The Legacy of Warren Buffet, the World's Third Richest Person

This Indian-American may one day replace Warren Buffet as chief executive of Berkshire Hathaway.

Transcript

00:00I owe the people of India a wonderful, an enormous amount for sending me Ajit Jain.

00:07Ajit, he walked in the office on a Saturday, I think it was 1985,

00:13and I knew I was looking at and talking with somebody with incredible talent.

01:00The Coca-Cola bottle is 100 years old this year. Wow, that's even older than I am.

01:30I like to teach the world to sing in perfect harmony.

01:59Perfect harmony.

02:05I couldn't get a disease named after me, so I had to settle for a tax.

02:14In the next few weeks, we're going to vote on something we call the Buffett Rule.

02:18Very simple. If you make more than a million dollars a year,

02:21then what the rule says is you should pay the same percentage of your income in taxes as middle-class families do.

02:41There's a couple of things said by Donald Trump in the last few weeks.

02:51Wait till you hear them, then you'll really move.

02:59Defining your circle of competence is the most important aspect of investing.

03:04It's not how large your circle is. You don't have to be an expert on everything.

03:10But knowing where the perimeter of that circle of what you know and what you don't know is,

03:14and staying inside of it, is all important.

03:22He's one of the most remarkable. I mean, I really feel about him like I feel about a brother or a son.

03:29So you heard that. Is it easy to get used to that?

03:32Well, as I've mentioned in the past, I would get used to it if I felt those comments were well-deserved.