going to get stolen by the government that's just that's just life baby you know it suck it up as charlie munger would say but you know it's interesting here america are currently the program is not just confiscation of wealth i think i would compare to a giant cram down you know that in corporate america when a company wants to take over another company they can engage in a cramdown or they flood the stock they they flood the company with a preferred stock to millions and millions or hundreds of millions of shares and they take control of it that way here they're doing the same thing it's a it's a national cram down the federal reserve decides to flood 678101520. trillion dollars that they create and these it's a control of all the assets all the assets are now going to a few people in the u.s. and we're becoming the so-called banana republic that we used to accuse lot americans of becoming america's becoming it's kind of a combination of argentina in the 1970 days and the soviet union in the 1950 s. when you put those 2 together you end up with the united states of america and the current situ

is berkshire a better investment in your eyes is bill: charlie munger said they becausee really careful there are many people that have 0% of their net worth in berkshire hathaway and shareholders like us do not want for that comfort. scarlet: well said, bill smead us by phone before the berkshire hathaway annual meeting tomorrow. this is bloomberg. >> it's all about liquidity. these are not companies that are their own companies, they're sick from being affected by the virus. > if the corporate equivalent f a ventilator is a restructuring or a bankruptcy proceeding, how many of the clients or what percentage of the clients you're dealing with headed in that direction, need a ventilator, if you will? hard one w, that's a to answer because the information on when this virus end or when we will get back to something normal is difficult to know. i just read an article that said that 60, 70% of the population by the to be infected time this is over and it's going to go on for another 18 months which is obviously a very negative article. o if that happens, there are going to be a lot of bank

exciting, larry, when he shared the stage not with his long-time business partner and vice chair, charlie munger, who is 95 years old and it wouldn't have made sense for him to make the trip to omaha, but he shared it with greg abel, a vice chairman and also ceo and head of berkshire hathaway energy. there is greg on your screen with me about a year ago. i got to tell you, i thought it was very interesting, abel answered some questions but he also disagreed a little bit with buffett, when buffett defended share buy-backs as a way of distributing cash but abel said you know, when you use financial engineering like the airlines did, he didn't say the airlines but i think that was sort of the subtext here, it's a little extreme, quote, and too cute instead of using their balance sheet to leave a cushion, they neglected to build a cushion. do you think, because succession did not come up, that that was the underlying meaning that had greg abel onstage, he's the one? >> i think geography played a role, too. he was able to drive down from des moines without needing to involve lots of other people but