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Episode 45: Why Buffett Will Never Buy GE, Guest Dr. Lacy Hunt: GE's Accounting "Imagination at Work", Lacy Hunt on economic growth, productivity, and inflation, & Porter's plan for Berkshire when Buffett is gone

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Porter dispels Wall Street rumors that Warren Buffett will come to the rescue of General electric (GE) and tells you about the time he sat next to former CEO Jack Welch at a New York City Broadway play. Nobody knew what kind of financial engineering Jack was up to in the 1990s, possibly even Welch himself. Did the GE slogan “Imagination at Work” apply to their accounting, too?   International Economist Dr. Lacy Hunt from Hoisington Investment Management joins Porter and Buck to reveal whether record debt will break economies around the world, slow them down, or leave everything largely unaffected. Porter asks Lacy if a debt jubilee will come to pass. Despite history, you’ll be surprised to hear Dr. Hunt’s answer. Lacy reminds Porter that out of all the major economies in the world, the US is still “the best of the worst.”   Listeners ask about the ethics of investing in companies like Facebook and what will happen to Berkshire Hathaway when it’s two famous principles finally leave. Porter tells you why he’s actually glad social media companies watch him, and how he would run Berkshire post-Buffett and Munger.     

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