Meritocracy

WARREN BUFFETT: Yeah. Well — (laughter) — we have a minority viewpoint down here in the front row. (Laughter and applause). I think my views on that subject changed when I was about 18. (Laughs) Until that point I thought it would be a great idea. No, I am quite a believer in a meritocracy and I think a part of that is not having people start way, way ahead of other people in life, based on whether they were lucky enough to come from the right womb or not. So I’ve never been big on the idea that either society benefited or, in many cases, the kids — although I think that’s much more problematic, but — by the fact that great transfers of wealth will go from one generation to another, I — You know, I would rather see the degree of talent possessed by individuals determine the resources they command in this world, and their ability to influence other people’s lives and command the labor of other people, and all of that, than any divine right of the womb. So that’s — and Charlie has a somewhat different view on that.