Berkshire's 2023 annual shareholder meeting: Watch the full morning session with Warren Buffett

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[ChristopherAbelman]

I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.

[ryanwilliams]

Didn't Charlie Munger and Warren Buffett invent the strategy of buying/investing when the market is low and also buying/investing when the market is high? As Warren Buffet said, he has seen this happen many times in his life. Not an investor. My wife and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock...

[alexanderfinlay]

I'm afraid of making fatal money mistake and going broke again. I'm in my 30s and I'm here for some advise

[SlParkerlee]

Every week I buy more bitcoin because i believe it would surge after the halving, but could Gold be the safest buys other than BTC & APPL in terms of growth with $150, 000 to outperform the market this year?

[smsfelipe]

Imagine being 90+ and still sharp as a knife. True legends!

[michaelschiemer]

Munger and Buffett have both achieved an incredible feat with Berkshire. They've turned thousands to billions, and have made a lot of people wealthy in the process. I really saw the potential of the stock market by reading Berkshire's annual letters. I recently sold my $674k apartment in the Bel Air area and I'm hoping to throw it into the stock market. I just don't want to lose everything.

[KieferRomer]

There are lots of mixed opinions about stocks and their projection in the next coming years, I aim for short term solid gains from market correction and I'd definitely jump on the boat if I knew a thing or two about day-trading, but then again what do I really know? I'm just looking for the right moves to grow and hedge my stagnant reserve of $370k from inflation.

[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


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[Matt-yziq]

Warren Buffet is 92 and he is running a shareholders meeting in front of a live audience without issues and is completely coherent. Just incredible.

[johnben]

These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.

[billybrannon]

Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. 2023 will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $180, 000 savings to turn to dust.

[lailaalfaddil]

The greater the passive income you can build, the freer you will become. Taking the first step is the hardest, but 5 houses later living off passive income since July 6, 2016. You’ve got to start taking steps to achieve your goal.

[ryanarmendariz]

Thanks for posting the long videos in addition to the clips CNBC

[ervinmurray]

I am experiencing one of the most challenging phases of my life... Lost a fortune lnvesting in emerging companies... How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

[lisajenkins]

I'm struggling in this market. Stocks that I have held for months and made profits from are not behaving the way I'm used to so I’m quite indecisive on how to tackle this market, any advice would be grateful.

[TheNumismatist]

Becky Quick does such an awesome job when covering these two. She’s magnificent. Two historic icons setting in those chairs.

[craftycrabhobby]

I love these 2 guru. they are funny, humble, and very capable. national treasure material for sure.

[xvmkixo]

Rest in peace Mr Charlie Munger
You will be a legend forever!

[Andrian-chon]

I genuinely mean it when I say that this economic recession has left me incredibly angry and exasperated. I have good companies bought but instead of making profits I've lost over a quarter of my portfolio since a year.
I've been considering hiring a financial advisor, but I'm torn between choosing a male or female advisor. Who do you think would be more trustworthy?

[SerenGordon]

5lSuccessful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in