2014: If Buffett were required to invest his entire net worth in one company, what would that be?

AUDIENCE MEMBER: I am Bill Melby from Northfield, Minnesota.

At the 2009 annual meeting, Mr. Buffett, you said that if you were required to invest your total net worth in one company, that that company would be Wells Fargo.

So in 2014, I ask the same company — or the same question. If you were required to invest your total net worth in one company, what would that be?

WARREN BUFFETT: When the question was asked in 2009, did you exclude Berkshire? Because I think I would’ve answered Berkshire. (Laughs)

But I wouldn’t quarrel with Wells Fargo as a marketable security outside of Berkshire at that time.

Well, I guess he’s checking his notes on — the — well —

AUDIENCE MEMBER: The question is other than Berkshire —

WARREN BUFFETT: Oh, other than Berkshire.

AUDIENCE MEMBER: —what would you invest in today?

WARREN BUFFETT: Yeah. Well, it’s a great question, but it’s not going to get an answer. (Laughter)

Charlie, do you want to answer?

CHARLIE MUNGER: No, no, I think you’ve given exactly the right answer. (Laughter)

WARREN BUFFETT: Yeah. Well, I’m sorry to disappoint you, but we’ve disappointed others when they’ve asked that question.