5 highlights are:
- Warren Buffett defended 3G Capital and Kraft Heinz in cutting unnecessary people to improve productivity and grow economy.
- Wells Fargo’s reputation has been hurt in the short run, but earnings power will not be hurt in the long run.
- Buffett is not currently buying Google and Amazon, but he is more likely to buy them than short them.
- The most important variable in determining market valuation is interest rates. The market is “dirt cheap” if interest rates remain at current levels for next 10 – 20 years.
- Charlie Munger advocates a single payer system for health care similar to Canada and Europe.