112:31—113:29· 58s
1
Speaker A“Wall Street. So the share price drops by over 50%, and analysts and people out there think the company's not gonna survive. Buffett, though, thinks otherwise. He sees an opportunity. So he and his new employees, they go around Omaha and New York and a bunch of other places, and they just start like interviewing consumers and talking to them at banks and saying like, hey, what do you think of Amex? 'Have you heard about the soybean oil scandal? The salad oil scandal? Are you still using the traveler's checks? Are you using the credit card?' And consumers are like, 'I haven't heard of this scandal. Speaker BWhat are you talking about? Speaker AOf course I trust the traveler's checks.' Um, so Buffett figures that Amex can easily absorb all of these losses even if they covered the whole thing out of cash on hand. They have over $200 million of cash on hand plus over $500 million of float from the traveler's checks business. Speaker BYeah, and this is a similar lesson that he learns from”