Chad Clark's Open Journal : 2008-02-26

1) Warren Buffet question and answer session at UT Austin

Student took note on what was said.  A couple examples include:

  If you'd look at the 1930s, nobody could have predicted how much the
  automobile and airplane would transform the world. There were 2000 car
  companies, but now only 3 left in the US and they are hanging on
  barely. It was tremendous for society, but horrible for investors.
  Investors would have had to not only identify the right companies, but
  also identify the right time. The net wealth creation in airlines since
  Orville Wright has been next to zero.
  
  ...
  
  I don't care what other rich people are doing. I don't want a 405 foot
  boat just because someone else has a 400 foot boat. Some of my friends
  have big boats where 55 people are serving 14. Of those 55, some will be
  stealing from you, some will be sleeping with each other, and I just
  don't want to deal with that.
  
  ...
  
  We did an informal office survey by looking at the total tax footprint
  versus the total income. I earned 46 million and paid a tax rate of
  17.5%. My rate was the lowest, the average was 33%, and my cleaning lady
  paid 40%. The system is tilted towards the rich. ... We need to flatten
  income and payroll taxes, and those making under $30,000 shouldn't be
  bothered.