David Rosenthal: commitment

Transcript context

…David, I figured I’d set you up for that next story we got coming. You tossed that ball in the air and I cannot wait to slam it. But before we get to Warren getting punch drunk on his own reputation and ability to save businesses. The GEICO situation wrapped up around 1980 and off to the races. The rest of the beginning of the ‘80s is just more goodness for Warren, Charlie, and Berkshire. Finally, when Paul Volcker becomes the true Chairman of the Fed, first at the end of the Carter Administration and then under the Reagan Administration, he enacts the correct fiscal and monetary policy to reverse the terrible inflation that has been happening. The ‘80s just became—we’re both children of the ‘80s—an immense period of prosperity, the ‘80s and ‘90s, for America. The ‘80s in the go-go years, this is Wall Street movie, this is excess, this is everything. It’s a good time for Berkshire in Omaha too. We won’t go into all the details, but they buy the Nebraska Furniture Mart from Mrs. B. Incredible story. She then gets upset with the way her children, who are in their 80s at this point or 70s are running the business. She leaves, starts a competitor across the street at the age of 95. Berkshire has to buy it back for $5 million and sign a non-compete with her at age 95. Amazing. There's the Buffalo Evening News in here, sort of at the early ‘80s, is that the early ‘80s?…

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