2011: What are the most important things Buffett learned last year?

BECKY QUICK: Charlie, I’ve got several variations of this question, but this one comes from Peter Kerr (PH) in Waterloo, Canada.

He says, “Could you please let us know a couple of the most important things you learned during the last year?”

WARREN BUFFETT: I’ll let Charlie go first. (Laughs)

CHARLIE MUNGER: Well, I hate to admit this because I’ve ignored high-tech all my life, but I actually read that book “In the Plex” about Google, and I found it a very interesting book.

And so here I am at my advanced age, and I find it interesting the way people have created these engineering cultures, which are quite peculiar and different from most of what we have at Berkshire.

And will I ever make any use of this? I doubt it. But I certainly enjoyed learning it.

And if I enjoy learning it, I regard it as important, because I think that’s what you’re here for, is to go to bed every night a little wiser than you were when you got up.

WARREN BUFFETT: I’m just trying to hold my own, actually. (Laughs)

What I learned in the last year is that I’m going to have Charlie write the next press release. (Laughter)

CHARLIE MUNGER: Warren, I approved that damn press release with no objections. (Laughter)

The Berkshire shareholders are going to be in terrible trouble if they’re relying on me to fix your errors. (Laughter)