1996: What are the most useful investment models?

AUDIENCE MEMBER: Mike Assail (PH) from New York City with a question for Charlie —

WARREN BUFFETT: Good.

AUDIENCE MEMBER: — about his investment models.

I’d like to know the most useful models on industry consolidation, vertical integration, and models which explain the special cases when it makes sense to invest in retailing stocks —

WARREN BUFFETT: Ah, well, I think —

AUDIENCE MEMBER: — and if —

WARREN BUFFETT: — I don’t want to interrupt you now, but I think we’ll save those to the general question and answer. This is only on the issuance of the Class B right now.

AUDIENCE MEMBER: Oh. Sorry, sorry.

WARREN BUFFETT: But we’re glad to have that question later on.

AUDIENCE MEMBER: Sorry.

WARREN BUFFETT: It’ll give Charlie time to figure out the answer for one thing. (Laughter and applause)

We’ll go through all of the questions regarding the Class B. And, then, we’ll have a vote on the class —authorization of the Class B. And, then, we’ll get into general questions and answers.