Part 7: On not investing in Microsoft, the “remarkable” US economy, reinsurance, valuing companies, Apple share buybacks, and American Express.
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Buffett discusses his relationship with Bill Gates and explains why he never invested in Microsoft. He reiterates why the U.S. economy is great, despite recent political turmoil. Munger talks about the problems with having a rigid formula in valuing companies. Buffett explains why he’s okay with Apple buying back shares instead of deploying capital in some other productive way. He also discusses American Express and the landscape for payment processors.