Previously Public Companies Have Run Into Problems

Jonathan Warren: I've spoken to Berkshire subsidiaries that were formerly publicly traded have run into trouble by now this is on the margin mind you trying to maximize calendar year earnings and dividends to the parent. He says most of Berkshire's compensation structures based on 12 month results or are they already based up over multi-year periods. Victoria Rantrop: What differences in corporate culture and in performance do you see between German and US daughter companies? Jonathan Warren: We believe in sort of hammering the same message out there over and over again now we don't ignore yearly results at all it's just we don't live by them but but I get figures every month on virtually every business and I read them