Unfortunately, investors can also expect a tidal wave of accounting minutiae from the regulators, as the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) getonthestick.
"I very much hope that the government will stick to its guns and get this through, because there is nothing else on offer to the universities, " he said.
But it does get at the heart of what makes Buffett Buffett: an ability to hone in on a small core of fundamental principles and stick with them even when they are unpopular.