Buffett, Munger & Gates - 2011: Berkshire Structure, Bin Laden, Nuclear Energy, Oil Taxes

70+ businesses. Shareholders ask about spin-offs to unlock value. Answer: more value per share keeping intact and adding. Capital allocation flexibility. See's or Buffalo News alone much less efficient, less aggregate wealth. Businesses treated in cherished way original owners thought about them. That's the policy.

Can't convince to buy tech. Bill: wise sticking to predictable future. Buffett's new cell phone - old one Alexander Graham Bell gave him, daughter ashamed. Had pistons. Someone gave iPad, didn't keep. Computer huge part of life now, didn't exist 20 years ago. Loves if doing things he cares about better/efficiently and easy.

Munger: symbol of crazy ideas, big news. Warren/Bill drinking root beer floats at Piccolo's when heard, second one each, elated. Bill: thinks Pakistan - kids still get polio. Hopeful strengthens activities. Pakistan must eliminate disease and terrorism. Warren: world not stable, won't be, forever evil people targeting US, never give up vigilance.

Munger: our plants have more spent rods than Japan trouble plants, susceptible to terrorism, special dangers, wouldn't bet on huge increase. Buffett: world should go more toward nuclear, 20% power from it, but dramatic event will slow development. Gates TerraPower: 10 years pilot plant if goes well. Need energy innovations - solar/wind. Don't rule out nuclear, improvements could make good choice.

Gas prices high, oil down marginally after bin Laden. Could derail consumer? Talked whether need higher taxes - we got them, just paid to OPEC. When gas/crude up, that's tax on American public, doesn't go to Washington. Won't derail economic comeback but decided negative.