Warren Buffett addresses new regulations and how it impacts their investments, and explains why they don't disclose foreign investments, joking "find your own stocks in Austria." Munger compares explaining being a great investor with Mozart explaining being a great composer. They also discuss the health of Precision Castparts. Buffett discusses human behavior, and Munger says, "Figure out what works, and do it." Ajit Jain discusses the art and science of dealmaking.