David Rosenthal: belief

Transcript context

…We've got the chess pieces here. We now know Ajit’s name for insurance. We know Greg's name as sort of the noninsurance businesses. He's going to be the CEO. We've got Ted and Todd, each managing their pool of money probably close to $20 billion now each on the public equity side. Warren has said, I think, when they started it was about $1 billion each that they are managing. As they proved themselves, he gave them more rope. But in the early days here, Warren is still managing—we’re talking to Charlie, but really Warren is still managing most of the investing for Berkshire. To be honest, he’s given it to Ted and Todd right away, because he does a pretty terrible job, we can't mince words here. In retrospect, these years between 2011 and 2016 I think were probably some of the worst decisions that Buffett ever made and worst horrors of his career. He has admitted publicly, I mean not necessarily the way that you just phrased it, but he definitely has admitted publicly that Ted and Todd outperformed him.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.