Anheuser-Busch

AUDIENCE MEMBER: Good morning, Warren and Charlie. My name is Walter Chang and I’m from Houston, Texas. Can you describe how you made your investment decision to invest in Anheuser-Busch and how you estimated its intrinsic value? How long did it take you to make this decision? And is Budweiser inevitable, like Coca-Cola? You know, you can learn every day, but you can’t act every day. And I talked about reading the annual reports of Anheuser-Busch for 25 years, but I’ve read the reports of Coca-Cola and Gillette and all kinds of companies long before we invested in them. And if you enjoy the game, you know, you’ll find that like playing bridge or playing baseball or whatever, if you don’t enjoy it you probably won’t do well on it. But I would advise you to start early. Read everything in sight. Look for the successful framework that’s been successful for people, and there’s nothing like Graham’s, in my view, and you’ll have a lot of fun and you’ll probably make a lot of money. Charlie?