Part 5: On firearms, social responsibility, dividends, emerging markets, what Berkshire will look like in 50 years, bureaucracy, Duracell, and bonds.
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Buffett and Munger explain why they separate their politics from business and the challenges that come with trying to enforce such policies in business. Buffett explains why Berkshire prefers to return capital to investors in the form of buybacks instead of dividends. He explains how he would invest a billion dollars in the U.S., and why he’d be unlikely to invest it in an emerging market.