and now he’s been — look, let’s call it what it is. He’s not staying. He’s been asked to leave. He told me he was disappointed. That seems to me to be interesting because normally you would keep the very person at the top that brought you to the dance.
BUFFETT: Well, we joined — we joined with 3G. They are the managing partners; we’re financial partners and if we can help in some other way, fine, but we’re basically the financial partner there. And we think the 3G management is absolutely outstanding and we would look forward to joining them. We would love to join them in other enterprises as well.
CLAMAN: Charlie, do you think at some point 3G is going to take Heinz public again, once it’s been private? Because that’s what private equity guys do.
MUNGER: They’re not normal private equity guys. They’re not big flippers.
CLAMAN: They flipped Burger King.
MUNGER: They still own it, they still own it.
BUFFETT: But I would say this —
CLAMAN: But they went back to being public, is what I meant.
BUFFETT: Jorge Paulo Lemann — they have half the stock in his group, but they have a lot of their own money and they are not in there to make an override on other people. They’re there to make money with their own money. And I would be surprised if Jorge Paulo ever sells a share of Heinz.
CLAMAN: Bill, you get to advise Meryl here, sitting here, not that she needs it, and I’m really interested to know, when you’re sitting in a board meeting — and I’m sure Meryl wants to know this too — when you make a statement, does anybody else there challenge it?
GATES: It’s — there’s a lot of brilliant people on the board. A lot of people who have been CEOs, so there’s not a lack of willingness to challenge things. Certainly, I think I do my share of that. And so it’s lively.
CLAMAN: Are you ready to challenge Warren and Charlie, Meryl?
WITMER: Well, one thing about me, despite being a woman, I’ve never been afraid to challenge anyone in business.
BUFFETT: That’s true
CLAMAN: Well, she’s just the third behind Charlotte Diamond and Sue Decker in female (INAUDIBLE).
BUFFETT: And they’re not afraid at all. It’s not a stuffy boardroom. I’ve been on some stuffy boards, but this is a different sort of thing. These are — this is a group of owners getting together to talk about their business.
CLAMAN: Well, let’s get —
WITMER: And it’s an intellectual question; it’s not a — to the person. You know, it’s an idea. We’re talking about ideas. So to challenge is to do the best for Berkshire.
CLAMAN: But you know he doesn’t consult board members when he makes a big company purchase or a stock purchase.
WITMER: Oh, Warren? I think he’s done a great job
CLAMAN: You’re fine with that.
WITMER: I’m fine with that
CLAMAN: She’s just fine with that.
We have a question from Wake Forest Business School. We have all of these business schools joining us today. Wake Forest, go ahead with your question.
ALEX STURGIS, WAKE FOREST BUSINESS SCHOOL: All right, thank you. Hi, my name is Alex Sturgis (ph) from the MA Management Program here at Wake Forest University’s school of business. Mr. Buffett, I’d like to know what keeps you motivated? After achieving as much as you have and been as successful as you have, what keeps you coming into the office every day?
CLAMAN: Great question.
BUFFETT: It’s a great question. And I am 82 and I am getting Social Security now, so I really don’t need to do it for the money, but I am doing what I love the most in life. I always advise students, as much as possible, to try and find the job they would have if they were independently rich. And I’ve found that job. And to me, it’s, it’s
