Take off with Natarajan

Sure, the competition isn’t all that tough right now, but Warren Buffett this week looked like the most popular man in Washington.

The Oracle of Omaha was in DC speaking to the 400 attendees at Fortune’s Most Powerful Women Summit. He charmed the crowd by playing his ukulele Tuesday night, earning a standing ovation from the likes of Facebook’s Sheryl Sandberg and IBM’s Ginni Rometty.During his one-on-one interview Wednesday with Fortune’s Carol Loomis, he laid out a straightforward, optimistic look at the economy, his life and women in business.

Still, he wasn’t afraid to take on the dysfunction in Washington and said it was “so stupid” to even think that the U.S. could default on its debt. Highlights from Buffett’s time on stage:

On the fight over the debt limit:

• “We have spent 237 years since 1776 building a reputation as the most wonderful country on earth, and one that’s entrusted with having the reserve currency of the world. … That is being put in jeopardy now and it could be destroyed in a little while. A great reputation is like virginity. It can preserved, but it can’t be restored.”

• “The whole idea of a debt limit is a terrible, terrible mistake. If you’re going to spend more than you take in, what are you going to do except raise the debt limit? So it becomes this political weapon of mass destruction. It really is like a nuclear bomb. It’s something that maybe you talk about but never dream of using.”

On the economy:

• “The country’s coming back. You can’t stop the United States. We get through everything.”
• “I’ve filed a tax return every year since I was 13. The last decade has been about the lowest tax rate. It was tougher when I was selling shirts at Penney’s.”

On women:

• “People in power don’t give it up easily. And to some extent, it just doesn’t surface much. Look at how far the country came using half of its talent. Think of what we can do using all of it.”
• “I went to public school and I had nothing but women teachers and they were terrific. But the idea of setting limits as to what talented people can do is crazy.”

On Berkshire Hathaway:

• “I started out feeling like I wanted to be private. I like looking in the mirror and making decisions and not getting any negative votes. Over time, I’ve found it more fun to run a public company. It’s a podium. I can play out ideas and explain why I do things. It’s a teaching mechanism, even.”
• “I’m running Berkshire for the people who want to stay in and not the ones who want to get out. I don’t care what the company earns this quarter; I care about where we’ll be in five years.”

On his outlook on life:

• “I’m 83 and I’m having more fun in my life than ever before. The main thing is to be involved in something you love.”
• “The secret sauce in America is that you’re trying to make your lives better tomorrow.”

This piece is a part of LinkedIn’s live coverage around Fortune’s Most Powerful Women Summit. For more, go here.

Photo: Stuart Isett/Fortune Most Powerful Women/Flickr, used under a Creative Commons license.  

source::::Jacky Carter in Linked in  site

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