2019 Berkshire Hathaway Annual Meeting (Full Version)

Berkshire Hathaway annual shareholder meeting (May 2, 2020)
Video combines Morning session & Afternoon session.

[csswithmalikbedarbakht]

Charlie's bad decisions 49:00
Mozart symphony story 2:11:00
Figure out what works and do it 2:20:35
The right strategy for most people is to specialize 3:16:27
Why it is important to have a torrent of cash 3:37:22
Slowed growth is not a huge tragedy in life 4:13:24
It's not hard to be happy if you are a collector and don't run out of money. 4:54:32

[AuditorInvestor]

1:50:00 If you aren't happy having $100, 000, you're not going to be happy having $100 million - most insightful line for me - thanks Warren.

[SeenaAbedi]

2:07:36 Buffett is asked : How did you know you were ready to manage other people's money and what general advice would to someone. Warren explains how he started his partnership and gives an in-depth explanation.

[SeenaAbedi]

4:51:52 Buffet mentions how he and Munger have never gotten into an argument as in emotions where getting the best of them. Warren mentions that Charlie is smarter than him but that he puts more time into certain things therefore they might both think they are right at times but they never hold it against each other if one ends up making the correct or incorrect decision.

[AuditorInvestor]

3:26:00 - "let's swallow the tax" - think he's referring to Sanborn Map, one of his first activist forays in 1959.

[SeenaAbedi]

2:02:20 Warren is asked if he would purchase more of the companies he already owns if he can surpass the 10% threshold that is imposed from regulators.

[SeenaAbedi]

3:32:34 Charlie asks Greg Abel if there is anybody ahead of BHE in Iowa in terms of energy. Greg responds that there is realistically nobody ahead of them in the United States, let alone Iowa.

[SeenaAbedi]

4:59:43 Buffett has said that he can return 50% per year if he was managing a 1 million dollar portfolio. The questioner asks him what type of strategy he would use and Warren replies.

[jatildon]

5:00:02 how would warren invest with small sums e.g one million dollar portfolio.

[Fringe]

1:52:32 one year later the format really changed

[SeenaAbedi]

4:24:46 I'm having a hard time focusing on what Mr. Abel has to say with that beautiful girl in the background.

[SeenaAbedi]

4:42:14 Warren recounts a story about the seller of a business and an investment banker who propose a business to Warren. They essentially tell Warren that he would be able to commit accounting fraud but they can't.

[SeenaAbedi]

3:57:23 "They don't know what a combined ratio means because it's a dumb term that everyone uses. Call it a profit margin.

They don't know what an operating ratio is in the railroad business and it's an obsolete term. Better to call that profit margin.

That lingo, we're not writing it for analysts. We are writing it for shareholders."

[SeenaAbedi]

4:09:42 "Our competitors are buying with somebody else's money and they get part of the upside and dig down on the downside, it's hard to compete with people like that."

"They will leverage it up. They will make a lot of money if it fails and they will make even more money if it succeeds, that's not our equation.

[AuditorInvestor]

4:43:00 - Wow, what an embarrassment for the private equity firm whose email was sent to Warren in error - financial manipulation in plain sight.

[nubSawace]

Wonder why so many of the people asking questions are slurring.

[SeenaAbedi]

4:45:09 Elon musk says tesla will start to offer insurance for its cars and can price it better than a typical insurance company because of the data it collects from all the vehicles on the road.

Warren mentions how general motors had a company for a long time called motors insurance company and various companies have tried it. Buffett says that the success of the auto companies getting into insurance are probably as likely as the success of the insurance companies getting into the auto business. Buffett isn't worried at all and he would bet against any auto business company of being successful.

[SeenaAbedi]

2:11:00 "Let me tell you a story that I tell young lawyers who frequently come to me and say how can I quit practicing law and become a billionaire instead. I tell them it reminds me about a story they told about Mozart. A young man came to Mozart and he said I want to compose symphonies and I want to talk to you about that. Mozart said how old are you. The man said 22. Mozart said you're too young to do symphonies. The guy says but you were writing symphonies when you were 10 years old. Mozart says yes but I wasn't running around asking other people how to do it."

[SeenaAbedi]

3:18:12 Tom Watson Sr: "I'm no genius but I'm smart in spots and I stay around those spots."

[raimondasmarciulevicius]

Together

Warren, Charlie & I together are strong.