those of you who are about to enter business school or who there I recommend you learn to do it our way but at least until you're out of school you have to pretend to do it their way people don't seem to get that point you have any idea why Charlie waren if people weren't so often wrong we wouldn't be so rich no yeah I think you would understand any presentation using the word eida if every time you saw that word you just substituted the phrase earnings yeah it's not that much fun to uh buy a
business where you really hope this sucker liquidates before it goes broke I like cryptocurrencies a lot less than you do to me it's just dementia professional traders that go into trading cryptocurrencies it's just disgusting it's like somebody else is trading turds and you decide I can't be left out I don't think there are good arguments against my position I think the people that oppose my position are idiots and so no I'm I'm optimistic about life if I can be optimistic when I'm nearly dead surely the rest of you can handle a little inflation and of
course that's the other advice the best way to get what you want in life is to deserve what you want how could it be otherwise it's not crazy enough so that the world is looking for a lot of of undeserving people to reward a director getting $150,000 a year from a company who needs it is not an independent director they're looking for Chihuahuas and and and and not gr Danes and I hope I'm not insulting any of my friends that are on comp committees you're insulting the dogs oh everybody wants fiscal virtue but not quite
yet they're like that guy who felt that way about sex was willing to give it up but not quite yet well you don't want to be like the motion picture executive in California and they said the funeral was so large cuz everybody wanted to make sure he was dead it was investment banker aided fraud now not exactly novel that does not mean we approve of every buyback at all though I mean we've seen no no no I think some people just buy it to keep the stock up and that of course is insane and immoral
but apart from that it's fine and yet it's perfectly obvious at least to me that to say that derivative Accounting in America is a sewer is an insult to sewage I have listened to so many nonsensical cost of capital discussions that I've never heard of an intelligent one yeah Charlie's big on lowering expectations absolutely that's the way I got married my wife lowered her expectations sure there are a lot of things in life way more important than wealth all that said some people do get confused I play golf with a man he says what good
is Health you can't buy money with it well there are a whole lot of things I don't think about and one of them is companies that are losing two or three billion dollars a year and going public and the people who invented this crypto crappo sometimes I call it crypto crapo and sometimes I call it well crypto it's just ridiculous that anybody would buy this stuff it it isn't even slightly stupid it's massively stupid accounting you can do things like they do in Italy when they have trouble with the mail you know it piles up
and irritates the postal employees they just throw away a few car loads and then everything flows smoo there folks that happened in some unnamed International Company country yeah Italy the general system for money management requires people to pretend that they can do something that they can't do and to pretend to like it when they really don't I think that's a terrible way to spend your life but it's very well paid you are mixing something which is wretched and irrational and has bad consequences with something that uh has very good consequences but you know if you
mix raisins with turds they're still turds [Applause] um that's why they have me write the annual report but well I can't give you a formulaic approach because I don't use one if you want a formula you should go back to graduate school they'll give you lots of formulas that won't work and Samuel Johnson said famously I can give you an argument but I can't give you an understanding it's extraordinary how resistant some people are learning anything he volunteers no the board at Luol did not breach its Duty because we were not going to participate in
the transaction if they didn't do it our way has anybody else got an easy question it's not that great a business as a business Casualty Insurance it's a tough game there are Temptations to be stupid in it it's like Banking and but competency is a relative is a relative concept and what a lot of us need including the one Speaking what I needed to get ahead was to compete against idiots and luckily there's a large Supply and I don't like multitasking I see these people doing three things at once and I think God what a
terrible boy that is to think one reminds me once I asked a man who just left a large Investment Bank and I said how does your firm make its money he said off the top top off the bottom off both sides and in the middle well I would rather throw a Viper down my shirt front than hire a compensation consultant um I think I've offended enough people there's two or three in the balony
