Buffett and Munger discuss the Occidental Petroleum deal, explains Berkshire's risk model, details why Tesla insurance won't work, addresses philanthropy, reflects on their relationship, ponder investing and portfolio strategy, and explain the small size of See's Candies.

Warren Buffett why they did the Occidental Petroleum deal, saying they don't think it's the last one they'll do. He explains Berkshire's risk model and says, "We have no formulas." Buffett expresses doubt in Tesla getting into insurance. He also talks about phlianthropy and his relationship with Charlie Munger.

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