2006: What does Buffett think of Jeremy Siegel's ideas?
AUDIENCE MEMBER: It’s Anvayas Vegar (PH) from Munich, Germany. Thank you very much for the open discussion that you had with us.
Actually, I’d like to ask a question on a book, so I’ll come back to the book review.
Jeremy Siegel had some ideas in his second book, and I would like to understand what — how this would impact your investment strategies, if there are any changes from his ideas, and how you react to these recommendations that he makes? Thank you.
WARREN BUFFETT: This is which book? Jeremy Spiegel?
AUDIENCE MEMBER: Jeremy Siegel, the second book, “Why the Tried and the True Triumph Over the Bold and the New.”
WARREN BUFFETT: That — it’s had no effect on us.
Charlie?
CHARLIE MUNGER: No, is that the fellow who’s very optimistic about common stock investment over long periods of time?
WARREN BUFFETT: The University of Pennsylvania. Yeah.
CHARLIE MUNGER: Yeah. Well, I think he’s demented. (Laughter)
WARREN BUFFETT: Well, he’s a very nice guy, Charlie. But — (Laughter)
CHARLIE MUNGER: Well, he may well be a very nice guy, but he’s comparing apples against elephants and trying to make accurate projections. (Laughter)