Buffet U - Fox Business (Transcript not completely accurate)

WEB on Finding Business Managers:

" I ordered trying to pick out the best manager in this group and under. While everybody. Showed up today we got a 162 ourselves. I can't I I can't tell which one is about I think if you test. Again interview each for ten minutes and rank you. But we -- businesses. Where the managers come -- them almost all the time so when we bought furniture mart. What a three year old -- but I knew that sought under the grandsons and tour and she wasn't going to change. When she's only the business I mean she loved her business. And all I have to do is make sure I don't mess up and I can I I can't improve well the Balkans and the furniture mart. I can take away their enthusiasm for running a prime example you know spend an hour day flag reports and reporting -- some group vice president royalties and they're an atomic forgot that all the money they -- if I had it to him all they loved his money. We're going to be on now. I I -- in their -- and for -- the business like the money at all. A lot of the business but -- the business. -- worked -- amber and I do."

On US Automobile Industry:

" We got Notre Dame. Wondered if we get hear your thoughts and I US auto market. Specifically what's going on in Detroit do you think that you -- for the GM Chrysler's. Should be allowed to fail perhaps reorganize under bankruptcy protection. Or do you think the government should be involved in bail out Turkey and gone down General Motors was the US economy I mean -- when I was. When I was about your age. General -- let everything I mean that would that it was it was the Bellwether for American business there's only two options. And -- option and they need a better business model. And I and you can get that through bankruptcy or you get it for negotiation. Very tough to negotiate I mean you've got. Unions who feel they've given up a lot which they have and they they bargained for those in the past -- agrees they got you is that they give up a lot you've got. You've got a illogical probably. Production and distribution system concern present market shares because they were set up. To be it in a much different situation I got more model -- but perhaps than it be all kinds of things. Now. If they want to bankruptcy. You'll have three separate bankruptcies when their collective kind of thing. Coming out emerging with a proper business model for American auto industry. Would be very very difficult I think if with a very strong president. I think. If I were president. I wouldn't. -- the heads of the companies. I would ask. They'll put to the head of the union. What I would ask -- that come up with the best business plan that possibly could come up whether. And I would -- that was some help from the federal government available. If I had a -- plan that I thought makes sense. And at that they thought made sense and make sure they thought it made sense. I would say to before people involved her power -- that war I would say I want you to put up 75% -- network or some number. And participate in this -- with the government I'll give you more upside so -- but it is some big bonuses but doesn't work out you lose 75% -- network and they. -- and -- a lot of money we got next Berkeley home. What advice would you give to you president elect Obama. To right the economy as well as getting everybody on board to do it required to do that well let. That's going to be a a huge and immediate challenge. Come January 20. You know I don't what you've seen as -- numbers and all -- lately but he said that. You know he's sort of standing back now because he says you know you only have one president of the time but I'm sure got one person that Mike. That that. We we really don't have anybody that's. We don't in effect we don't have a Bush Administration we may even have a -- administration -- could be closer to describe it. Obama will come again. On January 20 he will come men. When people desperately. Need. Kind of measure reassurance I mean there's no sense coming on the promise of that was going to change all -- president has changed much but they have to feel is going to change. In a reasonable time in the future and incidentally it will you know whether. The we we will be in fine shape. The insurer in five years but not in five months and were between depends a lot on policy and not a lot of things that you and I. But we don't understand now people like. Leadership and they they even if they disapprove of the month some specific points they want somebody. Delete them over the top of that next mountain who they think can see on the other side and they're willing want to follow and that. You can lose that but. All while I was very very good he's very smart very articulate. He's got a reassuring. Silent. Legacy and his policies will make sense of the they won't be there won't be magic bullets."

On Taking a Job and Passion:

"Who's next we've got them Berkeley next we want to rescue if you were in a position -- graduate students and really passionate about investing. And what would you do with would you go and IQ did when you're younger and work full mr. Ramos on some other solution I was -- exactly that position. In 1951 when I got out of Colombia and I loved investing I always loved it and and I what -- my professor that that -- Hamlet. -- and I offered to work form for nothing and he said your overpriced. "
" Forty years with a psychiatrist -- got bass. They ask about it but I did get going to work form right -- If you follow your passion you can't -- I mean this group if you think about it. You know if it got everything going for it got it got Granger got energy and you've got it got good schooling that it it's going to work add. Then the important thing to do as do. Is to find something that you loved doing every day when I went to work program. I would by the time government jobs for years later -- was daughter Omaha. I took the job in New York and the number and address we'll -- us by about what I was -- getting paid. When I first paycheck we treat me -- and it didn't make any difference that's what I want to do. And couple years later came back but. During that time. -- and everything else I've done and I jumped out of bed in the morning I was excited about what is going to do and and you know. Shirley -- is right Joel and watch you know -- and death you you know he ought to be doing with things with people -- likened. Doing activities everyday -- that I ice sold shirts and and underwear and that sort of thing at JC -- when I was. 161718. And you know I I I don't care how much they paid me. I didn't want to do address my life. So I would say that. One where they dive in the pool you don't go to work. If you if you can and I've realized that. -- those are going to work out as like perfectly for everybody the first time but. What it try to go to work for an organization -- individual that you admire and respect for your return on -- them and you don't want to be doing things that. Make you -- birdie at the end of the day here. So. I don't go to work for. Pick out our organization -- you like what they stand for a lot of people are and take the job and don't worry too much about our. I got in trouble of those non business school -- told a group -- you know go to work for. What they admire the most and got a call from the dean. Couple weeks later had done. What did you tell those kids who. As a go to work from my reminder of the most of what leveraged buy digital becoming self employed well. But without exception and I and I became self employed -- guilty of -- but the it's that there's really nothing like it and working with people you like in a job."