1995: Is Buffett beginning to feel threatened by the success of the Beardstown Ladies?

AUDIENCE MEMBER: Susan Scott (PH) from Madison, Wisconsin.

On a more serious note, are you beginning to feel threatened by the success of the Beardstown Ladies? (Laughter)

WARREN BUFFETT: Which lady?

CHARLIE MUNGER: I —

WARREN BUFFETT: Which lady was that? I —

CHARLIE MUNGER: I didn’t get it.

WARREN BUFFETT: I got everything except what lady that was.

AUDIENCE MEMBER: The Beardstown Ladies, the investment group?

WARREN BUFFETT: Oh, that group. Yeah, the best-seller. Yeah. I have not read that book. I hate to admit that to an audience of shareholders, that I —

This is a book that’s — I think it’s probably number, I don’t know, seven or eight or something like that on the Times best-seller list, and been up there for a couple of months now.

It’s a group — an investment group — that, apparently, is sharing with the world their secrets of success.

I’m always suspicious of people when they’re sharing with the world any great ideas on investments. But we are not threatened at the moment, no. (Laughter)

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