2016: Will IBM work with insurers besides GEICO?

Becky Quick: Warren, in the past you’ve talked about GEICO working with IBM’s Watson.

Warren Buffett: Yeah.

Becky Quick: And this shareholder, Guillermo Bermudez, writes in and wants to know, “Would IBM be able to offer insurance industry competitors of GEICO the solutions developed with GEICO help and expense? I would think that there would be confidentiality provisions to protect GEICO, because in as much as GEICO educates IBM as to insurance issues, GEICO could be at jeopardy of competitors gaining or equaling its advantage if they purchase solutions jointly developed by GEICO and IBM.”

Warren Buffett: Yeah. I would say the answer to that is that both parties have thought about that matter, very intensively and extensively, and neither would be in a position to talk about it. I don’t like to not answer any questions, but there are some things that it doesn’t pay to answer. Am I right, Charlie?

Charlie Munger: Yes, of course you’re right. (Laughter)

Warren Buffett: I like that.