Munger: I think Amazon will be terrible for a lot of retailers. Not slightly terrible, but really terrible.
Question (hard to discern) about insurance.
Buffett: It's hard for corporations to stick with core principles for long periods of time like we have. We are a bit unique.
Quick / CNBC : What goes into thinking when voting shares of other publicly traded companies?
Buffett: We rarely vote against management. Sometimes we have, for example with stock option grants.
Jay Gelb: Would Berkshire be open to increasing its primary (vs. reinsurance) commercial P&C exposure ?
Yes, we have been making acquisitions in primary commercial insurance
(medical malpractice from GE, Princeton Insurance, etc.). Would need a
first class business though, not too many he would get excited about.
Question: Have you considered being a bit more flexible in price you would buy back stock? (Currently, below 1.1x book value.)
Does not believe announcement of buyback price puts a ceiling on the
shares. May put a floor in some situations, but when markets really
deteriorate floors disappear.
Sorkin: Has your opinion of $WMT changed following Mexican bribery scandal?
They may have made a mistake in the way they handled it, but that does
not change the fundamental attractiveness of the business.
Buffett: I don't think the earnings power five years from now will be materially different because of this.
Breaking for lunch now. We'll be back in about an hour......