1994: Will Munger retire from Berkshire Hathaway?

AUDIENCE MEMBER: My name is Sheldon Scizick (PH) from Chicago, Illinois. I have two questions.

The first one is concerning Mr. Munger. We know what Mr. Buffett’s retirement plans are. I was wondering what yours — your plans for the future concerning Berkshire are?

CHARLIE MUNGER: I have always preferred the system of retirement where you can’t quite tell from observing from the outside whether the man is working or retired. (Laughter)

WARREN BUFFETT: He does it well, too. (Laughter)

CHARLIE MUNGER: You know, a problem in many businesses, particularly the more bureaucratic ones, is that your employees retire, but they don’t tell you. (Laughter)

WARREN BUFFETT: I think I can speak for Charlie on this one.

Charlie and I are not in any hurry to retire. He’s trying to outlast me, actually. (Laughter)

AUDIENCE MEMBER: Thank you.