15,529 tagged segments · 1985–2026
Segments per year
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“have been very similar in terms of the percentages.Of course, in the case of Berkshire, the home runs have been so big that they've trouncedthe markets.But it's humbling for all of us as investors to know that most of the time when we act,the odds are stacked against us.It's interesting, Monish, that you would mention that Besenbach in the study.”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“Well, for the last several years, both Greg and Ajit have been vice-chairmen and theyboth every year gotten exactly the same amount of compensation down to the last dollar.And I think the reason Warren and Charlie did that is to avoid envy and avoid anything.Even though these two guys are very high-quality individuals, they didn't want to go anywherenear the envy kicking in or whatever else.And so Greg has been paid 20-odd million for several years.And Warren has said about Ajit that many times when he's paid him, he felt he left out a”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“that they could buy the S&P 500 or an index, whatever.And I've heard you recently talk more about not to give people a hot stock tip, but youtalk more about perhaps with the valuation of the S&P 500, look at Berkshire, for example.Again, not as a hot stock tip, but more as in, hey, it's super diversified, it's well-managed,it's a reasonable valuation, so on and so forth.But I wanted to tweak a bit of a question here, because let's say over the next 10 years,I think most people in the value investing community would be like, yeah, sure, Berkshireor the S&P 500.What if we said over the next 50 or 100 years, meaning the fingerprints of Buffett and Mungerwould slowly fade away, of Greg Abel for that matter, and then the S&P 500 has this built-inmechanism where it recycles out the bad companies and includes some good companies?So if I put you on the spot today, I know it's purely theoretical, for grandkids,they had to hold it for 50 or 100 years, should they be holding S&P 500 or Berkshire?”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“Okay.That makes sense.Manish, we previously here on the show talked about how you like to play single-player games.And one example is that you didn't want to run TransTech because you felt you were herding cats.And I was speaking with your team here before our interview, and they asked me to include adisclaimer about me being an investor in Power BI Funds, which is, you're perfectly fine, I'llbe happy to include all the disclaimers I need to.But one of the reasons why I started my own company was because I didn't want to deal withall the politics and bureaucracy of being in the corporate world.And then the irony of life is that you build your own company, you build your team,and then all of a sudden you get this entangle of the same admin stuff that you're trying to escape.And I can't figure out if it's similar to being a retailer, and then you have to accept thatthere's just a small amount of shrinkage, it's just the cost of doing business.But then I was thinking, ask Manish, because he already thought about this,”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“how much of your life can you structure around not having any admin stuff and how much can you truly delegate to a team?”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“You live a good life, my friend. I think in your case, like I said, because you have more things than when you started, I think you can set things up in a way that can work better for you. So you have to think about what does Stig love to do, what does Stig not love to do, and who else can do what Stig doesn't love to do. And then just go with that.”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“et cetera, and really had no way to serve them.And I don't like to be elitist about it.So I really like the ETF because it allows us to work with your publicand also work with your public around the world, which is great.So that was one of the big motivations.Man, he's just a good person.I spoke with a friend here the other day, he's executive of a public company.And every time there was something going on, there's always someone with five sharesscreaming at him about how unhappy they are.And after I have gone through the motions with him, I was like,that's why you work in private companies.That's why you don't want that exposure.And so that was why I don't think that reflects well on me.I think it reflects really well on you that you're saying you could have this gated wallgarden, but you don't want to just deal with that.You also want to open up to the public.And perhaps it's because you have a thicker skin than me, but I would imagine you geta lot more feedback just by numbers, because now you open up to a lot more people.Or does that not phase you?Or does that feedback just not get to you whenever people are happy about whatever peopleare happy about?”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“appreciate this story.So it's about poker.So in poker, you can have the so-called nuts, so that's the best hand.And so you can say that in life, nothing is zero or 100%, but then you can be like,hey, but in poker, if you have the nuts, you have the best hand.So what is your risk?And then there was this Dole Brunson, this old poker legend.He said, well, whenever you played in Texas back in the day, even if you had the nuts,someone would pull out a gun and then he would just take your money.So even 100%, there's not 100%, just so you know.So the reason why I mentioned that, that was sort of where I came from.I was thinking, I understand the thesis or like to think so in Turkey.And I was like, is there a long-”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“key insights or principles did you take away from the frontline investment that have influencedhow you approach similar opportunities today?”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“Okay.Let's just hold the stock for two years and see what happens.I want to see Mr. Market price this thing at $40 when there's $45 of cash on the balance sheet.So I put 10% of the funds in Ipsco.One year goes by and the company announces the third year is also going to be $15 a share.So now we are at $60 on the balance sheet.And the stock price by now has moved to about $90,which is a little bit more reasonable than the stupid $40 it was sitting at.Now, when it's sitting at $90, I'm thinking, Monish, we have long-term gains.We have a double.Well done.And we need to be out of here.Okay.And while I'm going through these thoughts,I wake up one day and I see the stock is at $155 a share.It jumped from $90 to $155 because some Swedish company came in and offered $160 a share.Now, Mark Twain says that truth is stranger than fiction because fiction has to make sense.Why that Swedish company didn't make an offer of $50 when it was $40 a shareis something I will never understand.But they did offer the $160.And one femtosecond after I read that, I exited my position.And I've always had great nostalgia about Ipsco.And then on Twitter, where about 260,000 of my close friends hang out,one of my close friends on Twitter posts,hey, Monish, this console energy position by David Einhorn looks like your Ipsco bet.And I read that and say, oh God, he still loves me so much.Because now through Twitter and through X, he gives me what he's thinking.So anytime someone says something like Ipsco, I'm going to look at it.Such a beautiful experience, no downside.So I look at console energy and the guy's right.It looks very similar to Ipsco.They are forward selling.They've got kind of visibility in the future.It's not as clean as Ipsco.Ipsco was just with a bow on it.It was just picture perfect.Like you couldn't do...This was not as clean as that, but it was very favorable risk rewardbecause of what the stock price was, what the cash flows were coming in and so on.And so I said, hallelujah, Ipsco is back.And we don't need to think much.We already have that framework in the head.So I went in and bought console and I started studying the whole business.And then I find that on the Metco side, console was thermal cold, a very good company.But on the Metco side, it's even more favorable.And so I switched the bet from console to alpha and warrior.And then one month before Charlie Munger passed away,”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“I'm going to make an ambitious bridge here,Magnus, because people think that they're getting an investing showwhenever they listen to you, but you also give good marriage advice.And one of the things that you, for example, have told me is thatremember that the mistress is not always better than the wife.I just think the one line itself is just like, what did I ask?But anyway, it's one of the things you said to me.So I'm going to send one back to you that you should not go back to your ex-girlfriendunless it's for the right reasons and not for the wrong reasons.And the reason why I came to think of that, and I know it's a bit of a stretch here,but I was looking at Frontline, I was looking at the Metcall, and I had this idea of thissupply opportunity, whenever the demand goes parabolic and the supply can't go online,and then what happens and so on and so forth.And then it dawned to me, whenever someone like Magnus would double his money,but lose out on a 200 bagger, is there something lingering where we all know thatwe shouldn't be making the money back the way that we lost it orwhatever metaphorical way you want to put that?But how do you protect your own bias against saying, I should have had a 200 bagger inFrontline and now I see the same thing in this thesis or whatever, and so now I want to makethat bet because now I learned the framework?And so you're making those bets for the right reasons.How do you protect against yourself and only take the good from your past experiences and not thebad?”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“Because of the 4% rule that what Warren has shown us and what the stock market has shown usis that the true great compounders are few and far between.They are going to end up in your portfolio.And your job, when it ends up in your portfolio, is not to be trigger happy.And so the reality of investing is that this is a very forgiving business.So let's say, for example, there's some controversy whether Walmart was part of thenifty-fifty or not in the 1970s.Let's take the case it was part of the nifty-fifty.It was 2% allocation to Walmart out of 50 stocks.And let's say the other 49 stocks went to zero.So we made a $100,000 bet in 1970 or whatever, or 1972, and 98,000 of that has gone to zero.All the companies that were there, which some of them were very good companies likeMcDonald's and Coke and all of that, let's say they all went to zero.And you only had the 2% that you invested in Walmart.If you carried that till today, you blew out the S&P.So you blew out the S&P with a 98% error rate holding on to just one businessbecause that one business outperformed the S&P by so much that it outperformed significantly.So there's a very strong asymmetry here where the winners can be truly spectacular winners.So it's not so much that if you hold on to five companies,that it may have been better to sell three of them.You don't need to be optimized.You own all five, and that allows you to own the one or two that just go spectacular.So the important thing is not to get cute.So, for example, if you look at our wagons fund, right?We have the Constellation businesses in there, the Mark Leonard Constellation businesses.They have a good future.I have no crystal ball that tells me what those companies look like 10 or 20 years from now,but I want to let them run.I want to let them run.We have the coal companies.I also don't know what those look like 10, 20 years from now.We want to let those run too.It looks favorable.We want to let them run.So we have some Turkish bets in there too, like Reysas, et cetera.We want to let them run.And I think that when you put enough of these things, which have great characteristics,the world is a messy place.Things will come from left field.We don't know what happens to these different companies at what point.But it's almost inconceivable that all of them fall apart.That Constellation falls apart, and the coal bets fall apart, and Turkey falls apart,”
TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run
“and trying to figure out how to go back to first principles.And you're typically in trouble whenever you're listening to someone who's talking about firstprinciples, because they seem to go all kinds of directions whenever you do.But I was trying to think about Darwin and what he taught us about survival and adaptation.And I wanted to give you that framework, and please feel free to question the premise inthe first place, but have you learned anything from Darwin about how to avoid ruin and compoundcapital in investing?”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“We are sitting down right now with Warren Buffett, uh, the chairman of of Berkshire Hathaway, who for the first time in 60 years has been watching all of this from the audience instead of being on stage. And, you know, last year at this time, Warren, you surprised everyone with the announcement that you were stepping down as CEO. Fast forward a year and here we are. What do you think?”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“quite active. I mean >> you know Ajet spent some time on the>> you know Ajet spent some time on the>> you know Ajet spent some time on the stage today talking about how one of hisstage today talking about how one of hisstage today talking about how one of his keys is to do nothing when it comes tokeys is to do nothing when it comes tokeys is to do nothing when it comes to insurance when it comes to writinginsurance when it comes to writinginsurance when it comes to writing insurance which is the same thing thatinsurance which is the same thing thatinsurance which is the same thing that you have always talked about withyou have always talked about withyou have always talked about with whether to invest or not.whether to invest or not.whether to invest or not.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“In fact, just a few yards from here inside the arena, shareholders are starting to take their seats. This has a little bit of a different feel this morning. Um, it's quieter.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yes, it is.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“>> You you said that the world or the>> You you said that the world or the>> You you said that the world or the surrounding environment is not ideal.surrounding environment is not ideal.surrounding environment is not ideal. And I guess that points to the idea thatAnd I guess that points to the idea thatAnd I guess that points to the idea that there's almost $400 billion in cash onthere's almost $400 billion in cash onthere's almost $400 billion in cash on hand. Although Greg took some pains tohand. Although Greg took some pains tohand. Although Greg took some pains to show it's really more like $380 billionshow it's really more like $380 billionshow it's really more like $380 billion in cash on hand. [laughter]in cash on hand. [laughter]in cash on hand. [laughter]”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“There are still a lot of people here. In fact, when I was walking in, the lines were kind of out around the corner to both ends of this uh arena. Right now, you see Tim Cook is uh on this on the floor kind of getting ready to take his seat. sitting with some of the”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“seat. sitting with some of the directors, but um the shopping here ondirectors, but um the shopping here ondirectors, but um the shopping here on the floor has been a little muted there.the floor has been a little muted there.the floor has been a little muted there. There are a lot of people here, but uhThere are a lot of people here, but uhThere are a lot of people here, but uh not as many as we've been used to seeingnot as many as we've been used to seeingnot as many as we've been used to seeing the last couple of years when you gotthe last couple of years when you gotthe last couple of years when you got 40,000 people who are crammed into this40,000 people who are crammed into this40,000 people who are crammed into this place at once.place at once.place at once.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“And you're still active in managing the portfolio too and looking at stocks. You're looking around and you don't see a lot that you want to invest in.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Definitely a lot of curiosity about how>> Definitely a lot of curiosity about how>> Definitely a lot of curiosity about how this is going to go and how Greg's goingthis is going to go and how Greg's goingthis is going to go and how Greg's going to handle it, but it does feel a bitto handle it, but it does feel a bitto handle it, but it does feel a bit lighter. Not much of a press.lighter. Not much of a press.lighter. Not much of a press.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“What what is it when you look around that it's just prices are too high at”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> But this is a this is an evolution in>> But this is a this is an evolution in>> But this is a this is an evolution in Berkhire Hathaway. Do have some newsBerkhire Hathaway. Do have some newsBerkhire Hathaway. Do have some news this morning, too.this morning, too.this morning, too.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> No doubt about it. Berkhire Hathaway>> No doubt about it. Berkhire Hathaway>> No doubt about it. Berkhire Hathaway also just released first quarteralso just released first quarteralso just released first quarter results. operating earnings total 11.35results. operating earnings total 11.35results. operating earnings total 11.35 billion. That's up 18% over last year.billion. That's up 18% over last year.billion. That's up 18% over last year. The big headline from the results isThe big headline from the results isThe big headline from the results is that Berkhire's cash pile jumped to athat Berkhire's cash pile jumped to athat Berkhire's cash pile jumped to a record of nearly $400 billion, about 397record of nearly $400 billion, about 397record of nearly $400 billion, about 397 billion. Uh that's in new CEO Greg Ael'sbillion. Uh that's in new CEO Greg Ael'sbillion. Uh that's in new CEO Greg Ael's first quarter as a chief executive. Of”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“first quarter as a chief executive. Of course, Berkhire, according to the filing, sold a big chunk of stock uh in the three months, just over $24 billion. The company also bought $16 billion worth. That gives you a net sale number for the quarter of $8.1 billion out of the equity portfolio, which is over $300 billion in size. Berkhire's five main stock holdings remain the same in Q1. American Express, Apple, Bank of America, Coca-Cola, and Chevron. The company also bought back a total of $235 million in its own stock, the first buyback since the second quarter of 2024. Now, Greg Gable had told you that they were restarting stock buybacks. Yeah, he said that about a month ago when he was on Squapbox with us”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“that it's just prices are too high at this point? I I would imagine there Greg”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“said this from the stage too. There are businesses that you like just”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“and they had bought 220 or something. So, there was a lot a little bit of suspense among the investors I spoke to about whether in fact they were more”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“>> but looking around, um let's just get some macro thoughts on this because I don't know that this is something that that Greg is going to comment on per se. Just looking at the macro stock market environment, what does this feel like to”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“about whether in fact they were more aggressive in buying more over the the balance of the quarter. Who knows what they've done in April,”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“environment, what does this feel like to you? Is does it feel expensive? Does it feel like there are opportunities in some”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> right? These are only numbers through March 31st. So, this was the beginning of things. But people are wondering what they're going to do with all that cash growing up to $400 billion almost. I remember when it crossed hundred billion and people thought, "Oh my gosh, what are they going to do with this hundred billion dollar cash hoorde?" That was only 2017.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> What they're going to do is quadruple it. That was the answer.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Yeah.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> And continue to grow it. Although we have talked to some of the directors here and the things that they'll point out is that that cash hoard along without is that that cash hoard along with the $300 billion stock portfolio makes up a much smaller portion of the business than it used to because the”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“I mean the market cap is over a trillion. Yeah.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Uh the book value rose to like 725 billion. So the operating business accounts for a lot more than uh than it used to. though it still remains a question because if they're not buying back their own stock when they say it's below their estimate of intrinsic value, are they waiting for something in particular? By the way, it occurred to me that uh Greg Gable himself said he bought $15 million worth of groceries. So that rounds it to a nice quarter billion uh between the company and him that they picked up in the three months,”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“The type of investor you are though is is you laid it out yourself. In the 60 years you've been doing this in the business, you've had maybe five juicy years. I guess that means you're always looking for the next juicy year. What do you think it would take to make a juicy”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“right? taking his salary as he told us about a month ago and he's going to be plowing it back in buying shares on the open market and basically out in the after tax basis putting it all back into”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“you think it would take to make a juicy year or a juicy opportunity for you?”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Bell Labs.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Yeah.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Right. Right. Right. Right. Right. Right.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Wow. Uh, so but since then I've I've just emptied all the mattresses and I'm I'm I'm all in on this thing here.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“You've been coming for about four or five years maybe to the to the Berkhire annual meeting here. What what brings you here? Why do you keep coming back?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“makes me laugh and u and like big like body laughs. So, I get a kick out of them and I thought, well, I'll go out there and see what the Warren and Charlie show was like and it was it lived up to everything. It was really good and uh I enjoyed sitting there in the dark with all the people who were so excited to sort of be in the club, you know. I didn't even know I was in the club, you know, and so I was like, God, I could have been here in the club all this time having, you know, walking around buying marshmallows and things and candy.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“I guess what I'm trying to get at is do you see the circumstances building up anywhere that could lead to a time like that again? Any any sort of panic in the market?”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Well, if you saw them as they wouldn't happen.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Well, you know, he I think he's much friendlier. He I I you know, I saw him yesterday and he was really friendly.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“So, he's very friendly. And I think uh I think he's probably done a little”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Yeah. I mean, [laughter] a nuclear bomb could come out of the blue, you know.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Well, well, I it doesn't do any good to knock on wood. That's it. It it that's the point.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“think he's probably done a little research on it. Like I know you there's a challenge to be as funny as those two characters were. You know, that was”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“>> Yeah.>> Yeah.>> Yeah.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Phil, I I don't mean to put you on the spot, but as a shareholder, you probably look at this and think, okay, this is a changing of the guard. What what do you want to hear? What what makes you feel comfortable with still being a Berkshire shareholder?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Well, uh it was you had uh Sue Decker on your show the other day and she spoke of what was going to happen to the company that it was no longer going to be the way that Warren had it where you just sort of let your companies go, let them do their own thing. You don't bother, you don't interfere. that actually Berkhire was going to provide some guidance and suggestions like and set”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“>> Yeah. Yeah, tell them the end is coming.>> Yeah. Yeah, tell them the end is coming.>> Yeah. Yeah, tell them the end is coming.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“>> A friend told me yesterday he's recently>> A friend told me yesterday he's recently”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“A friend told me yesterday he's recently started using the phrase, I don't fret, I don't worry. And that's probably a good way to go about life. But let let's talk about some of the issues that are out there right now. Um”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“guidance and suggestions like and set goals for them and sort of streamline operations and just sort of tighten them tighten things up and when she said that I thought oh you mean like everybody else you know maybe that should work that should work so it was told to me by I mean my head is still ringing from the pinballs of numbers that you guys were talking about there a second ago so it'll take me a second to get my thought how many billion. What's that again?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah. So,”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“inflation is up. That's an issue. So how does Berkhire how does Berkhire handle that with its businesses?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“So, I feel comfortable knowing that, you know, it's sort of like sitting next to a guy at a poker table. They have to have $400 billion. You figure like, well, when he's broke, I'm going to be broke.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Um the the feel is a little different and it's an evolution. And um as somebody who is a careful observer of”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“somebody who is a careful observer of cultural phenomenons, what what would you have to say? Because I've talked to you in the past when you've sat and listened to Warren and Charlie. And by the way, folks, if you take a look at the stage, there's Warren Buffett walking in to the floor of the Berkhire Hathaway meeting. That's his daughter, Susie Buffett, another director of the company, sitting next to him. uh but the first time in 60 years that he's going to be sitting on the floor listening to this Q&A instead of actually taking questions from the shareholders.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“that gone bankrupt like six or seven times. I mean, [laughter] it's just amazing what people do. But uh in financial markets,”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“>> what about the inflation that we're dealing with right now, which is, you know, not excessive. was north of 3% at this point, but we're not even back at the levels we were during co 8 to 9%. So, what about just higher energy prices? How that works through the line and how you handle it?”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Yeah.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“you you've long been um a supporter of Jay Powell's.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“He had his last FOMC meeting as chairman uh just this last week. He did say that he's going to be sticking around,”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“he's going to be sticking around, he's going to be sticking around, staying on the Fed, staying in that staying on the Fed, staying in that staying on the Fed, staying in that position um for the foreseeable future position um for the foreseeable future position um for the foreseeable future in part because of the threats that he's in part because of the threats that he's in part because of the threats that he's faced. Um faced. Um faced. Um”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“it's what you don't think of that that”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“it's what you don't think of that that does all the damage.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“moment uh with John Rogers of Aerial Investments. I would point out a couple of things about the uh the stock investment uh over the last year which is it was at a historic peak one year ago on this very day and also a historic premium uh to uh its valuation. Since then actually other insurance stocks have actually been somewhat weak uh along the way that's dragged down the perception of Geico's value and uh obviously the valuation is moderated now. So it's about 1.4s four times book value. It had been up around 1.8 times. The other thing I guess I'd say is defensive and quality stocks have not necessarily been in favor. The S&P 500 has been very difficult to keep up with. And by the way, also uh I was going to mention on a 5-year basis. The S&P 500 has just caught up to Berkhire Hathaway's performance. It's basically been uh outperforming for that entire”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Let's talk a little bit about CEOs um in some of the Berkshire holdings. You mentioned Apple's uh Tim Cook and just the phenomenal job you think he's done.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Uh he's not the only one of your major holding CEOs who stepped down. James Quincy recently stepped down from Coca-Cola, too. And we just spoke with Vicky Halib who announced that she is retiring and stepping down from that position at accidental. Um part of what Greg's talked about is how stable that portfolio is and and these holdings are companies that he knows and managers that he knows. There's going to be some new managers in some of those major holdings coming in. Is that a problem?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“been uh outperforming for that entire period. almost every rolling five-year period you can go back to. Uh Berkhire has outperformed. John Rogers of Ariel uh is right here in the house. He's a longtime shareholder and of course friend of Berkhire. John, good to see you.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Uh uh but that's one of the problems with investing at uh uh”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Great to be here.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Um just talk about your general thoughts as you observe this transition from from Warren as CEO to Greg Ael and and I guess what you might want articulated or clarified today. Well, you know, I think that sometimes in basketball, people think about whether Michael Jordan's the greatest of all time or LeBron James. There's no doubt that Warren Buffett's the greatest investor of all time and the greatest communicator of his investment ideas of all time. So, it's huge shoes to for Greg to fill. What I'd like to find out today is whether he's”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Do you feel good about those holdings still? Have you met any of the new managers”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“of those businesses?”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“of the new business of the new CEOs that are coming in. Tim replacement”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Enrique at Coca-Cola.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“like to find out today is whether he's optimistic about the markets or not.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“to get married.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“It's been a difficult market. It's beenIt's been a difficult market. It's beenIt's been a difficult market. It's been really complicated by the war andreally complicated by the war andreally complicated by the war and everything else, and I'm wondering ifeverything else, and I'm wondering ifeverything else, and I'm wondering if his confidence is still there. Do youhis confidence is still there. Do youhis confidence is still there. Do you think his um approach to the job I Ithink his um approach to the job I Ithink his um approach to the job I I it's it's interesting to me that thatit's it's interesting to me that thatit's it's interesting to me that that Warren Buffett of course created all ofWarren Buffett of course created all ofWarren Buffett of course created all of this value at least initiallythis value at least initiallythis value at least initially principally as a stock picker. He was aprincipally as a stock picker. He was aprincipally as a stock picker. He was a market junkie from a young age and thatmarket junkie from a young age and thatmarket junkie from a young age and that was sort of his window on this and thenwas sort of his window on this and thenwas sort of his window on this and then he bought whole businesses and he'she bought whole businesses and he'she bought whole businesses and he's become a massive insurance operator andbecome a massive insurance operator andbecome a massive insurance operator and all the rest of it. Whereas Greg hasall the rest of it. Whereas Greg hasall the rest of it. Whereas Greg has come from industry he's owned wholecome from industry he's owned wholecome from industry he's owned whole businesses been a CEO made acquisitionsbusinesses been a CEO made acquisitionsbusinesses been a CEO made acquisitions in that way. So, I wonder if he's stillin that way. So, I wonder if he's stillin that way. So, I wonder if he's still going to think about the the sort ofgoing to think about the the sort ofgoing to think about the the sort of public equity portfolio as a a principalpublic equity portfolio as a a principalpublic equity portfolio as a a principal driver of of value going ahead or ifdriver of of value going ahead or ifdriver of of value going ahead or if he's going to look for ways to maybe do”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“So, you think we're getting worse at our judgment?”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“than after. Who knows exactly? Yeah,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“he's going to look for ways to maybe do things with the operating side.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“I would think he will continue Warren's playbook and Charlie's playbook. It's worked so extraordinarily well. It's created so much wealth and the board really believes in Warren's beliefs and of course Warren is still there. So I think Greg will follow the pattern that has built all this opportunity to create real massive generational wealth.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“There's a line of thinking that Berkhire Hathaway at a time when everybody is focusing on the types of businesses or even just you know financial balance sheets that can't be dislocated by AI or anything else that Berkhire Hathaway should come to toward the top of the list just given its asset mix and all the rest. I mean is that something that you think about in terms of you know the enduring value of the company? Well, I I do I think”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Um, Warren, let's talk a little bit about deep fakes because the deep fake Warren that popped up early in this session was pretty good. Um, they had somebody standing up, you know, Greg was joking about it, but, you know, the first the first question went to a guy from Warren up in the rafters who lives in Omaha. Um, you've been concerned about some of these AI deep fakes and what that means for the world. Yeah, I”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“that famous thing before way back in in New Jersey where they the Martians coming and everything like that.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“of the company? Well, I I do I think there's a huge mode around Berkhire and you walk around the uh center today and you see all these marvelous businesses invested in that you would think they're so unique and so special. They really can't be replicated. So, I think there's so much value here in the portfolio and I think it's going to perform very very well coming out of this sort of downturn over the last year. Does it, you know, that there's one line of thought that almost $400 billion in cash now on the balance sheet, uh, that perhaps investors more broadly may not have as much confidence in allowing Greg to sit on that much cash because who knows how he's going to allocate it whereas people had some comfort level with Warren. But I think again, Warren's still there, the board's still there, Warren's such a presence. Greg has learned so much from Warren.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“What you what you can do uhuh well, if you convince but people lend you money for it, they shouldn't you shouldn't be borrowing it. I mean, it's it's scary. And it's it's particularly scary when you have nine countries or so with the nuclear weapons and and people working on something even more. We haven't dealt with this. We don't know what's going to happen.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“you picked him and it wasn't because he was a nice guy. Why did you pick him?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Greg has learned so much from Warren. So, I know he'll be very careful with making those investment choices and how he uses the cash.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“And in general, I mean, your thoughts on the market. We have this other sort of tech concentrated uh S&P 500 run to new records, but the rest of the market, I guess, is also found some pockets of strength. There are and I've been looking at of course the leisure oriented stocks that I think are really cheap companies like Norwegian Cruise Lines and of course my favorite Madison Square Garden Entertainment that owns the Garden and is going to benefit from the Knicks run to the World Championship.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“No doubt about it. Uh so a Chicago guy, you're okay betting on the Knicks that way.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“values are now getting reflected. There's a couple of public market plays and you know the Atlanta Braves and all the rest of it all of a sudden and the group that comes to this meeting seems interested in those types of idiosyncratic type companies. They really do. You know Melody Hopson my coco has started project level to invest in women's sports related franchises and teams. It's a wonderful thing. And I look at the NBA you know it's going to be a worldwide phenomenon. You're going to have NBA leagues someday in Africa. You're going to have them in Europe. You're going to have them in Asia. All those eyeballs will be watching NBA talent. And you can see world championships. It'll be truly world championship. So, still a lot of value in professional sports.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“>> I didn't realize he wasn't a dual>> I didn't realize he wasn't a dual>> I didn't realize he wasn't a dual citizen already. I knew he was Canadian,citizen already. I knew he was Canadian,citizen already. I knew he was Canadian, but I thought he had dual citizen.but I thought he had dual citizen.but I thought he had dual citizen.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“>> Yeah. 250 years we're celebrating our”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“Yeah. 250 years we're celebrating our 250th anniversary. Um you pointed out that you've been around for 95 of them. You think we have the special sauce that will continue in this country or what do we need to do to preserve that and make sure that it does continue?”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“you know Warren there are thousands ofyou know Warren there are thousands ofyou know Warren there are thousands of people shareholders and partners ofpeople shareholders and partners ofpeople shareholders and partners of yours for decades in some cases who areyours for decades in some cases who areyours for decades in some cases who are sitting out in this arena right now andsitting out in this arena right now andsitting out in this arena right now and I just wonder if there's a message you'dI just wonder if there's a message you'd”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“I just wonder if there's a message you'd like to give to them um those been like to give to them um those been like to give to them um those been following you for yours and who've been following you for yours and who've been following you for yours and who've been partners of yours for years. partners of yours for years. partners of yours for years.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“do unto others as you'd have them do do unto others as you'd have them do do unto others as you'd have them do unto you. unto you. unto you.”
CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)
“>> Warren, I want to thank you for taking this time to sit down with us today. Warren Buffett, the chairman of Berkshire Hathaway. Uh Greg Ael is going to be taking the stage in just a moment and you will see more from him in just a moment.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Thank you.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“And Warren, thank you for taking the mic there. I am reminded I have a cherry coke here in your honor, peanut brittle in Charlie's honor, and that seat remains open. Thank you, Warren.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Now, we'll move to a little more a few more formalities and get into the uh business update.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“the bedrock of Berkhire that culture and values. Now um one of the values we've often touched on here is integrity. There's no better example of Warren's remarkable demonstration of that when he testified before Congress in 1991 as the chairman and CEO of Solomon Brothers. I like to call it Berkhire's Anthem, but I wanted to uh make sure we we we had that opportunity to um see the video today. Berkhire's Anthem.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“direct to consumers and to cut out the middleman and to have much better cost and much better service for those customers. So in 1951 um Benjamin Gran um took an investment in GEICO and of course one of his students was Warren Buffett and that's when Warren really started to think about GEICO and to um deeply try and figure out what we were doing and met with the leadership of GEICO and that was one of his first very big investments um his personal investments and then later um he started investing Berkshire Hathaway shares um and by 1996 he owned all of Geico. From that beginning, we now ensure millions of cars, trucks, RVs, um, campers, etc. Um, we're in all 50 states. Um, and we try and be there wherever the customer needs us. Um, that's always been sort of number one. I I think from the first time I met um, Warren or Greg or Ajit,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Um saving customers money and just giving outstanding service.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“as you if you don't mind I'll start with I touched on Tokyo Marine an exceptional transaction exceptional relationship I know you've built over many years with with the Tokyo Marine management team but if you could just expand on that strategic transaction and relationship we'll love to start with that”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Thank you, Ajit. It's a an exceptional transaction and a real long-term relationship. Thank you so much. And you know, it's one thing when I think of our also it reminds me of our five other Japanese companies that we've made investments in. Yes, we like the financial investment, but we also see long-term strategic relationships that can develop across one or all five of them. So fully uh support and excited by everything you just described. Thank you. Now we'll move to the more formal”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Hi my name is uh Warren. Warren from Omaha. I've recently undergone a let's call it a significant change in role and I have well let's just say a a not insignificant portion of my net worth tied up in Berkhire stock now Greg I've been watching this company for a while long time a very long time and and uh I've been telling people that I have no intentions of selling a single share not one. So, my question is a simple one. I'm 95 years old. I've got nothing but time and cherry coke and I want to know just so I have something to tell my fellow shareholders, why should they hold their Berkshire shares for the long term? Anyway, Greg, take it from here.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“What?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“you consider AI tools that are out there?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Ajit, I I I found it interesting. Ajit”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yep. That's it. Exactly.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Mhm.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah. So thank you. Thanks Sit.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Hi everyone. My name is Levia and I'm from Irvine California. Born in Kuing China. And I really want to say it's my honor to see both Mr. Buffett and Mr. Elbow today. I really want to say Mr. Buffett your speech has helped me get through many many dark moments in my life and stand back up not only in investment. I really appreciate you. Okay. My question is, as a young investor navigating both uncertainty and”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“investor navigating both uncertainty and rapid technology change, I often struggle to balance patience with action. How would you personally distinguish between the two, please?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“guess I'm officially a repeat customer and like the most shareholders, I plan to stick around for the long term. Over the years, Mr. Buffets has often said that capsule allocation is BSR's most important responsibility. Today, we are in a very different environment. interest rates are higher, cash actually earns something again and competition for quality assets has increased globally. Uh the station lady actually read my mind a little bit actually my question is how should long-term investor think about their capital allocation approach today when patience has a real opportunity cost and also for Mr. able. As you step further into this role, how do you personally balance patient vas action, especially when standards are shaped by decades of M. Buffett's track record? Thank you.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“your ninth shareholder meeting.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“being successful certainly in insurance and therefore in investing as well is the ability to say no.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“me, we understand that a lot of people have this urgency to act, but you described it uh incredibly well. Thank you.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Good morning, Mr. able. My name is Josh and I'm from China. So my question is about the key investing principle staying within your circle of competence. I imagine you and Mr. Buffett each have a somewhat different circle of competence. So how do you plan to manage the portfolio by established by Warren Buffett? Thank you.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“they were talking about Warren didn't invest in it because he saw it as a technology stock. He saw what the product was and how much the individual consumer valued it. And it's a remarkable perspective, but it would be very much a similar perspective that I think many of us would apply. Would, you know, uh maybe electricity I know a lot and I know how to make sure something gets generated and how we're going to transfer and all that, but am I really that interested in how they make the Apple phone? I I'll be intrigued by where they make it and some of the risks and challenges around that. But I I do fully and our team, you know, when we talk about it uh on a more broad basis. Listen, we're looking and saying, do we do we understand the value and what why that product has value? And it's really that value to the to the consumer. I”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“questions about your succession planning, too. So maybe you can add that in there.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“unable to perform uh in his role today or I was unable to perform our boardor I was unable to perform our boardor I was unable to perform our board knows what action uh they would take.knows what action uh they would take.knows what action uh they would take.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“your compensation question such a a critical point as”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“the compensation thing Having seen all these programs over the years, I”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Hello, Mr. Ael. My name is Kansas and I attend Elkrin South High School in West Omaha. Mr. Ael, you may remember me from last year and I'm here to question your company's business model again. It is compromising my future and the planet's future. Mr. Able. In your first letter to shareholders, you wrote, "Birkshire Hathaway avoids businesses that undermine the fabric of society, but”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“undermine the fabric of society, but Birkshshire's electric utilities continue to invest in fossil fuels that are driving the climate crisis. Can you tell me and my graduating class when Birkshshire Hathways Utilities will retire their fossil fuels, transition to renewable alternatives, and stop causing irreparable damage to the environment and my generation's future? Thank you.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“type of assets we use and and thetype of assets we use and and the industry usesindustry usesindustry uses a anything on the insurance side becausea anything on the insurance side becausea anything on the insurance side because I know you've gone on the insurance sideI know you've gone on the insurance sideI know you've gone on the insurance side as far as uh how what do we ensure howas far as uh how what do we ensure howas far as uh how what do we ensure how do we approach itdo we approach itdo we approach it”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> the hyperscalers. Yeah.>> the hyperscalers. Yeah.>> the hyperscalers. Yeah.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Yeah, thank you. Uh very valid question,>> Yeah, thank you. Uh very valid question,>> Yeah, thank you. Uh very valid question, but again very very”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“I don't have my news. So that was Greg talking about the need for uh you know cross investment across AI. AI a little bit of a sub theme of course in the morning in various ways.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah. I I mean I think what's so different about this meeting I don't know what you said before I got back here is just the amount of information that Greg and then a Jeep kind of unloaded on the investors about the businesses that they own on the shareholders about these businesses that they own.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“The only thing I'll say as somebody who sat here for a long time and had a lot”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“sat here for a long time and had a lot of questions from shareholders, I wasof questions from shareholders, I wasof questions from shareholders, I was checking off questions left and rightchecking off questions left and rightchecking off questions left and right that he was answering before we even gotthat he was answering before we even gotthat he was answering before we even got to on some of these things. So, he heto on some of these things. So, he heto on some of these things. So, he he went pretty deep into this. And I thinkwent pretty deep into this. And I thinkwent pretty deep into this. And I think if you're a shareholder, you probablyif you're a shareholder, you probablyif you're a shareholder, you probably feel a lot more comfortablefeel a lot more comfortablefeel a lot more comfortable”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“kind of understanding a not only a lot>> kind of understanding a not only a lot>> kind of understanding a not only a lot about these businesses, but alsoabout these businesses, but alsoabout these businesses, but also realizing b Greg knows an awful lot andrealizing b Greg knows an awful lot andrealizing b Greg knows an awful lot and very deep on all of these businesses,very deep on all of these businesses,very deep on all of these businesses, too.too.too.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Definitely conveyed um sort of the>> Definitely conveyed um sort of the>> Definitely conveyed um sort of the breadth of his grasp without a doubt.breadth of his grasp without a doubt.breadth of his grasp without a doubt. there was a density of the information.there was a density of the information.there was a density of the information. Also, I think Warren and and CharlieAlso, I think Warren and and CharlieAlso, I think Warren and and Charlie while he was here, they sort of assumedwhile he was here, they sort of assumedwhile he was here, they sort of assumed a level of familiarity with the broada level of familiarity with the broada level of familiarity with the broad outlines of the business, not having tooutlines of the business, not having tooutlines of the business, not having to explain necessarily the insurance floatexplain necessarily the insurance floatexplain necessarily the insurance float and how much flows through, but I doand how much flows through, but I doand how much flows through, but I do think there's value in bringing peoplethink there's value in bringing peoplethink there's value in bringing people up to that point. And also, I I detected”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“up to that point. And also, I I detected even though he's never going to have any kind of corny corporate speak about synergy. Yeah.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“He was drawing connections. He was talking about there's a metals business within the industrials businesses that all sort of have a connection to each other. Yeah. And they whether they're a customer of the other. Um and so it's not to say that the conglomerate magic works because everything fits together, but it's not random.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Right. And and and again on the AI on touching on the idea that you have these centralized off office operations. I've still got to go back and look through some of these questions to see which ones still apply on all of those levels. Is this still a decentralized kind of minimally oversight? He said we're not going to have bureaucracy, but it sounds like it's a lot more centralized, at”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“like it's a lot more centralized, at least in notion, than it has been to this point. And certainly a lot more attention coming on operations.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“He refers to operational excellence. It seems like it's a kind of an internal catchphrase and that means something. It means, you know, attention to margins or maybe some compensation uh things. Maybe just, you know, a closer eye on. The other thing I'll say from this when Ajit sat down with him the two of them kind of going back and forth that was a more comfortable conversation and a more um philosophical philosophical philosophical conversation I should say than I've heard in the past with those two. And it was a little more reminiscent of”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Charlie and Warren sitting on stage together where they kind of riff off each other a little bit. not not on the same level, but there was a a new level”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Yeah. the the investment discipline was”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah. the the investment discipline was was certainly a key uh a key kind of theme that came through as well and that was one of those ways. I totally agree with that. I mean they were you know kind of peers within the company for a pretty long period of time running separate parts of it.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah. It's just it's it's nice to kind of hear more from them. Not that this like a semi-evolution that took place over the last 5 months. This is obviously something that was always there,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“but they're able to speak a little more plainly and openly probably than they did before. Um, so in the room were did people think that the the warrant asking the question was for real or what was”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“No, I don't think so. You'd already seen him on the floor, right?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Well, or that it was a straight video as opposed to an AI fake.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“It was a deep fake. And I I'm glad Greg”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“It was a deep fake. And I I'm glad Greg acknowledged that at the end because I acknowledged that at the end because I acknowledged that at the end because I was thinking nobody thinks this is real, was thinking nobody thinks this is real, was thinking nobody thinks this is real, right? Although there's probably a few right? Although there's probably a few right? Although there's probably a few people who might have gotten fooled people who might have gotten fooled people who might have gotten fooled otherwise. But I mean, that's an otherwise. But I mean, that's an otherwise. But I mean, that's an interesting question by itself, how good interesting question by itself, how good interesting question by itself, how good uh deep fakes are at this point. I have uh deep fakes are at this point. I have uh deep fakes are at this point. I have to not, you know, it's no longer believe to not, you know, it's no longer believe to not, you know, it's no longer believe half of what you read and and or half of half of what you read and and or half of half of what you read and and or half of what you see and nothing of what you what you see and nothing of what you what you see and nothing of what you read. It's now believe nothing of what read. It's now believe nothing of what read. It's now believe nothing of what you hear, read, or see. Um, yeah. Trust you hear, read, or see. Um, yeah. Trust you hear, read, or see. Um, yeah. Trust and verify, I guess, on everything. and verify, I guess, on everything. and verify, I guess, on everything.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Vicky Halib of Accidental. She now joins us live in Omaha. And Vicki, first of all, welcome. It's great to see you.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Thank you. It's great to be here. Uh the big news yesterday is that you announced that after 10 years as the CEO and 40 years with Accidental that you're going to be stepping down next month. Um that's some big news. What brought you that to that decision?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“organically to then grow the dividend and to to provide uh shares,and to to provide uh shares,and to to provide uh shares, repurchases. I'm so excited about it,repurchases. I'm so excited about it,repurchases. I'm so excited about it, too. And and the reason I'm steppingtoo. And and the reason I'm steppingtoo. And and the reason I'm stepping down is we have for a long time had adown is we have for a long time had adown is we have for a long time had a great succession planning uh process ingreat succession planning uh process ingreat succession planning uh process in place and while I' and I've had theplace and while I' and I've had theplace and while I' and I've had the support of as I said an amazingsupport of as I said an amazingsupport of as I said an amazing leadership team. So we were able toleadership team. So we were able toleadership team. So we were able to accomplish all of this while buildingaccomplish all of this while buildingaccomplish all of this while building the culture and increasing our technicalthe culture and increasing our technicalthe culture and increasing our technical capabilities. So we did all that. So,capabilities. So we did all that. So,capabilities. So we did all that. So, we've checked all those boxes, but nowwe've checked all those boxes, but nowwe've checked all those boxes, but now we looked at our our top successor andwe looked at our our top successor andwe looked at our our top successor and what we need to do now and the next 10what we need to do now and the next 10what we need to do now and the next 10 years, and we felt like he was better toyears, and we felt like he was better toyears, and we felt like he was better to do that. He's better. He's going to bedo that. He's better. He's going to bedo that. He's better. He's going to be better at doing that than I would havebetter at doing that than I would havebetter at doing that than I would have done.done.done.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Next 10 years is this organic growth.>> Next 10 years is this organic growth.>> Next 10 years is this organic growth.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“And so, that's going to drive our stock>> And so, that's going to drive our stock>> And so, that's going to drive our stock price up, I think, tremendously over the”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“price up, I think, tremendously over the next three to five years. you said um when the macro allows and take what the macro will give us. That's you know kind of a significant when and if I suppose um what does that look like when things clear up?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“If you think that there's going to be the shortage come the middle of next year, where do you think oil prices are going to be as a result? I I think oil prices are a bit suppressed now because of what's coming out of all the strategic petroleum reserves around the world. So I believe that by midsummer this year,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Uh you're undergoing a CEO transition>> Uh you're undergoing a CEO transition>> Uh you're undergoing a CEO transition same time Berkhire Hathaway is. What'ssame time Berkhire Hathaway is. What'ssame time Berkhire Hathaway is. What's your I guess the relationship with Gregyour I guess the relationship with Gregyour I guess the relationship with Greg and has he bought into to the plan fromand has he bought into to the plan fromand has he bought into to the plan from here on out? Obviously they're veryhere on out? Obviously they're veryhere on out? Obviously they're very large shareholders still.large shareholders still.large shareholders still.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Explain that. Tough negotiator as in what the Oxycm deal or other stuff that that was going on?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Let me clarify. Uh so on the OxyCim deal, he he is into the details and he doesn't forget. That's why he could sit there and talk about all those businesses.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Great. Uh Vicki, thank you very much for being with us today. Vicky Halop, it's a pleasure seeing you and um thanks for talking to us about the succession planning and congratulations.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“All right. Well, Berkhire Hathaway's almost 70 holding companies give it a unique view onto the economy and the consumer. We caught up with some of the company's CEOs here on the floor to talk about just how the consumer is fairing right now.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“It's definitely headwind for Benjamin Moore. number one drivers housing churn at Benjamin Moore and with affordability issues, mortgage reach issues and confidence. It's been a strain. There's no doubt about it.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah, we've probably seen, you know, a little bit of a a change in our trends over the last month or so. Um, but, you know, there's a lot of factors influencing the consumer. So, sometimes it's a little bit hard to tell, you know, what factors those are.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“When we think about the consumer, it really you end up in two tiers right now. If you are affluent and you are”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“My mic here.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Let's hear from one more Berkhire CEO on the consumer. Dan Sheridan, CEO of Brooks Running is right here with us.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“into running shoes in particular, there's also such a focus on the technology and on like the new thing and how it can help performance.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“There was a big deal about the under two hours, though. That under two-hour marathon was wearing what was it? Adidas shoes.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“And and that was a big deal because Nike had been talking about that for so long. Obviously you guys are shooting towards that and I know you're hitting records in other places, but how important is that specific mile marker and how do you compete for that? How do you go after that?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“everybody that moves and and that's why we have the number one market share here we have the number one market share here we have the number one market share here in the US in run. Uh we just became the in the US in run. Uh we just became the in the US in run. Uh we just became the number one brand in Germany too. Highly number one brand in Germany too. Highly number one brand in Germany too. Highly technical markets and our products and technical markets and our products and technical markets and our products and brand is right in the center of that. So brand is right in the center of that. So brand is right in the center of that. So we we love it when there's epic athletic we we love it when there's epic athletic we we love it when there's epic athletic achievement like that. achievement like that. achievement like that.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“You have um kind of a new sub CEO running You have um kind of a new sub CEO running You have um kind of a new sub CEO running your group, the consumer products and your group, the consumer products and your group, the consumer products and services area of Bergshire Hatway, Adam services area of Bergshire Hatway, Adam services area of Bergshire Hatway, Adam Johnson. What does that mean for you at Johnson. What does that mean for you at Johnson. What does that mean for you at this point? this point? this point?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“trust, empowerment that has the bedrock of of Berkshire culture is still the same things that I'm feeling from Adam and from Greg.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“You know, Dan, we were just talking about whether there are kind of ways to cooperate with other Berkhire businesses and I I don't know, Brooks is such a unique company. I don't know if that's the case, but you tell me. Are you're here with the managers u I think you everybody had lunch yesterday. I'm sure you're talking to all of your colleagues all the time on this. What What do you learn from each other and are there ways that you can work together?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah, I think this weekend is a moment for us to network as peers and the lunch is one way, but what I try and do is is spend time one-on-one with some of my peers to suck all the information I can and experience uh from them. And so, this is a moment where we get to network”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Is it about um requesting further resources or requesting the freedom to do more of your own thing or any of those things?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“That's great.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“the kind of frontier in terms of your technology innovation? Like what's next and how tightly are you trying to squeeze out little bits of performance?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“So an arms race for the foot race.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“So an arms race for the foot race.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“So an arms race for the foot race.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“How many? So like a thousand, I heard.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“this is the liveliest that the floor has been. I think through the shareholders meeting, we've got crowds of people here around. We've got FL, the Oriental Trading Flamingo. We've got tons of materials that people are taking home to share to uh to enjoy their experience here in Omaha. Are you going to sell out of the ducks, do you think?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Excellent, Katie. Thank you very much. Looks like there's a lot of activity back there, too. Right now, we're joined by a longtime shareholder of Berkhire, former Activision Blizzard CEO Bobby Kodc, who has been coming to this meeting for how many years? I ask you this every year. It's more than 30, right?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“More than 30 years you've been here. Bobby, I just want to ask you as a long-term shareholder, as a long-term”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“long-term shareholder, as a long-term Berkhire follower, um, what did youBerkhire follower, um, what did youBerkhire follower, um, what did you think of the meeting so far? What Whatthink of the meeting so far? What Whatthink of the meeting so far? What What was it like sitting out there?was it like sitting out there?was it like sitting out there?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> yeah,>> yeah,>> yeah,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Well, you know, that's been a question>> Well, you know, that's been a question>> Well, you know, that's been a question that has come up. We haven't gotten athat has come up. We haven't gotten athat has come up. We haven't gotten a chance to ask about them on stage yet,chance to ask about them on stage yet,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“chance to ask about them on stage yet, but Berkhire has underperformed the S&P 500 pretty significantly over the last year. S&P has been up by about 29%. I think Berkhire's down maybe 12% over that the same period. Uh maybe a little less. Maybe it's 9% down. Yeah. Over that period of time. But when you look at that, what does that tell you as a shareholder yourself? What do you want to see? What do you think of it all?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“maybe not as much as people anticipated,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“So, I see nothing but opportunity. I, you know, I like to buy when they like to buy.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Are you buying back shares? Are you buying more shares of Berkhire? uh”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“buying more shares of Berkhire?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“uh rather not say, but I think umrather not say, but I think umrather not say, but I think um you know I I like to buy when they'reyou know I I like to buy when they'reyou know I I like to buy when they're buying and I think that was a vote ofbuying and I think that was a vote ofbuying and I think that was a vote of confidence.confidence.confidence.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Okay.>> Okay.>> Okay.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> I did find it interesting first of all>> I did find it interesting first of all>> I did find it interesting first of all um Gregory was that pains to say that itum Gregory was that pains to say that itum Gregory was that pains to say that it wasn't quite as much cash as iswasn't quite as much cash as iswasn't quite as much cash as is portrayed in the 10Q filing millionportrayed in the 10Q filing millionportrayed in the 10Q filing million billion they still havebillion they still havebillion they still have”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> of a T- bill purchase that hadn't>> of a T- bill purchase that hadn't>> of a T- bill purchase that hadn't settled yet. So there's some doublesettled yet. So there's some doublesettled yet. So there's some double counting. So fine $380 billion. Um, butcounting. So fine $380 billion. Um, butcounting. So fine $380 billion. Um, but it seems as if some of the things thatit seems as if some of the things thatit seems as if some of the things that Greg said were meant to kind of put theGreg said were meant to kind of put theGreg said were meant to kind of put the investment portfolio a bit off to theinvestment portfolio a bit off to theinvestment portfolio a bit off to the side, right? He emphasizes the four veryside, right? He emphasizes the four veryside, right? He emphasizes the four very large core holdings which are kind oflarge core holdings which are kind oflarge core holdings which are kind of there forever. Uh, as well as thethere forever. Uh, as well as thethere forever. Uh, as well as the Japanese businesses and the rest of it,Japanese businesses and the rest of it,Japanese businesses and the rest of it, he sort of says, well, it's not reallyhe sort of says, well, it's not reallyhe sort of says, well, it's not really that big and it's not all that activelythat big and it's not all that activelythat big and it's not all that actively managed. Does that say to you that he'smanaged. Does that say to you that he'smanaged. Does that say to you that he's mostly focusing his energies and”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“mostly focusing his energies and attention on just the operating businesses and what else in terms of bolt-on acquisitions he can do as opposed to the portfolio?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“on both ends, right? when he took over for jobs and now he's handing it off again. Cook I was joking that you know”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Cook I was joking that you know Warren was polite enough not to say why are you retiring at 65”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> right?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> You got 30 more good years left you know right”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Bobby I want to talk to you that about that as a former CEO yourself and somebody who knows of the stresses that come with that and the huge responsibilities with that. We've seen a lot of executive turnover of some very long-term well-known names, uh, big companies. You mentioned Coca-Cola where you were board member before, too. Uh, Tim Cook with Apple. You've also got Bob Iger turning over. Uh, there's Vicky Holl was just sitting here. Uh, Doug McMillan stepped down. There's just this long this big number of relatively young people in a lot of cases. Doug McMillan was what, 60? um at James Quincy 60 years old today. So you're talking about people who are young and some of them”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“people who are young and some of them when they've sat down with me have said look it's it's really tough to think of what AI is going to do and that's going to be a 5-year transition. How do you think that through? Is is that what's happening here? Is there something else? Is it just a good time to step down? What's your take on all of this as somebody who's been in that role? You”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“as you look at Berkshire, I mean it's understandable that would be portrayed AI could be much more of an enhancement”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“AI could be much more of an enhancement to a lot of what's done there as opposed to, you know, them being disrupted by it in various businesses. But I I was fascinated by what Ajid said about um cyber risk related to AI and how he just has a hard time figuring out how to model it like was was is one incursion going to proliferate? How you going to aggregate that risk?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“It will give you an opportunity to then assess, you know, how right or wrong has the AI actually given you the ability to assess it. But those AI tools are going to be incredibly useful. Then you look at like these operating businesses, they're run incredibly efficiently from an SGNA perspective, but there's no question that there's optimization opportunities. It's like just think”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“opportunities. It's like just think about like risk calculation in theabout like risk calculation in theabout like risk calculation in the insurance business. AI will be aninsurance business. AI will be aninsurance business. AI will be an enormous contributor to reassessment ofenormous contributor to reassessment ofenormous contributor to reassessment of risk, reassessment of pricing. I justrisk, reassessment of pricing. I justrisk, reassessment of pricing. I just think all these operating businessesthink all these operating businessesthink all these operating businesses over time are going to have a greatover time are going to have a greatover time are going to have a great benefit in efficiencies andbenefit in efficiencies andbenefit in efficiencies and opportunities from AI.opportunities from AI.opportunities from AI.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> What do you want to hear more? What what>> What do you want to hear more? What what>> What do you want to hear more? What what have you not heard so far that maybehave you not heard so far that maybehave you not heard so far that maybe you'd like to hear in the second Q&Ayou'd like to hear in the second Q&Ayou'd like to hear in the second Q&A session? Asking for a friend.session? Asking for a friend.session? Asking for a friend.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Well, um,Well, um,Well, um, you know, I I think I they're notyou know, I I think I they're notyou know, I I think I they're not they're not going to talk a lot aboutthey're not going to talk a lot aboutthey're not going to talk a lot about the macro environment,the macro environment,the macro environment, but I would like to hear theirbut I would like to hear theirbut I would like to hear their perspectives about the macroperspectives about the macroperspectives about the macro environment. Um, I just don't think thatenvironment. Um, I just don't think thatenvironment. Um, I just don't think that that's something that historicallythat's something that historicallythat's something that historically they've spent a lot of time talking. Ithey've spent a lot of time talking. Ithey've spent a lot of time talking. I think when you look at where the S&P isthink when you look at where the S&P isthink when you look at where the S&P is trading and you think about a 26 timestrading and you think about a 26 timestrading and you think about a 26 times multiple and a 100year mean at 17 times,multiple and a 100year mean at 17 times,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“multiple and a 100year mean at 17 times, we will regress to the mean.we will regress to the mean.we will regress to the mean.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“And so, but I I almost think it's implicit in the cash balances what they think about the opportunities going forward. You would think I mean because Berkshire was so somewhat early in identifying Japan as an opportunity for kind of rejuvenization whether he might have a view on that if he gets a question on that because I know that Greg was kind of close to that.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Right.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“I think they answered that with Tokyo Marine.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“True enough. Yeah. Through your actions. Yeah.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Um I I I keep going back to just the structure and how it's changed. And I will tell you, I've been hearing from a lot of people who have been kind of texting me and telling me what they're thinking from the arena while they're sitting in there. The general impression is people were pleasantly surprised by how much they”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“pleasantly surprised by how much they learned in this meeting. Structures changed, but I think they're looking at it as a an evolution that, hey, may not be what they wanted, but they they're enjoying it to this point. I I have to say I I am love I love the fact that they're actually doing more of a deep dive into the businesses and I think that that's a great pivot. You know, you're never going to replace the Warren Charlie dynamic that can never be replaced. But for a company that's so big and so complex, has so many operating subsidiaries, going and actually doing a deep dive and showing the depth of the management teams across all of these businesses. I think that's a great pivot and not what I expected, but something that I'm actually really enjoying.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“very much for sitting here with us and talking this through. Um, it's been a pleasure.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“And by the way, I'm going to head out at the same time. We've got Warren Buffett coming up in just a little bit. We might get the chance to ask him about some of those macro issues that you were just referencing about what he sees happening with the economy and stocks right now, too.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Thank you.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“All right. Well, get on back in there. I'll see you in a little bit. One other newsy nugget from this morning was a question about insurance and the current risk around shipping in the straight of moose. Here's what vice chairman of insurance operations Ajit Jane had to say about that.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“The question is how and when can you offer insurance to ships crossing the straight of Hormuz?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“I mean the short answer is depends on the price.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Um obviously some thought has gone into that because there's a lot of dynamics there.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“the session, uh, uh, from Greg Able this morning. So, what are your headline thoughts on?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah, he really spent a good chunk of time talking about the equity portfolio, which I think a lot of shareholders really appreciated because there were some doubts about how he's able to be this hands-on operator at the same time running this massive portfolio, right? So, he talked about how he's thinking about it. the core four that's Apple, American Express, Coca-Cola and Booties and then the Japanese holdings and then some other significant stake like Bank of America America and Google. Um, so I think it's really interesting and I think a lot of people appreciate it. And also like you said, last quarter, um, Berkshire Hathaway was actually a net seller of stocks once again, selling about, you know, a net $8 billion of, um, stocks and, um, that's just not”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“um, stocks and, um, that's just not slight tweaking, right? That's there's a slight tweaking, right? That's there's a slight tweaking, right? That's there's a lot of repositioning going on, lot of repositioning going on, lot of repositioning going on,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“right? because it was $24 billion in growth sales and then $16 billion in purchases netting out to to minus8 billion. So yeah, that's that's not trivial. Um it's interesting you he he definitely spent a lot of time on the portfolio characterizing how he views I guess different pieces of it, but those things that were not mentioned like all the rest I I think it still leaves open the question of whether he considers them either too small to matter or maybe not worth spending a lot of time on.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Right. That's a good question. what happens to the rest of the stock he didn't mention and um also the selling we talked about a a part of it I think is likely tied to the departure of Todd Combmes the you know the unwinding of”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Combmes the you know the unwinding of the positions he used to run right andthe positions he used to run right andthe positions he used to run right and because he left for JP Morgan at the endbecause he left for JP Morgan at the endbecause he left for JP Morgan at the end of last year and we don't know exactlyof last year and we don't know exactlyof last year and we don't know exactly which stocks they were but um I know hewhich stocks they were but um I know hewhich stocks they were but um I know he said in the past that Visa andsaid in the past that Visa andsaid in the past that Visa and Mastercard were the two first stocks heMastercard were the two first stocks heMastercard were the two first stocks he bought for Berkshire 15 16 years ago sobought for Berkshire 15 16 years ago sobought for Berkshire 15 16 years ago so we'll see If those ones are still there,we'll see If those ones are still there,we'll see If those ones are still there,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“know, disciplined approach to buyback. Um, you know, they're evaluating the intrinsic value with Warren Buffett and um, yeah, I I think people want to hear more more aggressive buyback approach.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah, especially when you consider, you know, all the cash that they have and now, you know, that's obviously a cushion and it's obviously ammunition to go and do something down the road if they want to do it. But a lot of folks feel as if well if you feel as if there's a positive expected return to buying your shares at these levels maybe do more of that or they want to just wait for a bigger discount to their estimate of intrinsic value.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Right. Totally. But he did sound like he's ready to buy new uh either companies or stocks when the price is right. Yeah. And um just judging by how comfortable he was talking about AI and tech and you know LLMs and the defake”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“tech and you know LLMs and the defake video we we saw. Um, I wonder if there's a sign that maybe Berkhire will be more open to technology investments going forward because as we know Buffet was a little bit hesitant because it was outside of his circle of competence before.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> It's true.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Yeah, it is interesting especially when you consider, you know, some of these big formerly blue chip software companies that have actually come down so much in valuation because of AI disruption fear. If Ber would see that as a dislocated deal that they could they could get in there.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Yeah, totally. And to that point, they added that alphabet stake. It was pretty significant, more than $4 billion uh last year. Uh and then he did mention it uh in his you know session. So there I think there are signs that they're getting more into technology.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“getting more into technology.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Interesting. He's able to portray the utility business as essentially, you know, kind of newly a growth business, pretty ahead of the industry in terms of data center exposure, but able to do it in a way that's not going to harm local.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“For sure. Um I mean I guess the other pieces of it uh at this point uh they they highlighted some of the connections among some of the industrial businesses. They talk about the building products”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“They talk about the building products area. Even though they don't want to say that this is all meant to, you know, fit together like uh some kind of a top down machine. There are linkages between these companies.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah. and he's talking about he also talked about AI in a broader sense and he's evaluating ways that can be additive to Berkshire's array of different businesses right and um how they can be more productive and efficient”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“yeah for sure you know that's a big part of the uh the priorities here as well as in the insurance business with with Gly thank you so much enjoy the uh the second part of the session now we're now awaiting uh what was just announced a little while ago as an interview between our Becky Quick and Warren Buffett who of course remains chairman of the company and thereafter there will be another Q&A session that's going to”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“a year and here we are. What do you think?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“you know a Jeet spent some time on the stage today talking about how one of his keys is to do nothing when it comes to insurance when it comes to writing insurance which is the same thing that you have always talked about with whether to invest or not.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“you know makes sense and there may be 20 out there that make sense that you don't understand and you just leave them alone. You said that the world or the surrounding environment is not ideal. And I guess that points to the idea that there's almost $400 billion in cash on hand. Although Greg took some pains to show it's really more like $380 billion in cash on hand.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“But that there's a lot of cash on hand and you're still active in managing the portfolio too and looking at stocks. You're looking around and you don't see a lot that you want to invest in.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“What what is it when you look around >> What what is it when you look around >> What what is it when you look around that it it's just prices are too high at that it it's just prices are too high at that it it's just prices are too high at this point? I would imagine there are this point? I would imagine there are this point? I would imagine there are Greg said this from the stage too. There Greg said this from the stage too. There Greg said this from the stage too. There are businesses that you like just are businesses that you like just are businesses that you like just >>”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“have actually grown up with them, used the product, seen things and but uh well, as I mentioned, you know, you don't have to understand too many of them like Apple,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“but looking around, um let's just get some macro thoughts on this because I don't know that this is something that that Greg is going to comment on per se. Just looking at the macro stock market environment, what does this feel like to you? Is does it feel expensive? Does it feel like there are opportunities in some?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“everything now, but uh but people spend their time figuring out how to get around the rules rather than follow the rules. That's just a challenge. The type of investor you are though is is you laid it out yourself. In the 60 years you've been doing this in the business, you've had maybe five juicy years. I guess that means you're always looking for the next juicy year. What do you think it would take to make a juicy year or a juicy opportunity for you?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah, Bell Labs. No, and and uh you know, and and and sometimes there's more zeros attached to them than others and and we're big enough to handle anything and we can make decisions faster than anybody. And our word is”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“faster than anybody. And our word is good. Uh it uh there's an awful lot of people that they're when they they're in the business of reselling something or you know it's uh and there's it's a lot better if you're a good salesperson. There's no reason to be selling vacuum cleaners or you know as we'll sell stock you'll make way more money. It's where the money is.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Yeah.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> And there's and there's more money around than ever. And it uh you know,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> but the best opportunities have probably come when the macro environment leads to”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> most likely. Well, the most likely time to buy things is when nobody else will answer their phones. You know, everybody else talks about their wonderful trading departments and everything. Just try them out. Sometime when uh markets are collapsing, they don't answer the phones.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Right. Right.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Right. Right.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“And and if they do, the the bids are subject and the offers are subject and the spread is wide and then and they'll use the information they get from you about what you want to do to go out and kill you some other way. I mean, it it's it's uh it's really like going to a slaughter house. I mean, you don't you don't feel like eating hot dogs for a while. I guess what I'm trying to get at is do you see the circumstances building up anywhere that could lead to a time like that again? Any any sort of panic in the market?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Where do you see them?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Well, if you saw them as they wouldn't happen,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“okay?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“I mean, you've got all kind you don't worry about what what people are talking about can happen. It's it's something comes out of the blue. But some something will come out of the blue.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah. I mean,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“a a nuclear bomb could come out of the”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“a nuclear bomb could come out of the blue, you know.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Well, let's knock on wood on that.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah. it, you know, was the arch duke getting shot, you know, in 1914 or something like that for World War uh one and it just take everything in life and it it if it if it's something people are talking about and thinking about, it's not going to happen.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“don't think it does do any good to worry about it. I think it's it's good to be cognizant of it, but the worrying about it is terrible. And I don't like to I don't like to even cause that belief with people. I don't like to go around.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“>> Tell them the end is coming, the end is coming or something like that.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“what about the inflation that we're dealing with right now, which is, you know, not excessive. It's north of 3% at this point, but we're not even back at the levels we were during co at 8 to 9%. So, what about just higher energy prices? How that works through the line and how you handle it?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Uh,”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah. Let's talk a little bit about CEOs um in some of the Berkshire Holdings. You mentioned Apple's uh Tim Cook and just the phenomenal job you think he's done.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Uh he's not the only one of your major holding CEOs who stepped down. James Quincy recently stepped down from Coca-Cola, too. And we just spoke with Vicky Halib who announced that she is retiring and stepping down from that position at Accidental. Um part of what Greg's talked about is how stable that”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Greg's talked about is how stable that portfolio is and and these holdings are companies that he knows and managers that he that he knows. There's going to be some new managers in some of those major holdings coming in. Is that a problem?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Do you feel good about those holdings still? Have you met any of the new managers >> of those business?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“people made the decision when they were 20 or 21 now to get married.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah. They got married. And now they they they spent 5 years and they still make the same mistakes.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“So, you think we're getting worse at our judgment?”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“I would say that almost everybody feels either their marriage is better or worse than they anticipated a month after they were married, but I don't know which.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Um, Warren, let's talk a little bit about deep fakes because the deep fake Warren that popped up early in this session was pretty good. Um, they had somebody standing up, you know, Greg was joking about it, but, you know, the first the first question went to a guy from Warren up in the rafters who lives in Omaha. Um, you've been concerned about some of these AI deep fakes and”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“about some of these AI deep fakes and what that means for the world.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“War of the Worlds with Orson Wells. what you what you can do.”
2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)
“Yeah. Let's circle back to Berkhire and the Berkhire of today. Um I think”
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