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I was just wondering
What
What would you consider to be the worst investment
You've ever made the worst investment
I ever made how long do you have receiving email a couple weeks back from you
And it said that i forforit to twenty people
And did i've yet ten thousand dollars
I so ve seen the money yet
My favorite was say offered to cover my legal cost for just dollars a month
What do you think there's of the most supporter most challenging to cole issues that we face
I think the issues of equity
We got lucky tickets in life
We got a ticket
Ts said american we're got a ticket
Ket and said intelligent what is the best piece advice you've ever been given
What did i tell you that imppress to the most the world's richest billionaires
Warrn buffet and bill gates
He give students advice on how to get a job
How to find success and how to help change the world
Coming next on buffett and gates go back to school
谢谢老们的点亮
The two richest men in the world are dramatically different
Warren bubutt earned his forty one billion the old fashion way by investing in solid old line companies that sell basic products
Insurance
Soft drinks
Home improvement and shoes
Bill gates is the modern genius
Who earned his fifty billion by creating the world's largest software company microsoft
His innovative products include windows office and x box
Three sixty in spite of their differences
That two men are close friends
And they share a common passion interacting with america's brightest students
Today
Buffet is invited gates to join him in a dialogue with students from the university of nebraska school of business administration
Buttt earned his bachellers degree here in nineteen one hundred and fifty
It was a girl
I had a big crush on
And she was paying no no attention to me
She was going with someone that to play the ulalame
And i thought cking it because the uqulalay
So i got a uklafor for the plan
She's still regred me
Both men relished the opportunity to engage inspirative discussion members of the next generation of business leaders
The one condition they placed on this event is that no faculty staff
Parents or reporters will be allowed to talk
Only students will ask the questions well pretty excited just just the oppppunity ity to me with the two gges
People
People
World
There's re's lot lot quesquestions
I don't very it's like i
I'm feeling proof ma say to to seen these people got it well
This would be great
These give a warm university neabassin linked and polige of business administration welcome to warrn buffet and build dates as the men take their seats
Students selected by the faculty of the business college are ready with questions that have not been shared with either buftt or gates
The students begin with one of the most difficult questions facing business
Today
Hello
My naames kkimartin
I am a senior
Finding its major here at the university
My question is how do you instill all ethical leadership throughout your organization
And to begin with how do you know that the management one level below you is making decisions that would parallel your own we have all the money we need you know we like to have more
But we can't afford to lose money
But we can't afford those reputation
Not a shreter reputation
And therefore i ask the managers
I asked them to judge every action they take not just by legal standards
Although obviously that's the first test
But also by the test
What i call the newspaper test
How would they feel about any given action
If they knew it was to be written up the next day in their local paper
And i read by their family
By their friends
By their neighbors
Written by a smart but kind of unfriendly reporter
And if it passes that test it's okay
And i tell them if anything is close to the lines it's out
And they can always call me
If they wanted to check something
But if they call me
They're something wrong with probably anyway
And that's about yet in microsoft case our top management team
The majority of them joined us as right after whatever degree they got fanny now our business in in many ways is kind of simple
Lest about writing
Writing great software
Um we sit down every year to go through the various things
That uh people have to be careful about we have products
Have high market share
We do business all over the world
So there's some particular dictatthat tiyou work with suppliers gives they uh comford with
But it's
It's mainly the uh seen these people in action
That
That make us confident about
About behaviviour
I should mention that
I'm
I am the only colledge grant up here
Yeah
I'll be taking my harbor trade off pretty soon
Because i didn't complete the the mecars
I didn't think i should leave it on the whole
But they don't allow you to
To worn more hhalf today day after i
I am terroristambock
And also a senior finance major at the university and this mister gates
Um since you joined the board at burks are healthway
Have you considered possibly taking over for mister buffet
When he retires being technotes on this one of year
哈哈哈
Yet This
This been on the bercher board is a real honor um for me
And
And i just joined the board last december
I have to say it's not very renommotive um
I can could even make the flight out here on my burtcher directors speed eh
I didn't hear that part
But but but turtures been organized in a very unique way uh
And and of course very different uh from my business experience which is all really related to soft on what goes on there
So i'm looking forward to being a good adviser umaking king
That that turtures grooming ing uum whatever succession eventually has to take place
But um h won't be uh burtures got a lot of great people
And uh h they understand the uniunie e stestem
And and all step uh step up to it
We put we pay our board
Our directors nine hundred dollars a year
And i really would like to pay a more
But
But built so far ahead me on that forms list
Already ii want
Want to get any emmage
And seriously we're very very lucky
I mean there
There are people that would pay anything
They have built on their board
And it's a real active friendship
That he has come on the burcher board
It takes a lot of time
It's the rewards are there
There are only psychc
But isn't to have him there
And i was the small difference in our ages makes me feel very good
I'm the older
Actually i dijust explain it
It makes me feel very good
To know that i got people of both of the quality and the
The experience
And everything else to make that decision
When i'm not there the next morning
So i'm very gravery grakful
Thank you
Here it guyeah ah 's 's
It bring out as high school
I'm bryan poppy
I'm a junior actureal science major
My question for you is how did you do to et the first time is thetheylike some sort of billionairres conference that don't know about there
Yeah
We have this thing
We don't talk about him
Now i met bill in an july
Five thousand
Thousand hundred and ninety one
And i was out in washington as a guest of aa
Friend of a mine
Who was an editorial page editor the washington post
And she knew bills
Parents and um said we're going down to this place on the hood canal albit to meet the senior gazes and bill may show up
And i've bill tatake it from there
Well
It was
It was a funny event
Because my
My mom was very sociable
And i always getting people together
And i at this time didn't believe in vacations
You know i was totally focused on my job
And so she
She said me
Me 've gotta come out
And uh meat was a warn and kathgragram ma couple other people
I sam hm hum busy uh and you know
And she's this
This
This would be great
And i thought
Well i'm not sure
You know i'm
I'm into
Into softwtwthing thing
And i don't know much about investing um
And i had hadn't thought about it much
But i went out and so warn
And i met
And i'd actually come out in helicopter as planning to go back a few hours later uh
But then by the end of the day
I was there just talk ment warn and so really began an you know really unbelievable friendship for me
And you know i could tell it even though we came from different directions
The kinds of things that fascinated us
Us that we thought
We're important
We were very much the same
And so you know for last fourteen years
We found every excuse possible to um get together
Whether it's you a bridge or golf but really it's about talking about the world and thinking about really what's going on
And it that set the core of it
Then the moral that is listeened to your mother and mark chititt a senior and actual science matter
Could you tell us a little bit about your work
Typical workday
And how you managed your time well efforlike playing hhail it you i going to stuself
But i don't get to play mathilo too
I have to say when i played my colleagues at work
I get swatered so passed that's i'm believable
When i'm on a exbox live project goththem racing
I'm a little better reat scicito have a job
We're gaming is um a serious pursuit
We get to
呃
Think about that
他说
About that ah you know and playing around the latest technology
Whether it's um you know new pcs looking at new soft or sitting down with the researchers
And it's
It's why i think my job is the best
More thinks is the best
But i'm
I'm sure
I'm right anyway
I
I'm in meetings a lot
My canler gets very full with those
And then at night after the kids are gone to bed on
On email over great deal
I get get messages during the day
That's my chance give long responses
And then over the weekend i um send a lot of meals as well as well i take two weeks year to just go off and read and think or i'm not interupted by work or anything else
I'm just um solidly trying to think about the future
And people get to send me things to read as part of that so called um think week
So it's nice mix of things about twenty five percent of the time that i'm out uh travelling around with customcustomeuuuuh age
And that sort of helps me think okay
Do we have the right priorities
People what her people responding well too
And what would they
They like to see us do better
I'm might think week about fifty weeks year
I worked about two
And you''be be prised at
At my days
I mean they are
They're very unstructured
No meetings um
None
I mean with
Don't
I don't like meetings uh
And i read a lot
I wish our were fasstrter readader i get more done
But i
But i do read a lot
And ii i'm on the phone moderred amount th our businesses run themselves basically out there
My job is allocating capital
And i that's what i'm thinking about um
But i don't like to have things all pack hwered hour
Red hour
And don't
Don't are both extraordinarily lucky
I mean we really get to do what we like to do the way we want to do it with people that we choose to be around
And they are terrific
I mean we
We really got everything
嗯 Our way
And it's we're very fortunate and in his world
He has
He has a different kind of pace than i have
But we both love it the way we do it and um
My guess is that were each the most productive in that particular mode too
Because it fits our personal alalym and aptitudes
My naab's toe for four
He's
I'm a senior finance major
My question is uh after the xx three sixty
Where do you see video games going well x box three sixties pretty good step um uh it's sort of the first of a generation from what we call high definition games
Where the rerealisuh vision that you get is is almost like a reality
The other big thing is we want gaming to be more social
So this idea of life where your prince can get on
And you can have spectators and contest
And uh make it into a very social activity
But we think we can dry in people
But we think older people or younger um more women into it by having more variety
These game types
Now every four five years they''ll be a new game
So after exbox for six hundred and ccall it know know seven twenty usomething something h obvious like that
That you don't have to got much further until the visual reallution it's so good
That it's like trying to improve a cididio um
You know there are always been coding audio with more resolution than a compact disk
But people can't tell the difference so a lot of little come back to the creativity out of those game developers
We will start to have cameras and speed recognition
So you'be able to talk to the game instead of just using sing uthe tritriggers
Yoube able
Able take you know a bat or golf club
And our camera will watch uh
What you're doing
And so it'll be a bit more like a virtureality thing in terms of uh reacting
And it
It seem exactly how to respond to that
Hi
My nie's 's hael ebracy
I'm a senior marketing major healthy university
And if you guys cided to drop a hundred dollar
Bill would you bother going back to pick it up
Or would you let aa onely college student like yself self at at it
If e grrops ten cents of the forezwalwalks out
And doespick it a ball
Pick it up
Net warm n buffet and bill gates give give world class advice to the students about good habits
Making mistakes and keeping their inner score card and check
Hi
My name is in ccalbbrokoff
And i am a senior business seministration major
Here at the university
And i was just wondering what is the best piece of advice
You've ever been given
And how has it impacted your personal or professional lives
What did i tell you that impressed you the most actually i can answer that
When first time i met warn
We were talking about getting together
And doing something something again
He pulled out his calendar and the pages were so blak
Uh
And i said
Wow
And you've manage to avoid getting tied in to a lot of kind of meaningless activity
And you a warrant said yeah
You have to be good at saying
And ah and picking the things
That that really make a difference
And that's one of many things i've learned from warm
But that's one of my favorrites and as as complainment on him
Whenever i'm turning things down
Yeah
I actually i told that was it the truth
I don't get invited any place up
I think that
And i got an awful lot of good device ice from dad
And he didn't
It didn't liit on me
I mean he just you know you picked it up from him
But that was never any of this
You know do this do that type of thing at all
But
But i think he really taught me that's more important
Uh in terms of what's on your interscore card
Then your outer score card
I mean some people get in position
Where they they're thinking all of the time of what
What the worlds going to think of this
Or that instead of what they themselves think about
And if you're interinterner card card
If you're comfortable with that
I think you're going onbe going to have a pretty happy life
And i think the people that strive too much for the outersh score card sometimes finded it's a little hollow
When they get all through um
I'm mary risior
I'm an accounting major
I'd like to know we all consider you to be the financial business experts
And we look to you and follow your lead
But when you need advice and feedback about the idea a decision
I'd like to know who do you go to well uusually look in the mirror
In the honest
The nature of what i do means i have to think pretty independently
Because if i take a poll in effect
I'm going to do what everybody else is doing
And i don't think much of that usually in investments
And so i have to have an environment
And i have to have a temperament
Personally that lets me think for myself
And i've got a terrific partner
Finally i'm charly ly monger
And
对对对
You can't find anyabout a smarter
Any any better quality of anything
But we think a lot alike
And we do talk things over occasionbut we don't talk him over very often
Because i know how we think he os i think he's thought
He's taught me a lot
You know
You know why should i pay for a phone call
I don't always going to say
And
And if i need to get a cabinet around to make decisions anything like that i probably shouldn't be running the lot
Know know um that doesn't bothered me to have the responsibility for
But i just don't want to put it up to a vote
Because i've seen too many preticularly investment world as you get larger and larger groups making the decisions
They get more and more imaginze
And i don't think you will ever get brilliant investment decisions out of a large committee yet for me probably the most important decisions i make or a lot like when i pick what technologies um the companies going to bet on those are a bit like warror
Where really really have to be ililling to be contrary and leave some things
Aside and go in some places
That aren't
Aren't very hot
If you get out asside of that technical realm
And i'm
I'm super lucky
Absteve bomber who's now cee o that microsoft and 're 're in other's office
Almost every day day you know he's more of a business typethinker or more of a technology typethinker
But we a little bit have learned um what the other ones going to say uh over the year
So we can get each other hard time about the the posiwe we expect outside of that
If i had some really tough decision um i'd talked to my dad
I talked to warn
I'd talked to my white melindda
So i have enough people that know me
And actually know where my jujudgment isn't it strong a scriit might get over
Excited about something or isn't it wrong about something
And so they're good at correcting ting dricking melina good at correcting ting h whawhatever those blind spots are in
And i think it's good to encourage hear friends and advisers to really given that license
I don't go to a party
Forget to say hello of various people or something that's a very minor example of my blind spots back to the host st the wdodowwould help me
Ah Yeah
So
So you know a small number of people that you can turn to on
On certain key things is aa great
Great asset and incidentally it
It burks
You built as an integrated business
We have this diverse group out there
But we have forty managers and ii really encourage them to be doing the same thing
I mean they run their businesses
They don't have to do it
They're going to make some mistakes
But they basically make the calls
And they don't have to check with us
It's
It's amazing
How to centralized we are in that respect
But you know we bet t brains
And we bet on people with with energy and brains and integrity
They're got to call most of right
And i think we would lose an awful lot by having all kinds of layers of committees to review that they had to check with a that sort of thing
I'm kadole and pulture
I'm an actual science managor
And i'm a junior
And you both have several managers working under you so is wanning what are some steps
That a new entrant into the job market
Can take to excelerate their journey towards and upper level management position
Well
What thing thing i will tell you that i didn't realize when i was getting at of school is how much the unusual person will jump out at you
I mean
And it doesn't
Because they got two hundred accues arenning like that it's really because it's just how they behave you know what they bring the energy
They bring the commitment
They bring the quality of how they do things
How they treat the people around them all kinds of things
But you will jump out much more than you might anticipate one of things
You would want to be sure to do um h is what eyou like it or not with public spefortable
I may take a while get public speaking for example
I'm in that
That's say an asset that will last few
Fifty or sixty years
And it's a liability
If you don't like doing it or uncomfortable doing it
That also will last few
Fifty
Fifty
Sixty years
And it's unnecessary skills
But a lot of the skills are just human skills
If you get the best thought of people around you that's a rare talent
And it doesn't
It doesn't correate what iq
It correlites ts with an an attitude
And toward the world
And toward other people
And it's a town up that if you work at early
And you really conscious about it
You don't
Don't have to show up other people
You
You not be smarter
Mayyou know you want to bring out the best in them
It will pay huge dividence
嗯
Certatly in the business
Microsoft is in the opportunity ties have an employee
After they been in the company
Even say three years and people can start to rise
They can rise because they're good strategy
And
And we have mostly writing things
They can rise because they're leaders of people
And they can rise because y're an individual contributor
And
And we try to have cleer poadds
And are good breach of those things
What the ideal person to be frank to somebody
Who's good at all three of those things
And as should get high up in the organization
The jobs really demand uh great individual thinking skills
Being great with people
In great with strategy
It's always stunning to me given how many smart people there are
And in these individual buckets are um h are quite ite few people
But when you want want that individuit's rare
And i don't know why it is
It's possibif
You're good individual contributor that you're given so much slack
That you're never encouraged to reach out other people and get their ideas
But the people who have that right combination
Or if they
If they're not good at one of those things
They partner up with someone and draw that missing piece out those are very worthso
Whenever we 're looking at
At tosspots
Ah you know
If we could find more people like
Like that we would be a fantastic thing um money in rymen icc
I'm from amhanubraska
I'm a senior accounting major and my question mister gades is i receiving email a couple weeks back from you
And it said that i've forded to twenty people
And get i'd get ten thousand dollars
I still venthem seen the money yet
How do you think he got to be number one of that lish
I get a lot of that spam e mail myself
My favorite was they offefered to cover lelegal cost for just dollars a month
I'm trying to track those people down no
But and all seriousness
When when you're just beginning your career
What sort of things do you think we're made a big impact in your success
What habits did you develop
And what what sort of things could you pass onto us as yyounger people i had one habit that uh developed when i
When i was uh at college
That was it actually very bad habit
Which was i like to show people that i didn't do any work
Ah and that i didn't go to classes
And i didn't care and then at the very last minute
Uh like two days before the test
I get serious about it
And
And people
People thought that was funny
Ah you know that was my positioning the guy who did nothing until the last minute
Then when i went into business
That was a really bad habit
Hh and it took me a couple years to get over that nobody praised me
Because i would do things at the last minute
And i tried to reverse uh to studeni to actually
Ah
I didn't think that highly of who were always organized and had things done on time on
I'm still working on it
But uh procrastination is not a good good habit
Bill can change aa good habit
That's why we don't sure
Me ensure a gugc was
Was in me
But here's a little that haven't left so
But they haa it at about
And And
And i go the the other thing
I have the right heroes
I mean
I've always been lucky in that respect
And you know if you the people you look up to are going to form your decision of what the world
How you want to be in later alive in the one moll give you two pieces of advice
I to invest as much as myself as you can
I mean youyou're your own biggest asset by far i mean you've got
You've got all kinds of potential
All the people in this room
You're lucky to be in this country
Gone a good education
But most people go through a life
Using up a very very small part of their potential
And so anything you do that invest in yourself is that's the best investment you can possibly make
And then i would follow my passion
I mean whatever turns on
You know i
I found i was lucky
I found something early that that turned me on
But you don't want to take a job just for the money
You don't want to take a job for an organization
That you really don't feel good
Good about our work for people
That you don't feel good about you
You really want to be excited
When you get out of every morning
And it won't cercertainbe the job that you have ten years later
Which i'll be learning so much as you go along
And ii took a job with bandgrand my hero
And
And you know i never asked the salary
And i found at the end of the month
When i got my first paycheck check what i was earning
Because i just knew it was the right thing to be
To be doing
So ii would
I would follow
Follow your passion
And mewas was with venieard
I'm a senior marketing major
I guess my question is hearing about the globalization of business
Being a small business under myself
I wonder how you see that affecting small business sector
I don't think most small businesses as i think of them
I don't think it's going to have that much affect on what you do
I mean if you're bringing something to your customer that they want at a price that masensense for them
You know you're not going to be undercut by whether somebody's doing something in china indie on a small bit
I mean
But what i think of a small business as ideal with they do not have aa problem with with globalization
If you've got a major textile business or shoe business
You know furniture ure business you're going to be very much affected by what's going on around the world in terms of production cost
So a globalization is important to track
Because it's changing the rules of the game as warwarn said it doesn't directly affect a small business
Because usually the fact that you're there locally doing a very different trated product means that somebody far away can't do exactly what you do the biggest change agent in globalization is the what's going on in china
Where they are in a sense even more capitalistic than we are terms
How there they're letting businesses develop and keeping things very efficient
And so i think it's very important
What no matter what career
Everybody here is going into to look at china's change agagent think about globalization
And then thinking about these indirect eects on the opportunities for the the companies you work for
I think that will be very important
Hi i'm married upon i'm a senior management majer obviously is a public
What we hear most about your successful investing adventures or the new products that you developed that workout
I was just wondering
What is what would you consider to be the worst investment
You've ever made the worst investment
I ever made how long do you have why i made some very backgrance
But that doesn't really bother me
It may bother the shrelldbut
That's another another question
Y you know youto to to
Yougoing to make mistakes in life
I mean there's no question about it
You don't want to make among the big decisions
You know who you arians some things like that
And there's no way i'm going to make a lot of business and investment decisions without making some mistakes
I may try the minimize
Mi don't
Don't
I don't do automim mi don't
I don't look back the biggest mistakes
嗯 对对对对
Are the ones that actually don't show up
There are the mistakes of old mission rather than commission
We've never lost that much money on anyone investment um
But it's the things that i know enough to do
That i didn't do
We have
We have missed profits that of as much just maybe ten billion dollars in things that i knew enough to do
And i didn't do
Now the fact that didn't buy microsoft way things that h not a foregone opportunity
Because i didn't know enough to make that decision
But there have been other 对对
Investments
Where i didn't know one of to make the decision and for one reason another i either didn't do it at all
Or i didn't on a small scale
I was sucking my thumb one
I showed an writing cheaction
No basically
And
And know those
Those show
You know there's no place
Where it shows missed opportunities
But i
I've missed some big ones
The triumph in life are are partly triust
Because you know that everything isn't going to be a triumph
And i would never
Never get hung up on mistakes
I know a lot of people that really agonized over
And it just doesn't worth it
I mean tomorrow is another day
And you'live it forward just go on to the next thing
I think in microsoft case the biggest mistake uh is where we miss um something that's coming along is going to be huge
And it for us if we get in turely like um the idea of delivering tv over the internet ip tv we got in probably five years before we needed to it's just now starting to happen
We don't
Don't don't ll bad about that at all
There's a few things like understanding um direction say the internet search would go
Where we go woouu're replying the tiny bit catch up on that uh let's you know
Let's works some over time on this um little problem here uh people are kind of underestimatating our ability to moved to the fronof the pack there
And we've had that in many cases
And we had that when the internet came along
And became this big phenomenon that needed to really push the campaign
That we had that when ibm broke off its relationship with us
And when in a very big tition with
With that was uh a very big challenge
But we don't want to have anything that comes along
Some breakthrough in terms of how sofofer is done
That we haven't gotten the best people in and
And are putting net together
What the work 're 're ing
So we''been
Been missing something
Something like i thought that thought to be our worst mistake
Hi when it is moral eggs
And i'm a freshman international business major
How much money as you guys be in both billion aarars
You
You ys kikiling a while it in even even time
How much we going know a well well i can answer that
Because we're going to go to the same thing ing
We're going to get the poker game okay
And it's a five hundred dollar by
And and so i made very sure that i had a five least five hundred dollars in by wallet
Ah i ah i have a little more than that
But i don't carry about a lot about it bill now actually a lot of times at so what i don't carry well at all i do
What i do carry is bridge problem
So that if i get in in a line or things are slow
Even when i'm driving uah like tap something the mental to work on he bet have five hundred dollars tonightthough
And think i've rought a little expera
So i'm ready for the game
As the event nears its end students ask questions about how they can change the world and warn n bufft and bill gates offer surprising insight into the true nature of success
Hi i name is stephanie tommpins
I'm a senior economics major
A lot of us are pursuing higher education
Because we want to leave the world a better place in the one
We found it and um as one person at the end of the day
Who can actually affect tremendous amounts of people in ideas
How do you make your decisions
You're
You're changing every day i mean
If you
If it's nothing
But the children you have i mean
You know are forforming their view of the world every end you do it every day
So you are a teacher
But with the people around you one of the best things in life to do is just surround yourself with hygrde people
Because you will behave as the people around you do
But they in turn or getting it for you
It's kind of like a planetary system
And you will
I promisse you know you will change the world in some way
And my guess is you'll change
Change very much for the better
And And
But you can't expect to see something dramatic
I mean it's not one of those shooi am you know moments or something of the sort
But you
You by how you're behaving are
Are affecting other people
Setting an example for other people
That you
You will find ways to leave better world than new enrored and one thought i'd have on that is that
I think it's very important as young as possible to get of broad exposure um in this country to people who are
Are less successful in the kind of conditions
There living in what kinds of things are holding them back
You know is education working to um tap into people's talents
And given them the equal opportunity we believe in
And then ideally to get um the in many conactions in the world
Where ving conditions tions aren't nearuum what they are here in the united states
It's one of these things
When you first learn all of this
It's a little easy to be down
Because you think jez i didn't know
It was like that things are improving the opppportunity for able able people to jump uum
Whether it's helping with medicines
Helping with educations
Um small small number of people can actually aa very dramatic difference
Hello
I'm danaldeal riddle from reninoobatit
My question is our society or our generation
Generation
Why we face a lot of issues
What do you think of re's of the most important most challenging societal issues that we face
And what can we do as future leaders to ensure that we create a better society in the future
I think the issues of equity that we have
Whether it's between countries or even within our country are pretty serious issues
And if you get too far out of ack on that
Then um you get a divide
And
And you don't the the luludity in a sense of opportunity
That this country is has stood for
So i think
And it we really got to renew our commitment to the ideas around susuality ality
And think think think there are
There's a lot of actions
That
That suggest we should be taking to invest in the long term
It's certainly in this stage
We're not taking right now i can't say better better than bill
But we
We got lucky tickets in life
In know we got
Got ticket
Ket said american we got a ticket
That said intelligent we got a ticket
You know that
That said this time rather than two hundred years ago
On the same talents would not a produce much
So we got a very lucky ticket in life
A lot of people don't get lucky tickets
You know we were over china together ten years ago
And we saw some people
But would
Would make any difference
What
What their brain power was anything else weren't going to have a chance at least for a long long time time
I think we've got to do a much better job of not
Not taking care of the people to get a bad tickets in this country
But in doing what bill and melandeve done which is going around the world
And
And helping those people have things that we regard as absolute
You know gibons in our society
I mean the buills tataback acacines es to people around the world
But die e very young ages and families that get destroyed in all kinds of things for things that we could do something about those are the things that we should be working on
In
In your generation
Hello
I'm jerk
Carolson
I'i seen your management major
My question is if you could have one superpower
What would it be in why one superpowers well you think more about that the idedo i know extending
Extending which onee's lifetime would be yeah
Ah a reasonable thing
I think thing
Thing
You don't
I don't think being able to get ricomcompetors that wouldn't be much fun
They'be like kidding a hole and one all the time ah be able read super per fast yeah that be nice what well cameron so i mean heis about three times as fasas and just think of i mean he probprobably wasted ten years reading slowly now if you 're about granting a wish
I mean what you the type of thing
I mean what t's you really would hope is that somehow you could reduce the threat posed by nuclear knowledge in the world
I mean that is that's going to be great great problem of mankind your your fetime
And you know the knowledge is out of the bottle
The chinese
Out of the bottom on that
And you have a lot of people in the world
Womthat the question is how do you prevent intent of evil people coupled with knowledge
Which is now got more widespread to interact it away
Where huge amounts of damaged on the people droght the world of it
I mean that
I could
I think that's the most intelligent thing to work on sellthropically for example
But i don't know how to do it very well
We do a little
But that's um
But that would be the wish
But the reason
It's the reason it's just kind of a dream is because the problem is so tough
Hi
My name is chriis an lolove ve ve
I'm a senior finance major in our society
That's so material
And you
And your families are so well off
How do you ensure that your children value things that aren't material and things that will truly make them happy in the end
Well i would i was a little lucky
And that respect in that my kids didn't think i was rich
And i was asn't rich for a while i rebut
But even
Even after i was it
You know we lived in the same house
That they only
There's only one house
Theyve known in their life in terms of a primary home
And they went to public schools in ommahahand
And we lived in a neighborhood
Where they we still do
Where
Where the average gen comes publish more as average from for ommah
So they
They really didn't have that problem
My kids didn't even know what i did
I mean they
Yeah
Because i
Because
Because i could exploit it very well
But they did not group and rich environment
Now now those situations different
And
And i'm just in terms of you know being a celebrity
And all of that sort of thing
And that
That came late enough with me
That it didn't
Didn't really poll pose problem with me family
It
It has to be
It's a significant factor
And don't
Don't turn over to bill
I can
I can verify what warn set about his house
And that was very excited to go visit
You know think quite has he done what it had amazing things is
Is going to have
And i went to his dining room
He didn't even have seats on the chairs
And he didn't even know they were missing eieither
I don't
I don't theyou know hurry on these things you don't loving
I think it is tough and perhaps particularly
So when children grew up and have very nice nice house
And they think you know what are the real limitations
I do think there's some very basic things around giving them an alounance at younoung age
And sticking that that that having them decide okay you want to buy a candy bar a day
That means you can't buy one in in the future
And start to figure out that there are real limits
I do think we're lucky that um our children will get to go to african asia
See how people live and and even from a young age
Understand that the united states is in n statistically an abperation that the lifestyles we have
We should wish that uh many decades in the future
That the world larlarge h can live in these same ways
And you know hope that people treat them in a a normal way
And treat them for what they're um actually good at that you know would bother me a lot
If they were being approached
Because somebody thought they could influence something you know it's often thing
Every kids should be evaluated based on on who they are and what they're doing our kids are rich and or going to be riced by the will standards of the world
They don't think the're going to inhit it a significant portion of the fortunes of either this i mean ninety nine percent of what i have a well it'll to philanthropy one way or another
And
And builill as the same attitude basically another we are not going to turn out some super wealthy
Super super wealthy
Because it's thewill be wealthy
I mean there's no question about that and that
But the idea of dynastic fortunes you know i find
Turns me off
Ii don't think it's what americas about
I don't think if you talk about a quality of opportunity in this country
And really having everybody with talents
Having a fair shoshot at tting the bbrasring
And all of that the idea that know that you hand huge positions in society on simply because someone came from the right mom
You know
I find that
That hi just think it's almost on american 没有money
Him is matthew body on a senior from ellgnebraska
Several eastern eropean countries have successfully enacted a flat income tax
And now there is growing pressure in western europe to do the same would you support of the united states adocting a flat income tax
And why or why not or i wouldn't support it
You'd be amazed
How fighter is already
If you look at both the payroll tax which is over twelve percent now
And that applies on the first eighty and ninety thousand dollars of income so bill ly and i pay practically none of that in relation or income
The people that workforce it's a big big attacks
So if you take the taxks that my assistant or anyanybody in our office paace
They've got twelve percent on that first eighty and ninety thousand dollars
And then they have the income tax and their tax ate literally in many cases
It's not well
It's
It's the same
And maybe even hirer that my own tax rate
Since they cut the rate on capital games to fifteen percent and dividends to fifteen percent
So what has gone on in this country
In the last
In very recent years is a huge benefit to the very rich
嗯 And
And not that much relief to people down below
And people when you read about tax rates
That you usually leave out the payroll tax
And they don't
They don't refer this provven a fraction percent
So we have come in my view to a taxation system
It's much too high light in this country
And
And frankly
I think that that
That elt i should have
Have higher tax rate on the income we get
But we pay a lot of taxes
But
But it's
It's really at of at a very low rate
And it's a rate that's less than half the tax rate
That i was paying twenty five years ago
When i was making a lot less money
That they really tatacare of the rich
Yeah
I go aluh that whowhole artitly ii think we probably needed a more progressive system
As we looked to balance the budget
That at some point
I think people recogninize that need ds be done
Probably one of the ways that will be done
Is
Is that the rich should bear us a slightly somewhat higher proportion of the burden
Than they do to today
Much large fortunes aren't never go through an income tax
Maybe it's little ironic
But both warwarn
I would say things in in several aspects
The tax system should be um more progressive
I could spend the rest of my life
And i could have done this twenty years ago
And actually pay no federal income tax
Because i could have taken my berchchhalalthway stock voled some money against that every year to live on
And when i died
You know then the state would pay off the dead on it
But i could have gone from my life
A good pit of my life without paying any income tax
Whatsoever
And it's
I frankly think it's
It's very unfair
Hi my name is dansaamped
I'm a senior finance major
My question is the forbes four hundred puts your collective networks at ninety one billion dollars by comparison
That figure exceeds the combined grosmestic product of the bottom seventy nations in the world
How do you feel that you're immense wealth contributes to the balance of global prosperity
Well well
The wealth in effect a bununof i mean the prosperity comes about through the products that microsoft turns out
I mean they're changing the lives of millions and millions of people in the process
You get these eventual claim checks on societies
Output these little pieces of paper that i've gota volt called soccer tipic s know can be turned in at some point to to get goods and services of one sort another basically the money is going to go in a way that we think will have the most impact
Beneficially impact on society build on a global basis and not just on a national or regional basis
It will go
We hope as intelligently as can make
Make it as to change the lives of people all over the world
Now there's two factors
And it turned that's the amount you leave or put into the charity
And then how efficiently you do it build a mlendin my view
They run the largest one
But i would say they also certainly among all the ones are anybody than i know about they run the most efficient
When they have literally said to themselves
How do we use this money to change in a major way for the better the lives of the most people in the world
What could be more rationally
So y've combined what i would call hedden art with huge jumps of money
And no one's gotten result in my view like they have
Yeah
I think the key point here's that only in warn ones a big piece of burchture
I own still a measurable piece of microsoft
That's not consumption what the limited resource of society uh come up you hit those limits
You consume and so somebody who makes say fifty million and chooses to you know just build manchanons
You have things happen for them
They are deverting resources in their direction
Instead of those resources
Being used say to help about people are less successful and so in fact that you can accumulate some of societies well through like and skill
And then make sure
It's used on behap that the consumption overwhelmingly goes to the less fortunate um
And it's a little bit like rob in hood
You're recycling well from that top part uh
And it's incomment on on the um
The higher up that list you are the more uh in a sense
There's
There's a responsibility to put not only the wealth but your brain power and to those activities
I am alice
Son Mamaa
Senior
Markekemamaor as collelestudents were conststtly thinking in planning towards the future
Where do you personally envision yourself to be in ten years
And glad you didn't have my daughter
If i'm am indidient health
I'll be doing
Exactly what i'm doing now
Because i'm doing what i love ve now i mean if i could do almost anything that doesn't require any athletic or mental ability
Ility
And i what do i choose to do
I choose to jump out a every morning and run down a work
And i'd urch your halfway
And i don't see anything to changes that i'm doing what i love
And you know healthful determine
How long i can keep doing it
But i told my children
The want to start going goga you know spend my time
Spending yyos and things like that they are to come to me
And tell me that it's
It's time to step down
But i've told them
Theare better all come as a group
Because if just one comes
I'm want to take a out of the will
I like i would ten
Ten years now
Hh
Turtursixsixty
Hi have to say every every time
The
The eight ten years oldeme all i seems like that's when i'll be old
Well when i was forty
I thought fifty ah would be that mark now that i'm very close to that
No no no
That's
That's not um been old
It's of my life's work in terms of creating the companies is certainly uh around microsoft over the next ten years
My balance between the time i spend on that
Filling been that big things
Versus uh my
My full time job will switch somewhat in the favor of doing um philanthroy spending more time on that
It doesn't i need to get to uh uh one of the great young people at microsoft to sort of get on the hot seat of setting the product strategy
Which is the uh a great part of my job
I love my job
It's an amazing job um
And you know i'll always be able to to have some mix of microsoft
And then aa bit more philanthpy
Well
My name is paul ternis
I'm a seniyour business administration in music major from north thecota originally
I was wondering
What is your definition of success
And what has been your largest non business success in life
Well
We played pingpong against the nine year old girl
Two weeks ago
Her naive verial yeah
How many points of you
She
She got up
'd got more more police offer
Than i did
I thought i was pretty good
And
And this little minerold she disdiscussing
She should have been a bid
She totally cleaed his that
I wish that 我说不如huhuor yeating
And i take my case
My
My goal for success out
Outside at work is
Is definitely raising the family um just getting started with that
And i think there's some unique challenges of um
When parents is very visible
And i has money in things like that
It's not easy in any case to um raise kids the right way
But i say ii hope
Hope to be successful
At that so far
I haven't caused
Caused many diamonds they simply do ing
Okay
We get a lot of people
They wanted to adopt them
He's work on as shoulder
I'm working
I'm my great grandshoulder
But otherwise we got this same approach
I would say this in terms of success
This will surprise you
But i would say i've never known anybody that had to my age or close to my age that had lots of people that love them
That felt anything other than a success
I mean you have lived a successful life
If as you get older the people that you hope i love you do
And that includes your
Your family
Your business associates all kinds of people
And i
And the converse of that is that i know people enormously wealthy
They know they get schools naed after him
And they get
They get
They get dinners in their honor
All that sort of thing and the truth is that nobody thinks to think of them
And i got i have to believe they know that
And that everything gets quite hello low their life at that point
And they
They got all these markers
And there's people on the four
Four hundred
And know that are in a category
And i w't name me me me
But it's i really
I can't think of anyone i've known
And i known some you know a lot of people about my ii
I've seen him in very ordinary jobs
All all kinds of situations
That the people around and love them
They feel very successful
Think both of you so much
We appreciate your coming with the final question of the evening answered warren n buffett and bill gates prepare to leave the stage
But not before shaking hands with all of the students
Who took part in the event
Thank government
The the the 三三三三三据据据据据据据据据据据据据据据的证的证据
But bridge is a great game
I'd viys all of you to take it up
If there's no game
Like it
If you go on the internet
However my name on there is tea
Bone and
And bild's name is challenger
But he spells at chl and enengr
Right Yeah
That the're not right
