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00:00And then he, oh, you know what else he asked me? And sorry, we'll get to Tesla real quick. He was
00:03like, do you think Berkshire stock will go down when Warren dies? And I was like, well, it might
00:11dip that day, but I was like, they've had a succession plan in place for 10, 15 years.
00:15I was like, if it does, if Berkbee does go down 2%, 3% that day, whenever that does happen,
00:23I'll probably be buying it. I would see no reason why not to, because the underlying
00:27holdings of the company will still be the same. I think the strategy will still be
00:33pretty much intact. And obviously, there'll be some question marks about what the management
00:39will be like going forward after that happens, but I wouldn't be scared of buying the dip if
00:44and when that happens. I got another opinion on this and it's not mine. I saw it on Twitter from
00:50Tracy Ronyak that joins the show from Zacks. And you know what she said might be a possibility?
00:59Maybe just closes up shop. Really?
01:03What would happen to the billions of dollars that they're holding?
01:07Distributed to the shareholders. No, none of that.
01:10Yeah. You want to know-
01:11You can't replicate that performance, what he's done.
01:13None of that is going to happen. He's not-
01:15I'm saying, I said, it wasn't my opinion.
01:17That's crazy talk. I'm just ending that. That's just crazy talk. We don't want to go any further
01:22than that. We're starting bad rumors here. That's not going to happen.
01:24I'm not starting a bad rumor. I'm saying what he may, I mean,
01:28do you know how difficult it's going to be? Who's going to run that company?
01:31They have succession planning in place.
01:33Yeah, they have a guy.
01:34The guy's 95 years old. I mean, odds are not with him. He is, you know, the six cokes a day
01:41have preserved his body. And you know, obviously more so than most people,
01:45but, and we joke six cokes a day, but remember at one time he said, I drink six cokes a day.
01:49And so I've always-
01:50Was it diet coke or regular coke?
01:53Regular cokes.
01:54Oh yeah. He's right there like, screw diabetes. He's 95. When you're 95, you should be allowed
02:00to drink six cokes a day. I'll tell you what, if I make 95, I'm going to drink six cokes a day too,
02:05because who cares at that point in time? You beat the odds. You should be able to do whatever the
02:09hell you want when you're 95 years old. That's what I say. That should be like a law. You know,
02:13as long as it's not anything criminal, you want to go and like, you know, run around naked in the
02:18streets. You're 95 years old, whatever you want to do. You don't want to go do handstands on the
02:22lodge. You're 95. Give them a chance. But the issue that you have with just liquidating it all
02:28is the premium. And this is a conversation to have. The premium that Berkshire trades above
02:35net asset value. And it trades with a significant premium above net asset value because
02:42Warren Buffett and his team. So I think, A, B, to your point, if Buffett was to just drop dead
02:49tomorrow, we'd hope he does. And I want to see him live to be 100. But if he was, Berkshire probably
02:54falls 5% to 10%, like 5% to 10%, like serious. But, you know, we've seen before with Apple,
03:00you know, we talked about Steve Jobs. If Steve Jobs, when we first started the show,
03:03ever obviously died, you know, then Apple was going to fall significantly. It fell a bit,
03:07but it really didn't fall as much as you think it is. The difference is Berkshire is a fund and
03:12it's trading 1.39 times NAV. Now that's a number that people estimate because all the private
03:17companies, it's hard to actually value it perfectly there, but it trades with a substantial premium
03:23to NAV. So that premium comes out, you know, not all of it by any means, but I think it falls,
03:30you know, 5% to 10% would be a good guess. And maybe you think about that, but how's the
03:35succession plan, you know, all that, you know, looking at that.