Name: Here's the Advice Warren Buffett Gave to USG's CEO
Uploaded: 2016-04-14
Duration: 2 min 35 s
Description: It's all about focusing on the basics.

Warren Buffet is your largest shareholder. He owns 30 % of USG. What's it like having Warren Buffet watching over you? [ LAUGH ] Mr. Buffet has been a great shareholder and he's a wonderful man. Anytime that we need to have a discussion, he's always there It's very, he's a great listener. He'll give advice when we ask for it. Does he call you? Do you call him? How often do you talk to Warren Buffett? We don't have a regular cadence, and I'd really like to keep that between us. What is the big benefit of having Warren Buffett on your side? Well you know I think any large share holder that's been support for the long term. I think is really beneficial to a company. It's that long term investor that I think is very, is very supportive of a companies management team. And he's owned USG stock for how long now? Eight years? Yeah, at least. And so that is very meaningful to you? Yes. To have that kind of long term investor? Yes. You know everybody calls him the oracle of Omaha and seek his advice. What's the best advice you've ever gotten from Warren Buffett? The best advice I received is What a CEO can do. And it was very simple, I thought it was wonderful advice. Focus on the basics, take care of your customers, be a low cost manufacturer, manufacturing costs, come up with new products And the rest will take care of itself. So the Berkshire Hathaway Annual Meeting is coming up at the end of the month, and Warren Buffett is going to be answering questions for six hours. What do you want most to hear from him? Well I think some of the areas that people will worry about that they read in the paper that day or that week. He puts in a very long term and a very good perspective. And a kind of passes. You know it make so much sense. It's very, you know everything is in a way that you can understand. Tand that, you know the railroad industry or the construction industry, you know these are industries that are going to have been here for a long time and they are to continue to be here in the future. And there are maybe 3 or 4 years where an industry's having an issue but it really I always feel better because it makes me feel great that we're an American company. [ BLANK_AUDIO ]