In response to a question on possible mismanagement at Moody's involving erroneous debt ratings, Buffett said that he can't recall ever asking for a management change at one of the marketable securities he owns. But, if Moody's determines that employees did something wrong then "they should go" but he expects the company will do the right thing without pressure from shareholders like Berkshire. (Berkshire owns a large chunk of Moody's stock.)
What makes a good manager? "They all have a passion for what they do. They don't do it for the money." How do you bring that passion to government? Inspirational leaders, and "I hope we have one in the next President of the United States." (Buffett is supporting both Barack Obama and Hillary Clinton for the White House.)
Buffett said that women now have more business opportunities in the United States than in the past, but there's still some ways to go. "Talent is too scarce to put aside half of the population."
Asked what he does in his spare time, Buffett replied that he plays bridge on the computer, roughly 12 hours a week. He joked that he spends more time on a computer than Bill Gates. His online bridge name is T-Bone, and he lists his age as 103 so that people will give him the benefit of the doubt if he does something "dumb."
For photos of Buffett playing his favorite game without a PC at this year's Berkshire Hathaway annual shareholders meeting, see Warren Buffett Plays Bridge (With an Audience).
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