Munger: An "idiot" could successfully run Berkshire

9:00 AM ET Mon, 1 May 1995

Warren Buffett says Berkshire Hathaway has a big advantage over other companies in that it's not only willing to buy partial stakes in companies, but it's also willing to buy whole companies. He and Charlie Munger say Berkshire will continue to run smoothly "long after" they're gone.