Episode 9: On share repurchases, accounting standards, valuation, risks to Berkshire’s enterprise, specialty insurance, Puerto Rico, and medical costs.
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Buffett and Munger express their confidence in the board’s decisions after they’re gone. Buffett also discuses the issues with various accounting standards. Regarding valuation, Buffett says the most important thing is future interest rates (not just market cap/GDP, or CAPE). Buffett and Munger warn that it would take something really extreme to put Berkshire’s enterprise at risk. On health care, Buffett characterized medical costs as the “tapeworm of American economic competitiveness.”