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  • STATION TEN.

  • >> HI,ARREN, HI, CHARLIE

  • MY NAME IS ANDERSON FULLER, AND

  • I'M FROM DAVENPORT, NOVA SCOTIA,

  • IN CANADA.

  • BEFORE I ASK MY QUESTION, I NT

  • TO THANK YOU FOR ALL YOUE DONE

  • TO GIVE US INSIGHT INTO YOUR

  • GUYS' EMASIS AND SUCCESSFUL UR

  • USE OF PROPERLY ALIGNED

  • INCENTIVES

  • IN MY VIEW, OWNING AND LEADING A

  • BUSINE HAS TWO CENTRAL

  • BENEFITS

  • FIT, YOU DIRECTLY BENEFIT AS

  • THE MPANY GOES THROUGH YOUR

  • EQUITY IN IT, AND SECOND, YOU

  • HAVE AUTONOMY.

  • INCENTIVES FOR EMPLOYEES ARE A

  • BIT EAER TO UNDERSTAND SUCAS

  • OFFERING BENEFITS, FAIR PAY, AND

  • CREATING A STRONG CULTURE.

  • UNDERSTAND THEM AT THE HIGHEST

  • LEVEL.

  • EVENHOUGH YOU SAY BERKSHIRE

  • GIVES ITS MANAGERS SIGNIFICA

  • FLEXIBILITY, IT MUST BE LESS

  • THAN WHAT THEY H WHEN THEY

  • RE INDEPENDENT

  • ADDITIONALLY, YOU WOULD THIN

  • PASSION AND A WILLINGNESS TO

  • SELL WOU BE INVERSELY

  • CORRELATED

  • SO HOW EXACTLY DOES BERKSHIRE

  • BRIDGE TS GAP AND INCENTIVE

  • OWNERS OF ITS SUBSIDIARIES TO

  • GI UP THESE BENEFITS TO

  • BERKSHIRE?

  • THANK YOU.

  • >> WHAT WE REALLY HOPE TO FIND

  • IS MANAGERS WHO LOVE THEIR

  • BUSINESS BUT DON'T LIKE A LOT OF

  • WHAT COMES WITH IT AA PUBLIC

  • COMPANY.

  • MEAN, IF THEY HAVE TO END A

  • LOT OF TIME LISTENING TO PPLE

  • TELL THEM WHAT TO DO ABOUT THIS

  • OR TT, AND THEY CAN'T AFFORD

  • TO IRRITE THEM OR THEY HAVE TO

  • GO ALONG WITH THR TRADE

  • ASSOCIATION, WHATEVER THEY MAY

  • CALL IT BECAUSE YOU DON'T WANT

  • TOOOK LIKE A FREE RIDER,

  • THE'S ALL KINDS OF THINGS,

  • COMPROMISES THAT PEOPLE HAVE TO

  • MAKE IN ST JOBS.

  • AND CHARLIE AND I SOLVED THAT

  • PRLEM.

  • I HAD FIVE BOSSES INY LIFE

  • AND I LIKED ALL FIVE OF THEM,

  • D TWO OF THEM WERE JUST HUGE

  • FACTORS MAKING MY LIFE

  • BETTER

  • BUT I LIKED ALL FIVE OF THEM

  • A COUPLE OF THEM WERE -- SOME

  • PEOPLE AT JJCPENNEY, COOPER SMET

  • SMITH, I LOVED WORKING AT -- I

  • DIDN'T LE PARKING AT PENNEY'S,

  • BUT I LOVED WORKFOR COOPER

  • HOURH AND, YOU KNOW,5 CENTS AN

  • BUT I HAD -- I HAD TO DO WHAT

  • THEY TOLD ME TO DO WHICH WAS TO

  • SELL MEN'S SHIRTS FIRST, THEN

  • MEN ALLEGES CLOTHING, THEN

  • CHILDREN'S CLOTHING AND SO ON.

  • AND I LOVED WORKING FOR THE

  • NEWSPAPER.

  • AND I HAD A GREAT MANAGER WHEN I

  • WAS IN NEBRASK

  • GOT TO THE WORK FOR BEN GRAHAM

  • I MEAN, EVERYTHING WORKED OUT,

  • T -- THERE'S NOTHING LIKE

  • WORKING FOR YOURSELF

  • AND IF YOU CAN'TWN A BIG

  • COMPANY, WORKING AT BERKIRE

  • HATHAWAY AND RUNNING A COMPANY

  • IS THE CLOSEST THING YOU WILL

  • GET.

  • YOU DON'T HAVE TO SPEND TIME

  • COURTING ANALYS WHO YOU'LL

  • PROBABLY HAVE CONTEMPT FOR IN

  • MANY CASES

  • YOU DON'T HAVE TO SPEND ME

  • WITH BANKS, YOU KNOW, GETTING

  • MONEY AND PARTICULARLY IN

  • TERRIBLE TIM

  • THERE'S ALL KINDS OF -- YOU GET

  • A LOT IN THE WAY OF FREEDOM.

  • I WOULD THINK WOULD BE

  • MEANGFUL TO ME, AND MIGHT BE

  • BETTER IF YOU OWNED THE WHOLE

  • PLE YOURSELF

  • BUT MAYBE YOU'VE GOT SIBLINGS

  • THAT -- THERE'S A MILLION

  • REASONS Y YOU MAY NOT BE ABLE

  • TO ACHIEVEHAT UNLESS YOU SL

  • THEM TO BERKSHIRE.

  • THAT'S EASIER PROBABLY IF THEY

  • HAVE A FAMILY BUSINE WHERE

  • PEOPLE WANT TO GO IN DIFFERENT

  • DIRECTIONS THAN IT IS FOR THE

  • PUBLIC COMPANY

  • BUT THERE'S STILL POSSIBILITIES

  • THERE.

  • SO THAT'S -- THAT'S WHY --

  • THAT'S WHY I THINK IF I OWNED A

  • PUBLIC COMPANY AND IT WAS WORTH

  • GREAT MANY BILLIONS OF DOLLARS

  • AND BERKSHIRE HATHAWAY WANTED

  • BUY IT, AND THE SHAREHOLDERS

  • WERE WILLING TO VOTET, I

  • WOULD, YOU KNOW, CONSIDER THE

  • WAY I WOULD FEEL ABOUT LIFE.

  • FOR ONE THING, I WOULDN'T WANT

  • TO RETIRE AT 65.

  • I'D WANT TO KEEP WORKING

  • AND YOU KNOWWE -- WE JUST --

  • THERARE REASONS TO SELL TO

  • BERKSHIRE WHICH CHARLIE AND I IN

  • CERTAIN POSITIONS IF WE WERE ON

  • THE OTHER SIDE WOULD TAKE THE

  • DEAL

  • BUT IT ISN'T FOR EVERYBODY

  • CHARLIE?

  • >> I THINK WE HAVE A PRETTY GOOD

  • ONE.

  • WE'VE BEEN VERY LUCKY, AND I

  • THAT MOST OF THE PEOPLE WHO ARE

  • GOING TO END UP THE WAY WE DID,

  • THEY ALMOST ALREADY KNOW HOW TO

  • DO IT.

  • >> THE MOST IMPORTANT PUHASE

  • IN RETROSPECT THAT WE MAY HAVE

  • MADE WAS NATIONAL ENDEMOCRATITY

  • IN

  • NOW BECAUSE SPECIFICALLY WHAT IT

  • LED TO, AND JACK RINGWALD

  • CONTROLLED T COMPANY

  • AND I KNEW HIM AND LIKED HIM,

  • AND HE KNEW ME

  • AND ONCE A YEAR HE'D GET

  • IRRITATED WHEN T NEBRASKA

  • DEPARTMENT OF INSURANCE OR

  • SOMEBODY WOULD COME AROUND AND

  • ID -- THEY ALWAYS CAME AROUND

  • WHEN THE RACE TRACK WAS OPEN

  • HE H ALL THESE THEORIES ABOUT

  • WHY IT WAS A PAIN IN THE NECK TO

  • AND I -- AND I TOLD CHARLIE

  • HYDER NEXT TIME JACK IS IN THAT

  • MOOD WHERE HE'S READY TO SELL

  • JUST BECAUSE HE'S TIRED OF

  • FOOLING AROUND WITH ALL THES

  • GUYS, BE SURE AND FIND HIM

  • AND SO CHARLIE CALLED ME ONE

  • DAY, AND HE SAYS JACK IS I

  • HEAT, I SAID BRING HEM IM OVER

  • WE MADE A DEAL

  • HE WAS HPY AFTER WE MADE THE

  • DEAL

  • I WAS HAPPY AFTER WE MADE THE

  • AL

  • TO CONTROL THE BUSINESS, THESE

  • PEOPLE DIDN'T SEEM TO BOTHER

  • THEM AS MUCH ONCE THEY WERE MY

  • PROBLEM AND NOT HIS.

  • AND YOU JUSTAN'T TELL WHEN

  • LIGHTNING WILL STRIKE.

  • AND THAT DIDN'T DO MAGNIFICENT

  • THINGS FOR UINITIALLY, BUT

  • JUST LOOAT WHAT IT LED TO, YOU