2015 Berkshire Hathaway Annual Meeting (Full Version)

Berkshire Hathaway annual shareholder meeting (May 2, 2015)
Video combines Morning session & Afternoon session.

[SeenaAbedi]

4:05:22 Warren says that American Express has an incredible way of adapting and goes on to explain their history.

[davidmercado]

After watching most of the Berkshire Hathaway annual meeting recordings, I’m realizing that Greg Abel is truly exceptional when it comes to renewable energy. His leadership and strategic vision in that space really stand out

[FighterX]

1:07:28
2:19:08 long-term
2:20:29
2:30:28 the people you want to be around
4:19:14 comparing the value of the service: if forced to chose just one from the two alternatives, would you give up the more expensive and chose the cheaper one?
4:19:54 no to multitasking
4:28:09
4:38:08 looked for companies where we thought we could understand what the future 10-15 years would look like
4:40:15 Being curious and seeking wisdom. Trying out stuff and making mistakes. Enjoying what you do. Good family background
4:48:18 rationality

[SeenaAbedi]

1:14:45 “Actually, I would say that business school training particularly in investments was a handicap about 20 years ago when they were preaching efficient market theory because essentially they told you it didn’t do any good to try to figure out what a company was worth because the market had it priced perfectly already. Imagine paying 30 or 40 thousand dollars a year to hear that.”

[JenPurple]

Charlie on networking: “You should do the best you can .” 1:14:01

[SeenaAbedi]

3:25:17 Warren is asked if buying NetJets was a mistake. Warren explains why it wasn't, speaks about the pilots and their pay, which is $145 000 per year, etc.

[SeenaAbedi]

1:15:16 “Well, I have a son in law who recently explained how modern profit obsessed law firms work. He says it’s like a pie eating contest and if you win, you get to eat a lot more pie.”

[SeenaAbedi]

40:11 Charlie made a comment that Warren would not be able to recreate his success in the insurance business if he were to do it again.

Warren goes on to explain the 3 instances that was a defining moment in his success, claiming that it was based on luck.

[SeenaAbedi]

1:07:51 “We think any company that has an economist certainly has one employee too many.”

[JenPurple]

34:52 “We don’t have one size fits all system for buying businesses.”

Keep learning

[SeenaAbedi]

38:11 Warren mentions that they when asked about investments they know.

Charlie’s adds : “Warren, if people weren’t so often wrong, we wouldn’t be so rich”

[SeenaAbedi]

11:36 "I cannot make a moral case for practices at either Clayton or 3G Capital and I wonder how you can do so"

Warren goes on to give a full breakdown on the housing bubble, how much profit Clayton actually makes compared to the Clayton article and much more.

[SeenaAbedi]

1:46:41 Question regarding Henry Earl Singleton

[SeenaAbedi]

4:33:55 Warren says what has happened to China in the last 40 years is miraculous and that he can't believe a country that size could move so far and so fast.

[SeenaAbedi]

3:50:23 "We could of had presumably a common currency with Canada and probably have made it work"

[SeenaAbedi]

51:09 “I sit here as somebody who in the last 30 years, 1/4 of all the calories I’ve consumed come from Coca Cola and that’s not an exaggeration.”

[SeenaAbedi]

4:19:14 “If I had to give up the plane or I had to give up the internet. The plane cost me 1.5 million a year, internet costs me 100$ a year, I wouldn’t want to give up either one of them but I’d give up the plane.”

[jatildon]

3:05:26 recommendations of books by Buffett

[SeenaAbedi]

4:27:38 Question regarding the price tag of colleges. They say college educated people do better but Charlie believes they might do better because they were better to start with before they ever went to college. Warren thinks it’s a ridiculous argument and one of the silliest statistics that they publish.

[JenPurple]

1:15:12 Law school training

Pie eating contest, if you win you get to eat a lot more pie.