1997: What does a normal day look like for Buffett?

AUDIENCE MEMBER: Mr. Buffett and Mr. Munger, thank you for having me here today. My name is Dorsey Brown from Baltimore, Maryland.

I have two quick questions for you. Could you please comment on any observations that either of you may have concerning executive compensation and option issuance, a topic that seems to be getting a lot more media attention? And are we going to — getting a little bit of excesses in that area?

And my second question to you, Mr. Buffett, could you just give us some idea of what a normal day, how you would like to spend a reasonable, normal day and — working on the investment side of the equation, or analysis, or reading, or just to give us some flavor of that? Thank you.

WARREN BUFFETT: OK, I’ll answer the second question first. Very easy.

I just — I read a lot, and I talk on the telephone a fair amount. We have no meetings. We have no committees. We have no slide presentations. You know, we have nothing, I mean it — (Laughter)

And so I read a lot. I read annual reports. I read business publications. I could do it in way less time, but I enjoy doing it so I make it last, I mean, you know, like some other activities in life. The - (laughter)

So it’s — there’s really — it’s the most boring job to anybody watching it, but I’m in love with it, you know. And so I like doing that.

And I don’t like talking about it a lot, I just like to kind of keep up with what’s going on. Like I say, by this point in life I could filter out so much of that I would — I just don’t need to do that much of it.

But I kind of enjoy just seeing what’s going on vicariously through doing a lot of reading. And I spend some time on the phone, and I’m on the computer a lot playing bridge, and I get to do what I like all the time.

We’ll let Charlie describe what he does, which is even more bizarre. (Laughter)

And then we’ll talk about compensation and options.

CHARLIE MUNGER: Well, there’s a little more foolishness in my life than Warren’s, and — including being chairman of a large hospital. I’m not suggesting that hospitals are foolish, I’m just suggesting that it takes a certain quirk of mind to be willing to be the chairman of a hospital.

And so my life is even more — it’s less rational than Warren’s. Warren lives one of the most rational lives I’ve ever seen. And it’s almost unbelievable, and — (Laughter)

WARREN BUFFETT: He’s got me wondering why I’m here today. (Laughter)