Munger, Buffett and the Cost of Capital

kevin truett: I have three questions for you mr. Munger at last year's shareholder meeting you stated that you didn't feel that the concept of the cost of capital made true economic sense would you explain why you felt this way and what you would do to replace it with anything uh... my second question is to mMr. Buffett you've stated the importance of an occasional big idea how were you able to in fact tell when you had a big idea? Kevin truett: My name is kevin Truett from chicago i want to know if Mr. Munger can help me understand more about his company Berkshire Hathaway.