Watch Warren Buffett and Charlie Munger preside over full 2023 Berkshire Hathaway annual meeting

Berkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire Hathaway annual meeting.

[AmicusAI]

0:06 - Agenda for the event
1:18 - Introduction of Directors and key personnel
4:29 - Discussion of earnings and overall financials
7:12 - Change in business climate and expectations
9:53 - Increase in investment income
10:57 - Insurance underwriting outlook for the year
12:25 - Historical growth of earnings
13:04 - Berkshire Hathaway's net worth under GAAP accounting
14:03 - Explanation of float and its importance in insurance
15:42 - Jain's contribution to increasing float
17:04 - Update on cash and treasury bills as of March 31st and April
22:00 - Question about balancing conservatism and aggression in investments, and if emotions play a role in decisions
22:30 - Buffett admits to making bad investment decisions but not due to emotions
26:23 - Ajit talks about Geico's progress in telematics, technology challenges, and improving profitability
29:11 - Greg talks about BNSF, its efficiency, and long-term focus on delivering value and service to customers
31:48 - Buffett praises Todd Combs for his work on Geico, especially on matching rate to risk
33:02 - Buffett discusses public insurance companies and highlights the success of Berkshire Hathaway Specialty, created by Ajit and four others
36:05 - Questions about AI, Robotics, and their impact on stock markets and society
36:58 - Robotics adoption in BYD's factories in China
37:10 - Skepticism about AI hype, preference for old-fashioned intelligence
37:33 - AI's limitations, example of AI not understanding jokes
38:40 - Concerns about AI's influence and potential consequences
39:45 - Warning about brewing storm in US commercial property market
40:19 - Berkshire Hathaway's limited activity in commercial real estate
40:42 - Anticipation of significant, unpleasant consequences from hollowing out downtowns
43:33 - Thoughts on the future of value investing and adaptation for investors in a rapidly changing landscape
45:02 - Belief that opportunities for value investors will still exist due to people making mistakes
47:53 - Expectation of unpleasant episodes in a world where many smart people are trying to outsmart each other
49:37 - Update on unique transaction with AIG in 2016 and risks of banks with assets susceptible to rising interest rates
50:02: Insight on Berkshire liabilities susceptibility to duration; Berkshire doesn't have to put it into matching bonds, but a general pool of assets
51:40: Payments made have been slightly below the anticipated amount in terms of share of losses
52:54: Deal is performing well; actual payouts are 96% of projections
55:04: Berkshire has 4x more stockholder capital behind each dollar of premium volume than normal
58:02: Estate planning problem: Failure of parents to prepare the next generation for inheritance or business succession
1:02:01: Estate planning advice: Live the values you want your kids to have and make sure your will reflects that
1:05:11 - Discussion of reprehensible behavior at BNSF and other subsidiaries
1:05:25 - Breaching agreement with tribal land, looking to resolve the issue
1:06:11 - Lessons learned from the breach, respecting agreements
1:06:34 - Addressing derailment issues, working with tribes to mitigate problems
1:07:45 - Discussing the frequency of derailments and their inevitability
1:09:37 - Question on continued development of new energy and its future
1:10:27 - Challenges in building transmission and integrating renewable energy
1:12:02 - $70 billion of known projects required for energy transformation
1:14:22 - Difficulty of recreating urgency and unity seen during World War II to tackle energy challenges
1:17:56 - Question on who's behind Greg Abel and Jain in their respective roles
1:20:28 - Discusses changing managers infrequently and having the right person running the company
1:21:37 - A former Solomon Brothers employee thanks Buffett for saving the company
1:22:32 - Most important things for the US to remain strong and potential reasons for its strength being undermined
1:27:09 - Need for different solutions to address global challenges and the importance of adapting to those challenges
1:29:04 - Potential concerns after Buffett passes away, such as a corporate raider taking control of Berkshire and changing its philosophy
1:33:15 - Emphasizes the importance of Berkshire remaining a secure, well-managed company with a diverse portfolio and strong shareholder base
1:36:07 - Story about meeting Jain and how he knew he struck gold despite Jain's lack of insurance experience
1:38:27 - The importance of recognizing talent regardless of formal education
1:39:32 - Munger shares a story about finding Louis Vincenti within their companies and his remarkable retailing knowledge
1:42:09 - Ben Rosner, his strong partnership with Leo Simon, and their interesting business ventures
1:47:33 - Jain discusses the property cat business, the renewal date, and their current portfolio exposure to property catastrophe
1:51:22 - Freedom to make their own decisions without pressure from Wall Street
1:53:34 - Buffett doesn't understand the technical aspects of all businesses, he understands consumer behavior
1:55:17 - Buffett and Munger emphasize learning over time and getting wiser in making business decisions
1:59:40 - Buffett and Munger discuss their Japanese investments, building trust with Japanese companies, and potential long-term opportunities
2:06:15 - Charlie discusses the insanity of vast diversification, suggesting it's better to focus on best ideas rather than worst
2:07:51 - Attendee from Hong Kong shares his positive experience investing in Berkshire Hathaway and asks about US-China internet companies' valuation and price disparity
2:09:45 - Charlie expresses the importance of US and China getting along and promoting free trade for mutual benefit
2:11:00 - Discussion about the geopolitical balance and the need for both countries to understand the consequences of pushing each other too far
2:16:08 - Question about the selling of Taiwan semiconductor shares; Warren cites geopolitical issues and preference for US-based companies
2:18:47 - Question about the 100-year vision for Berkshire Hathaway; Warren shares his admiration for Ben Graham
2:20:46 - Success of Ben Graham's book that changed his life
2:23:00 - Munger adds half of Graham's investment returns came from investing Geico
2:26:35 - Jain about Geico's efforts to offer insurance at the point of sale with auto manufacturers
2:32:21 - Control of voting rights in Berkshire Hathaway and whether CalPERS and BlackRock will get their way with ESG
2:35:08 - Discussion about fund management fees and the behavior of certain funds
2:36:05 - Berkshire Hathaway's share buybacks and future capital allocation decisions
2:39:19 - Tom Nelson from Minnesota asks Charlie about his controversial statements on the COVID-19 vaccine
2:40:28 - Advice for Berkshire owners once others are running the company


🤓🤓

[kimyoung]

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

[hersdera]

Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.

[arianbehnami]

Was an absolute honour to be in the room. So much valuable knowledge and experience behind each word

[sebastianspiegler]

As a fairly new investor, I have found that before investing any money into the market, it's important to thoroughly research the companies you are thinking of investing in, especially for the long term. If you wish to dabble in single stocks, due diligence is a must. Fortunately, I was able to make a $150k profit in Q1 of 2023, and I hope to make more in the remaining quarter of 2023.

[elsestatement]

what happened to peter? bring back peter flaherty!

[saferandquieteroads]

what a beautiful friendship the two of them had. A great example to us all. My heros

[RelaxInCanada]

Two legends who gave us valuable timeless advice for years💸

[SanjiEastBlue]

Rip Mr. Charlie Munger. We will never forget you and your words of wisdom. My condolences to the Munger family.

[WiolciaMrozowska]

I can say now is my life has changed since meeting Rodger Michael Karl. He's helped us become debt-free and save for retirement." I made over 220K during this dip, which made it clear there's more to the market than we average joes know. Having an investment adviser is currently the best course of action, especially for those who are close to making losses..

[musclebroh]

God bless you! The world need more people like you in the future!

[ericb]

Thank you! Look forward to this each year

[GreatGoldenRetriever]

"We are both extreme lovers of the big pile." - Charlie Munger

[Odysseus]

Idk why but something about charlie munching on snacks the whole time as warren speaks is hilarious 😂😂😂😂

[shamha]

almost 200 years of wisdom thank you !!

[Yukiyau-NgaLai]

Incredible legend Warren Buffett, I'm so thankful for your valuable teaching and I have learned a lot from you. 😊👍🌹Wish to achieve wealthy goals with you 🎂🙏🏽

[optionfarmers]

I always run to these guys during crisis's :D my rich grandpas i never had

[agentsancho]

Buffet is 90+ yrs old and still slicker than tadpole covered in soap.

[newtonbubber]

2.40.30: Becky Quick was not that Quick for her last question before lunch 😊

Buffet Rule 1: Be always ready even when you are not ready.
Buffet Rule 2: If lost, follow Rule 1.

What a wonderful annual meeting 2023. Always source of learning & implementing same in our every day life, whether business or personal.

Wishing you good health & long life Mr. Buffet & Mr. Munger.

[davidanalyst]

I watched this whole thing, and didn't see peter flaherty's question. Why did CNBC edit this out?