Warren Buffett, Do You Ever Get Any Good Horses?

Mr. Munger: We don't have some grand design in mind of, you know, like an army organizational charter or something to the sort and we never will. With Berkshire Hathaway being so well managed, why doesn't it have a highest credit bond rating? Let me take that one. Okay. The rating agencies are wrong. I'm sorry. I have a charwoman who gave us a good idea. It's just really stupid. This is a quality operation you ought to pay up for. He was right.