Warren Buffett and Charlie Munger explain how Clayton Homes could benefit from Fannie Mae and Freddie Mac. The two talk up the U.S. economy and say, "I don't think you need to worry about American ingenuity running out." They address regulation in the insurance industry. Buffett explains why regulatory filings don't disclose much about Berkshire's business. They talk about being small in China, but are bullish on the opportunity. Buffett says he'd love to put more money into the U.K.

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