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India is going to have a far faster rate of growth than the US did and is currently in the top four or five investment destinations in the world, said Mr Warren Buffett, Chief Executive Officer, Berkshire Hathaway Inc.
Mr Buffett met the first few policy holders of Berkshire in India here in a freewheeling question and answer session.
Accompanied by the head of Berkshire Reinsurance Mr Ajit Jain, widely believed to be his successor, the billionaire was at his witty and philosophical best.
Maximise one's talents
Teaching the audience to cope with the current inflation, he said it was best to maximise one's talents and become productive. “That is the best protection against a currency that might decline at a rapid rate,” he said. Invest with a long-term view, he said, adding that IQ was not required to invest wisely. “If you have 160 IQ I would suggest you sell 40 off to someone else. I am not gutsy… I just do things that are pretty simple,” said the Oracle of Omaha to an amused audience.
The octogenarian also acknowledged that he was able to do what he did due to three reasons — being born in a wealthy country, being white and male. He said he is aware that had he been born female or black he would not have had the same opportunities. “I am glad I have done what I was cut out to do. Life has dealt me with a hand that has handled me very well. I was lucky.”
His decision to donate 99 per cent of his wealth to charity was rational, he said and his children had been supportive of it. “They probably would not have agreed had they been in their teens or twenties. But all three are in their fifties and leading productive lives. There is no need for them to become super, super rich when there are so many who need so much. It would be a weird world. At the same time, they do not have pressures and are doing what they love. One of them is into farming, while the other works with young children.”
To be able to make a justifiable business decision, the investor must be able to detach emotionally. If one can write a few sensible lines on why he bought what he did at the price he did, then the investment is justifiable.
Taking a few personal questions, Mr Buffett explained why he was an agnostic though he respected others who have faith. When asked what he would like to be reborn as, Mr Buffett quipped, “Sophia Loren's boy friend.”
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