2001: What does Buffett think about concrete and aggregates businesses?

AUDIENCE MEMBER: The second question is, a friend who wants to know your thoughts on the concrete, cement and aggregates business.

WARREN BUFFETT: The aggregates business, concrete, all of that, those are businesses that — and Charlie probably knows more about them than I do. We’ve looked at businesses like that.

In fact, we’ve even owned a few shares at one time or another, because it’s an understandable business. And it’s a business that — particularly if you get into concrete, cement, I mean, you know, there have been periods of substantial overcapacity, particularly on a regional basis.

But those are fundamental businesses. And at a price, you know, for low-cost capacity and advantageously located raw materials and so on, you know, we would do it. In fact, Charlie and I talked about one probably 10 or 15 years ago —

CHARLIE MUNGER: Yes.

WARREN BUFFETT: — quite a bit. And he’s had a fair amount of familiarity with it.