85:38—86:38· 60s
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David“they have all this cash, it's a great climate to invest, but one of the lessons that I think Warren and Charlie took away from the Salomon debacle was you don't necessarily want to be like, uh, the major primary equity holder during a crisis in case things really go wrong. You don't want to be that guy that's called up in front of Congress, you know, you really don't. So instead of making a lot of equity investments at this time, they decide instead to pursue a different strategy. They're going to make debt and preferred equity fixed income investments in companies that need capital. BenCan you simplify that for us? Is it like, hey, we're going to loan you money, and if we want to, then we might exercise some warrants? Exactly. DavidAnd we're going to loan you money at a very high interest rate. And yeah, maybe we won't make equity-type returns, but we're going to have a whole bunch of downside protection. A whole bunch of downside protection and some warrant upside. BenAnd we don't have governance over the company. DavidYeah. And you're not going to call”