Warren Buffett may be the
most-popular man in Washington at the moment.
The Oracle of Omaha charmed the 400 attendees at Fortune's Most Powerful Women Summit by playing his ukulele Tuesday night, earning a standing ovation from the likes of Facebook's Sheryl Sandberg and IBM's Ginni
Rometty. During his one-on-one interview Wednesday with Fortune's
Carol Loomis, he continued to win over the audience with his refreshing and
positive outlook about his life, the economy and women in business.
Still, he wasn't afraid to
take on the dysfunction in Washington and said it was "so stupid" to
even think that the U.S. could default on its debt. Highlights from Buffett's time on stage:
On the fight over the debt
limit:
· "We have spent 237 years since
1776 building a reputation as the most wonderful country on earth, and one
that's entrusted with having the reserve currency of the world. ... That is
being put in jeopardy now and it could be destroyed in a little while. A great
reputation is like virginity. It can preserved, but it can't be restored."
· "The whole idea of a debt
limit is a terrible, terrible mistake. If you're going to spend more than you
take in, what are you going to do except raise the debt limit? So it becomes
this political weapon of mass destruction. It really is like a nuclear bomb.
It's something that maybe you talk about but never dream of using."
On the economy:
· "The country’s coming back. You
can’t stop the United States. We get through everything."
· "I’ve filed a tax return
every year since I was 13. The last decade has been about the lowest tax rate.
It was tougher when I was selling shirts at Penney’s."
On women:
· "People in power don’t
give it up easily. And to some extent, it just doesn’t surface much. Look at
how far the country came using half of its talent. Think of what we can do
using all of it."
· "I went to public school
and I had nothing but women teachers and they were terrific. But the idea of
setting limits as to what talented people can do is crazy."
On Berkshire Hathaway:
· "I started out feeling
like I wanted to be private. I like looking in the mirror and making decisions
and not getting any negative votes. Over time, I’ve found it more fun to run a
public company. It’s a podium. I can play out ideas and explain why I do
things. It’s a teaching mechanism, even."
· "I’m running Berkshire for
the people who want to stay in and not the ones who want to get out. I don't
care what the company earns this quarter; I care about where we’ll be in five
years."
On his outlook on life:
· "I’m 83 and I’m having more fun
in my life than ever before. The main thing is to be involved in something you
love."
· "The secret sauce in America is
that you’re trying to make your lives better tomorrow."
This piece is a part of
LinkedIn's live coverage around Fortune's Most Powerful Women Summit. For more, go here.
Author: Jacky Carter,
Community Manager - Linkedin