Buffett and Munger share how they think of M&A, explain why Berkshire's growth will slow and stock may underperform, address Nevada utility regulation, reveal the performance of Todd Combs and Ted Weschler, and discuss AmEx's competition.

Warren Buffett and Charlie Munger share their M&A philosophy, They explain how Berkshire's size is becoming a drag on performance and its ability to compound returns. They warn why Berkshire may underperform the S&P 500. They address Berkshire's performance in Nevada. Buffett reveals that of investment managers Todd Combs and Ted Weschler, "one's modestly ahead" of the S&P 500, and both are beating Buffett. And they discuss American Express' competition.

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