On Saturday, shareholders will pack the CenturyLink Center where they’ll watch a short film before Buffett and his right-hand man Charlie Munger dive into six hours of Q&A. As the audience listens for pearls of investing wisdom, they can find that the discussion along the way can get a little risqué.
“I mean, Charlie and I do not plan anything ahead of time,” Buffett said in an interview with Yahoo Finance’s editor-in-chief Andy Serwer. “Sometimes we don’t even see each other till we get backstage after the movie’s showing.”
“It makes it interesting for me, because I never know what Charlie’s gonna say, you know,” Buffett added. “I mean, we can go from PG to R pretty fast sometimes.”
Buffett and Munger have a penchant for using references to sex to make points when it comes to describing investing, dealmaking, and career advice.
“Charlie is always the one who gets the girl and I have one explanation for that,” Buffett said at the 2016 shareholder meeting. “As you know every mother in this country tells her daughter at an early age: If you’re choosing between two very old and rich guys pick the one that’s older.”
Here’s a roundup of some of the most R-rated quotes from Buffett and Munger via BuffettFAQ.com:
1998, University of Florida Business School: “I was with a fellow at Harvard the other day who was taking me over to talk. He was 28 and he was telling me all that he had done in life, which was terrific. And then I said, “What will you do next?” “Well,” he said, “Maybe after I get my MBA I will go to work for a consulting firm because it will look good on my resume.” I said, “Look, you are 28 and you have been doing all these things, you have a resume 10 times than anybody I have ever seen. Isn’t that a little like saving up sex for your old age?”
2005 shareholder meeting: “A good public school system is a lot like virginity: easy to preserve, but not to restore.”
2006 shareholder meeting: “Charlie has pointed out that of the seven deadly sins, envy is the most useless because you just make yourself miserable and can’t sleep. There’s real upside to gluttony – I’ve had some great times with gluttony. And we won’t get into lust.”
2007 shareholder meeting: “Charlie said of the seven deadly sins, envy is the worst because it makes you miserable. The other guy doesn’t care. Compare this to gluttony, which we’re about to do [referring to the See’s candy in front of them]. I’ve heard good things about lust, but I’ll let Charlie address that.”
2008 shareholder meeting: “My stock will be sold over a period of years after my death. That takes a lot of time. Berkshire is a very large company and will get bigger over time, so it would be very difficult for someone to do a takeover of that size. It can’t happen at all until I die [since there are a lot of votes concentrated until then]. I told my lawyer I wanted a ten-year distribution period—to make sure my estate lasts quite a while, to which my lawyer said that was like telling his teenage son to have a normal sex life. If we do decent compounding, we’ll be one of the largest companies in the USA. It will be difficult to break us up.”
2008 shareholder meeting: “My dad had a business with [investment] books on his shelves, and they turned me on. This was before Playboy. If he was a minister, I’m not sure I would have been as enthused.”
2008, Emory’s Goizueta Business School and McCombs School of Business at UT Austin: “If I wanted to do something wild and crazy I could do it, but Anna Nicole Smith is gone. Reminds me of the story of the 60-year-oldold man that got a 25 year old to marry him. When his friends asked how he did it, he replied, ‘I told her I was 90.'”
Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.