Episode 10: On energy utilities, McLane, meeting memories, career advice, EBITDA, and free trade.
Buffett thinks utilities is a decent business, but he wouldn’t add it to a new portfolio of stocks. The meeting goes off the rails a bit as “iron bladders,” “old corpses,” and “Wilt Chamberlain” comes up. Buffett and Munger share their best career advice. On EBITDA, Buffett calls it a very misleading measure. In response to investor Whitney Tilson’s question about free trade, Buffett said we need the President to explain the benefits of free trade, adding that there also need to be policies that take care of those who have been displaced by free trade.