Ethics

Nebraksa Furniture Mart is wholly owned by Warren Buffet. He bought it one year on his birthday with a $60 million check. Shareholders get discount purchasing from them on the first weekend of May. This is a seasonal business peaking on the stockholder meeting weekend.

One question was raised on gambling during this year's BRK meeting. Buffet said that he wouldn't mind people gambling on the stock market at all. It opened up opportunties for investors. Munger said that gambling (casino) is a dirty business and that nobody would see Berkshire being part of that any time soon.

A lot of tough political questions were raised during the meeting as well. A few Indian ladies from Klamuth River in California questioned Buffet about the shutdown of the old dam by his wholly owned subsidiary. Another gentleman was furious that Buffett donated his wealth to Bill Gates and Melinda's Foundation instead of to women's abortion's organization.

Ethics is the most important thing in one's life. It's more important that we bring Arnold up to be a nice person with strong morales than a rich jerk who is smart about how to manage money.