U.S. Markets close in 5 hrs 40 mins

GAAP earnings are about to become more meaningless: Buffett

Precision Castparts is an aerospace parts company that comprises a small part of Berkshire Hathaway. Buffett and Munger are pleased with the purchase but admit they didn’t get it at a bargain. They discuss the difficulty of conveying the value of the investment, especially with expected changes to GAAP accounting rules.