By Rick Aristotle Munarriz (TMF Edible)
February 16, 2000

Brickbats hurt if you don't deflect them. I figured Bill would tackle the bearish knocks he singles out early on in his argument. Isn't Warren getting old? Shouldn't he have embraced the techno future?

These are legitimate concerns. Is anyone arguing that Munger and his pals will fill in seamlessly the day Warren is no longer at the helm? If so, please, apply the lessons learned. How rudderless has Coke been since the passing of Roberto Goizueta? As Berkshire's largest public holding, Coke bears proof that even one of the most prolific brand names can botch a succession.

I don't mean to rattle the age argument in absolute terms. There are some 70-year-olds out there who are more in tune with what the future holds than a 22-year-old fresh out of college. Unfortunately, Warren isn't one of them.

My father is a brilliant man. He turned pocket change into a multimillion-dollar food company. He is impressively knowledgeable in all aspects of business with charisma to spare. Yet, at home, he keeps a typewriter collection that is NOT there for nostalgic purposes. I will always be grateful for everything my father has done for me and has personally achieved in the past -- the way Berkshire shareholders should feel about Warren. Wealth of information. Sure. But neither one can figure e-mail out. I wouldn't count on either one to have a pulse on what consumer trends will be in the future.

While Berkshire might claim some Internet interests through subsidiaries of Disney and the Washington Post, it's clear that the company's slant is picking up insurers and energy companies that have traditionally been rewarded low valuation multiples on Wall Street.

Why pay a premium for that? I'm not privy to Bill's math in arriving at the intrinsic value for the company. I wonder if he remembered to back out the $9 billion in taxes that would be due on the unrealized stock profits. I'm not sure if I would agree with the values he used to measure the company's assets and holdings.

However, I do have faith that Bill's mind is capable of grasping the promises of tomorrow. If I had a spanking-new one-dollar bill, and I had to choose among Bill, Warren, and my father to make it grow, I'd give it to Bill. I love my dad. I respect Warren. I trust Bill.

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