PEOPLE ARE GOING.
>> WE ARE IN TOTAL AGREEMENT.
EXTRAORDINARY.
THANKS VERY MUCH INDEED.
I WANT TO BRING IN ONE OF THE
VERY EARLIEST OF TECHNOLOGY
INVESTORS.
HE'S THE MAN ON YOUR SCREEN.
HIS NAME IS ALAN PATRICK.
USER WERE ONE OF THE ORIGINAL
INVESTORS IN APPLE.
YES, THAT'S CORRECT IN THE
1970s?
ACTUALLY PULLED OUT THE OLD
FILES.
IT WAS 1979 AND THE COMPANY
STARTED IN 77.
I WASN'T THE FIRST DAY, BUT IT
WAS A PRIVATE COMPANY.
HE GOT A PIECE OF THE ACTION
BEFORE WENT PUBLIC.
IT DIDN'T GO PUBLIC UNTIL A
COUPLE YEARS LATER.
DID YOU MAKE A LOT OF MONEY ON
APPLE.
WHAT WE ENDED UP DOING IS WE
DISTRIBUTED THE STOCKHOLDING
WHICH IS SOMETHING THAT'S DONE
IN PRIVATE INVESTMENTS.
I HAVE NO IDEA WHAT THE 40 OR
50 POTENTIAL INVESTORS WE HAD.
>> YOU HAD AN INVESTMENT
COMPANY, YOU GOT THESE CHUNK
OF APPLE, YOU SPLIT IT ALL UP
AND GOT IT TO YOUR INVESTORS
TO YOUR COMPANY MADE A TON OF
MONEY.
>> NO, THE INVESTORS MADE A
TON OF MONEY BUT WE GOT THE
CREDIT FOR IT.
WHO KNOWS WHAT THEY DID WITH
STOCK.
THE QUESTION I WONDERED MANY
TIMES, I'M SURE MANY OF THEM
BECAUSE THIS IS A LONG TIME
AGO, MANY OF THEM ARE DEAD AND
WHAT HAPPENS IS WHEN THEY GET
SIGNIFICANCE THEY MAY HAVE
JUST PUT IT IN THE DRAWER.
I WONDER IF THERE'S ANYONE WHO
FORGOT ABOUT IT.
>> I ONCE MET SOMEONE WHO HAD
INHERITED 300 SHARES OF
BERKSHIRE MILLS FOR BERKSHIRE
HATHAWAY.
THEY GOT 300 SHARES PASSED
DOWN TO THEM BY A GRANDFATHER
AND SUDDENLY FOUND THEMSELVES
WORTH ABOUT $30 MILLION.
I WILL TELL YOU SOMETHING I
HAVE NOT TOLD BECAUSE I JUST
DISCOVERED THIS ABOUT TWO DAYS
AGO.
WE INVEST IN $315,000 AND I
HAD SOMEONE TO THE COMPUTATION
THE OTHER DAY, IF WE HAD HELD
THE 315,000 IN APPLE WHAT YOU
THINK IT WOULD'VE BEEN WORTH
TODAY HUNDRED MILLION TWO AND
HALF BILLION DOLLARS.
[LAUGHTER]
AND THAT'S ACCURATE.
IT WAS FACT CHECK.
BUT IT ALL DISAPPEARED
QUICKLY.
IT JUST MAKES ME DEPRESSED.
LOOK AT THAT.
APPLE'S HAS A MARKET VALUE
PRETTY CLOSE TO A TRILLION
DOLLARS.
ANYTHING STANDING IN THE WAY
OF THEM GETTING TO A TRILLION
DOLLARS.
>> THERE SEEMS TO BE NO END TO
WHERE THEY'RE GOING.
GO TO THEIR STORES, IT'S
JAMPACKED AT TWO OR THREE IN
THE MORNING, EVEN WITH
CONSTRUCTION GOING ON.
>> YOU INVEST IN THE SMALLER
UP STOCKS.
>> YOUNGER COMPANIES.
>> IF YOU WERE TO INVEST JUST
SUPPOSED YOU HAD A FEW
BILLION, WOULD YOU PUT IT IN
ANY OF THESE BIG-NAME TECH
STOCKS?
>> I'M REALLY CONCERNED THAT
YOU CAN'T HAVE THIS MUCH NOISE
ABOUT THE MONOPOLISTIC OR
CONTROLLING INFLUENCE GOOGLE
HAS IN THE SEARCH AREA AND
FACEBOOK AND THE SOCIAL
ASPECT, AMAZON HAS E-COMMERCE,
YOU'VE GOT TO BE ABLE TO KNOW
THAT CONGRESS OR SOMEONE ELSE
WILL SAY WERE REALLY HEADING
DOWN THE ROAD WHERE IT AMOUNTS
TO CONTROL, AMAZON HAS 45% OF
THE E-COMMERCE BUSINESS AND
GOOGLE HAS 70% OF THE SEARCH.
TWO-POINT TO BILLION PEOPLE ON
FACEBOOK, YOU REALLY HAVE TO
BE CONCERNED, ARE WE GOING TO
A POSITION OF PEOPLE HAVING
CONTROL IN SPECIFIC AREAS AND
IS THAT HEALTHY.
I'M NOT SURE, I'D STICK WITH
MY EARLIER STAGE DEALS AND
YOUNGER COMPANIES.
WE SAW THEM GET A SOLD FOR
SEVEN AND HALF BILLION
DOLLARS.
200BILLION WAS INVESTED.
WE HAVE A LOT OF UP-AND-COMING
COMPANIES AND WE'VE DONE
REASONABLY WELL SO FAR.
TELL ME THE BIG TECHNOLOGY,
THE NEXT BIG THING THAT YOU
ARE INTO RIGHT NOW.
>> WE'VE DONE A LOT OF DIRECT
CONSUMER COMPANIES RECENTLY.
THAT'S THE NEXT BIG THING.
HUBBLE IS SELLING CONTACT
LENSES
LNSES
LENES
LENSES.
>> INSTEAD OF TWO RETAIL STORE
THERE SELLING ONLINE.
HUBBLE IS SELLING CONTACT
LENSES
LNSES
LENES
LENSES, CANDID WHICH IS
JUST NOW RECENTLY STARTED
WHICH IS GOING AFTER THE
INVISIBLE ON MARKET AND BIG
MARGINS OF THESE BUSINESSES.
THERE'S OPPORTUNITIES TO GO
DIRECT TO CONSUMERS.
WE ARE INVESTING A LOT OF
THAT.
I DO A LOT OF THINGS RELATED
TO THE MEDIA BUSINESS FOR THE
FIRM.
WE'VE DONE THRIVE, WE DID A
LITTLE BIT OF INVESTMENT.
>> WHEN YOUR EYES LIT UP WHEN
YOU SAID BIG MARGINS.
>> YES, I LIKE BIG MARGINS.
>> WHAT'S FACEBOOK MARGIN,
60%?
THAT'S A BIG MARGIN.
THAT'S EXTRAORDINARY.
MARGINS DEPEND ON WHAT
BUSINESS YOU'RE IN.
BIG MARGIN IN THE GROCERY
BUSINESS WILL BE 5%.
IN ANOTHER BUSINESS TO BE
20%.
>> IT WAS ANYBODY ELSE, WE
HAVE A BUZZER WHEN YOU USE
EXPRESSIONS LIKE THAT.
EARNINGS BEFORE TAXES.
I SAID THIS WAS A GOLDILOCKS
ECONOMY, DOING VERY WELL.
NICE GROWTH, LOW INFLATION,
MORE GROWTH STILL TO COME.
ET CETERA.
YOU DON'T CARE TO YOU.
>> NOW, IT'S INTERESTING, WE
DON'T SEE ANY SIGNS OF THE
ECONOMY HAVING A DAMPENING
EFFECT.
WHEN YOU'RE IN A VERY HIGH
GROWTH STAGE, I TALK ABOUT
THIS A LOT, ALL OUR COMPANIES
ARE FINANCED WITH EQUITY.
THEY DON'T BORROW MONEY, TRULY
THEY DON'T SPEND MUCH TIME
WORRYING ABOUT WHO'S ON FIRST
IN TERMS OF POLITICS.
YOU DON'T HEAR MUCH DISCUSSION
ABOUT POLITICS AND YOU DON'T
HEAR THE MORNING ABOUT WHERE
INTEREST RATES ARE GOING OR
WHETHER GDP IS UP OR DOWN.
ALL THEY FOCUS ON IS HOW MANY
MORE CONTACT LENSES, HOW MANY
MORE CUSTOMERS ARE GOING TO BE
BUYING ONLINE.
WE HAVE A CHEMICAL SWITCH
YESTERDAY THAT HAVE A BIG
ANNOUNCEMENT WHICH IS YOUNGER
PEOPLE STARTING TO GET INTO
THE INVESTMENT WORLD.
THE VERY HOT COMPANY WHICH
JUST ADDED A NEW PRODUCT BUT
UP UNTIL NOW THEY DO ROUNDING
UP WHEN YOU GO SPEND MONEY THE
DIFFERENCE BETWEEN TWO AND A
$2.25 AND $2.25 GETS PUT AN
ACCOUNT FOR YOU TO INVEST.
PRIVATE COMPANY BUT VERY
EXCITING.
WE GOT A LOT OF THOSE.
>> I THINK WHERE OUT OF TIME.
LAST TIME WE WERE AT NINE
MINUTES.
I THINK WERE AT AN ALL-TIME
RECORD.
>> WE HAD EIGHT MINUTES
TODAY.
LAST TIME YOU WERE RATED AND
THAT'S WHY YOU'RE BACK.
IF YOU'RE NOT RATED TODAY WILL
NEVER BE BACK.