Professor Cunningham collaborated with Warren Buffett for 30 years and edited eight editions of the essays of Warren Buffett.

Warren refined value investing into a very successful method of capital allocation that enabled him to deliver extraordinarily high sustained returns on invested capital over many, many decades, making tens of thousands of Berkshire shareholders into millionaires and quite a bunch of them into billionaires.

Hmm.

And he did all that while still being pretty modest and humble.

And so he has this very wide following because of that combination.

People learn from him.

People develop that investment toolkit on their own.

The

Senator Elizabeth Warren and others have proposed different iterations of that.

Oh, sure.

It goes back to the 70s.

You were talking about Milton Friedman.

I mean, he had opponents, intellectual opponents in the likes of Ralph Nader and Bill Kerry.

Ralph Nader, the consumer advocate, Bill Kerry, head of the SEC, who advocated at that time that the states couldn't be trusted with this important framework and that the federal government really ought to preempt Delaware and others.

So that was a battle we had to fight then.

So sorry for the long arc of my question, but first, how was your perception of SB21? And second, how do you think this is going to play out? And do you think there's going to be more coming out of Delaware to stem this tide? If it's a tide, because maybe it's not even a tide.

I was curious if you could maybe dive in more on the pros and cons of each approach and how they might apply to different organizations.

Yeah, absolutely right.

And there are certainly pros and cons to each philosophy.

And as a practical matter, a culture or a staff situation is going to be on some continuum.

I doubt that there are any organizations where no one has any degree of freedom at all.

So there's no strictly rules-bound world.

Some new situations will come up and someone will have to wing it or make an audible call.

It's hard to commit to.