2011: Why did Buffett resign from the Washington Post's board?

ANDREW ROSS SORKIN: This question comes from a shareholder based in Washington, DC, who has asked to remain anonymous.

This person says, “Warren, in the past year you and Melinda Gates resigned from the board of the Washington Post. What does this say about Berkshire’s intention to hold the Washington Post stock over the long term, and is this related to the problems at its for-profit education business, Kaplan?”

WARREN BUFFETT: No, I made this statement, actually, publicly, and they may have only run it in the Post, I’m not sure about elsewhere.

But I made the statement that we would not be selling any stock, and it had nothing to do with that, that I’m a phone call away from Don Graham or anybody else at the Post, and they can just save a lot of directors fees and I can save a lot of travel if at age 80 I decide that I’d rather spend a few more days at Berkshire and less on the road.

I am — we will not be selling any Post shares.

Normally I won’t comment about what we’ll do on marketable securities, but I’ll be unequivocal about that.

And my enthusiasm for the Post itself and the management is 100 percent what it’s always been, and I — I’m just available a lot cheaper than before if the Post management wants any advice.

I don’t think Melinda did it on the basis of age. You’ll have to ask her.

I really decided at 80 that I’d been there since 1974, with an interruption when I was at Cap Cities/ABC, and it’s just a lot easier this way.

Charlie, do you have any thoughts on serving on boards generally? Charlie is on the Costco board.

CHARLIE MUNGER: Well, that’s because I really admire Costco. And that’s one of the pleasures of my life, is interfacing with those people.

But that’s the only one where we don’t — where I don’t have a big ownership interest.

I think, generally speaking, serving on a whole lot of different boards is for the birds. (Laughter)

WARREN BUFFETT: Yeah. I agree. (Laughs)