Gates (left) with Buffett (right) accepting interview
Guide language: On November 12 Zhou Si, fertile Ba Fei of human relations · is special (Warren Buffett) and Bill Gates (the text that Bill Gates) entered CNBC TV channel to be held in university of new York Colombia is " let the United States continue great " (the public meeting of Keeping America Great) .
Buffett and Gates unscramble economic crisisresealable bags
Media origin: Sina sows a guest
They answered students to develop the query of foreground about germ of crisis of American economic system, banking and prospective industry, gates says most value IT, the sources of energy and pharmacy 3 large trades, buffett also at this point the problem made him make known one's position. The shellfish that comes from Colombian college business school base · Kui is overcome (BECKY QUICK) directed this activity. It is interlocution summary below:
Never lose confidence to American economic system
Compere: You come to here two tonight, because be a the moment of truth of American history currently,be. The people is existing to American economy and capitalist system of whole United States doubt. In the past a year, whether to have so a hour, had you once existed twice to oppugn to capitalism and our lifestyle?
Buffett: Not, I had not suspected. If have such hour really, that should be last year September, we ever invested a large number of capital to economy at that time, the United States was immersed in abyss it seems that at that time. Capital withdraws fund of shipment currency market in great quantities. Be driven to the last ditch of commercial bill market, everything is faced with break down. We invested 8 billion dollar, but the movement that keeps a few days quite only. But I never lose confidence to economic system. The United States still in operation, our capitalist system has had 200 old histories, before its still can continue, go.
Gates: We own a complex financial system, the fact has proved we can make a mistake. But the backside in these states, more prime factor is innovation, you can establish new company, people is willing to undertake risk and investment, great science develops ceaselessly. This country still has best university, best science, we will make fine tuning to capitalist system. Of course, we can draw a lesson, cannot answer long-term demand with many short term loan, cannot assume exorbitant lever. But the main area of American capitalist system lasts, the market promotes this system, our with a view to is long-term and investment education and a lot of infrastructure. In addition, I think, in the hour with autumnal most bad last year situation, the United States also was born a few inventions innovate. Our develo dog stairs for bed pment gave a lot of new thing such as new pharmaceuticals, new chip, new robot, can be in future tens of year the life that improves our everybody.
Ask: Whether do two think, greedy with improper behavior whether be to cause current the crucial reason of this banking crisis?
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Buffett: This can have certain effect of course. We can have greedy mentality forever, the past just does not appear this a few years. Last year the 3rd quarter, american people is cogent experienced panic, greedy the behaviour that affected them with fear. Crisis traceable wall street, but spread to macroeconomic subsequently. But we cannot be cast off forever greedy, cannot dispel fear. We have some capitalist systems, if a moment ago built Ci place to say, it is a system that is based on the market, make we can have excellent opportunity and legal regulation, can release the potential of American people, reach the level that hundreds of years place cannot imagine in the past.
This system itself does not have a fault. Our economy once red-blooded, still have nowadays have power. But we had had the greatest impetus. This ability just begins, greedy still can continue, need not be opposite this is anxiety-ridden. American film directs Oliver Stone (Oliver Stone) is about to finish " wall street " the continuation of the film. The likelihood is in this film, the Gai Ke of · of Gordon of financial big alligator of the first concentration (Gordon Gekko) can return once more. But the element that this is not the travel before promoting American economic system. The quality that driving what American economic system advances is the good luck in market system and the understanding that are benefited to the market brings, the fruit that obtains knowledge to bring to oneself can be enjoyed after knowing you are exited. This will drive American economic system to continue to run.
Gates: First-rate system is you are had good short-term evaluate standard, perfect accounting standard, pursuit profit, pay close attention to a risk, with a view to is long-term interest. Investment has new research, let people establish new company. The United States is encouraging a youth adventurous respect is unrivaled, and I am the biggest person that be benefited. In addition, I also must those have recruit relatively the person of experience, I must sell the product more elderly person, this is the process that American dream comes true. Other country witnessed all these, they are creating this kind of motive force hard. This is helpful for a whole world. China and India will draw lessons from us about university, poineering spirit and simplify the concept of commercial technological process, this is very pretty good. Nevertheless, we the lever that everybody does not hope to assume an extreme again, risk huge risk.
Lei Man goes bankrupt not terrible
Ask: Build Mr Ci, you are not the person of financial industry, but can you say you hear Lei Man's brother applies for to defeat postpartum to experience at first?
Gates: I am not very close to investing the attention of the bank. Accordingly, I did not feel at that time is affection of a special dread. In industry of science and technology, I most two companies of respect and admire, wang An computer and data equipment company (Digital Equipment) went bankrupt. Accordingly I feel, market always has rise and fall, a few companies can be washed out, I can not am opposite which company goes bureau feel lose. Dan Leiman's brother goes bankrupt brought chain reaction, affected those people that have this debenture, a few complex hand in easy very difficult unlock, this kind of complexity may bring about the market to freeze. When I remember becoming, I phone Buffett, say " should I feel anxious to this? " as a result his answer says: "Favour, have a bit. Have a bit..
Compere: Wo Lun, is governmental indulge Lei Man's brother goes bankrupt a mistake?
Buffett: Be probably. I must say, as a whole, be in federally answer this economy domain " Pearl Harbor incident " when expression is gotten perfectly. If American bank did not buy United States forest at that time, unit dog crates large strong ed States forest also can go bankrupt very quickly possibly, there can be the chain reaction like a string of domino really at that time. I feel, the government did not realise Lei Man's brother is a how giant domino completely possibly at that time, perhaps did not dvd discovery 3 realize this company can cause what kind of chain reaction to other company. But as a whole, I grow henry · Bao Ersen to the Ministry of finance before the United States (Henry Paulson) , United States federal lays in committee chairman Ben Bainake (president of insurer of deposit of federal of Ben Bernanke) , United States thanks La Bell (, because they face the crisis,took the move of unprecedented.
most popular selling dvd discovery Ask: Mr Buffett, my problem is about Lei Man's brother and Gao Cheng group, you are facing investment opportunity at that time. I want to know, why do you choose to invest Gao Cheng, why to choose to invest Lei Man's brother, or be to invest two companies at the same time?
Buffett: furniture lightAt that time, my round to tall Cheng Ji state and the confidence that dog crates large best buy manage a layer exceeded wall street any companies. Look now, gao Cheng also can get possibly subsequently embroil. Andrew · collect Si Suerqin (the book of Andrew Ross Sorken) " what cannot break down is giant " told this well. But I do not think financial system can break down subsequently. I think, can take correct move finally federally. I think, if Washington takes correct move, gao Cheng should be optimal investment. I think Gao Cheng's condition is most solid, their foreground is valued most.
Compere: Wo Lun, you say Gao Cheng has best administrative layer and very much other advantage at that time. Are you returned now so think?
Buffett: I and the relationship that contain high are OK I saw restrospect to 1940 Germany Ni Wenbaige (Sidney Weinberg)(notes: Fill father) high. I pay close attention to this company a long time. They have rigid discipline, especially they hold to the opportunity of the market, I think Gao Cheng is in this respect is wall street in most outstanding. I think, fill Fei En of Black of · of CEO collect Yi high (Roy Blankfein) is having very outstanding risk eye. Look now, if financial system breaks down at that time, so everybody can be pounded. But I feel Gao Cheng has those who pursue financial business the most remarkable person with ability. Accordingly, gao Cheng is my the first choice. At that time, I also have a few other options.
Ask: Considering the seriousness of economic depression, a few people ascribe this to risk monitoring and bear the systematization that sells a level breaks down, after this spread out to ought to act the factionalism of what kind of proper role about the government. Government can does amid act active role, how should do?
Compere: You two how is look upon big government?
Gates: Apparent, the government is exerting an influence in commercial cycle. As the elapse of time, the government needs to adjust the mistake that commits. At present, the problem basically is to pass inflation and interest rate level to undertake measuring. Practical problem, whether can you discover these states in time, let a government produce positive effect. In light of now, we know the government can take a lot of move, deliverance the company that those are about to go bankrupt, solve a problem with more rapid shift. But a main problem is, can you discover bubble, can the government discover bubble? This is a great question. A few great economist have a few views to this. But this respect has not gotten confirming.
Buffett: Last year in September, just can remedy a situation federall dog crates large breed y only. Whole world wants to remove lever. Investor is panicky, confused not choose road. Exclusive at that time one may assume a risk, the substance tha the best selling dog stairst also is risk of everybody hope debus is federally. Several have fund of market of currency of evacuate of 200 billion dollar in the day at that time, commercial bill market is immersed in break down, just can take step federally only. Fortunately, our federally the official realised a state, took step quickly. The government produced tremendous effect. Have sth in mind did not come, we need to avoid excessive assume lever, the tall canal that prevents large finance orgnaization is excessive adventure, this will be a very difficult j dog stairs best buy ob. But we are taking the way to deal with a situation. To build greater society, those are forced the financial orgnaization that Xiang Lianbang government seeks help to live in order to protect, their tall canal ought to more nonofficeholding. At present till, be opposite those CEO people the measure side that takes carrot to increase a club, we had been done weller in this respect. But I feel to still should extend more big stick-means of intimidation.
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