant and swings for the fences. Of course, people like that get some remarkable results and sometimes they get some quick failure. I haven't the faintest idea how the US is going to. Turn out but I think he's got a considerable chance of success. Considerable chance of failure. He seems to like it that way.
You have got in the tech world with buying Apple. You have Mr. Gates there. I'm just wondering why you've never bought Microsoft.
Well. In the in the earlier years it's very clear that the answer answer's stupidity by the most part of theology that the late conversion is better than ever. And. It greatly improved yourself. It's because we started the 50 years ago and we kept doing it.
And it worked very well. What we were doing together. I hope it works. Further for some extended period of time after all I wouldn't want to lose one.
Pepsi's right in your wheelhouse. I think the way the company is run the products that it has are you precluded from some kind of antitrust from owning both or.
No I don't think the government would come after me at Pepsi. It's a wonderful company and particularly I mean Frito is a fabulous business. I love gardening. I I eat Fritos I eat Cheetos I eat their potato chips. I even make my shows which are quite hard to find. But I always drink Coca-Cola with them.
You know I read your book the biography I knew and it said that you started live drinking Pepsi and those were the most joyful moments in your life. I loved that. I think that's what keeps his so youthful.
Because Pepsi's about youthful cultures Well I have them I have to say that I started drinking Pepsi when I was about 6 or 7 years of age in the 30s. If you remember at that time it was twice as much for a nickel to Pepsi gave you 12 ounces for a nickel and Coke Coke gave you a six and a half ounces. So I would definitely say that half the price Pepsi was a good buy at that time. Mark down 50 percent.
I saw you at any price. He's a great product. And you know this as you talked about eating Cheetos and Fritos and latest potato. I hope I can get to you on TV one day to say you drank one of our Pepsi products and loved it. Well. I.
I will probably I will eat some Cheetos and Fritos today but I will I will also break five Cokes.
You came to our laboratories you would be like a kid in a candy store.
It's true I assure you it's true. We've got a little candy Joe. We've got a real candy store for you. These caddies don't settle Friday like you said I love you to fight. I can come. I have time. I can come to season to enter Frito land. There should be a theme park. We'll fly you back. We'll fly you back and forth that just to Joel is waiting for you.
And let me just say one thing to warn Warren Cheetos Fritos and Doritos taste fantastic and even better with Pepsi.
Boy this is this is kind of a smack down. It is a smack Hartshorn it is too bad because never. You know you do have to go out of the Coke family to get a snack and I wonder why they didn't realize all the snacks drinks salt.
I mean that's like it's like peanut butter and jelly. That seems like a slam dunk to have thought of the thought of that.
Ingrid may know better than I have. My understanding is that Herman Lei went to coke I don't know 40 years ago or so. And and if a deal had been made he would have owned more stock than Mr. Woodruff and Mr. Woodruff didn't like it. But I don't know whether that's an old wives tale or not it ended you know the answer on that.
I think the answer is that PepsiCo has always been strategically much better than anybody else out there.
We got to go. It's a lot of things. Shortly we have a wonderful sense that money is stupid in some areas so's the other.
But I would never be as good as he was. Everywhere I looked there was somebody like that. And that was all this. Folly out there. And I suddenly realized like. I just avoid all the following. Oh yeah I can get the band aids without having to be really good at anything. And I guess doing that all my life.
