2014: Do Buffett and Munger ever argue?

AUDIENCE MEMBER: Hi Warren, Charlie. John Norwood from West Des Moines, Iowa. Thank you so much for the annual meetings. And please don’t move it to Dallas or some other place. I’ve got my system worked out here.

WARREN BUFFETT: We won’t.

AUDIENCE MEMBER: Thank you. Hey, two quick questions.

One is allocation of capital and how you wrestle with the operating companies and how much cash comes up to the operating companies — or comes up to the mother ship — versus the operating companies.

And you and Charlie, do you ever fight or argue? And any lessons over the years for how you manage your partnership of two? Thank you.

WARREN BUFFETT: Yeah. Charlie and I have never had an argument. We met in 19 — when I was 29. He was 35. We’re a little older now.

And in those years, 55 years, we’ve disagreed on a lot of things. And it’s just never led, and never will, lead to an argument.

We argue with other people. (Laughs)

But it just — it hasn’t occurred.

I called Charlie on the Coca-Cola vote, you know, and then said what the proxy statement said and everything. Said, “What do you think?” And we thought alike, you know?

Sometimes we don’t think alike. And we never go away in the least bit mad if we don’t, or —

CHARLIE MUNGER: Most of the time, we think alike. That’s one of the problems. If one of us misses it, the other is likely to, too. (Laughter)

WARREN BUFFETT: Yeah. I would say that — well, there’s no question. If you look at the really bad mistakes we’ve made, I’ve made them.

I’m probably a little more inclined toward action than Charlie. Would you say that’s fair, Charlie? Or —

CHARLIE MUNGER: Well, you once called me the abominable ‘no’ man. (Laughter)