Questioner

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“The shoes to fill are tough on all fronts.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Plus, in a move befitting Buffett himself, this new CEO isn't too concerned about his paycheck.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“So, you're basically taking all of your take-home pay and putting it into shares of Bergkshire.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Big shoes to fill and a big promise.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Your entire salary.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“pointing out this is this is all for show because he has 60 days uh from from the beginning of before anything. So it was just done to register um disapproval uh at this point and and nothing was going to happen and it wouldn't happen anyway and it wasn't going to pass. But certainly within Congress's right uh to do this and they've done it in the past for different um for different operations. It goes back the only time we've declared war uh in the last 100 I guess World War II was the last time that there was actually a declaration of war. And there were a couple of uh incidents with Obama u guys where you still had a a something that was passed after um 9/11 that allowed for anyone even remotely concerned with that. You could you could make the case that I still have the authority to do something with that. Libya uh less so and then some”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“that. Libya uh less so and then some previous I mean think about it Korea Korean war never declared the Vietnam war never declared it's it's u it is and and as it's remember when we talked about strategic am am am am am am am am am am am am am am am am am ambiguity for Taiwan the writers of the constitution they said one thing in article one and another thing in article two and it it's there is some ambiguity the commander-in-chief has has the right to command the military as he sees fit. Yet, Congress has to weigh in on actually declaring war. So, both sides have always been able to to find enough wiggle room to to do exactly what's happening.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Yeah. Yeah. They were they were pretty savvy or they didn't know exactly how to”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Right. Exactly. 250.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“may be that Google is the best version of it. But interestingly to me, the backlash uh that's happening inside OpenAI and the fact that OpenAI plans to and if already hasn't effectively requested basically the same protections that uh that Dario at Anthropic was requesting, I think throws this whole thing up into a question. So when you hear Treasury Secretary Besson say we can't have companies telling us what to do. Well, if if that's true, then why are we signing up deals with Open AI? I think ultimately, and this is where I I think Sam Alman is is right, u you know, you don't want effectively CEOs to be making the decisions necessarily about how uh how and what these products can or cannot do. Having said that, you know, and you've probably heard the analogy many times, if you're going to manufacture a vehicle and it happens to”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“manufacture a vehicle and it happens to have a button inside the vehicle that's under development, uh, and you know that if you hit the button, it does terrible things or you're a healthcare company, you create a drug that mostly does good things, but maybe does some terrible things. The question is whether you should be selling the either selling that product at all or if you're going to, it should probably come with restrictions.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Yeah, we were talking yesterday. I understand the the the you know, you don't want perhaps the security of all Americans being, you know, looked at, but don't we already have autonomous weapons that we're using? Isn't Isn't that sort of what I mean, not necessarily just drones, but okay, so we want them and we're okay with it, but we don't want them being too good. I don't I don't understand. Don't we want the best autonomous weapon that? We just got”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“best autonomous weapon that? We just got to admit it. We want killing machines that work for war and and we want to give our soldiers the best we have.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Right.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Sure. But the product >> if the founder of the company is telling you that the product doesn't work.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Well, that's a different that's a different story.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> No, but that No, that is the story. That is the story. If you if you talk to Dario, he will tell you that they are trying to make the product work. They want the product to work, but there are still You talk about hallucinations. You know, we have these conversations about how good or bad AI is. In this particular moment, it is unclear >> whether the product will work the way it's supposed to work all of the time. And if you're in the business of killing other people, I would hope that you would only want to use a product in”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“would only want to use a product in which the company could stand behind the actual product that component part. If you believe that that's there may be other reasons that you remember how many times in the past defense contractors just had this you know there was a backlash culturally against ever doing supporting even I don't think that that's I don't think that's what's what's the issue here and first of all I don't think that's the issue here and I think the I know that but I think the secondary issue and maybe it's really the first issue here is one of personalities and of politics I mean unfortunately ely that's to me where this has gotten really all bollocked up. We're talking about supply chain risk and this and that, but ultimately if you understand Emil Michael at the Department of War and you understand where Dario is and you look at the”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“where Dario is and you look at the politics of both of those uh both of those folks, you look at the politics of the of the Secretary of the Treasury yesterday and some of the things that have been said over the years and and even where Open AI is, it all makes a lot more sense than the underlying argument about what's allowed and what's not allowed because effectively Open AI is trying to do exactly what that the thropics doing anyway.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“And and andrew, I will also say earlier this week we had Alex Harstre on with this. He is a veteran. He's now involved in in investing in all sorts of defense companies and beyond. His point was that the language of Silicon Valley is so different than the language of the defense department and that they end up talking over each other in some ways too. But it is easy to comment on the nomenclature”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“to comment on the nomenclature difference between Silicon Valley and the military-industrial complex. So when the Pentagon talks, the Pentagon is a command and control culture.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“He thinks if you can boil this down and maybe um get to the point where you have other intermediators who are kind of helping you talk this through, you might be able to reach some sort of agreement. And I wonder if that's why, as the FT is reporting, Dario Modi is talking to Andy Jasse and others. um about exactly what this is.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“but he also has a better idea. I think Andy Jasse of how to talk to the government in some of these ways too”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“by the way, Emil uh grew up in Silicon Valley. I mean, the the guy who is negotiating this deal, the one who has been on Twitter saying what he's been saying about anthropic and the like, >> worked at Uber. This is to me this is not a conversation about people talking past each other or something else. These people know each other. They know each other and don't like each other. That that's what's happening here. Well, that happens too. U Well, so we we all can agree that we want the best AI operated autonomous weapons that we can possibly get. We we but we definitely don't want them like >> we don't No, we don't. Right. But we don't want the weapons to be launched and then come back and hit the place they were launched. Correct. That would be bad. That would be bad. >> Okay. >> You want war games. >> We want We want them to work. >> War games. I don't know if you remember”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“War games. I don't know if you remember the math we brought.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“It's a moral question. Do you want the I mean, think about the nuclear arsenal. Do you really want to make things like that that can ever be used?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“So,”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“well, or that can be used without a human.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Well, that was the uh the think of the neutron bomb. Leaves all the buildings.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Just kills people.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Well, um we're a business show, but these things matter. Cheese will be next.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“President Lincoln said, "Yes, this letter is very long, but I didn't have time to make it shorter."”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“And I use that to everyone cuz everybody would be texting me. I'm halfway through. But so far it's going well.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“what's coming from the 8K. That's the big headline here that Bergkshire Hathaway has begun repurchasing shares of the common stock under the previous policy that had been out there before. How many shares are you buying back? Why are we hearing about this?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“owners that with the transition uh of leadership and that this is the uh of leadership and that this is the first time we're purchasing shares. It was important to let them know we've recommenced.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Yeah. The last time that you had bought back shares was May of 2024. Um, Bergkshire shareholders have long realized that it might be Charlie maybe or Warren talking to each other kind of figuring what they thought was a fair value for the price of things. Did you talk to anybody about it or you looked at it and you thought this is a good time to be buying back?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Have you been looking at this for a long time?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“What are the three top things that that would make you think that is it something to price the sales? Is it what jumps out as as as a signal that these the intrinsic value is not recognized by the share price? Which thing?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Mhm.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“it's really just looking at the economic opportunities that exists within Berkshire and are we comfortable that”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Berkshire and are we comfortable that the value proposition is very strong and we're doing it on behalf of obviously our shareholders and owners. We have to view this as value that we're creating value for our shareholders long term. So if the stock goes up from from the announcement or from the buybacks, how long how long would you do this? How how much will you keep doing it until it remains the case that you feel it's it's underval? You can do as much as you want.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> not even ballpark it.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“So we're not going to hear from hear something like this from you again. We won't know when you're in the market buying back.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“It's a 20 billion buyback and we we're halfway through. We won't know anything.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Is that a reasonable number? Could it be a it could be a lot more at Birkshire?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“And and how that equation remains in place. So Bergkshire shares up until a minute ago were down maybe 1% over the last year. Market's been up. You guys have $373 billion in cash as of the last filing. Correct. I guess you're looking around and it tells you that this is something that makes way more sense to you than buying other things, other stocks, but making other purchases.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Okay. We're going to come back to this>> Okay. We're going to come back to this>> Okay. We're going to come back to this line of questioning and some of theseline of questioning and some of theseline of questioning and some of these issues here. But before we do, I want toissues here. But before we do, I want toissues here. But before we do, I want to talk about another form that you put outtalk about another form that you put outtalk about another form that you put out today, too. That's a form four. It maytoday, too. That's a form four. It maytoday, too. That's a form four. It may not jump out as people as being asnot jump out as people as being asnot jump out as people as being as significant as I think it is, but in itsignificant as I think it is, but in itsignificant as I think it is, but in it you say that you are buying 21 class Ayou say that you are buying 21 class Ayou say that you are buying 21 class A shares. This is the disclosure of thatshares. This is the disclosure of thatshares. This is the disclosure of that $15.3 million. What's the significance$15.3 million. What's the significance$15.3 million. What's the significance behind that purchase?behind that purchase?behind that purchase?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> All of the extra tax>> All of the extra tax>> All of the extra tax >> all the after tax dollars. basically>> all the after tax dollars. basically>> all the after tax dollars. basically taking all of your take-home pay andtaking all of your take-home pay andtaking all of your take-home pay and putting it into shares of Berkshire.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Yes. And and and the why is really important. Um one, as we've always highlighted, absolute alignment with our shareholders, our partners, our owners is critical. I already have some shares, but the goal was to continue to demonstrate alignment with them. two, as the CEO, I absolutely obviously believe in Bergkshire with with the transition from Warren and I I inherited a company that has an incredible foundation. I believe in its, you know, future, the opportunities that exist there. So, I was very excited to use my after tax proceeds and my compensation, as you highlighted, all of it, and effectively do it as we came out of the blackout period. Now, there is another part to this that's really important because I really view this more as a a plan or an approach. Um, I'm committed to doing”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Your entire salary.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“I'll purchase 15.3 million next year, whatever it is after tax dollars. I love I love the Midwest, but I was kidding you when you walked in. I said, "It's your first move. You're you're going to Miami. You're going to move to headquarters Miami."”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“There's nothing better than Bergkshire. And it's what I do every day. I wake up,”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Greg, if you decide to splurge on on your compet, it's like you're looking around. It's like, ah, I'm going to buy your stuff.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“What I think is interesting about this, Greg, is that you are effectively taking home less pay than Warren Buffett was when he was taking home $100,000. That was the salary that he took. It was had to be the lowest pay in all of corporate America. Did he come up with this plan?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“and it's best just to tell the world and”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“right”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“can't imagine I I can't imagine anybody any other corporate leader doing this. I can't imagine myself.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“well, I believe in Bergkshire, but it is interesting, Becky, and Joe, you're touching like um to me, of course, it's a logical thing to do when you're leading the company. And there's other leaders and CEOs that do the oneoffs every once in a while,”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“but to take all your after tax dollars and to do it on a recurring”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“something similar with vers stock, I I'm with you. I'm an owner. I'm an owner and I I”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“You did not take your entire”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“got a couple hundred shares.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Did not take your entire Greg. What did”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Did not take your entire Greg. What did Warren say about this? What did the board say about it?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“right”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“you've never been given a share of Berkshire ever”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“so the whole idea is our shareholders our owners use their after tax dollars to by Berkshire, I'll do the same. So,”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Greg, Andrew's got a question as well.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Yes, Andrew.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“monetized it and again with a very similar concept I took a portion of those proceeds on an after tax dollar basis and purchased Berkshire stock.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“21 shares that cost $730,000.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Greg, let's talk through some other issues that $373 billion that you had on cash as of the last filing. Do you see other opportunities? Are you looking for a big elephant, elephant hunting as Warren always said he was doing?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“I guess my question is do you see value out there in the market right now? Are things expensive as you weigh them or do you see pockets of opportunity? A as as”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“But that's what I'm kind of getting at. You are now the person who's going to be responsible for deploying all of this capital. I I guess Ted Ted Wesler is there. He's going to be he's has 6% he's managing his money and the manage money that Todd Combmes was managing before, too.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“But what is your view of the market at this point? It's something we ask of Warren all the time. Do you think things are expensive? If you think Bergkshire shares, uh, you're going to buy back some, but you're not going to deploy everything. You'd love to buy back more, but it's not cheap enough. What do you”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“but it's not cheap enough. What do you think when you look at the overall market?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Yeah, I mean, obviously, we've commented on our shares.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“We file our uh where we highlight what we've acquired and and what we've disposed of, you know, regularly. Um, you know, and and we have some activity there, but it's not significant.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Yeah. Are you I I guess are you reading through 10Ks and 10 Q's constantly and thinking”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“I'm looking for ways to deploy this or are you looking at things a little differently than maybe because you're such an operator?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“I'm an operator but I love businesses and I love reading.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Yeah.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“So I do the same thing. I'm I'm going through K's Q's. I'm looking at their what are they saying about their businesses? I'm looking at the industries that we we traditionally look at and and incrementally to make sure”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“at and and incrementally to make sure one have a thorough understanding of theone have a thorough understanding of theone have a thorough understanding of the industries what businesses stand outindustries what businesses stand outindustries what businesses stand out there. It doesn't mean it's uh anthere. It doesn't mean it's uh anthere. It doesn't mean it's uh an immediate that there's an immediateimmediate that there's an immediateimmediate that there's an immediate value proposition there to acquire itvalue proposition there to acquire itvalue proposition there to acquire it but that doesn't mean or a portion ofbut that doesn't mean or a portion ofbut that doesn't mean or a portion of the business but it doesn't mean itthe business but it doesn't mean itthe business but it doesn't mean it won't be there a month from now or threewon't be there a month from now or threewon't be there a month from now or three months. So I view of it a lot ofmonths. So I view of it a lot ofmonths. So I view of it a lot of preparation waiting for when we see thatpreparation waiting for when we see thatpreparation waiting for when we see that opportunity that the the value existsopportunity that the the value existsopportunity that the the value exists within a a specific opportunity.within a a specific opportunity.within a a specific opportunity.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> You said you talked to Warren yesterday.>> You said you talked to Warren yesterday.>> You said you talked to Warren yesterday. How often do you talk to Warren Buffett?How often do you talk to Warren Buffett?How often do you talk to Warren Buffett?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Greg, would would you do these large positions in like S&P bets that that Warren has done at times in the past? He sold a lot of puts, brought in billions of dollars in premium back in the uh the early 2000s. You've made some mac Warren used to make macro calls or at least hedging uh calls on the overall indices, not just individual stocks. Would would that continue with you?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“He hasn't done it as much lately, I don't think, has he? But he I don't think he ever lost any money on any of those things. Did he ever? Well, not that I'm aware of, but I mean, as we all know, these financial markets have become more fine-tuned and and those opportunities, excuse me, may or may not exist going”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> How about you remember back in the>> How about you remember back in the>> How about you remember back in the financial crisis when major companiesfinancial crisis when major companiesfinancial crisis when major companies would say, "Our can you?" and he'd say,would say, "Our can you?" and he'd say,would say, "Our can you?" and he'd say, "Yeah, I'd be glad to step in. Here's"Yeah, I'd be glad to step in. Here's"Yeah, I'd be glad to step in. Here's what you'll do." U 12%what you'll do." U 12%what you'll do." U 12% preferred stock convertible into Yeah. 8preferred stock convertible into Yeah. 8preferred stock convertible into Yeah. 8 10 Goldman blue chip companies that that10 Goldman blue chip companies that that10 Goldman blue chip companies that that I mean it was like a no-brainer. If II mean it was like a no-brainer. If II mean it was like a no-brainer. If I could have done it, I would havecould have done it, I would havecould have done it, I would have mortgaged the house and and gotten thosemortgaged the house and and gotten thosemortgaged the house and and gotten those terms if I could have. Would you do thatterms if I could have. Would you do thatterms if I could have. Would you do that again?again?again?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Can you act the same way Warren did which would be to do a a deal for tens of billions of dollars um and basically get it done in three days”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“without necessarily telling the board until after the deal had been cut. Um”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“So you can do a big deal without”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“approval. Well I would always um we we”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Okay. Um what about the idea of a dividend? That was something that Warren Buffett's never been a fan of. Would you potentially give a dividend back to shareholders if you don't see other opportunities in the market?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“repurchases as an opportunity effectively to deploy uh uh to return capital to our shareholders >> instead of dividends. You're basically saying,”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> I don't think I've That's more than I think I've heard from Warren and Charlie in the past. Just the idea if you didn't meet that test, you'd do a dividend. Is that something you see in the near future?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> but we've always stated if we don't meet that test, that's the time.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> So, basically what you're saying is no change.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Okay.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Could you ever see a time?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Would you rather?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Warren a lot of technology. He may not have been the first person there, but he”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“have been the first person there, but he he finally did enter and he entered bighe finally did enter and he entered bighe finally did enter and he entered big Apple, other other uh companies. IsApple, other other uh companies. IsApple, other other uh companies. Is there any chance that some type ofthere any chance that some type ofthere any chance that some type of blockchain new technology cryptoreated?blockchain new technology cryptoreated?blockchain new technology cryptoreated? Maybe not maybe not Bitcoin itself,Maybe not maybe not Bitcoin itself,Maybe not maybe not Bitcoin itself, maybe not, you know, Ether or ormaybe not, you know, Ether or ormaybe not, you know, Ether or or anything like that, but but a companyanything like that, but but a companyanything like that, but but a company that builds out a blockchain thatthat builds out a blockchain thatthat builds out a blockchain that suddenly all the tokens are moving on.suddenly all the tokens are moving on.suddenly all the tokens are moving on. this it it it looks like the future.this it it it looks like the future.this it it it looks like the future. Would that ever be a possibility or orWould that ever be a possibility or orWould that ever be a possibility or or crypto would never be a word you'd seecrypto would never be a word you'd seecrypto would never be a word you'd see on a on a Berkshire?on a on a Berkshire?on a on a Berkshire?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“so it could include some type of blockchain.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Some people think it's going to dis intermediate the entire banking uh industry. You don't want to just watch while”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“But not gold. What about gold miners? I don't How about airlines? Where where's where are you on that now? Remember how many times Warren's been in and out of Oh my god. I'm in them. I'm out of them. I know this is one of your favorite topics. We're very happy that we own”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Greg, let me ask you a couple of quick news uh questions. First of all, back in January, Berkshire filed an SEC registration for the potential resale of up to 99.99% of the Craft Hines holdings that you own. Uh, more recently, you did say that you supported Craftine CEO, the decision to pause on that planned split of the company. Have you made a decision about what to do with that investment?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Yeah.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“You were vocal about it, right? because they did when they brought Craft and Hines together, the”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“brought Craft and Hines together, the whole idea was that there'd be a lot of synergies, a lot of opportunities, and then they announced and and it's, as I highlight in the letter, it's been a disappointing investment. There's no question. At the same time, to break them apart when they're facing a lot of challenges and haven't resolved a lot of their issues yet, we had concerns with that, including now adding disenergies to it. So, for Steve to come in and say, "We're pausing it." there's opportunities within Craft Heights to fix things and get the business back on track and then he'll evaluate things. We thought that was absolutely the right approach and we filed our registration straight statement. Um really to be in a place that if we ever did sell we'd be able to but it's not that we're going to take any immediate action currently.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Okay, good. Um, another issue this week”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Okay, good. Um, another issue this week S&P said that it may own it may cut Pacific Core Utility, which is a Bergkshire owned utility to junk because of the wildfires and the lawsuits that have been resolved about it. This is another issue you touched on in your letter to shareholders. I think in the letter to shareholders, you basically said, uh, you accept responsibility for wildfires, but you're going to fight unjustified claims in court. And you think that this is one of those situations, correct?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Just to put some context to this, th this came after a February 25th ruling where an Oregon jewel jury awarded $35 million to 16 plaintiffs. That's about $19 million per plaintiff. Those plaintiffs blamed Pacific for not”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Right. and and and there were lessons learned because if you look and that's we're saying well the ones where we clearly uh caused the fire for not turning off the electricity we're taking responsibility for those. Um but separately there were a number of fires there and this gets beyond but but there is one area and one fire we we we're pushing back and it represents more than 60% of the claims. It was a lightning strike and and we're just saying we're not responsible for that. We're sorry absolutely that these people's lives have been impacted. We feel for them, but that's not the utilities responsibility to take on those costs and obligations. So, that's where we're drawing the line.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“And you guys know the insurance business pretty well, I think, don't you? You know when you're covered, things you”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“know when you're covered, things you need to cover, and things that you can't run a business, >> right? And it goes back to that regulatory compact. That's not part of we we didn't sign up for that. Um,”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“I mean, you're stepping into some pretty big shoes. Warren's been riding that lever for 60 years, and it's something that had a huge following. was a tough letter to write.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“I I've told Warren of all the listen the responsibilities transferred are great. But as far as the work and the task I had to do, that was the toughest to sit down and make sure uh that that was done at least from my perspective. Well, uh and and unfortunately when I when we were discussing it, he said, "And the”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“were discussing it, he said, "And the second letter doesn't get any easier."”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Yeah. Exactly. That's not what I wanted to hear.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“and it'll come fast, too. It's like you just finish it.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“But you know what? When you”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“it's valuable.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“when you're done, it's just leading into it. It's”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Greg, very quickly, operating income was down in the fourth quarter more than 29%. That was largely because of weakness in the insurance business and as underwriting profits were down I think close to 50%. Um what what happened?”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“four of our smaller businesses again in in industries that we see as challenged.in industries that we see as challenged.in industries that we see as challenged. Okay, Greg Ael, uh, the new CEO atOkay, Greg Ael, uh, the new CEO atOkay, Greg Ael, uh, the new CEO at Bergkshire Hathaway, sitting down withBergkshire Hathaway, sitting down withBergkshire Hathaway, sitting down with us for the first time today. We reallyus for the first time today. We reallyus for the first time today. We really appreciate it, Greg, and we look forwardappreciate it, Greg, and we look forwardappreciate it, Greg, and we look forward to seeing you at the annual meeting.to seeing you at the annual meeting.to seeing you at the annual meeting. So, it's not Kraton anymore, is it? IsSo, it's not Kraton anymore, is it? IsSo, it's not Kraton anymore, is it? Is it? Do you have a a team that you likeit? Do you have a a team that you likeit? Do you have a a team that you like in the in March Madness is coming? Andin the in March Madness is coming? Andin the in March Madness is coming? And”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“I'll be I'll be I'll be cheering forI'll be I'll be I'll be cheering forI'll be I'll be I'll be cheering for Let's just say, Joe, as you touched onLet's just say, Joe, as you touched onLet's just say, Joe, as you touched on earlier, all the Midwest teams.earlier, all the Midwest teams.earlier, all the Midwest teams.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“of teams and and my family reminds me of that. Pick a team.that. Pick a team.that. Pick a team.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Iowa State was looking good and then I>> Iowa State was looking good and then I>> Iowa State was looking good and then I bet on them and that's they were numberbet on them and that's they were numberbet on them and that's they were number four I think. Yeah, they lost the lastfour I think. Yeah, they lost the lastfour I think. Yeah, they lost the last two games I think.two games I think.two games I think.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Thank you.>> Thank you.>> Thank you.”

The Multidisciplinary Approach to Thinking | Peter D. Kaufman [Outliers]

“reciprocation. We did an episode on this where Mary Kay Ash had this amazing framing that I think about all the time now. And she said, everyone has an invisible sign hanging from his or her neck saying, make me feel important. Never forget this message when you're working with people. Peter did a demonstration for his audience using an $8 crystal ball from Amazon. He offers to do a psychic greeting for anyone in the room, a complete stranger, and tell them what they've been searching for for their entire life. And his reading goes like this. Your entire life, you've been on a quest, an odyssey, a search for that individual you can 100% absolutely and completely trust. But who's not just trustworthy, but principled and courageous and competent and kind and loyal and understanding and forgiving and unselfish. And of course, he's right every time because that's what every single one of us is looking for. So Peter adds a second prediction. If you ever think you may have encountered this person, you're going to probe and probe and test and test to make sure they are real, that you're not being fooled. And the paradox is that it looks like you're probing for weakness, but you're not. You're probing for strength. And the worst day of your life is if instead of strength, you get back weakness, and now you feel betrayed. You've got to start your search all over again. This brings Peter to what he calls the 22 second course in leadership. There's no business school required, no books, no seminars, the entire course. Take that list of things that we're searching for. Person who is trustworthy, principled, courageous, competent, loyal, kind, understanding, forgiving, and unselfish. Take that list and in every single one of your future interactions with others be that list. Hang that invisible sign that says make me feel important around everyone you meet as a reminder and go all in first with somebody and they will go all in with you too. Not because you manipulated them into it, because you became what they're searching for their whole lives. As Peter put it, most people spend all day long trying to get other people to like them. They do it wrong. You do this list, you won't be able to keep the people away. Everyone's going to want to attach to you. The next big idea Peter talks about is the biggest blind spot in business. People who are proud of their win-lose relationships. We see this everywhere where executives sort of brag about crushing suppliers or locking”

Afternoon Session - 2025 Meeting

“Hi, Warren. My name is Robert, and I'm a shareholder from Toronto, Canada. So, Warren, three years ago, Charlie Ray, Rose asks you a question to the effect of what you wanted to be remembered for. And your reply was, he was a teacher. So in that spirit, Greg, I'm curious to hear maybe a story of where you learn something very, you know, profound from Warren. I'm sure you learn many things, but if there's a story that kind of comes up in your mind, we'd love to hear it. And vice versa, if we have the time, Warren, what's something that you maybe learned from Greg? Thank you.”

2025 Annual Meeting Highlight Reel

“Band of Japan seems very determined in racing race, while Fed, ECB and other central banks are considering to cut them. Will its planned rate hike deter you from further investing Japanese stock market or even considering to realize your current profits?”

2025 Annual Meeting Highlight Reel

“Today, Berkshire holds over $300 billion in cash and short-term investments representing about 27% of total assets, a historically high figure compared to the 13% average over the last 25 years. Is the decision to raise cash primarily a de-risking strategy in response to high market valuations, or is it also a delirce? it also a deliberate effort to position Berkshire's balance sheet for a smoother leadership transition providing Greg Abel with maximum flexibility and a clean slate for future capital allocation decisions.”

Afternoon Session - 2025 Meeting

“This question comes from David Rubin, a shareholder from Scott. It's a question for Greg. We've heard over the decades and are familiar with Warren and Charlie's investment thesis and their circle of competence. During the first 10 years after taking over a CEO, Greg will be tasked with allocating more capital during that time than Berkshire has had to allocate in its history. Given this, I'd like to hear from Greg about his views on capital allocation, particularly into new businesses.”

2025 Annual Meeting Highlight Reel

“Out of all the companies that Berkshire Hathaway owns, there was one that you acquired, the Chicago-based company Portillo's Hot Dogs. How did you know that this would be a good fit for the overall company's portfolio?”

2025 Annual Meeting Highlight Reel

“We'll always find all kinds of things to criticize in the country. But the luckiest day in my life is the day I was born. And, you know, I was born in the United States, and at the time, about 3% of all the births in the world were taking place in the United States. And I'd like to say that I had something to do. You know, listen, sent messages out to my parents, for God's sake, moved to the United States before I've born or anything, and they've gone through great recessions. We've gone through World Wars. We've gone through the development of an atomic bomb. that we never dreamt of, you know, at the time I was born.”

Morning Session - 2025 Meeting

“Thanks, Warren. This first question comes from Bill Mitchell. I received more questions about this than any other question. He writes, Warren, in a 2003 fortune article, you argued for import certificates to limit trade deficits and said these import certificates basically amounted to a tariff. But recently, you called tariffs an act of economic war. Has your view on trade barriers changed, or do you see import certificates as somehow distinct from tariffs?”

2025 Annual Meeting Highlight Reel

“years, large private equity firms like Blackstone, Apollo, and KKR have aggressively expanded into insurance, raising permanent capital, managing float, and aiming to replicate the model that Berkshire pioneered decades ago. And has this competition made it more challenging for Berkshire to find and price insurance opportunities safely and profitably today?”

2025 Annual Meeting Highlight Reel

“Has the recent market volatility presented Berkshire with opportunities?”

2025 Annual Meeting Highlight Reel

“been laxed in doing something about it, but he's done a way better job as that than I have. Warren, you mentioned that Mr. Apple would be in charge of capital allocation in the future. And I'd like to know your perspective on is it easier for a business operator to be an investor or for an investor to be a business operator?”

Afternoon Session - 2025 Meeting

“Tell us more about that.”

Morning Session - 2025 Meeting

“Mr. Buffett, Mr. Abel and Mr. Jane, good morning. I'm S. T. John. I'm from Hong. I'm from Hong. Mr. Buffett and Mr. Munger did a very good and successful investment in Japan in the past five or six years. The recent CPI in Japan is currently above 3%, not far away from its 2% targets. Band of Japan seems very determined in racing race, while Fed, that ECB and other central banks are considering to cut them. Do you think BOJ, Bank of Japan, makes sense to proceed the rate hike? Will its planned rate hike deter you from further investing Japanese stock market or even considering to realize your current profits? Thank you very much for arranging this. greatest events every year. Finally, I wish you healthy always and keep holding this shareholder meeting. Thank you.”

Afternoon Session - 2025 Meeting

“My final words, finally Mr. Buffett. I learned a lot from this meeting, and of course I will come here every year. And I wish you can attend as many as possible as you and Mr. Charlie Munger, the most respectful, the most respectful. respectful people have inspired me and my father a lot. I wish you happy and healthy, and maybe one day in the future, we can make the world more prosperous altogether, like you said. Thank you.”

Afternoon Session - 2025 Meeting

“This question comes from Matthew Teesak in Layton, Utah. He said, please discuss your strategy on how to protect our company from future liabilities due to wildfires blamed on our electric utility companies at West?”

Morning Session - 2025 Meeting

“This next question comes from Advate Prasad in New York. He writes, today Berkshire holds over $300 billion in cash and short-term investments representing about 27% of total assets, a a historically high figure compared to the 13% average over the last 25 years. This has also led Berkshire to effectively own nearly 5% of the entire U.S. Treasury market. Beyond the need for liquidity to meet insurance obligations, is the decision to raise cash primarily a derisking strategy in response to high market valuations? Or is it also a deliberate effort to position Berkshire's balance sheet for a smoother leadership transition providing Greg Abel with maximum flexibility and a clean slate for future capital allocation decisions. And I will add one line from another shareholder, Mike Conway, who asks, are you encouraged you may see some fat pitches coming your way?”

Afternoon Session - 2025 Meeting

“Becky?”

Afternoon Session - 2025 Meeting

“Can I just follow up on that? Yeah. Doesn't that open you up to other risk? If you shut down your system, a hospital gets shut down, somebody dies?”

Morning Session - 2025 Meeting

“Good morning, Warren, Greg and Ajit. My name is Jackie Han. I'm from China and now working in Toronto, Canada. This is my eighth Berkshire Houseway meetings at this point. I've probably spent more time with you than most people spend on Netflix. As you may guess, coming from a Chinese family, we've always had a soft spot for real estate. So your question isn't why don't you own a house? It's why are you still buying stocks instead of more property? So here is my question. With today's high interest rates and a global uncertainty, do you still believe in being greedy when others are fearful? or the value investing facing new challenges in today's environment. Thank you.”

Morning Session - 2025 Meeting

“Okay, Becky. This question comes from Sam England in San Francisco, and it's for Warren and A.G. As AI systems become more capable and harder to improve.”

Afternoon Session - 2025 Meeting

“Station 11. Hello. My name is Alicia Burek, and I'm from Poland, but I currently live in Chicago. This question is on behalf of an inspiring man that I know, Walida Ahmed, who's here with us today.”

Morning Session - 2025 Meeting

“interpret, how do you see that affecting the insurance industry's ability to assess price and transfer risk? Are there parallels to past disruptions Berkshire has navigated in underwriting or capital allocation?”

Afternoon Session - 2025 Meeting

“Mr. Buffett, nearly 74 years ago, on a cold Saturday in January, 1951, you traveled eight hours by train from New York to Washington. You won all the way on nothing but hope that someone might teach you more about the insurance industry. Arriving at GEICO's office to find the doors locked, you persisted until a janitor led you inside. You credit that meeting with Lorimer Davidson for the insurance float that was the rocket fuel behind Berkshire's success. In 2011, when I was 15, I wrote you with similar determination, asking to meet. You kindly wrote back saying you had only 3,000 days left and more pressing priorities. Well, Mr. Buffett, it's now been 5,000. days since you replied. And so inspired by your persistence in 1951 and the tenacity of Mrs. B, I humbly renew my request for just a quarter of the time Davy gave you a single hour in your office. You may wonder, why must it be you? You have often shared an anecdote about Polish Jew who survived Auschwitz, who said to you once, Warren, I'm very slow to make friends, because when I look at someone, I ask myself, would they hide me? You said that the number of people would hide you was the best test of life well lived. Well, I believe that at this meeting, you have four, you don't have 40,000 trail hoarders, but you have 40,000 people who would hide you. You are a testament to a life extraordinarily well lived. Yet even you have not fully witnessed the transformative power of a I'll let you write. I'll let you write my biography, but I think I've got the point of your question. So respectfully, I ask again, Mr. Buffett, before father time wins, will you please Grant, Will lead Ahmed, an hour of your time, or any time you can dedicate? Thank you so much for your time. Thank you.”

Morning Session - 2025 Meeting

“Hello. I'm Sean Siegel from Chicago, Illinois. Thank you for investing your time to you and the executive committee for putting on this meeting and for bringing together a diverse group of people in attendance under one roof. Out of all the companies that Berkshire Hathaway owns, there was one that you acquired, the Chicago-based company Portillo's Hot Dogs. How did you know that this would be a good fit for the overall company's portfolio?”

Afternoon Session - 2025 Meeting

“Okay. Becky? This is a question that you've touched on in a lot of ways in the last answer from before, but I did get this question from a few different people, so I'd like to ask it. Ricardo Briss, a longtime shareholder based in Panama, says that he was, very happy to see Berkshire acquire 100% of BHE. It was done in two steps. One, in late 2022, 1% was purchased from Greg Abel for $870 million, implying evaluation of BHE of $87 billion. And then two, in 2024, the remaining 8% was purchased from the family of Walter Scott Jr. for $3.9 billion, implying evaluation of $48.8 billion for the enterprise. that second larger transaction represented a 44% reduction in valuation in just two years. Ricardo writes that Pacific Corp liabilities seem too small to explain this. Therefore, what factors contributed to the difference in value for BHA between those two moments in time?”

Afternoon Session - 2025 Meeting

“Okay, station, station one again. Dear Warren, dear Greg, and your fellow owners, it's such a pleasure to be here. My name is Rev. Paneda. I was born in Communist Albania, but I'm now teaching economics in London, England. The wonderful writing of Warren and Charlie has significantly shaped my thinking and teaching. I thank you both very much for the many insights over the years. Warren is often written about the important. of Berkshire's earning power to owners. My question is, what was in your estimate, Berkshire's earning power in the latest fiscal year? It will be great if you can comment on any significant items that either increased or decreased the earning power”

Morning Session - 2025 Meeting

“All right. This question comes from Jessica Poon, who says, you've long been a strong believer in the American tailwind and the resilience of the United States, and history has proven you correct. Today, the U.S. appears to be undergoing significant and potentially revolutionary changes. Some investors are now questioning the concept of American exceptionalism. In your view, are investors being overly pessimistic about the U.S. economy? or is the country indeed entering a period of fundamental change that requires a reassessment from a new perspective?”

Afternoon Session - 2025 Meeting

“as compared to reported net income measures for Berkshire. Thank you.”

Morning Session - 2025 Meeting

“Hi, Mr. Buffett. My name is Daniel, and I'm from Tenafly, New Jersey. First of all, I just want to say how grateful I am for getting the opportunity to ask you a question. When it comes to your principles of investing, you often talk about how important it is to be patient. Has there ever been a situation in your investing career where breaking that principle and acting fast has benefited you? Thank you.”

Afternoon Session - 2025 Meeting

“Okay. Becky.”

Afternoon Session - 2025 Meeting

“Well, I think when it comes to their capital system, Warren, it is very comparable. There's no question other than, as we know, I mean, I think the U.S., as far as having a capitalist system, it would be tough to be touched by any country. And I think when I think of Canada, there's just certain responsibilities or the obligations that they're government wants to take on and aren't going to leave with the public sector. And that's just a decision that's made by society or by the Canadian people or if you look”

Morning Session - 2025 Meeting

“Yeah. And of course, it doesn't come in anything like an even flow. I mean, the most uneven sort of activity you could get into. And the main thing you have to do is you have to be willing to hang up after five seconds and you have to be willing to say yes after five seconds.”

Morning Session - 2025 Meeting

“This question is from Flavio Montenegro, a shareholder from Guatemala. A couple of years ago in this meeting, Mr. Jane outlined the significant challenges Geico faced in modernizing and integrating its IT systems. It was also mentioned that competitors were ahead in their pricing strategies because of the use of telematics. Today, Geico's turnaround is evident through strong pricing and operational improvements. Would you provide more details on the specific actions taken under Todd's leadership and how those changes will help sustain a long-term competitive advantage in the coming years?”

Morning Session - 2025 Meeting

“The only thing I'd like to add is in addition to the underwriting profit, GEICO provides $29 billion of float.”

Afternoon Session - 2025 Meeting

“Hi, my name is Patrick Nestor. I'm 13 years old and from Tampa, Florida. I'm here with my brother John, who's 15, and my dad. Thank you for hosting this meeting. This is my first ever shareholder meeting. My question is what high school class or activity helped influence you to who you are today as the greatest investor of all time.”

Morning Session - 2025 Meeting

“Okay. Station 5. My name is Benjamin Graham Sanderson from Pasadena, California. Warren, thank you for all you've taught us over the years. Earlier you said nobody but Steve Jobs could have created Apple, but nobody but Tim Cook could have developed it like he has. Warren, nobody but you could have created Berkshire. And I presume you view Greg as an outlier among outliers. But he seems so normal. Sorry, Greg. That's a nice way of saying it's not normal, actually, but I appreciate it. So I was hoping you could share what specifically about Greg makes him your preferred successor. And Greg, we're excited to get to know you more over the next few decades. Thank you.”

Afternoon Session - 2025 Meeting

“Well, it sounds like you should quit while I'm ahead.”

Afternoon Session - 2025 Meeting

“Hello, Mr. Buffett. My name is Saskia from Giffon, Germany. And first of all, I want to thank you because you made such a great impact in my life and the life, the people I love. And that's priceless. Well, thank you. Mr. Buffett, imagine it's 7076. And you are sitting alongside Benjamin Franklin, helping to shape the foundation of a new nation. What core economic principles would you advocate for building a fair, resilient, and opportunity-driven capitalism society, one that supports long-time prosperity for future generations?”

Morning Session - 2025 Meeting

“Okay, Becky. This is a question from Mark Bonkey and Helen Friedrickson in Rapid City, South Dakota. As the U.S. dollar quickly loses value in relation to other foreign currencies in 2025, is Berkshire Hathaway taking steps to minimize this currency risk and its impact on quarterly and annual earnings. If so, please explain, and I'll just add from Mary Cheng, another shareholder. Berkshire currently borrows in Japanese yen to offset its currency risk and its Japanese stock investments. In the future, will you invest in foreign currency denominated assets unhedged?”

Afternoon Session - 2025 Meeting

“yep that's right um Greg this question for you it comes from a shareholder named j milroy who writes mr buffett has a hands-off approach to managing the operating subsidiaries how would you describe your approach are managers over there”

Morning Session - 2025 Meeting

“Good to be here.”

Morning Session - 2025 Meeting

“I'm here. My name is Dash Boy, Uindigir, and I'm from great country of Mongolia. A little bit background about my country entry. Mongolia is an emerging market and landlocked countries sandwiched between Russia and China. But we are reaching history and minerals and have full democracy and growing economy. Last week, we hosted our second annual the annual Mongolia Investor Conference in New York to attract investors like yourself. I know you need and give advice informally to government leaders such as South Korea, China, and India. What advice would you give to government business leaders of emerging markets like Mongolia to attract institutional investors like yourself? be great if you have long-term plans for exposure to emerging markets as a hedge or an opportunistic investment. Lastly, I welcome all of you to Mongolia, and my country folks would be very happy if you can make it to our economic forum this July. Well, thank you.”

Afternoon Session - 2025 Meeting

“Okay, station four. Hello, Mr. Buffett, and Mr. Abel. My name is Kansas Loemeyer. I am a junior at Elkhorn South High School and was born and raised in Omaha. My question is directed to Greg Abel. Berkshire Hathaway is the second largest utility provider in the United States. And at 2025, Reuters investigation found that it is the Coal fleet is the dirtiest in the nation. There is currently no concrete plans to retire coal and fully transition to renewable energy. I'm 17 years old. Considering that, what do you have to say to young people like me who will live with the consequences of climate change by companies like Berkshire?”

Morning Session - 2025 Meeting

“Becky.”

Morning Session - 2025 Meeting

“This question is from Peter Shen in New Jersey. It's for Mr. Buffett and Mr. Jane, in recent years, large private equity firms like Blackstone, Apollo, and KKR have aggressively expanded into insurance, raising permanent capital, managing float, and aiming to replicate the model that Berkshire pioneered decades ago. Given that these firms are now directly competing for insurance assets, often using higher leverage and more aggressive investment strategies, how do you view their impact on Berkshire's insurance operations and underwriting discipline? Do you believe that the private equity model poses risks to policyholders in the broader financial system? And has this competition made it more challenging for Berkshire to find and price insurance opportunities safely and profitably today?”

Afternoon Session - 2025 Meeting

“This question comes from Billy DeRoss. He writes, Mr. Buffett, as a nurse from New York. I've spent years struggling to secure good health insurance for myself, even while working on the front lines to save lives. In New York, accessing insurance means navigating a confusing state-run system that feels like it's designed to overwhelm. I'm curious what ultimately led to the end of your health care venture with J.P. Morgan and Amazon, and given your commitment to value in long-term thinking, would you ever consider taking another look at health insurance reform in the U.S.?”

Morning Session - 2025 Meeting

“Yeah. Station 7, please. Hi. Hi. My name is Marie. I'm from Melrose, Massachusetts. Thank you for the time today. As a young person interested in investing, like myself, I would love to hear your insights, Mr. Buffett. What were some pivotal lessons you learned early in your career, and what advice do you have young, for young investors who are looking to develop their investment philosophy? Thank you.”

Morning Session - 2025 Meeting

“Okay. Let's move on to, I guess it's Becky next. The first quarter ended March 31st, and it did show that Berkshire's cash pile expanded from the end of the last year.”

Morning Session - 2025 Meeting

“But the greatest market turmoil came in April. Martin Devine, a shareholder from Scotland, who was attending the meeting today, wants to know, has the recent market volatility presented Berkshire with opportunities? And Martin just wrote in an addendum in the last 40 minutes or so, pointing out that you mentioned Berkshire almost invested $10 billion recently and wanting to know if you could talk more about that.”

Morning Session - 2025 Meeting

“Good morning, Mr. Marford. Mr. Gregg and Mr. Ajik. My name is Peter Chim. I'm from Shanghai, China. This is my first time attending this sheriff. I would like to ask a question about the wisdom of life. Have you ever encountered any major setbacks or lower points in your life? And how did you get through and overcome them? Thank you very much.”

Morning Session - 2025 Meeting

“This question comes from Hymanshu Bendal for Ajit and Warren. And autonomous vehicles are already driving across roads in American cities with no driver involvement. How do Warren and Ajit think about any disruption risk from these autonomous vehicles to Geico's auto insurance business, which is built around understanding and underwriting human drivers? Wouldn't what we call auto insurance today just become product liability for autonomous vehicles and autonomous software companies?”

Morning Session - 2025 Meeting

“Warren, as we approach the break, would you like to address the operating earnings?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Why do you want to strain and have more danger when you're already built your red? As Warren says, what difference does it make him if he has an extra zero on his tombstone? But Charlie, for return on investing capital, isn't that already taking into account leverage, though? Because return in equity is being advanced by leverage. Return of investment capital is not necessarily enhanced by level.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“So I said, well, I have to... Wall Street Journal, what's your habits?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“What are your four papers?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“No. Well, I heard you speak about it. Like going to medical school. That's a lot of work. You're not living very high or this or that. But later you're a doctor and have a better life. That's to her gratification. So, Charlie, you're the chairman of the Good Samaritan Hospital. Do you have any recommendations or any sufficient to lower prices, maybe even?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you believe in, like, a single health care, payer system?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“How should we help our children to avoid envy and jealousy?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Envy and jealousy.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Yeah. I'm working with Yahoo Finance. My name is Juliet. We've seen a lot of folks boycotting retailers because they sell Trump brand of merchandise and then vice versa because Starbucks wants to.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Did you personally know? They ought to act more like Chinese. Did you personally know? Richard Feynman?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“What do you think of him?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, I have a question about real estate. Any investments in the tax? Way back. When I look at real estate or stocks, real estate is just easier to evaluate. You know, comps, cash flow, and replacement costs. It just seems an easier game than the equities market, provided that you don't use to make. Real estate?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“You want to compete with the pet tells? Not I. To your left. Not I. Charlie, I guess throughout your business history, you were incredible in touching people, right? Whether it's Mrs. B. We were pretty good, yes. What, I mean, what was it that you and he looked for? You know, and what were mistakes that you were made that you learned from along with me? from along the way in judging who would be good business partners to work with?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Yes, Harry Bottle. Tell me about Harry Bottle and what you saw in him that was so...”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, could you talk about the episode at Solomon Brothers and what you really learned about people from there as well?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, any thoughts on Apple Corporation?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Will they be able to keep that going? And if so, how long?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Are you good friends with John Vogel or do you?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Can you talk about BYD and What do you want to talk about?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Would you see BYD doing the infrastructure here in the U.S.?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“How about energy storage?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“You see that happening here in the U.S.?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you see similar qualities in an Elon Musk, or something be of that sort?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you think Mr. Bezos knows the limits of his skills?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Did you ever meet him?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“You mentioned earlier about Coca-Cola becoming a little bit less efficient than they used to be?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you think Coca-Cola and Pepsi still win the sparkling water battle?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you think if they were right, Do you think if they were run by 3G, they would do better or worse?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“If Glott's came to you and asked you to make a new company today. Who? Glots. There's an article turning 2 million into 2 trillion. It's about creating a company that would be worth 2 trillion. I know. I gave the talk. talk. If you came to you today, you wanted to do another company, what would you tell me?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, looks like you hit a home run with the Physics Institute in Santa Barbara.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Yeah, it's wonderful. So maybe what you can do if you have a lot of intelligence and unlimited money. How about a Munger library somewhere? A Munger Library, like a Presidential Library, a Munger Library. How about that?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, what's scientific innovation going on right now that you're really excited about? What's one thing that you're really scared about?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Yeah. Is America sufficiently proving to be a ham sandwich business in the last? What? Is America sufficiently proving to be a ham sandwich enterprise in the last few months?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“tragedy for China and India though? What? Is that a tragedy for China and India?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you have any mental checklist that help you stick with that or prepare? or prepare before you get to your opportunity?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Did you pay cash or did you have to leverage up that day?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you have any thoughts on Chipotle and the food safety issues there? Chipotle and the activist involvement of that company and the food safety issues?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, what about TransDime?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“So there's supplier of auto, there's supplier of aircraft parts to Boeing and to Airbus and to Airbus and to aerospace and defense companies. And there have been comparisons recently between TransDime and Valiant. And was, you know, was curious if you had any. I was curious if you had any thoughts on whether those comparisons.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Did value clean itself out? or is it still a sewer?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, did you know Sumner Redstone in law school? And how do you think he could handle,”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Yeah. Do you have any thoughts on some of the smaller networks with quality content, like Viacom, for example, with strong brands? Any thoughts on their future?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Reed Hastings, sir.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you think Walmart can turn into Sears?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, do you think business modes are becoming more fragile with technology and transparency?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Can you talk more about the airlines and what's changed from a couple of decades ago to now?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“it's not a cinch. Is there an outlook on oil prices advantage in the world?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“How long it took you to make the 15 bagger on that?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“How long did it take to make the 15x on that stock? It went from 1 to 15, right?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“How long did it take you to make the decision to buy it once you read the article?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“What was it about that company, an auto supply company?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“How do you define the edge of the circle of competency?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“What's your definition of your circle of competency?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Can you maybe say one name that you invested in when you ran your partnership that performed beautifully for you and explain as a case study what it was about that company that attracted you? did you? Because there's not much about them under Wheeler Partnership.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you think that cheaper solar over time, as it continues to get cheaper and cheaper, does that pose any potential threat to the utility business? As people have kind of take along their own generation, there's one potential for a debt spiral there?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“But you don't think the ability to generate so generate electricity at home or on a business's own property, is that going to be some sort of threat at some point to the revenue model or all the tax-”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you talk to Ted and Todd, the new investment guys at Berkshire, much?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you think of the incentive where each one gets 20% of their compensation from the other one's performance? Who thought of that incentive? I thought that was brilliant.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, how do you feel about auto dealerships with their service component and the low capital requirements?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Also, do you know Norbert Liu of Punch Credit Capital and do you have any thoughts on Amazon?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, going off of the auto question, I mean, what do you think about the advent of self-driving cars? How's that going to affect the ecosystem on insurance, scrap value, resale values?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie. But that's one guy owns the whole thing, including the roadway. The minute you're sharing the roadway with a lot of the roadway the roadway with a lot of other people, if I'm driving it on the road and some guy goes up and stands there with a machine gun, I will turn around it, I'll do something.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, what you make of the legacy that you and Warren have left, I mean, do you have any idea of the sort of impact you had worldwide? worldwide? Or does it always...”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Well, and quite a few too. Charlie, would you like to know why I think you should know who in Robert Lewis? Yeah. Because he follows the munger system. His hedge fund is called punch card capital based on the philosophy of punch card investing. And since 08, he's killed the markets and done well for his investors by being invested in just three stocks. Wells Fargo, Berkshire, Hathaway, and Bydo. I just thought you'd be interested.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Well, he admires you very much.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, were you surprised on election day?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you lose sleep for a few days? What? Do you lose sleep for a few days?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“So, Charles, you were able to change Warren from Ben Graham to high-quality companies. Was there any change that he brought in your life? Any of your systems?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“About your granddad, but I hardly hear you talk about your dad, Alfred Munger. I'm wondering if you had any thoughts about some lessons he taught you. since he taught you.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“And what does that do?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“What do you want to give it to?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“How do you think about creating impact through philanthropy?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“How do you think about creating impact through your philanthropy?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“How do you think about recruiting?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you have any criteria that you follow, or what kind of change are you trying to be?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“What are your hope for your grandchildren?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Are there any other periodicals besides Barron's that you've read for 50 years? And do you have any more inspiring anecdotes from the, Forbes, Fortune, Wall Street Journal?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“I was not kidding about that deferred gratification. I was not kidding about that deferred gratification. Isn't it true that you got a new car when you were like in your 50s or 60s? That was the first new car?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Hey, Charlie, I wanted to read you a quote and get your opinion on it. My religion consists of a humble admiration of the illimitable superior spirit who reveals himself and the slight details we're able to perceive with our frail and people mind. Sounds like that's not from Zionist. It's Einstein.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“What's your opinion on that?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“It may be a little too personal, but it may be a little too personal, but is there anything that you do? like to share about your wife? Mrs. Munger.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Pardon me says?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, I've heard you and Monish both talk a lot about the power of cloning, great ideas. And I was wondering what you think about the flaws or limitations or dangers of cloning. For example, when you're not true to you, yourself, like when does one get in trouble with cloning and it doesn't work?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“On the topic of cloning, do you really believe, as Manisha said, that if investors look at 15 apps of super investors, that they can beat the market by picking their spots, and will add spinoffs?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“What do you mean? I would want to know exactly what the true people were doing, and I would look at every one of them, of course. That would be a no-brainer for me. What do you mean about you encourage one young man to pursue it? What do you mean?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Do you think the equity positions within Berkshire... So it's Monash's idea. Do you think the equity positions in Berkshire will do better for Berkshire going forward or the”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, moving on to one of the smaller positions in Berkshire portfolio. There was a recent position. position made in Sirius XM. In what? Serious XN. Can you talk at all about radio assets and your outlook on radio assets with...”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“People driving. Very peculiar. And totally concentrated. I don't know what even bought. I never think about it. How much? of your success can be attributed to Occam's Reza and Kelly's formula.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Yeah. In those businesses that are not wholly owned but maybe 85% owned, the 15% ownership, when there's massive investment with, within that business, how does that affect the ownership of the 15%.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“How did you feel when Berkshire bought the GE's fight? What? How did you feel when Berkshire put money into GE in the crisis?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, in your book, you said one of your... I want to get ahead, making a final twist on every deal, just before the closing. I'm brutalizing all my suppliers to the last NECO on when I paid them. That's not my system. So, Charlie, you said in your almond, this is one of the best years you ever encounter, the one that didn't close, a wood manufacturer. Yeah. Can you grow a little more in detail?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“That's a good question. Why didn't they ask that? What question should I ask you? It will help me. Anyway. Do you have a favorite Mrs. B story you can share with us?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Charlie, can you go back to the Nixon years when you bought the Washington Post and how that whole situation happened out?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Going back to Enron, do you have any insight into whether Kinder Morgan would be a successor or a rejecter of Enron culture?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“You have a different view about the master limited partnership. Now it's crazy how they raised so much equity, they were, like, the issue of equity, like, raising two in people.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“So what do you think about the last couple of books that have been written about you? And if there was an author here, what would you tell him? He was writing a book about you?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Like the Tao of Charlie Munger?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Hey, Charlie, I believe you've said that if you could have lunch with anybody, it would be, Benjamin Franklin. And if you did, what would you ask him or what would you talk about?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Are you angry?”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“Yeah, sure. Thank you. Thank you.”

2024 Annual Meeting Highlight Reel

“Have you or your investment managers view? of the economics of Apple's business or its attractiveness as an investment changed since Berkshire first invested in 2016?”

2024 Annual Meeting Highlight Reel

“How do you think about the role of technological advances, especially generative AI, on more traditional industries?”

2024 Annual Meeting Highlight Reel

“If you had one more day with Charlie, what would you do with him?”

Afternoon Session - 2024 Meeting

“As CEO, will Mr. Abel be in charge of the portfolio of common stocks that Mr. Buffett has been managing, or will this function be exercised by Mr. Combs and Mr. Weschler? As investing could be defined as the discipline of relative selection, can major capital allocation decisions such as large acquisitions be separated from the common stock selection process?”

2024 Annual Meeting Highlight Reel

“What has changed for Berkshire's operating CEOs since Greg Abel and Ajit Jane became vice chairman? For example, can and do the operating CEOs still reach out to Warren Buffett directly?”

2024 Annual Meeting Highlight Reel

“As CEO, will Mr. Abel be in charge of the portfolio of common stocks that Mr. Buffett has been managing, or will this function be exercised by Mr. Combs and Mr. Weschler?”

Afternoon Session - 2024 Meeting

“You never know whether it'll be next week, next year, next decade. But you won't be, you know, it won't be a century from now, that is for sure. the more intertwined and sophisticated the world financial situation gets, the more vulnerable gets in a certain sense. It solves a lot of small problems, but it leaves it more vulnerable to the large problems. Greg, does that bother you at all or not?”

Morning Session - 2024 Meeting

“Sure. Thanks, Warren. Let's start just given what you mentioned, there was some news that came out in the 10 Q this morning. It shows that Berkshire sold another 115 million shares of Apple in this last quarter. That's Berkshire's largest holding. And I think in that vein we'll start with a question from Sherman Lamb. He is a 27-year-old Berkshire Hathaway Class B shareholder from Malaysia. He asks, last year you mentioned Coca-Cola and American Express being Berkshire's two long-duration partial ownership positions, and you spent some time talking about the virtues of both these wonderful businesses in your recent shareholder letter. I noticed that you have excluded Apple from this group of businesses. have you or your investment manager's views of the economics of Apple's business or its attractiveness as an investment changed since Berkshire first invested in 2016?”

Afternoon Session - 2024 Meeting

“Hello, Mr. Buffett. My name is Tomodrugel. I'm from Dissildo of Germany. This is my first time out here in Omaha, so thank you for having us here today. So my question is directed to you, Mr. Buffett and Mr. Abel. In 2019, you reported reportedly made a bid for the IT distribution business tech data and commented that you understand its role as a middleman. I wonder if you could kindly elaborate on the criteria you look at when evaluating IT distribution businesses like tech data and their competitive position. Thank you.”

Morning Session - 2024 Meeting

“Hi, Mr. Buffett. This is Matthew Lai from China, Hong Kong. I'm running my last-statist company called F-du. And we are so grateful that to learn from you and you really inspire us. My question is, besides the electrical car company, B.R.D, Under what circumstances you will reinvest and reconsider to invest to invest Hong Kong and China company. Thank you.”

Morning Session - 2024 Meeting

“Okay, Becky. This next question comes from Stanley Holmes, who is a Berkshire shareholder from Salt Lake City.”

Afternoon Session - 2024 Meeting

“Hello. My name is Stefan Urenbacher. I am a shareholder from Hamburg, Hamburg, Germany. I've been coming to Omaha since 2007. 2007. And I'm deeply grateful for all the things I could learn here, both about investing and about life, in particular creating circumstances that will enable me to lead a productive life during my entire healthy lifespan.”

Morning Session - 2024 Meeting

“He asks, in his 2024 annual letter to shareholders, Chairman Buffett noted the severe earnings disappointment experienced at Berkshire Hathaway Energy last year and expressed concern about earnings and asset values in the utility industry. Recognizing that investors are worried about climate change-related expenses and that new uncertainties cloud the regulatory environment, the chairman suggested that some jurisdictions may adopt the public power model. There are now signs that policymakers in Utah citing states of Rennity may already be poised to move in that direction. The Utah legislature recently mandated the state's right to serve a sole purchaser of energy from an in-state power plant and, under some circumstances, purchased the power plant before it can be retired. The state utility regulator will be legally bound to prioritize public purchases of power and facilities that could include assets owned by Berkshire-Hathaway Energy-specific work utility, Rocky Mountain Power. Will Berkshire, through BHA, continue to invest resources in jurisdictions where corporate assets may be subject to confiscatory state policies and actions and how is Berkshire Energy working with officials in Utah to minimize potential corporate losses if and when state control is asserted over its electrical utility sector?”

Afternoon Session - 2024 Meeting

“So thank you for that. My question, my question to Warren, your favorite holding period is forever holding American Express or Coca-Cola for decades. Berkshire recently went in and out of Markell, and you, I believe, sold and later bought Oxy, which I think happens to everyone all the time. But can you maybe to us give examples of your thought process when you exit positions? Thank you.”

Afternoon Session - 2024 Meeting

“Hey, Warren, he mentioned Oxy, which I think is a great example. Yeah. Where you made the original decision basically on a weekend with some thought, but as the more you learned about Oxy and the asset position they had, their ability to operate in an exceptional manner and then a strong CEO around capital allocation. I think your confidence in which was reflected in continuing to acquire more shares is sort of that type of process.”

Afternoon Session - 2024 Meeting

“Yes, you did anticipate one of the questions. Let's go to another one. This question comes from Vincent James in Munich, Germany. In the chairman's letter, Warren points out that the profit margins for BNSF have slipped relative to all five other railroads. However, Warren comments in the letter, BNSF carries more freight and spends more on capital expenditures than any of the other five major railroads, and has a”

Afternoon Session - 2024 Meeting

“vast service territory second to none. Given the comments from Warren about the clear strengths of BNSF, what explains the decline in revenue and profit, and in particular the profit margins relative to the other five railroads? What are the issues relative to the other railroads and what is being done to address them, please be specific.”

Morning Session - 2024 Meeting

“Hi, I'm Joe, visiting from San Francisco. How do you think about the role of technological advances, especially generative AI, on more traditional industries? Thank you.”

Afternoon Session - 2024 Meeting

“wisdom with us all these years. So thank you. Thank you for coming. So here's my question for you, Mr. Buffett. Towards the end of 2018, you mentioned that you guarantee you could make a 50% annual return if you had to start again with under $1 million. The question is, if tomorrow you woke up in the body of a man, of, of, of, your body, yeah, your body. But that's fine. And your name was now Warren Alacat. And you had some money to invest. on a full-time basis. What method or methods would you use to achieve that return? Would it involve flipping through 20,000 pages of Moody's manual or similar publications or finding, you know, two five gigabuts? Or would it be hunting for great companies at a fair prize as Mr. Mungerwood? Or would it be a combination of both with opportunity costs serving as the final arbiter or which method to use, given that your investing opportunity has now brought in significantly. Thank you, Coppin, Cap.”

Morning Session - 2024 Meeting

“This question is for Ajit. It comes from Mayor Baruka. Climate change seems to be impacting the insurance industry heavily, with major players pulling out of markets like California because of wildfire and flooding risks combined with payouts increasing. increasing. How does Mr. Jane see this risk expanding to other regions and how has the thesis on insurance investments change because of it?”