He feels you are better off taking the best Five of the Nifty Fifty say, then scrapping around for used cigarette butts on the street, or owning 30 different stocks. He is skeptical about issuing shares of a really wonderful business like Gillette for a less wonderful business like Duracell. Gillette's dominance in shaving is much greater than its near dominance in batteries with Duracell. He is not sure how it will work out. Asked about the Microsoft suit, he said he has watched many leading industries in the U.S. lose their competitive position to foreigners.
Examples are TVs, small appliances, autos, and steel.
Now we have a big company dominant in an area of software and the government is trying to break it up. There are foreign software companies who will benefit from this. He does not understand it and says if he was the AG, the suit would not have been brought. He is happy with all of his kids, some of whom were home when they were in moderate circumstances and others when they were in immoderate circumstances, but he laments that none of them are adding to the Munger family fortune. Attendance was small, about 200 people, but very enthusiastic.