New York: The US economy should brace itself for the aftershocks of the unprecedented government stimulus. But the future of the US and Wall Street is bright. That’s the word from the Oracle of Omaha, Berkshire Hathaway Inc. chairman and chief executive Warren Buffett, and Microsoft Corp. chairman Bill Gates, even as they take a trip down memory lane at New York’s Columbia University and talk about their message to the students of today, and about how the world has changed since they walked through the corridors of education. Edited excerpts:
Campus talk: Berkshire Hathaway chairman and chief executive Warren Buffett (left) and Microsoft Corp. chairman Bill Gates. Photographs: Andrew Harrer / Bloomberg and Daniel Acker / Bloomberg
We will start talking about being back on campus. What does it mean for you?
Buffett: Been a long time. This place does have pleasant memories because both (professor Benjamin) Graham and (professor David) Dodd, and they are the reason I came to Columbia, they both treated me so much better as an individual. I’d learnt from them intellectually already when I read the books and all that, but Dodd treated me like a son. He would take me out for dinner and Graham took a great interest. And that was just terrific for a 19-year-old kid.
When you come back to campus on a day like today, is it different, is it the same?
Buffett: They have added a lot of building and this building wasn’t here. We should go across the street about a block away and look at my $10 (Rs468) a month room.
Is that still here?
Buffett: It is still here. There is an apartment house there and, I forget, I believe I was on the sixth floor there and I had the maid’s room and paid $10 a month.
Do you ever regret leaving? Do you ever wish that you had stayed through?
Gates: Being in school is a lot of fun because there are other smart kids around; some of the classes teach you something. But I had something I thought was urgent. So I didn’t leave school because I didn’t enjoy it; it’s a great time in people’s lives.
So you think people should take advantage?
Gates: I always say that unless you have some unbelievable opportunity you should stay and graduate.
I know that you spent a lot of time in focusing and studying on all kinds of things including diseases that are going around in the world and I am dying to ask you a question—would you have your kids get the H1N1 vaccination?
Gates: Sure. As that becomes available, I think everybody should have it.
There are concerns from a lot of parents—it’s a brand new thing but it’s the same sort of vaccination process that we have used for over 60 years.
Gates: This one doesn’t pose any particular new risks. All medical things have a small degree of risk in them, but the benefit is quite strong.
While we are talking about healthcare, we are talking about a nation that is considering a massive shift and how our healthcare is run. Do you think it’s headed in the right direction?