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PM 2006 Berkshire Hathaway Annual Meeting With Warren Buffett, Charlie Munger – Full Q&A

Full Q&A afternoon session from the 2006 Berkshire Hathaway Annual Meeting with the world’s richest man and most successful investor, Warren Buffett and his partner, Charlie Munger.

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PM 2006 Berkshire Hathaway Annual Meeting

PM 2006 Berkshire Hathaway Annual Meeting With Warren Buffett, Charlie Munger - Full Q&A

Transcript

OK we'll go to zone 8. Where is the line. Good afternoon Mr. Buffett. First of all I want to thank you for responding to all my letters throughout the years. I will always treasure them. Last week demonstrations in many cities across the United States took place on the subject of illegal immigration. Many companies want to stay in the U.S. but have grown dependent on cheap illegal labor as a way to remain globally competitive. A recent BusinessWeek article describes Shahs competitor Mohawk carpets and their employment of illegal immigrants. If illegal immigration reform were to occur how do you see this affecting Shah Clayton and other Berkshire subsidiaries Yeah I didn't read that. I don't know much about the Mauk situation I know. I don't know anything about it. I'm sure in Nebraska you know there are very substantial numbers of illegal immigrants employed that meatpacking has been an area that had a number of gone into them. And I actually was down at the airport about two years ago and then there was a very large plane there and I saw these well over 100 people that were in shackles that were being put on that plane. I kind of wondered what they did if they ran into some kind of an emergency on the plane. But they were being deported so there's a lot of that goes on in Nebraska. You know I think it's a problem that should be addressed addressed promptly. I don't believe in shipping 11 million people back away from the United States and whatever except the way that the country can handle giving those people citizenship I basically would support.

I think we ought to enforce the rules in the future I think got to be liberals. But I think we ought to be enforced. But I don't think it would make dramatic differences. I mean if one meatpacking plant employs people at a subpar rate wages they know the rest of them are going to do the same thing you may end up paying a little bit more for meat in the end. But I do not think it would have a dramatic effect on the economy or even on specific industries except the change maybe relative prices a bit. I don't think it would have a dramatic effect on the economy if the people that are here illegally became legal in some manner. You know who's to say that Charlie and I have been born into some terrible situation in some other country we wouldn't have tried to get into this place ourselves so I'm pretty empathetic with it but I believe that we do need to have laws that are enforced in the future. I don't think we should send 11 million people back. Charlie if you don't like the results I think you should get used to it because we never seem to have the will to enforce the immigration laws. I just think that what you've seen is what you're going to get in terms of the carpet industry specifically that you mentioned Clayton Homes. I wouldn't I would think in the mobile manufactured housing industry I'd be I'd be surprised if there were any unusual number at all of illegal immigrants but the answer is I don't know that for sure. But I don't see any change in those industries.

And number 9 I warn Hi Charlie My name's Jeremy Cleaver and I come from Lawrence Kansas. I'm a Jayhawk. And what do you believe is the best financed program in the U.S.. Also I own a book. I will be graduating in a year. Could you compare and contrast the financing opportunities now and when you graduated college. He comes from a school that has sent some classes up in the last couple years. Absolutely terrific. I've had I will have in this school year will probably close to 40 schools where the students come out.