Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)
“we've got about 200 businesses within Berkshire, you know, that came about, and I can't name the manager's names”
3378 mentions across the corpus · positive 1103 · negative 37 · neutral 2211 · historical 27
Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)
“we've got about 200 businesses within Berkshire, you know, that came about, and I can't name the manager's names”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“Coming up, for the first time in some 60 years, Bergkshire Hathaway has a new leader. CEO Greg Ael joins us”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“coming from Berkshire Hathaway. The company has just filed a form for an 8K.”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“Berkshire Hathaway CEO Greg Ael. Greg, welcome. It is great to see you this morning.”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“you are buying 21 class A shares. This is the disclosure of that $15.3 million... reinvested it or purchased Berkshire shares with the after tax dollars.”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“There's nothing better than Bergkshire. And it's what I do every day. I wake up,”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“thing we we do not do at Bergkshire across any of our businesses or with our executives we don't have equity stock programs”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“Warren very much had your reaction that uh no one else in corporate America does this and said and the other thing is that this is so Bergkshire”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“our owners use their after tax dollars to by Berkshire, I'll do the same. So, so Warren acknowledged immediately the alignment with our values”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“I took a portion of those proceeds on an after tax dollar basis and purchased Berkshire stock.”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“Warren Buffett's never been a fan of. Would you potentially give a dividend back to shareholders if you don't see other opportunities”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“Warren's been riding that lever for 60 years, and it's something that had a huge following. was a tough letter to write.”
“Warren Buffett made a massive announcement at the end of his annual shareholder meeting in Omaha after six decades as CEO of Berkshire Hathaway”
“passing the torch to Greg Abel is really kind of epochal...Buffett's historic decision to retire after 60 years as Berkshire Hathaway's CEO”
“Buffett's historic decision to retire after 60 years as Berkshire Hathaway's CEO”
TIP717: Berkshire Hathaway 2025 w/ Chris Bloomstran
“Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show.”
TIP721: Berkshire Hathaway Annual Shareholders Meeting 2025
“Clay and Kyle reflect on their weekend at the Berkshire Hathaway annual shareholders meeting in Omaha and play a few of their favorite clips from the Q&A session with Warren Buffett”
Market moves in first months of Trump's second term are 'really nothing'
“Has the recent market volatility presented Berkshire with opportunities? What has happened in the last 30, 45 days... There's been three times since we acquired Berkshire. The Berkshire has gone down ”
“J.P. Morgan and Amazon and Berkshire were not going to have any effect on changing that 20%”
'Tim Cook has made Berkshire a lot more money' than I have
“Tim Cook has made the Berkshire a lot more money than I've ever made Berkshire Hathaway”
U.S. needs to reduce its budget deficits
“Big corporations, you know, overwhelmingly, most of them look like they could be run better. I'm sure Berkshire does in many respects.”
Berkshire can't compete with private equity in life insurance
“how do you view their impact on Berkshire's insurance operations and underwriting discipline”
2025 Annual Meeting Highlight Reel
“Tomorrow we're having a board meeting of Berkshire, and we have 11 directors...Greg should become the chief executive officer of the company at year end.”
Abel will be more 'active' in managing subsidiaries, but in a 'positive' way
“Warren bought the businesses, had that general knowledge. I absolutely had to engage with each of them, and they've been great in sharing their business models”
Berkshire will be patient with its big cash pile
“Today, Berkshire holds over $300 billion in cash and short-term investments representing about 27% of total assets”
Berkshire's 'great culture' will be an asset in years ahead
“we start from a great place where we've got a great culture within the business. We have values that we, as a management team, and really, as defined by Warren, and Charlie and everybody associated wi”
Afternoon Session - 2025 Meeting
“opportunities in Berkshire or things that are going on globally or in the U.S.”
Morning Session - 2025 Meeting
“they finally got through an age director thing at Berkshire...Ron has been on the board for 28 years and been associated with Charlie Munger at Munger tolls”
“So Berkshire, in effect, got its money's worth, but we didn't kill the tapeworm.”
2025 Annual Meeting Highlight Reel
“Out of all the companies that Berkshire Hathaway owns, there was one that you acquired, the Chicago-based company Portillo's Hot Dogs.”
2025 Annual Meeting Highlight Reel
“the model that Berkshire pioneered decades ago. And has this competition made it more challenging for Berkshire to find and price insurance opportunities”
2025 Annual Meeting Highlight Reel
“since we acquired Berkshire, that Berkshire has gone down 50% in a fairly short period of the time, three different times.”
Afternoon Session - 2025 Meeting
“My dad owned BRKA shares, and he said, I need to work hard to earn my piece of BRKB.”
Afternoon Session - 2025 Meeting
“to become part of Berkshire, to own, to own some Berkshire, to own some Berkshire. your shares, you're going to have to work hard.”
Morning Session - 2025 Meeting
“Berkshire to effectively own nearly 5% of the entire U.S. Treasury market”
Morning Session - 2025 Meeting
“today Berkshire holds over $300 billion in cash and short-term investments representing about 27% of total assets”
Morning Session - 2025 Meeting
“This is my eighth Berkshire Houseway meetings at this point. I've probably spent more time with you than most people spend on Netflix.”
Morning Session - 2025 Meeting
“somebody needs to sell 20,000 shares of Berkshire or something and they call us, and the price is right, it's done in five seconds”
Morning Session - 2025 Meeting
“Out of all the companies that Berkshire Hathaway owns, there was one that you acquired, the Chicago-based company Portillo's Hot Dogs.”
Afternoon Session - 2025 Meeting
“the insurance float that was the rocket fuel behind Berkshire's success”
Afternoon Session - 2025 Meeting
“Berkshire Hathaway has got plenty of material out there for you to read. And when you get through reading it all, you'll know way more than most”
Morning Session - 2025 Meeting
“we own a lot of companies, but I do like to think I know most of them... Through Marman. And that's been a great opportunity where we've accumulated a variety of excellent companies”
Afternoon Session - 2025 Meeting
“Berkshire acquire 100% of BHE. It was done in two steps. One, in late 2022, 1% was purchased from Greg Abel”
Afternoon Session - 2025 Meeting
“we are responsible. responsibilities with the shareholders of Berkshire Hathaway”
Afternoon Session - 2025 Meeting
“as compared to reported net income measures for Berkshire... our underlying earning power was affected negatively here a while back by what happened in the utility field.”
Afternoon Session - 2025 Meeting
“Berkshire will increase its earning power over time as we retain money... We'll build the earning power, but it won't be coming in any even stream”
Afternoon Session - 2025 Meeting
“if Berkshire went down 50 percent next week, I would regard that as a fantastic opportunity, and it wouldn't bother me in the least.”
Afternoon Session - 2025 Meeting
“if all of you were paying 1% for investment management fees at Berkshire last year you had to pay $8 billion for managing”
Morning Session - 2025 Meeting
“nobody but you could have created Berkshire. And I presume you view Greg as an outlier among outliers.”
Afternoon Session - 2025 Meeting
“I'm sure Berkshire does in many respects. government is the ultimate.”
Morning Session - 2025 Meeting
“Berkshire currently borrows in Japanese yen to offset its currency risk and its Japanese stock investments”
Morning Session - 2025 Meeting
“is Berkshire Hathaway taking steps to minimize this currency risk and its impact on quarterly and annual earnings”
Afternoon Session - 2025 Meeting
“So Berkshire, in effect, got its money's worth, but we didn't kill the tapeworm.”
Morning Session - 2025 Meeting
“The first quarter ended March 31st, and it did show that Berkshire's cash pile expanded from the end of the last year.”
Morning Session - 2025 Meeting
“Martin Devine, a shareholder from Scotland, who was attending the meeting today, wants to know, has the recent market volatility presented Berkshire with opportunities?”
Morning Session - 2025 Meeting
“you mentioned Berkshire almost invested $10 billion recently and wanting to know if you could talk more about that”
Morning Session - 2025 Meeting
“There's been three times since we acquired Berkshire, that Berkshire has gone down 50% in a very short period of time”
Afternoon Session - 2025 Meeting
“Tomorrow we're having a board meeting of Berkshire. and we have 11 directors, two of the directors, who are my children.”
Afternoon Session - 2025 Meeting
“a material change in Perkshire and operation and with a Ouija board or”
Afternoon Session - 2025 Meeting
“I have no intention zero of selling one share of Berkshire...I think the prospects are sure will be better”
Morning Session - 2025 Meeting
“The railroad is earning a little more than last year...it's still an incredible asset for Berkshire.”
Morning Session - 2025 Meeting
“if sure buys Berkshire shares and repurchases, we've now pay more than you will pay if you buy Berkshire shares”
#380 Four Hundred Pages of Warren Buffett and Charlie Munger In Their Own Words
“For over 30 years the Berkshire Hathaway Annual meetings were recorded. Munger and Buffett answered over 1700 questions from shareholders”
#380 Four Hundred Pages of Warren Buffett and Charlie Munger In Their Own Words
“Since I think 1994, all of the Berkshire meetings or Berkshire meetings have been broadcast.”
#380 Four Hundred Pages of Warren Buffett and Charlie Munger In Their Own Words
“the book that I want to talk to you about today is "Buffett and Munger Unscripted: Three Decades of Investment in Business Insights from the Berkshire Hathaway Annual Shareholder Meetings."”
#380 Four Hundred Pages of Warren Buffett and Charlie Munger In Their Own Words
“Since I think 1994, all of the Berkshire meetings or Berkshire meetings have been broadcast. They've been recorded and broadcast”
#380 Four Hundred Pages of Warren Buffett and Charlie Munger In Their Own Words
“"Buffett and Munger Unscripted: Three Decades of Investment in Business Insights from the Berkshire Hathaway Annual Shareholder Meetings."”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“million letters from people who want to go to work with Berkshire or want to come work.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“Berkshire only has 460,000 employees. Why? It's a lot of employees.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“the size of a fund like Berkshire limits you to large companies. He just doesn't think that there's the same opportunities”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“Well, Berkshire has something like $8 billion worth of solar, almost all of it in California.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“Of course I like people who do that. And Berkscher's full of that stuff.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“Do you talk to Ted and Todd, the new investment guys at Berkshire, much? Not much, but I talk to them some. And they're different. It's like they're clones, but they're both good in their own way. And”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“invested in just three stocks. Wells Fargo, Berkshire, Hathaway, and Bydo. I just thought you'd be interested.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“They have to go to the Berkshire-Hathaway meetings and coach.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“if you pick people as late in the game as Berkshire Hathaway, buying our limitations caused by size.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“Berkshire has helped you. And Berkshire has helped by its past behavior to see things that other people don't see.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“what the Berkshire stock is worth... we're the main charity in Maine, if you call us. But at the time, it was 2% of one year's performance.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“I don't think that's true at Berkshire. I think that's true at Berkshire. at Berkshire, if you asked me and Warren for our best ideas, that would have worked.”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“What endures is how Berkshire treated its shareholders as true partners for 60 years. Warren has frequently expressed his respect and appreciation for Berkshire's long-term shareholders”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“Warren Buffett is arguably the greatest investor of all time, with generations benefiting from his investment acumen. He has also been a remarkable CEO, executing his vision of building a great insura”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“To invest in Berkshire has long been a vote of trust in our founder – a trust that now rests with Berkshire. Your capital is commingled with ours”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“We are fortunate to have Warren as Berkshire's Chairman, in the office five days a week, and available to us as we underwrite insurance, operate our non-insurance businesses”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“Berkshire is shareholder-oriented to an unusual degree.”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“We seek the best managers to run our operating businesses... We operate a decentralized model with autonomy grounded in deserved trust.”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“Our cash and U.S. Treasury holdings now exceed $370 billion...our dry powder.”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“We will always aim for ownership of productive businesses over U.S. Treasuries.”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“We deploy our shareholders' capital to opportunities that generate rewards commensurate with their risk.”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“We maintain a fortress-like balance sheet, ensuring Berkshire's foundation is never compromised.”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“insurance float – the capital we hold to pay future losses and, in the meantime, invest for Berkshire's benefit – stood at $176 billion”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“BHE is proud that it continues to offer meaningful value to customers in the markets it serves”
TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024
“During this episode, we'll cover what we did in Omaha, the tribute Berkshire did for Charlie Munger”
TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024
“the future of capital allocation at Berkshire, and how Buffett would invest if he were managing a smaller pool”
TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024
“Clay and Kyle give a recap of the 2024 Berkshire Hathaway shareholder meeting and share their favorite clips from the Q&A session”
TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024
“the 2024 Berkshire Hathaway shareholders meeting and share our favorite clips from the Q&A session with Warren Buffett, Greg Abel, and Ajit Jain”
TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024
“Clay and Kyle give a recap of the 2024 Berkshire Hathaway shareholder meeting and share their favorite clips from the Q&A session with Warren Buffett.”
Morning Session - 2024 Meeting
“we set a new record for Seas Candy. I think they brought along six tons, and they will sell out.”
Afternoon Session - 2024 Meeting
“the same day we bought a billion dollars or worth of of Berkshire Class A stock from Ruth, so that, and I guess we were actually buying it from the school”
Morning Session - 2024 Meeting
“operating earnings at Berkshire, we've explained that many times, this is why we think these figures that we give you are the most descriptive”
Afternoon Session - 2024 Meeting
“Berkshire has been, for sure, her husband, Sandy, contributed substantially to Berkshire's record.”
Morning Session - 2024 Meeting
“the goal of Berkshire, economic goal, is to increase the operating earnings and decrease the shares outstanding”
Afternoon Session - 2024 Meeting
“the capital allocation principles that Berkshire lives by today will continue to survive one. And I think that's what the thing I'd want to communicate that we have our operating businesses”
Morning Session - 2024 Meeting
“the people in this room really uh they don't think about selling they probably would hold many of you don't even check the price daily uh or weekly uh you know it uh the people who check the price dai”
Morning Session - 2024 Meeting
“I hope things develop well enough with Berkshire that we say we're in the 800's club and maybe even move up a few notches.”
Morning Session - 2024 Meeting
“Warren highlighted in the letter. But if you think of Pacific Corp and the litigation there”
Afternoon Session - 2024 Meeting
“we're very happy. We did. And we still don't know what the price of oil is going to be next year... it could be a worthwhile investment for for Berkshire.”
Morning Session - 2024 Meeting
“Berkshire's hands-off management approach is a source of vulnerability. Will you please review your thinking on changes made at GEICO”
Afternoon Session - 2024 Meeting
“by Berkshire Hathaway. And if they were around now, and they still had their 1% deal, they'd be collecting $8 billion a year”
Afternoon Session - 2024 Meeting
“you have a wonderful hand at Berkshire Hathaway but you have to you have to be able to think your way”
Morning Session - 2024 Meeting
“insurance is the most important business at Berkshire. Marketable securities are important, but they're not in the class exactly as our insurance business.”
Morning Session - 2024 Meeting
“The two problems we face in Florida and all the risk barriers face in Florida”
Morning Session - 2024 Meeting
“Since the Florida market seems to be so mismanaged, is this an opportunity for Berkshire?”
Afternoon Session - 2024 Meeting
“what business in Berkshire Hathaway may be most at risk with AI... in terms of our businesses, they'll figure things out. I mean, we've got smart people.”
Morning Session - 2024 Meeting
“What has changed for Berkshire's operating CEOs since Greg Abel and Ajit Jane became vice chairman?”
Morning Session - 2024 Meeting
“that's the way we do it at Berkshire. Could she raised his hand? Yeah. If I can add a comment, from my perspective, the transition has worked out very, very well.”
Morning Session - 2024 Meeting
“Act 2 of Berkshire Hathaway. Becky. This is a question from Raphael de Pino from Spain.”
Morning Session - 2024 Meeting
“to the extent it remains, the sort of entity that it is, will not need to attract people very often. It would be absolutely crazy”
Morning Session - 2024 Meeting
“how the next management plays the game out at Berkshire. And fortunately, you don't have too long to wait”
Morning Session - 2024 Meeting
“Berkshire has grown tremendously thanks to, and among other things, it's architect Mr. Munger and you, its general contractor.”
Morning Session - 2024 Meeting
“ensure Berkshire's culture provides a solid footing on which to grow the building. You also currently have a very talented bench”
Morning Session - 2024 Meeting
“How do you envision Berkshire will overcome the loss of said advantage when the contractor bench needs to be renewed again”
Morning Session - 2024 Meeting
“we've got something to offer...in terms of Berkshire. And if we get the wrong person, then the directors have to do something about it.”
Morning Session - 2024 Meeting
“we have a very special company in Berkshire, but it's that culture that makes it special, and that's not going to change.”
Morning Session - 2024 Meeting
“The culture we have at Berkshire and that being our shareholders, being our partners...that's never going to change.”
Morning Session - 2024 Meeting
“anybody that wants to retire at 65 would be disqualified from being CEO of Berkshire that they might get, they might get retired”
Morning Session - 2024 Meeting
“I don't think anybody's got a better position to do it than Berkshire.”
Morning Session - 2024 Meeting
“they were also pursuing Berkshire and Berkshire Hathaway Energy and we said you can pursue us separately but that settlement will reside with home services”
Morning Session - 2024 Meeting
“the prototype of a good many Berkshire-Hathaway shareholders... Charlie and I have had such fun running Berkshire”
Warren Buffett's Tribute to Charlie Munger (2024)
“Charlie, in 1965, promptly advised me: "Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses"”
2024 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: This letter comes to you as part of Berkshire's annual report.”
Warren Buffett's Tribute to Charlie Munger (2024)
“he told me – correctly! – that I had made a dumb decision in buying control of Berkshire. But, he assured me, since I had already made the move, he would tell me how to correct my mistake.”
Warren Buffett's Tribute to Charlie Munger (2024)
“Many years later, Charlie became my partner in running Berkshire and, repeatedly, jerked me back to sanity when my old habits surfaced.”
Warren Buffett's Tribute to Charlie Munger (2024)
“In reality, Charlie was the "architect" of the present Berkshire, and I acted as the "general contractor" to carry out the day-by-day construction of his vision.”
Warren Buffett's Tribute to Charlie Munger (2024)
“Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.”
2024 Berkshire Hathaway Shareholder Letter
“Greg shares the Berkshire creed that a "report" is what a Berkshire CEO annually owes to owners.”
2024 Berkshire Hathaway Shareholder Letter
“Every company doesn't have an easy-to-understand business and there are very few owners or managers like Pete. And, of course, I expect to make my share of mistakes about the businesses Berkshire buys”
2024 Berkshire Hathaway Shareholder Letter
“Berkshire last year made four payments to the IRS that totaled $26.8 billion. That's about 5% of what all of corporate America paid.”
2024 Berkshire Hathaway Shareholder Letter
“Berkshire shareholders during the same 1965-2024 period received only one cash dividend.”
2024 Berkshire Hathaway Shareholder Letter
“In a very minor way, Berkshire shareholders have participated in the American miracle by foregoing dividends, thereby electing to reinvest rather than consume.”
2024 Berkshire Hathaway Shareholder Letter
“Berkshire's activities now impact all corners of our country. And we are not finished. Companies die for many reasons but, unlike the fate of humans, old age itself is not lethal. Berkshire today is f”
2024 Berkshire Hathaway Shareholder Letter
“Berkshire would not have achieved its results in any locale except America whereas America would have been every bit the success it has been if Berkshire had never existed.”
2024 Berkshire Hathaway Shareholder Letter
“P/C insurance continues to be Berkshire's core business.”
2024 Berkshire Hathaway Shareholder Letter
“In recent decades, this "money-up-front, loss-payments-later" model has allowed Berkshire to invest large sums ("float") while generally delivering what we believe to be a small underwriting profit.”
2024 Berkshire Hathaway Shareholder Letter
“Under Ajit, our insurance operation has blossomed from an obscure Omaha-based company into a world leader, renowned for both its taste for risk and its Gibraltar-like financial strength.”
2024 Berkshire Hathaway Shareholder Letter
“No private insurer has the willingness to take on the amount of risk that Berkshire can provide. At times, this advantage can be important.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Charlie was one half of the greatest investment partnership in history. He and Warren Buffett built Berkshire Hathaway into an iconic company with a market value of almost 800 billion dollars”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“to the Daily Journal meeting and the Berkshire Hathaway meeting in Omaha and he ran into Charlie”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Warren Buffett said that he had the greatest 32nd mind in the world, that before you even finished a sentence, he saw the essence of everything”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Sees obviously was a really important investment for Berkshire.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Lou Simpson, who was an absolutely legendary investor who ran GEICO, the Berkshire unit.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“living in the time of Warren and Charlie. I mean it'd be kind of like living in the time of Newton, Einstein”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“at the Berkshire Meeting or the Daily Journal Meeting, there's no F word because it's so natural the way he speaks”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Charlie brought to Berkshire Hathaway, Warren famously would refer to him as the abominable no man because he could get excited about an investment”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“on the board of Berkshire and knows them both very well”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Eventually a lot of those positions got converted into Berkshire stock, and they were big home runs”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“We see that in spades in Berkshire Hathaway. You know, Berkshire Hathaway does all kinds of things where they just say something to someone and people will accept that.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Warren and Charlie have operated for all these decades at Berkshire Hathaway”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Berkshire was the first stock that Tom bought at Markel back in 1990, and he's owned it ever since”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“how do you do it? How do you do it? How do you do it? I mean, there's endless questions. of young, adult types trying to figure out Berkshire. He said, look, we were two guys talking on the phone, and”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Part of the success, actually, of Berkshire Hathaway is really that Warren kept Charlie around for all those decades to challenge him”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Buffett has Munger and I'm sure he, even though he's one of the world's great investors, he's thrilled to have a partner of that caliber.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Berkshire Hathaway's success over all these decades”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the Berkshire Hathaway Annual Meeting in Omaha”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the Berkshire Hathaway meeting in Omaha and he ran into Charlie I think in an elevator”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Sees obviously was a really important investment for Berkshire.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“it's a small fraction of the stake that I've had for a while in in Berkshire Hathaway”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“living in the time of Warren and Charlie. I mean it'd be kind of like living in the time of Newton, Einstein”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“at the Berkshire Meeting or the Daily Journal Meeting, there's no F word because it's so natural the way he speaks”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“this ability to see weaknesses in companies Was really a critical part of what Charlie brought to Berkshire Hathaway”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Eventually a lot of those positions got converted into Berkshire stock, and they were big home runs”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the way that Warren and Charlie have operated for all these decades at Berkshire Hathaway”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Berkshire was the first stock that Tom bought at Markel back in 1990, and he's owned it ever since. If I remember rightly, over 34 years, his stake in Berkshire has ballooned”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Charlie Munger...He said, look, we were two guys talking on the phone, and now we are bigger than General Electric.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“if Berkshire has made modest progress, a good deal of it is because Warren and I are very good at destroying our own best loved ideas”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Buffett has Munger and I'm sure he, even though he's one of the world's great investors, he's thrilled to have a partner of that caliber.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the success, actually, of Berkshire Hathaway is really that Warren kept Charlie around for all those decades to challenge him”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“to Berkshire Hathaway's success over all these decades.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“One thing that's very distinctive, obviously, about the culture of Berkshire that I guess comes a lot from Charlie is this habit of rubbing their nose in their mistakes”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“I remember once going to the Berkshire Hathaway Annual Meeting in Omaha, I think this is back in 2017”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“I went to the Daily Journal annual meeting in Los Angeles years ago, someone asked Charlie for career advice”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“he said Charlie, who had one glass eye and terrible vision, had gone to the DMV...where he said that Charlie...had gone to the DMV, the Department of Motor Vehicles...Charlie looks at him and says, no”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Sees obviously was a really important investment for Berkshire.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Lou Simpson, who was an absolutely legendary investor who ran GEICO, the Berkshire unit”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“It's a small fraction of the stake that I've had for a while in in Berkshire Hathaway, so, It didn't kill me.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“at the Berkshire Meeting or the Daily Journal Meeting, there's no F word because it's so natural the way he speaks”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“this ability to see weakness in companies Was really a critical part of what Charlie brought to Berkshire Hathaway, Warren famously would refer to him”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Eventually a lot of those positions got converted into Berkshire stock, and they were big home runs”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“at the Berkshire meeting, for example, on stage and so on. They're two very different people.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“when I went to the Daily Journal meeting, and I saw his kindness in the way that he treated people around him”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“We see that in spades in Berkshire Hathaway. You know, Berkshire Hathaway does all kinds of things where they just say something to someone and people will accept that.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the way that Warren and Charlie have operated for all these decades at Berkshire Hathaway”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Berkshire was the first stock that Tom bought at Markel back in 1990, and he's owned it ever since...his stake in Berkshire has ballooned into an enormous position”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“we were two guys talking on the phone, and now we are bigger than General Electric. That should not have happened.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Buffett has Munger and I'm sure he, even though he's one of the world's great investors, he's thrilled to have a partner of that caliber.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the success, actually, of Berkshire Hathaway is really that Warren kept Charlie around for all those decades to challenge him”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“if Berkshire has made modest progress, a good deal of it is because Warren and I are very good at destroying our own best loved ideas”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the whole of Bookstore is based on this idea of destroying your best loved ideas and upgrading them”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“critical, really, to Berkshire Hathaway's success over all these decades.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the culture of Berkshire that I guess comes a lot from Charlie is this habit of rubbing their nose in their mistakes, of admitting when they've gone wrong”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“when I went to the Daily Journal annual meeting in Los Angeles years ago, someone asked Charlie for career advice”
Charlie Munger's final CNBC interview | November 14, 2023
“Charlie Munger may be best known as Berkshire Hathaway's vice chairman. Warren Buffett's best friend, confidant, and business partner for six and a half decades.”
Charlie Munger's final CNBC interview | November 14, 2023
“Berkshire's history, is what turned the first $300 million of Berkshire net worth into the first $3 billion”
Charlie Munger's final CNBC interview | November 14, 2023
“Berkshire could easily view twice what it is now. And the extra risk you would have handled were practically nothing.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Chris Davis, a renowned investor at Davis Advisors who also serves on Berkshire Hathaway's board of directors.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Chris received the ultimate seal of approval when he was appointed to Berkshire Hathaway's board of directors”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“member of the board of directors of a small obscure company that some of you may have heard of, namely Berkshire Hathaway”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“the Berkshire annual general meeting, which I guess that's where you and I last chatted.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“I mean, I remember asking Charlie, what can we learn from you and Warren about how to have a happy life”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“I have a picture in our conference room from the depths of the financial crisis and it was with Warren.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“watching the way that operates and watching it as scale at a company like Berkshire. It's staggering the efficiency”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“I think Berkshire is an example that all of the foregone due diligence trips and investment banking and auditors”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Imagine the record that he's achieved with almost no enemies...Warren to have built this fortune and still have so much of the world viewing him”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is a kind of iconic, emblematic teaching institution, right? It's there to show us capitalism done right in many ways.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is incredibly important as, well, as an exemplar, but as an icon of how capitalism should work. Right? In other words, a company that hasn't taken shortcuts”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is serving Berkshire right now is the opposite. You get your dessert first...absolutely secure in the conviction that anything that is being done...is being done in an absolutely the highest”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“there is no CEO in America that thinks about risk in a more profoundly broad way than Warren and Charlie...He is really building something that he wants to last through almost any conceivable scenario”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“they run it assuming that Berkshire is the only asset of the shareholders because in many ways it really was”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“And I think that is how I think of Berkshire, and how I think of the board's job and the management's job.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire makes us go strong is it embodies not just being fair to shareholders and the like and being transparent about mistakes, but trying to be honorable and decent”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire as an example is just to think of a phrase of Charlie's that I've always liked is that investing is a subset of worldly wisdom.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“as a longtime shareholder in Berkshire, I'm happy that you'll be helping to safeguard the culture down the road”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Chris Davis, a renowned investor at Davis Advisors who also serves on Berkshire Hathaway's board of directors”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“appointed to Berkshire Hathaway's board of directors, where he gets to hear Buffett and Munger opine”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“member of the board of directors of a small obscure company that some of you may have heard of, namely Berkshire Hathaway”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“the Berkshire annual general meeting, which I guess that's where you and I last chatted... Buffett said a couple of times”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“the influence of Warren and Charlie is so dramatic. It's not a coincidence that we have shaped decisions that we've made in our own lives”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“I think Berkshire is an example that all of the foregone due diligence trips and investment banking and auditors”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“watching the way that operates and watching it as scale at a company like Berkshire. It's staggering the efficiency”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is a kind of iconic, emblematic teaching institution, right? It's there to show us capitalism done right in many ways.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is incredibly important as, well, as an exemplar, but as an icon of how capitalism should work. Right? In other words, a company that hasn't taken shortcuts”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is serving Berkshire right now is the opposite. You get your dessert first... anything that is being done that they know about is being done in an absolutely the highest ethical standards”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“We feel no pressure from Wall Street. We don't do investor calls. We're working for the people in this room, not people who care about quarterly estimates.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Everything is the same. It's just more of it. And as I say, the risk part in particular is something that I've been, was just, I've been incredibly struck by that sense of profound stewardship for thi”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“You would know from the outside that there is no CEO in America that thinks about risk in a more profoundly broad way than Warren and Charlie.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“we'll never make a decision that kills us, and he said we'll, we keep ourselves in better shape than anybody else, so I think that sense of the obsession with resilience is hugely valuable”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“they run it assuming that Berkshire is the only asset of the shareholders because in many ways it really was”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“And I think that is how I think of Berkshire, and how I think of the board's job and the management's job.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“thinking about Berkshire as an example is just to think of a phrase of Charlie's that I've always liked is that investing is a subset of worldly wisdom”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Chris Davis, a renowned investor at Davis Advisors who also serves on Berkshire Hathaway's board of directors”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“he was appointed to Berkshire Hathaway's board of directors, where he gets to hear Buffett and Munger opine”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“member of the board of directors of a small obscure company that some of you may have heard of, namely Berkshire Hathaway”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“the Berkshire annual general meeting, which I guess that's where you and I last chatted... Buffett said a couple of times”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“the influence of Warren and Charlie is so dramatic. It's not a coincidence that we have shaped decisions that we've made in our own lives”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“I think Berkshire is an example that all of the foregone due diligence trips and investment banking and auditors”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“watching the way that operates and watching it as scale at a company like Berkshire. It's staggering the efficiency”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Imagine the record that he's achieved with almost no enemies... So it's an amazing thing for Warren to have built this fortune”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is a kind of iconic, emblematic teaching institution, right? It's there to show us capitalism done right in many ways.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is incredibly important as, well, as an exemplar, but as an icon of how capitalism should work. Right? In other words, a company that hasn't taken shortcuts”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“we'll never make a decision that kills us, and he said we'll, we keep ourselves in better shape than anybody else”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“We feel no pressure from Wall Street. We don't do investor calls. We're working for the people in this room”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Warren thinks about the capital markets shutting down, he thinks about nuclear weapons and bioterrorism and in annual meetings, there are glimpses of that.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“He is really building something that he wants to last through almost any conceivable scenario.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“they run it assuming that Berkshire is the only asset of the shareholders because in many ways it really was”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“you mentioned Munger Tolls and Ron Olson, how does Munger Tolls rank literally as, I believe in one ranking I just read recently, the best law firm in the country?”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“David Hawkins kind of terminology Berkshire makes us go strong is it embodies not just being fair to shareholders and the like and being transparent about mistakes, but trying to be honorable”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire as an example is just to think of a phrase of Charlie's that I've always liked is that investing is a subset of worldly wisdom.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“as a longtime shareholder in Berkshire, I'm happy that you'll be helping to safeguard the culture down the road”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Berkshire, that's very rational about cost of capital, return on capital, how it embodies this kind of just much more logical and intelligent way”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“which looked at the last five years of capital allocation at Berkshire and it started with cash flow from operations”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Berkshire has a lot of money being spent in the energy world where they're growing the footprint Of their energy assets”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I own Berkshire, right. And I and I love Berkshire, I'm totally biased, but literally part of what I do. Each year I'm embarrassed to say this, but I read your report”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I trust the values of Berkshire and Buffett and Munger. And I trust that they're not out to screw me”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“his returns were better than Warren's, your takedown that actually kind of analyzed the distortion of the returns and the, you know, it was very powerful”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“in the latest chairman's letter outta Berkshire, and even the last several, I mean, Warren has said”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“They're also invaluable if you want to understand Berkshaw Hathaway as he analyzes the company in exhaustive detail and offers an array of different ways of valuing it.”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Warren Buffett ran Berkshire to grow its book value per share and to not Put the business in harm's way”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“how a company Berkshire, that's very rational about cost of capital, return on capital, how it embodies this kind of just much more logical and intelligent way”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“that old guy in Omaha, who's really aligned himself with the shareholders. And I think he thinks deeply about treating all constituents”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I trust the values of Berkshire and Buffett and Munger. And I trust that they're not out to screw me”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I mean, look, I own Berkshire, right. And I and I love Berkshire, I'm totally biased”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“you know, the light went on when I was looking at like this footnote about the tax treatment of the Burlington Northern Railroad that Berkshire owns”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“your takedown that actually kind of analyzed the distortion of the returns and the, you know, it was very powerful... not that the Berkshire record needed defending”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“There are prices at which I would sell down my Berkshire position, especially from an opportunity cost standpoint”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Should I, over the next 10 years, still feel happy to own Berkshire? Oh, in Berkshire's stock portfolio is up 20 percent this year.”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“one of the world's leading experts on Berkshire Hathaway... Chris has an excellent long-term record... devoted 59 pages to analyzing Berkshire”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Berkshire obviously has been an enormous part of your portfolio going back to 2000...it's run by the world's most skilled and shareholder friendly management team”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Warren Buffett ran Berkshire to grow its book value per share and to not Put the business in harm's way”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I had a chart in this year's letter. which looked at the last five years of capital allocation at Berkshire”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“how a company Berkshire, that's very rational about cost of capital, return on capital, how it embodies this kind of just much more logical and intelligent way”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I own Berkshire, right. And I and I love Berkshire, I'm totally biased, but literally part of what I do. Each year I'm embarrassed to say this, but I read your report”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I trust the values of Berkshire and Buffett and Munger. And I trust that they're not out to screw me”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“his returns were better than Warren's, your takedown that actually kind of analyzed the distortion of the returns...it was very powerful”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“in the latest chairman's letter outta Berkshire, and even the last several, I mean, Warren has said”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“your view then was that over the next 10 years, it would outperform the S& P 500”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“There are prices at which I would sell down my Berkshire position, especially from an opportunity cost standpoint”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Should I, over the next 10 years, still feel happy to own Berkshire?”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“invaluable if you want to understand Berkshaw Hathaway as he analyzes the company in exhaustive detail”
Warren Buffett I HBO Documentary
“Well, Berkshire is a holding company of sorts. It owns a large number of separate businesses that operate independent of each other and to a great extent from the parent company, Berkshire Hathaway. I”
Warren Buffett I HBO Documentary
“that was enormously important because it enabled Berkshire to scale up in a way that would have been impossible to do otherwise”
Warren Buffett I HBO Documentary
“We have 25 people in the office, and if you go back, it's the exact same 25, the exact same ones. We don't have any committees at Berkshire.”
Warren Buffett I HBO Documentary
“I took on the title of Chairman for Berkshire Hathaway. Well, I think the modern Berkshire is pretty much all a reflection over on. I have constructed a business that fits me.”
Warren Buffett I HBO Documentary
“Berkshire shares have increased more than 2,000% in value. One of the largest market capitalizations in the world”
Warren Buffett I HBO Documentary
“The purpose of Wednesday's meeting was to discuss Buffett's company. Berkshire Hathaway's plan to purchase railroad giant Burlington Northern.”
Warren Buffett I HBO Documentary
“It's been 50 years since I formally took control of Berkshire Hathaway, and step by step, we've created something that is kind of what I dreamt we might create”
Warren Buffett I HBO Documentary
“In terms of our feeling toward the people who are shareholders, we regard them as our partners. They're not some faceless group of people.”
Warren Buffett I HBO Documentary
“At Berkshire, everybody gets the same information from the comprehensive annual report. We don't meet with the analysts.”
Warren Buffett I HBO Documentary
“investors who own Berkshire Hathaway they see as a part of a community. There are more long-term holders of Berkshire than any company. People consider it a religion.”
TIP551: Berkshire Hathaway Annual Shareholders Meeting 2023
“2023 Berkshire Hathaway annual shareholder meeting...favorite clips from the 2023 Berkshire Hathaway shareholders meeting”
TIP551: Berkshire Hathaway Annual Shareholders Meeting 2023
“Warren and Charlie hosted the Woodstock of capitalism, attracting roughly 40,000 attendees in doing the marathon Q&A session”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“we bought the stock for the first time in February 2000 after it had been cut in half”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show.”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“only Chris Bloomstran understands Berkshire Hathaway better.”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“The company has the largest equity position for both Chris and me”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“today's episode will be all about Berkshire.”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“we buy the stock you know, I've followed the company since they issued the eShares in '96 and it finally got cheap enough to buy”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“we buy the stock you know, I've followed the company since they issued the eShares in '96 and it finally got cheap enough to buy”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“we bought the stock for the first time in February 2000 after it had been cut in half...Berkshire was out of fashion”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“The company has the largest equity position for both Chris and me and I hope you'll enjoy this masterclass in valuing Berkshire Hathaway”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“we bought the stock for the first time in February 2000 after it had been cut in half...when nobody wanted to own a real business, they were infatuated with the internet and all things tech and Berksh”
'I do not sign a will until my children have read it'
“At Berkshire, we have a simple problem of estate planning. Just hold the goddamn stock.”
2023 Annual Meeting Highlight Reel
“I can't recall any time in the history of Berkshire, we made an emotional decision.”
2023 Annual Meeting Highlight Reel
“the 58 years we've been running Berkshire, I would say there's been a great increase in the number of people doing dumb things”
Buffett: We don't own too many Apple shares
“Berkshire's portfolio includes the railroad, the energy business... They're all businesses... We can't own more than 100% of the BNSF.”
Raiders won't have enough money to target Berkshire after Buffett
“Warren stated in the 2022 annual report, Berkshire will always hold a boltlet of cash in U.S. Treasury bills...regarded as a national asset”
Never make an emotional investing decision
“in the history of Berkshire that we made an understanding that we made an emotional decision have we ever made an emotional decision”
Afternoon Session - 2023 Meeting
“Charlie and I, was me originally in 1969, we bought a bank at Berkshire, and we had $19 million invested in that bank”
Morning Session - 2023 Meeting
“produced the 500 billion plus of shareholders' equity and the 30 billion plus of operating earnings. And, and we'll continue to follow that policy because it makes a great deal of sense. And with that”
Morning Session - 2023 Meeting
“We made an emotional decision. I know the movie had Jamie Lee in there, but that was for laughs... have we ever made an emotional decision? No.”
Afternoon Session - 2023 Meeting
“this is Mr. my six annual Berkshire halfway Schian children's meeting. And I've had the privilege to ask you both questions”
Afternoon Session - 2023 Meeting
“Berkshire is better prepared than most investments for that kind of a period. I said this in the annual report”
Morning Session - 2023 Meeting
“berkshire hathaway especially and uh it's just remarkable so anyway with that let's go on give him a hand”
Afternoon Session - 2023 Meeting
“This question comes from Gary Gambino in Parma, Ohio who says he's been a Berkshire shareholder since 2004.”
Morning Session - 2023 Meeting
“i don't anticipate huge effects on berkshire but i do think that the hollowing out of the downtowns in the united states and elsewhere”
Afternoon Session - 2023 Meeting
“come to Berkshire Hathaway, so it, it's, it's, it's, I hate to say this when Charlie's around me, but it's straight out of Ben Franklin”
Afternoon Session - 2023 Meeting
“Walmart and Berkshire Rathway has very great relationship with BNSF, McLean, and consumer goods”
Morning Session - 2023 Meeting
“nobody else that was able to to write that just like when when we took on the lloyds i mean lloyds said there was no choice other than berkshire hathaway”
Morning Session - 2023 Meeting
“there's just isn't another Berkshire and and the jeet recognizes that when he's negotiating so does the other party”
Morning Session - 2023 Meeting
“has Berkshire stock. Yeah. Oh, you're solving the investment problem for them”
Morning Session - 2023 Meeting
“we bought a company called Min American, but now called Berkshire Hathaway Energy... we probably spent more money than any utility I would guess in the United States.”
Afternoon Session - 2023 Meeting
“At the 2010 Berkshire annual meeting, you said the one question that you would ask of the Berkshire CEO”
Afternoon Session - 2023 Meeting
“we're running Berkshire so that we'll do okay, and maybe we'll do do a little bit better than okay”
Afternoon Session - 2023 Meeting
“Versailles Hathaway company's lawyer, what key principles or lessons would you suggest”
Morning Session - 2023 Meeting
“Berkshire will always hold a boltload of cash in U.S. Treasury bills...Berkshire's position as a rock-solid financial fortress”
Morning Session - 2023 Meeting
“we just aren't going to have big maturities of debt that come along. We aren't going to have insurance policies that can be cashed in en masse”
Morning Session - 2023 Meeting
“I've got a model in my mind of what Berkshire has been. That model's been modified plenty of times over 58 years.”
Morning Session - 2023 Meeting
“I think we're handing it something very secure over to the future. And I think we've got the shareholder base like nobody has.”
Afternoon Session - 2023 Meeting
“working at Berkshire Hathaway, or running a company, is the closest thing you will get. You don't have to spend time courting analysts”
Morning Session - 2023 Meeting
“we don't have some formula at Berkshire people. We just, but we can also tell in 10 seconds whether it's something of interest”
Afternoon Session - 2023 Meeting
“it's a marvelous company and and adam johnson has performed uh it you just can't believe what he's done with the business”
Morning Session - 2023 Meeting
“we hope there's long-term opportunities but fundamentally as you highlighted uh they're an incredible uh they've been a very good investment”
Afternoon Session - 2023 Meeting
“originally Berkshire Hathaway's the textile manufacturing. It lost because the... South became feasible versus the North”
Morning Session - 2023 Meeting
“our vision for Berkshire is exactly what we said today. We want it to be a company that is owned by its shareholders and behaves in a way that society is happy that it exists”
Afternoon Session - 2023 Meeting
“Since the accounting rules changed requiring Berkshire to report the change in fair value of its equity investments through the income statement”
Afternoon Session - 2023 Meeting
“Mr. Buffett has repeatedly told shareholders to ignore those changes as they're not reflective of the long-term returns that those investments will produce”
Afternoon Session - 2023 Meeting
“Can Mr. Buffett elaborate on why he views mark-to-market accounting differently for banks in comparison to Berkshire?”
Morning Session - 2023 Meeting
“undervalued great company is a very good thing, as Berkshire has found out again and again and again”
Morning Session - 2023 Meeting
“probably double, leaving Berkshire out of the picture. It's probably double the next guy”
Morning Session - 2023 Meeting
“State Farm, and still has it next to Berkshire. It's the leader in having net worth.”
Morning Session - 2023 Meeting
“Half our family's wealth is in Berkshire Hathaway. Well, it doesn't make Charlie nervous.”
Morning Session - 2023 Meeting
“Since 2019, Berkshire repurchase huge amounts of stock about approximately reducing 10% of the share”
Morning Session - 2023 Meeting
“count and increasing the intrinsic value per share for the continuing shareholders. Greg is expected to be the successor of Warren as CEO...Berkshire-Hathaway Energy”
Morning Session - 2023 Meeting
“We think it's a great outcome for Berkshire shareholders to own a larger piece of each of our operating businesses and the portfolio”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“Warren Buffett and Greg Abel, both of Berkshire Hathaway, and they're in Japan. Maybe the last place you would have expected to find Warren Buffett.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“there's a lot of similarities to Berkshire. They're very much thinking long-term, and they've got their portfolios, but they're thinking about how they manage their risks”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“Berkshire will be proud of it 20, 50, 100 years from now...they've been amazing in establishing a base and then continuing to grow it.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“the beauty of it and it's being part of Berkshire allows me to just continue to do what I really enjoy. So I get the opportunity to work with Warren and Charlie”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“when Warren is no longer running things, what would that mean? Would all of this collection of managers, who you have some great managers, a lot of different companies, how do you keep them all intere”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“I think both for Berkshire, but for them, they like that type of input. Our managers like autonomy, but they also get lonesome.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“recently, you increased your stake to even above $100 million of stock that you have purchased with your own money in Berkshire”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“And yes, I always will continue to invest in Berkshire.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“Greg just, you know, says if, if there's no need for them any of our subsidiaries to keep any cash around with the best bank of the world. We got a hundred billion dollars plus and Greg's better enfor”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“our culture is one that's very aligned with our shareholders...they're going to take care of forever.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“I strongly believe in Berkshire. I believe in what's been created. And I strongly believe equally that we have a great path forward.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“that's just the way we play it at Berkshire. You don't find it any place else.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“when we bought allegheny alagany was an insurance company but had eight eight other subsidiary operations...Greg gets him uh Joe continues to run the uh insurance uh operation and the CEO of alvaney”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“They work through Berkshire with Berkshire's resources with our support”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“I feel good about berkshire when i when i when i look at the guy like adam and went to north high”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“that prevention and detection becomes so important. And I think we have a very strong culture around that in BNSF. The quarterly report I get every, ever since we bought it”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“Again, Greg Abel, who is vice chairman of Berkshire Hathaway. But Warren, in the meantime, this is the first time”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“Well, let me ask. You, again, have sold a lot of your bank shares that Berkshire has. Hathaway holds.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“Berkser cannot make the deal with our credit than you can make if you qualify for making a Freddie or Fannie Mae.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“I don't worry about them because I can't do anything about them but I actually that's what I originally thought my money could be best used for but I don't know any answers now after 40 or 50 years of”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“You have so many businesses that Berkshire owns outright. You have so many big companies that you own a major stake in.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“I said in the annual report that Berkshire can offer some protection against inflation”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“58 years I've been running Berkshire. I mean, we've run into all kinds of problems, but that's what business is about.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“berkshire had a hundred and twenty eight billion almost in cash at the end of the year equation and treasury and and and and a bit in money market”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“all the bonds and stock trades for the whole, for all of Berkshire, was there, and I knew I was leaving town on Sunday night”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“when I was buying Berkshire between 1962 and 1965 of control, didn't really have anything to do with”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“we were buying Berkshire day by day or week by week or month by month or year by year, we were buying Berkshire.”
2023 Berkshire Hathaway Shareholder Letter
“In reality, Charlie was the "architect" of the present Berkshire, and I acted as the "general contractor"”
2023 Berkshire Hathaway Shareholder Letter
“Nevertheless, Charlie, in 1965, promptly advised me: "Warren, forget about ever buying another company like Berkshire."”
2023 Berkshire Hathaway Shareholder Letter
“Three years later he told me – correctly! – that I had made a dumb decision in buying control of Berkshire.”
Why America Should Ban Crypto (2023)
“Mr. Munger is vice chairman of Berkshire Hathaway.”
2023 Berkshire Hathaway Shareholder Letter
“Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited”
2023 Berkshire Hathaway Shareholder Letter
“Many years later, Charlie became my partner in running Berkshire and, repeatedly, jerked me back to sanity”
2023 Berkshire Hathaway Shareholder Letter
“Over the years, Berkshire has attracted an unusual number of such "lifetime" shareholders and their heirs.”
2023 Berkshire Hathaway Shareholder Letter
“At Berkshire, we have a more limited target: investors who trust Berkshire with their savings”
2023 Berkshire Hathaway Shareholder Letter
“Charlie Munger, for decades my partner in managing Berkshire, viewed this obligation identically”
2023 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Berkshire has more than three million shareholder accounts.”
2023 Berkshire Hathaway Shareholder Letter
“At Berkshire, our view is that "earnings" should be a sensible concept that Bertie will find somewhat useful”
2023 Berkshire Hathaway Shareholder Letter
“Bertie, and her three daughters as well, have a large portion of their savings in Berkshire shares.”
2023 Berkshire Hathaway Shareholder Letter
“I believe Berkshire can handle financial disasters of a magnitude beyond any heretofore experienced. This ability is one we will not relinquish.”
2023 Berkshire Hathaway Shareholder Letter
“With that focus, and with our present mix of businesses, Berkshire should do a bit better than the average American corporation”
2023 Berkshire Hathaway Shareholder Letter
“Berkshire's ability to immediately respond to market seizures with both huge sums and certainty of performance may offer us an occasional large-scale opportunity.”
2023 Berkshire Hathaway Shareholder Letter
“One investment rule at Berkshire has not and will not change: Never risk permanent loss of capital.”
2023 Berkshire Hathaway Shareholder Letter
“This modest aspiration wasn't the case when Bertie went all-in on Berkshire – but it is now.”
Daily Journal Annual Meeting 2023 — Munger Q&A
“It's not a crazy evaluation considering what everything else is selling for these days. So I have no feeling that it's -- almost foolishly I have some crazy mystique, somebody, well, it's a small Berk”
Daily Journal Annual Meeting 2023 — Munger Q&A
“Berkshire has unloaded the bank stocks. If it's not good enough for Berkshire shareholders, why is it good for us?”
Daily Journal Annual Meeting 2023 — Munger Q&A
“we've been partners for years and years. And we took no fees, no directors fees, no expenses, no nothing. And so it was a very user-friendly Berkshire-type place.”
2023 Berkshire Hathaway Shareholder Letter
“huge U.S. Treasury bill position held by Berkshire had finally begun to pay us far more”
2023 Berkshire Hathaway Shareholder Letter
“Like Berkshire, the five companies are reluctant to issue shares.”
2023 Berkshire Hathaway Shareholder Letter
“An additional benefit for Berkshire is the possibility that our investment may lead to opportunities”
2023 Berkshire Hathaway Shareholder Letter
“knowing that Berkshire will always possess huge liquid resources that can be instantly available”
2023 Berkshire Hathaway Shareholder Letter
“Our Japanese purchases began on July 4, 2019. Given Berkshire's present size, building positions”
2023 Berkshire Hathaway Shareholder Letter
“That is an important disadvantage which we did not face in our early days at Berkshire.”
2023 Berkshire Hathaway Shareholder Letter
“At Berkshire's annual gathering on May 6, 2023, I presented the first quarter's results”
2023 Berkshire Hathaway Shareholder Letter
“Berkshire itself relocated in 1970 from its 81 years of residence in New England to settle in Omaha, leaving its troubles behind and blossoming in its new home.”
Daily Journal Annual Meeting 2023 — Munger Q&A
“I thoroughly approve what we're doing, and I don't consider at all fair that we're being taxed. We're doing something good for our own shareholders.”
Daily Journal Annual Meeting 2023 — Munger Q&A
“I think it's at all likely that we're broken up for a long, long time...with Berkshire buying in its own shares when they are”
Daily Journal Annual Meeting 2023 — Munger Q&A
“Berkshire share repurchases slowed considerably from $3 billion in the first quarter of 2022 to $1 billion in the second quarter and $1 billion in the third quarter.”
Daily Journal Annual Meeting 2023 — Munger Q&A
“Berkshire's a pretty damn good bet for shareholders as a whole of long term in the future... Everybody that bought Berkshire and held it for 20 years has done well.”
Daily Journal Annual Meeting 2023 — Munger Q&A
“to the extent they ask Berkshire who is that, I wish they'd stop... I'm just not interested in their view as to how Berkshire should behave.”
Daily Journal Annual Meeting 2023 — Munger Q&A
“If I recall correctly, he says, I believe you had stated that Berkshire thought it was a good alternative to cash at that time. Is the same type of thinking with Berkshire's new position in Occidental”
Daily Journal Annual Meeting 2023 — Munger Q&A
“That's a little bit of a surprising take from a guy who is a Vice Chairman at Berkshire, which has so many insurance companies.”
Daily Journal Annual Meeting 2023 — Munger Q&A
“He says he's been a shareholder of Berkshire Hathaway for 16 years, and thanks you for your stewardship”
Daily Journal Annual Meeting 2023 — Munger Q&A
“throughout your experience with Berkshire Hathaway, what are a few of the things that have surprised you most”
Daily Journal Annual Meeting 2023 — Munger Q&A
“I have never helped do anything at Berkshire that was as good as BYD, and I only did it once. Our $270,000 investment there is worth about $8 billion”
Daily Journal Annual Meeting 2023 — Munger Q&A
“That was our best investment at Berkshire [indiscernible] recruiting for him”
Afternoon Session - 2022 Meeting
“I want to take the job as CEO of Berkshire. But I've also learned that you can make a whole lot more people sustainably mad than you can make temporarily happy by speaking on any subject.”
Gambling on Wall Street helps Berkshire buy big
“people say how wonderful you've done if you bought Berkshire in, you know, in 1965 or something and held it”
Why Buffett has 'decidedly backed off' from politics
“it will say, you know, Berkshire Hathaway or Warren Buffett up, Berkshire Hathaway. I get it identified and I do not want to make the lives of you.”
Why Buffett has 'decidedly backed off' from politics
“I just want to take the job as CEO of Berkshire. But I've also learned that you can make a whole lot more people sustainably mad than you can make temporarily happy by speaking on any subject.”
Don't tell us Buffett can't be chairman and CEO
“Berkshire Hathaway's 2022 annual meeting of shareholders to discuss Berkshire Hathaway's perspective on governance and sustainability.”
Afternoon Session - 2022 Meeting
“Well, I'm not buying such and such. Berkshire Hathaway is buying it, and it may be the work of two other people that work at Berkshire”
Morning Session - 2022 Meeting
“he transformed Berkshire Hathaway, and the G. Jane is here with us”
Buffett: I wouldn't pay $25 for all the bitcoin in the world
“we can put out Berkshire coins or, you know, we can put up Berkshire money or anything like that. And anybody that thinks the United States is going to change to where they let Berkshire money replace”
Afternoon Session - 2022 Meeting
“I don't want to say anything that'll get attributed basically to Berkshire and have somebody else bear the consequences”
Afternoon Session - 2022 Meeting
“you know, Berkshire Hathaway or Warren Buffett up, Berkshire Hathaway. I get it identified.”
2022 Annual Meeting Highlight Reel
“And occasionally Berkshire gets a chance to do something and it's it's not because we're smart, it's because we're, the only thing I'd say we qualify on”
2022 Annual Meeting Highlight Reel
“We own about 9.5%. If we go past 10%, there'll be a form file with the SEC”
Afternoon Session - 2022 Meeting
“you mentioned a great satisfaction of yours is working for the individual long-term shareholders...shareholder culture like the one we have at Berkshire”
Morning Session - 2022 Meeting
“we never do anything that we don't think adds to the value of Berkshire Hathaway, though. So we only repurchase the shares when that is the most attractive thing to do.”
Morning Session - 2022 Meeting
“and that $20 bill was issued during my lifetime and it was done by a bank that Berkshire ended up owning”
Afternoon Session - 2022 Meeting
“within GAAP accounting and and I can play a lot of games with numbers we have never We've done a lot of dumb things at Berkshire. We have never told anybody that the number had to be this or that”
Afternoon Session - 2022 Meeting
“We've got one dramatic illustration of that within Berkshire...I think Berkshire's culture is going to last a long time after we're gone.”
Morning Session - 2022 Meeting
“Berkshire Hathaway will be there at that time. We run it on the basis that if things just behave slightly very, very... we want Berkshire Hathaway to be there and in a position to operate when the eco”
Morning Session - 2022 Meeting
“I wanted to sit down with them and tell them what Berkshire would do. But that explains the 11 billion.”
Morning Session - 2022 Meeting
“people say how wonderful you've done if you bought Berkshire in, you know, 1965 or something and held it.”
Morning Session - 2022 Meeting
“You wouldn't be able to do that with Berkshire. I mean, you can't literally buy it. You can say you want to buy 14% of the company.”
Afternoon Session - 2022 Meeting
“Berkshire Hathaway Energy and the unique structure that has evolved there, given that Berkshire doesn't own 100% of the company.”
Afternoon Session - 2022 Meeting
“Greg's stake in BHE is worth more than 500 million at present...compare his Berkshire Hathaway energy ownership to Berkshire stock.”
Morning Session - 2022 Meeting
“stan lipsy ran those of you follow berkshire ran the buffalo news and a partner for 40 or 50 years”
Morning Session - 2022 Meeting
“uh berkshire gets a chance to do something uh and it's it's it's not because we're smart it's because we're the only thing we're we're we qualify on”
Morning Session - 2022 Meeting
“it's not going to have an economic impact on Berkshire, but they love it, they care, you can see it, you can feel it”
Afternoon Session - 2022 Meeting
“In this year's letter, you talked about insurance float, the evolution of float, the per share float, the effect on repurchase to increase the per share float. And in regard to the repurchase, I would”
Afternoon Session - 2022 Meeting
“who knew that Geico would come along later and who knew it? There's just all kinds of things... When opportunity comes, you really do have to just, you just move.”
Afternoon Session - 2022 Meeting
“I look at Berkshire as a painting, you know, and it's, it's unlimited in size. It's kind of ever-expanding canvas and I get to paint what I want.”
Afternoon Session - 2022 Meeting
“we are extraordinarily well positioned to do exactly what we want to do with float, while at the same time, never putting ourselves in the position”
Afternoon Session - 2022 Meeting
“The relative absence of bureaucracy at Berkshire. Unbelievable. has made the company a lot of extra money for a very, very long time.”
Afternoon Session - 2022 Meeting
“inflation had noticeably impacted the prices that Berkshire's business businesses were paying and charging”
Morning Session - 2022 Meeting
“our shareholders long-term, our partners. And that's what our team is focused on building that franchise out... it will be a very big part, very important part of Berkshire.”
Afternoon Session - 2022 Meeting
“at Berkshire, we stick down something, you know, there's certain hedging that even the regulators want us to do”
Afternoon Session - 2022 Meeting
“you did it for diversified retailing in Berkshire, and why in the world should we pay you $2 million”
Morning Session - 2022 Meeting
“charlie is in charge of lost control at berkshire that's a we have no solution for it”
Morning Session - 2022 Meeting
“berkshire does not have an answer though we don't we don't know there's certain things we don't write policies on”
Morning Session - 2022 Meeting
“there's nothing berkshire can can protect you against, and we've been very lucky so far”
Morning Session - 2022 Meeting
“our exposures can be and how big our loss can be. When it comes to a nuclear thing, you know, I sort of surrender”
Morning Session - 2022 Meeting
“if you're worried about the effect of nuclear attacks, you know, you got other things to worry about than the value of your Berkshire.”
Morning Session - 2022 Meeting
“when you do think of Berkshire and they use Berkshire Hathaway Energy as a reference, but cyber risk and managing that risk, both at Berkshire really falls”
Afternoon Session - 2022 Meeting
“anybody that thinks the united states is going to change to where they let berkshire money replace theirs you know it's out of”
Afternoon Session - 2022 Meeting
“we can put up berkshire coins or you know we can put up Berkshire money or anything like that but uh we get in trouble i guess if we call it money”
Morning Session - 2022 Meeting
“the first year, let's say I die tomorrow... you've got the shares held in a place that it can't happen you've got a board of directors that understands that our culture is 99.9% of running the busines”
Morning Session - 2022 Meeting
“my family and I are long-term shareholders of Berkshire and we plan to hold it forever. We like that the current management thinks in the long term to increase shareholder intrinsic value”
Afternoon Session - 2022 Meeting
“he recently listened to the berkshire hathaway 2008 annual meeting where you talked about global oil production”
Morning Session - 2022 Meeting
“Berkshire is built forever. There is no finish point, you know. Nobody's waiting to retire or have their options vested”
Afternoon Session - 2022 Meeting
“this is my 20th berkshire annual meeting and i'm delighted that we're able to once again be here in person”
Morning Session - 2022 Meeting
“shareholders of Berkshire, but they're partners. And you'd really be hard to do that again”
Morning Session - 2022 Meeting
“we merged it into Berkshire, and we'll talk about that a little later. And, you know, I don't know whether it's $150,000 a share now or something like that”
Afternoon Session - 2022 Meeting
“Berkshire isn't going to get the chance to do that because we, if people think we're buying, we've got sensible shareholders”
Afternoon Session - 2022 Meeting
“And tomorrow, Monday, I can tell you, it's almost certain that if anybody offers us, well, there'll be shares trade of Berkshire, and we won't buy any”
Afternoon Session - 2022 Meeting
“Berkshire's got the, our shareholders are too smart. That's one of our problems. That's what we want to repurchase shares.”
Afternoon Session - 2022 Meeting
“we own 9% at Berkshire Hathaway. We obviously cared about the future of the Coca-Cola company.”
Afternoon Session - 2022 Meeting
“I'm Warren Buffett, Chairman of the Board of Directors of the Company. I welcome you to this 2022 annual meeting of shareholders.”
Afternoon Session - 2022 Meeting
“Our proposal would separate the roles of Chairman and CEO...that Berkshire remove itself from corporate America's assault on American Institute”
Afternoon Session - 2022 Meeting
“The next four items of business relate to four shareholder proposals that are each set forth through the proxy statement that can be accessed at Berkshirehathaway.com.”
Afternoon Session - 2022 Meeting
“the parent company began engaging with the co-sponsors this year, and the company recently published a supplement to the chair's letter from Vice Chair Abel”
Afternoon Session - 2022 Meeting
“two of the four giants of Berkshire Hathaway, as they are referred to in the Chair's annual letter. What about climate risk and insurance?”
Afternoon Session - 2022 Meeting
“Berkshire Hathaway is the only major public company in the U.S., the only one,”
Afternoon Session - 2022 Meeting
“On page K-26 of the 2021 annual report, the company states that climate-related risks could produce losses and significantly affect financial results.”
Afternoon Session - 2022 Meeting
“the parent company should, a, commence annual climate-related financial reporting for its subsidiaries wear material, and for the parent company as a whole following the recommendations of the task fo”
Afternoon Session - 2022 Meeting
“This stands in stark contrast to Berkshire Hathaway's track record of usually strong, long-term financial performance.”
Afternoon Session - 2022 Meeting
“one of the calculations that might go on in Berkshire's mind if we're going to build a plant someplace, it's going to sit there for 50 years”
Afternoon Session - 2022 Meeting
“If I thought Berkshire-Hathaway energy was behaving in a way that was bad for society, worse than other utility companies”
Afternoon Session - 2022 Meeting
“Berkshire is lagging both its American and its European peers, a position that increases climate risk globally and to its own portfolios.”
Afternoon Session - 2022 Meeting
“I formally move Proposal Number 5. asking for Berkshire Hathaway to report on the outcomes of their diversity, equity, and inclusion efforts”
Afternoon Session - 2022 Meeting
“The culture that exists at Berkshire Hathaway Headquarters, appears to be one that recruits, hires, promotes, and retains diverse employees.”
Afternoon Session - 2022 Meeting
“If we take a look at Berkshire's executive team, we can see that headquarters should be proud of the gender and racial diversity present”
Afternoon Session - 2022 Meeting
“It is another thing entirely to intentionally and proactively create the space, opportunity, and training needed within a company for those people”
Afternoon Session - 2022 Meeting
“The board has released insufficient information to assure investors that it is attentive to diversity, equity, and inclusion at Berkshire Hathaway companies.”
Afternoon Session - 2022 Meeting
“of the more than 60 companies Berkshire owns, only one has publicly released this form. One company. This is not the leadership that Mr. Buffett is known for.”
Warren Buffett (Charlie Rose Returns)
“I need to know that I think the Berkshire Hathaway is going to be worth more money someday down the road.”
Warren Buffett (Charlie Rose Returns)
“I wrote the report and people can go to the BerkshireHathaway.com and they can see exactly what I think.”
Warren Buffett (Charlie Rose Returns)
“Who had practically all their money in Berkshire. They trusted me 60 years ago.”
Warren Buffett (Charlie Rose Returns)
“Berkshire and Warren Buffett emerged to a point where your reputation and your credibility...Which is an essential part of who you are and Berkshire Hathaway is.”
Warren Buffett (Charlie Rose Returns)
“Berkshire is much bigger than it's ever been, and therefore that defines... The size restricts the kind of things”
Warren Buffett (Charlie Rose Returns)
“And Berkshire is the outgrowth of that. I went to the house that I was renting it for $175 a month”
Warren Buffett (Charlie Rose Returns)
“The record of Berkshire. That's what I've done. The money flows out of it... The legacy is Berkshire Hathaway?”
TIP438: Berkshire Hathaway — All You Need to Know w/ Chris Bloomstran
“Since Buffett first took control of Berkshire Hathaway in 1965, the stock is up 3,641,613%”
TIP438: Berkshire Hathaway — All You Need to Know w/ Chris Bloomstran
“Since Buffett first took control of Berkshire Hathaway in 1965, the stock is up 3,641,613% – an average annual return of 20.1%.”
#227 The Essays of Warren Buffett
“Buffet and Charlie Munger built this sprawling enterprise by investing in businesses with excellent economic characteristics and run by outstanding managers.”
#227 The Essays of Warren Buffett
“Experienced readers of Warren Buffett's letters to the shareholders of Berkshire Hathaway have gained an enormously valuable informal education.”
2022 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs. the S&P 500 Annual Percentage Change Year in Per-Share Market Value of Berkshire”
Daily Journal Annual Meeting 2022 — Munger Q&A
“in the tradition that's come to both the Daily Journal and Berkshire Hathaway. So you're on for the first question.”
Daily Journal Annual Meeting 2022 — Munger Q&A
“The practice at Daily Journal and Berkshire is the same. We disclose what we have to under the rules”
2022 Berkshire Hathaway Shareholder Letter
“Charlie and I allocate your savings at Berkshire between two related forms of ownership.”
2022 Berkshire Hathaway Shareholder Letter
“Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt”
2022 Berkshire Hathaway Shareholder Letter
“We believe Berkshire's individual holders largely to be of the once-a-saver, always-a-saver variety.”
2022 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Charlie Munger, my long-time partner, and I have the job of managing the savings”
Daily Journal Annual Meeting 2022 — Munger Q&A
“The Mungers have Berkshire stock, Costco stock, Chinese stocks through Li Lu, a little bit of Daily Journal stock and a bunch of apartment houses.”
2022 Berkshire Hathaway Shareholder Letter
“They simply know that Charlie and I – along with our families and close friends – continue to have very significant investments in Berkshire”
2022 Berkshire Hathaway Shareholder Letter
“Charlie and I, along with many Berkshire shareholders, enjoy poring over the many facts and figures laid out in that section.”
2022 Berkshire Hathaway Shareholder Letter
“In 1965, Berkshire was a one-trick pony, the owner of a venerable – but doomed – New England textile operation.”
2022 Berkshire Hathaway Shareholder Letter
“Berkshire now enjoys major ownership in an unmatched collection of huge and diversified businesses.”
Daily Journal Annual Meeting 2022 — Munger Q&A
“Berkshire's directors have done that forever. The Berkshire directors have met face to face twice a year forever and done everything else on the telephone or with consent minutes, and it's worked fine”
Daily Journal Annual Meeting 2022 — Munger Q&A
“If you look at Berkshire and the Daily Journal...the Berkshire Hathaway system of managing a subsidiary is just short of abdication. And look at how well it's worked.”
Daily Journal Annual Meeting 2022 — Munger Q&A
“And Berkshire has like 30 people in headquarters who aren't internal auditors and look at how well Berkshire has done.”
#111 Joel Greenblatt: Investing Made Simple
“lessons learned from Warren Buffett and what scares him the most in today's market. Now available on: YouTube | Apple Podcasts | Spotify | Transcript”
Munger: We don't have to agree on "every damn little thing we do"
“But I love Berkshire too. So, and luckily there's no company... And Warren and I don't have to agree”
Why Buffett doesn't recommend buying Berkshire stock
“I'm very happy having my future contributions to a group of charities that will be spread over 12 years or so after my death to stay in Berkshire. I think the odds are, Berkshire is, yeah, I like it”
Berkshire can't compete with free-spending SPACs
“what impact does the rise of so many new SPACs have on Berkshire's ability to find and close new acquisitions?”
“we're going to hold our second virtual annual meeting of Berkshire Hathaway. We did an Omaha last year on short notice.”
Buffett: It would be "asinine" for Berkshire to compile a single climate change report
“Berkshire is such a force for good when it comes to financial literacy and empowerment through wealth creation.”
“people who have entered the stock market in the last year and I think there have been a record number that have entered the stock market. I'll have a couple of little examples for them. And then we'll”
“a majority of the Berkshire shareholders, a great majority. had a boat on dividend from them. We've got savers... We've advertised ourselves as being that sort of a vehicle.”
“if you're repurchasing stock because it's a fair thing to do in the interest of your existing shareholders, it's a highly moral act... Berkshire would switch its capital return policy”
“he's contributed in an incredible way to Berkshire... this improbable little company in Omaha became the largest property casualty in the world”
Buffett: It would be "asinine" for Berkshire to compile a single climate change report
“We don't do that stuff at Berkshire. I don't think we think we know the answer to all these questions about global warming”
2021 Annual Meeting Highlight Reel
“Anybody expects that of Berkshire Hathaway is out of his mind. Yeah, Charlie and I never were very good at dancing”
“I'm sitting at a Berkshire-Hathaway annual meeting, presumably speaking for Berkshire”
“first quarter, we actually showed a loss of almost $50 billion...that figure this year is a positive figure of $11.7 billion”
“we published our 10Q, which gave the quarterly earnings that's up on our website, BerkshireHathaway.com”
2021 Annual Meeting Highlight Reel
“people that bought Berkshire with their own money voted against those properties”
“if you really enjoy going into the details and you want to understand the nuts and bolts of Berkraathaway's various operations”
“repurchasing shares is something that helps them and they own a larger percentage of Berkshire as they go along”
“reported earnings for a company that has a lot of common stocks, marketable stocks like ours, you don't want to look at that final line.”
“I don't think that's the way to look at Berkshire. We think over time that we will have investment gains”
“losses of a company like Berkshire were made adjustments to the net worth of the net worth of Berkshire, but they did not run through earnings.”
“how will a 25 to 28% corporate tax rate affect Berkshire's companies? Well, I don't think it would be the end of the world.”
“we have a class A stock and a class B stock...when I was first starting, they used to take 52% the federal government did of corporate profits...the government's class A double A stock...the future ta”
2021 Annual Meeting Highlight Reel
“Berkshire owns a large number of subsidiary businesses, most of which are never mentioned. Is there a point at which Berkshire becomes too large to manage?”
“So, Berkshire Hathaway, where was the place to be in 1903 when my dad was born”
2021 Annual Meeting Highlight Reel
“our desire, well, to figure out everything possible we can do to make sure that Berkshire is 50 or 100 years from now, you know, every bit the organization”
“Well, Berkshire, let's see what we've got up there. Yeah, no, stay where you were. Go back. I don't want to change slides yet.”
“I do not consider it a great moment in Berkshire's history, but I also don't know we've got more net worth than any company”
“Berkshire didn't make the mistake. I made the mistake, incidentally... in terms of the earning power on average.”
“imagine if Perkshire was the ten percent holder, which they had been of everyone the airlines, they said, to get a brochure”
“we started with three businesses, Charlie and I, and Berkshire was textiles, diversified retailing was a department store”
“we spent about 25 billion in the first quarter and more money since and we it's the best thing we can't buy companies as cheap”
“I personally prefer holding Berkshire to holding the market. So I'm quite comfortable holding Berkshire. I think our businesses are better than the average”
“Anybody expects that of Berkshire Hathaway is out of his mind. Yeah, Charlie and I never were very good at dancing”
“We will back our problems up by $4 billion, which, you know, and we won't have any rinketing clauses in there”
“I'm very happy having my future contributions to a group of charities that will be spread over 12 years or so after my death, to stay in Berkshire. I think the odds are, Berkshire is, yeah, I like, I ”
“Berkshire is such a force for good when it comes to financial literacy and empowerment through wealth creation.”
“that's what we try and do at Berkshire Hathaway. We do not think we can make money by making macro-economic predictions.”
“The main thing about Berkshire is how they preserve the culture. How do you make sure that if you get the wrong person as the CEO”
“increasing antitrust regulation could represent a material risk for Berkshire. As Berkshire's board already discussed what would happen to the company”
“Berkshire Hathaway Energy and 12 other companies, including the apples of the world, Google, Walmart, committed to Paris”
“of our Berkshire shareholders, I really believe this risk is being well managed and, and and we are positioning ourselves for the long term.”
“But I love Berkshire too. I love Berkshire, too. So, and luckily, there's no conflict.”
“When we discuss Berkshire, we often focus on the insurance operations and the largest non-insurance businesses”
“I love Berkshire, he loved the business, and, and I wasn't going to add anything, but having him fill out a bunch of reports”
“One of the successful features of Berkshire is the strong bond between Mr. Buffett and Mr. Munger who managed the company better”
“As you two are clear leaders of the next generation at Berkshire Hathaway, can you please tell us about how you interact”
“From raw material purchases by Berkshire subsidiaries, are you seeing signs of inflation beginning to increase?”
“Berkshire Hathaway, which had a, has more than this, but let's say we had a hundred billion dollars in treasury bills. We have more than that.”
“our desire, well, to figure out everything possible we can do to make sure that Berkshire is 50 or 100 years from now, you know, every bit of the organization”
“I am Warren Buffett, not that you didn't know why this time. Chairman of the board of directors of the company, I welcome you to the 2021 annual meeting of shareholders.”
“those proposals, I just go to Berkshirehathaway.com because they're interesting proposals and the proponents' views are set forth well there”
“climate risk may be material to the parent company. And we have a question for the chair. Will you please change your mind and vote your personal shares in support of item two?”
“I formally move proposal number three, asking for Berkshire Hathaway to report on how it assesses diversity, equity, and inclusion efforts”
“What would it mean if the majority of Berkshire's operating units weren't managing their diversity programs?”
“Second shareholder proposal requests the Berkshire Hathaway companies annually published reports assessing their diversity and inclusion efforts.”
“Only 22% of Berkshire companies do at any level. And only four Berkshire companies speak to work waste equity with any meaningful depth. Berkshire is a serious outlier here.”
TIP346: Masterclass in Valuation w/ Chris Bloomstran
“Learn how to join us in Omaha for the Berkshire meeting”
TIP346: Masterclass in Valuation w/ Chris Bloomstran
“Learn how to join us in Omaha for the Berkshire meeting”
TIP346: Masterclass in Valuation w/ Chris Bloomstran
“Learn how to join us in Omaha for the Berkshire meeting”
TIP346: Masterclass in Valuation w/ Chris Bloomstran
“Learn how to join us in Omaha for the Berkshire meeting”
2021 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs. the S&P 500 Annual Percentage Change Year in Per-Share Market Value of Berkshire”
Daily Journal Annual Meeting 2021 — Munger Q&A
“Everyone knows this isn't a small cap Berkshire Hathaway. I'm just trying to get a feel for what the long-term capital allocation is.”
Daily Journal Annual Meeting 2021 — Munger Q&A
“In recent years, Berkshire Hathaway has provided much greater insight into the company's succession thoughts and has made available at the annual meeting”
2021 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings.”
2021 Berkshire Hathaway Shareholder Letter
“Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based "infrastructure" assets”
2021 Berkshire Hathaway Shareholder Letter
“At yearend, those domestic infrastructure assets were carried on Berkshire's balance sheet at $158 billion.”
2021 Berkshire Hathaway Shareholder Letter
“Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid $3.3 billion”
2021 Berkshire Hathaway Shareholder Letter
“In the nine years following the merger, Berkshire's owners watched the company's net worth crater from $51.4 million to $22.1 million.”
2021 Berkshire Hathaway Shareholder Letter
“Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses”
2021 Berkshire Hathaway Shareholder Letter
“Berkshire's prosperity has been fostered mightily because the company has operated in America”
2021 Berkshire Hathaway Shareholder Letter
“Berkshire's balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE).”
2021 Berkshire Hathaway Shareholder Letter
“TTI was soon to lead Berkshire to its most important acquisition.”
2021 Berkshire Hathaway Shareholder Letter
“Deb Bosanek, my assistant, scheduled our board's opening dinner for October 22.”
2021 Berkshire Hathaway Shareholder Letter
“Despite that large stake, I had never visited the railroad's headquarters.”
2021 Berkshire Hathaway Shareholder Letter
“In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF... was the third-largest holding among our marketable equities.”
2021 Berkshire Hathaway Shareholder Letter
“I want to sell to Berkshire because you are the only guy left. So, I made an offer and Paul said "Yes."”
2021 Berkshire Hathaway Shareholder Letter
“Berkshire would offer the railroad a better long-term home than it could expect as a public company”
2021 Berkshire Hathaway Shareholder Letter
“Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st.”
2021 Berkshire Hathaway Shareholder Letter
“Berkshire would rank high among those with which they would be most comfortable... people who are comfortable with their investments will achieve better results”
2021 Berkshire Hathaway Shareholder Letter
“Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching "til death do us part."”
Daily Journal Annual Meeting 2021 — Munger Q&A
“I hope we don't have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops.”
Daily Journal Annual Meeting 2021 — Munger Q&A
“through their efforts to create business success at Berkshire that they have been involved in saving millions of lives”
Daily Journal Annual Meeting 2021 — Munger Q&A
“Rose Blumpkin had quite an effect on the Berkshire culture. She created a business with like 500 depression dollars that became a huge business.”
Daily Journal Annual Meeting 2021 — Munger Q&A
“Everyone knows this isn't a small cap Berkshire Hathaway. I'm just trying to get a feel for what the long-term capital allocation is.”
Daily Journal Annual Meeting 2021 — Munger Q&A
“These actions have given some shareholders more visibility and comfort on their investment...Can you provide similar insight...like those at Berkshire”
Daily Journal Annual Meeting 2021 — Munger Q&A
“In recent years, Berkshire Hathaway has provided much greater insight into the company's succession thoughts and has made available at the annual meeting”
Daily Journal Annual Meeting 2021 — Munger Q&A
“Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share?”
Daily Journal Annual Meeting 2021 — Munger Q&A
“One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people.”
Daily Journal Annual Meeting 2021 — Munger Q&A
“I hope we don't have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops.”
Daily Journal Annual Meeting 2021 — Munger Q&A
“through their efforts to create business success at Berkshire that they have been involved in saving millions of lives”
Daily Journal Annual Meeting 2021 — Munger Q&A
“Rose Blumpkin had quite an effect on the Berkshire culture. She created a business with like 500 depression dollars that became a huge business.”
2020 Berkshire Hathaway Annual Meeting - Part 1
“this is the annual meeting of Berkshire Hathaway. It doesn't look like an annual meeting.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire Hathaway, it's interests in four different airlines”
2020 Berkshire Hathaway Annual Meeting - Part 1
“which was posted on the internet and Berkshire aathaway.com this morning and and there's lots and lots of detail in there”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I pointed out that there have been three times in Berkshire's history when the price of Berkshire stock went down 50%.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“these are the figures for Berkshire Hathaway. And they include both Todd and Todd Combs and Ted Westler manage significant sums”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire actually raised some more money. We don't need it, but we'll, I think it's still a good idea over time.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“We started out with a company like that in our textile business at Berkshire Hathaway in 1965.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire is almost certain to generate cash. I mean, at nothing's 100% certain.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“at Berkshire Athaway Energy, we had some short-term financing. We don't have short-term financing at any degree.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Brookshire will never get in a position where it needs money... our position will be to be to stay of Fort Knox”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire Hathaway Energy, for example, you can see U.S. electricity consumption's down 4%. That realistically doesn't impact that business in a significant way, and longer term, we'll continue to gro”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“five years from now, I think Berkshire will be employing considerably more people. And I don't see where we'll have large depths.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“sale of Berkshire Hathaway Media. And then Charlie's comments from that interview saying that several small Berkshire subsidiary subsidiaries”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire's been pretty accurate in its reserving. And I have no reason to think that we're otherwise than that currently.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I remain a long-term investor because of the huge war chest that can be deployed during the downturns in the market like we're seeing right now. Warren has been brilliant at negotiating mutually favor”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“like many, I'm a proud Berkshire Hathaway shareholder. However, in comparing the performance of Berkshire with the S&P 500”
2020 Berkshire Hathaway Annual Meeting - Part 1
“and I'll get to that little one I'll report on Berkshire, which I will soon, I promise. The stocks have an enormous advantage”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“when I look at the assets we have in place, and the teams that are in place, we have a great chance of sure giving a good effort”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“our book net worth at Berkshire at the quarter end, I think, was $370 some billion, which is down.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I've got 99% of my money in Berkshire and most members of my family are not be quite that extreme, but they're close to it.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I happen to believe that Berkshire is as about a sound as any single investment can be.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I can't imagine ever selling my Berkshire stock. At some point, money is money.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I've been disappointed in Berkshire's underperformance. Even year to date, Berkshire is trailing the S&P 5th by 8%.”
2020 Berkshire Hathaway Annual Meeting - Part 1
“I will bet on America the rest of my life, and I hope my successors at Berkshire do it.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Greg and Todd and Ted have been in the asset allocation business in a big way for a long time...Charlie and I are around, we kind of like capital allocation ourselves.”
2020 Berkshire Hathaway Annual Meeting - Part 1
“we keep ourselves in an extraordinarily strong position. We'll always do that. That's just, that's fundamental. We insure people”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“In my view, it also permanently hurt Berkshire's reputation in the marketplace.”
2020 Berkshire Hathaway Annual Meeting - Part 1
“We're prepared at Berkshire. We always prepare on the ad. on the basis that maybe the bed will not have a chairman that acts like that”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“you're very concerned about Berkshire's long-term health, too. This question came in from Drew Estes in Atlanta, Georgia, who says, there's already speculation of a post-Buffet breakup of Berkshire.”
2020 Berkshire Hathaway Annual Meeting - Part 1
“I'm Warren Buffett, Chairman of the Board of Directors of the Company, and I welcome you to this 2020 annual meeting of shareholders. Mark Hamburg is Secretary of Berkshire Hathaway”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“There is not a big discount to break up value embodied in Berkshire's price... it still involves a big voting percentage... you can count on Berkshire's present posture being continued for a long time”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“long-term owners see the folly in this view. A $25 billion ancillary earnings stream provides a lot of flexibility when investing insurance float. On our and your estate's behalf, could you more force”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“all of it ends up going to various philanthropies staggered over time, but it also, it will keep the walls away... the unique structure of Berkshire, and it creates immense value”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“the value of Berkshire's insurance companies derived from the fact that policyholders pay up front creating insurance float”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire's insurance companies would respond if interest rates became negative in the United States”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire is the largest holding in his partnership, which also houses most of their net worth. He says Berkshire's invested in many capital intensive businesses”
2020 Berkshire Hathaway Annual Meeting - Part 1
“advisory vote on the compensation paid to Berkshire Hathaway's executive officers”
2020 Berkshire Hathaway Annual Meeting - Part 1
“We have put up on the Berkshire Hathaway.com site, some material relating to this motion”
2020 Berkshire Hathaway Annual Meeting - Part 1
“we've been very outspoken over the years...and we've been consistent over the years...Berkshire's board in particular”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“because we own it within berkshire to redeploy it elsewhere didn't require a lot of tax expense”
2020 Berkshire Hathaway Annual Meeting - Part 1
“we would like to commend the directors for the addition of Mr. Kenneth Chenault and the fact that 21% of the board is made up of women”
2020 Berkshire Hathaway Annual Meeting - Part 1
“Our proposal requests that Berkshire Hathaway Board, adopt a diversity search policy requiring that the initial candidates”
2020 Berkshire Hathaway Annual Meeting - Part 1
“I'm Mark Hamburg from Berkshire Hathway, and I'm here to present Proposal 4 on behalf of the New York City Comptroller”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire has invested in many companies with stock buyback programs. Recently, there's been a backlash against buybacks.”
2020 Berkshire Hathaway Annual Meeting - Part 1
“reviewing Berkshire Hathaway's largest stock market holdings of businesses, all 10 of these companies have boards that meet our board diversity requirement”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I have been following a policy of giving away stock now since 2006... Berkshire is still retaining more capital than I'm giving away.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire is going to do what it thinks makes sense for shareholders. And we like investing in companies that think that way, too.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“repurchasing, and that doesn't mean we're repurchasing all the time or the view doesn't change. There could be a price relative to the value at the time, not relative to what it was worth a year ago. ”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“it's more, far more compelling to buy Berkshire shares now than I would have felt three months or six months”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“can you ask Warren why he didn't purchase, repurchase Berkshire shares in March when they dropped to a price”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I don't think Berkshire shares relative to present value are at a significantly different a discount than they were”
2020 Annual Meeting Highlight Reel
“this is the annual meeting of Berkshire Hathaway. It doesn't look like an annual meeting.”
2020 Annual Meeting Highlight Reel
“I don't think Berkshares relative to present value are at a significantly different discount than they were when we were paying somewhat higher prices.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Warren the chairman and CEO of Berkshire Hathaway. He's just released his 55th annual shareholder letter”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Berkshire has retained earnings ever since we started. That's the only reason Berkshire is worth a lot more as we retain earnings.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Charlie Munger, the vice chairman at Berkshire Hathaway, had his daily journal meeting just a couple of weeks ago.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“we'll talk a little bit about conglomerates and whether Berkshire Hathaway is being discounted in the market because it's a conglomerate”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Does that mean Berkshire will be buying socks today? Well, we certainly won't be selling.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“they think that Berkshire is worth more than it's selling for right now. The bad news is they said they think that's in part because it's got a big conglomerate discount”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“activists who have been interested in the stock, including Bill Ackman. He's built up a stake, hasn't said too much about it”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Our margins are close to what the better railroads...we've gained share. Because the customers don't like it...the railroad customers like us better.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Let's talk a little bit about Berkshire Hathaway. We were in the middle of a conversation when we had to go to a break before, but there has been this question raised, not only by Barron's in the cove”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“you cannot break up, you cannot dispose of the entire business, business by business, without having very substantial tax liability...having them together produces, there's some very valuable synergie”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“key to my only Berkshire-only institutions is my faith in the future judgment and fidelity of Berkshire directors.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“I am leaving every share of Berkshire up goes to charity, and it's 99.99% of my net worth... I say keep it all in Berkshire.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Warren Buffett, the chairman and CEO of Berkshire Hathaway today.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Geico is a fantastic asset. Todd's job is the fourth. to focus on that, but it's also to work himself out of a job very quickly, and preferably to work, definitely to work himself out of a job with so”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“I feel good about the fact that 99% of my money is in it, and that it will be the source of all the philanthropic contributions”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“achieved the highest gap earnings of any company in the world has ever achieved. That's investor owned. And we have the highest net worth.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“We made a lot of money with them. I feel very good. I mean, I feel very good about them in all ways.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“anything we were buying Friday, we will be buying today and feeling better about buying it. You know, one of the things you talked about in the annual letter was stock buybacks of Berkshire Hathaway.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“You in your shareholder letter for Berkshire Hathaway also wrote about how you don't believe in gap earnings.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“the gap numbers would show us earning 80 billion, which is more than any company's ever earned in history”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“That was Berkshire Hathaway, Vice Chairman Charlie Munger, about a week and a half ago”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“I'll give you my Berkshire Hathaway shares, all the way to 64.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Berkshire couldn't borrow money. I mean, everything stopped.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“If I get them all right, you give me Berkshire Hathaway, which would be cool for me.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“at Berkshire for decades, we've given the three factors in addition to integrity, but for board membership...our directors represent the shareholders...I think they do a great job”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“news agencies have reported that Berkshire Hathaway purchase two ETFs. So can you talk about if this purchase happened”
Daily Journal Annual Meeting 2020 — Munger Q&A
“Berkshire Hathaway owns - what - about a hundred of them, and truth of the matter is they're all going to die”
2020 Berkshire Hathaway Shareholder Letter
“Berkshire earned $42.5 billion in 2020 according to generally accepted accounting principles (commonly called "GAAP")”
2020 Berkshire Hathaway Shareholder Letter
“Our focus at Berkshire is both to increase this segment of our income and to acquire large and favorably-situated businesses”
2020 Berkshire Hathaway Shareholder Letter
“we did, though, increase Berkshire's per-share intrinsic value by both retaining earnings and repurchasing about 5% of our shares”
2020 Berkshire Hathaway Shareholder Letter
“Charlie and I view Berkshire's holdings of marketable stocks – at yearend worth $281 billion – as a collection of businesses”
Daily Journal Annual Meeting 2020 — Munger Q&A
“It's not a scene that attracts a normal Berkshire Hathaway type.”
2020 Berkshire Hathaway Shareholder Letter
“Charlie and I want our conglomerate to own all or part of a diverse group of businesses with good economic characteristics and good managers.”
2020 Berkshire Hathaway Shareholder Letter
“Jack liked the idea of joining Berkshire, and we made a deal in 1967, taking all of 15 minutes to reach a handshake.”
2020 Berkshire Hathaway Shareholder Letter
“Berkshire is a Delaware corporation, and our directors must follow the state's laws.”
2020 Berkshire Hathaway Shareholder Letter
“Kevin, encouraged the Haslams to sell a large portion of Pilot to Berkshire.”
Daily Journal Annual Meeting 2020 — Munger Q&A
“Daily Journal and Berkshire own a lot of the very large banks. I suspect many people in this room do”
2020 Berkshire Hathaway Shareholder Letter
“BPL acquired control of Berkshire in 1965...the partnership distributed...BPL's 70.5% interest in Berkshire.”
2020 Berkshire Hathaway Shareholder Letter
“At Berkshire, we have been serving hamburgers and Coke for 56 years. We cherish the clientele this fare has attracted.”
2020 Berkshire Hathaway Shareholder Letter
“Could it be that Berkshire ownership fosters longevity?”
2020 Berkshire Hathaway Shareholder Letter
“they did know that at Berkshire they would be treated as partners.”
2020 Berkshire Hathaway Shareholder Letter
“When our partnership distributed its Berkshire shares in 1969, all of the doctors kept the stock they received.”
2020 Berkshire Hathaway Shareholder Letter
“Berkshire's unusual and valued family of individual shareholders may add to your understanding of our reluctance to court Wall Street”
2020 Berkshire Hathaway Shareholder Letter
“Two of Stan's comrades from Emdee are now in their high-90s and continue to hold Berkshire shares.”
2020 Berkshire Hathaway Shareholder Letter
“When seats open up at Berkshire – and we hope they are few – we want them to be occupied by newcomers who understand and desire what we offer.”
Daily Journal Annual Meeting 2020 — Munger Q&A
“would it make sense for Berkshire Hathaway to buy out Kraft Heinz completely and take advantage of a low price? Charlie Munger: Well, I don't think I can comment of what Berkshire Hathaway might do”
#100 Warren Buffett (The Snowball)
“Berkshire Hathaway, a moneymaking machine spraying up without design. It's elegant structure of true partnership with like-minded shareholders”
Buffett's politics: "I'm a card-carrying capitalist"
“do you anticipate an impact on Berkshire in the form of more regulations, higher corporate taxes, or even calls for breakups among the many companies we own”
Buffett's politics: "I'm a card-carrying capitalist"
“Berkshire Hathaway, certainly in 54 years, as never and will never, made a contribution to a presidential candidate”
Buffett's politics: "I'm a card-carrying capitalist"
“My position at Berkshire is not to be used to further my own political beliefs, but my own political beliefs can be expressed as a person”
2019 Annual Meeting Highlight Reel
“Good morning and welcome to Berkshire Hathaway. I understand that in the room adjacent that Charlie has been conducting a little insurgency campaign.”
Morning Session - 2019 Meeting
“Good morning and welcome to Berkshire Hathaway. And for those of you who have come from out of state, welcome to Omaha.”
Afternoon Session - 2019 Meeting
“Berkshire owns approximately $200 billion in publicly traded stock. I appreciate the disclosure of Berkshire's holdings”
Morning Session - 2019 Meeting
“fact that Berkshire has signed up for 20 years is very good news for the city over time”
Afternoon Session - 2019 Meeting
“when I bought the company for Berkshire and it was 1998 or thereabouts. You know, the thought obviously bothered me that I would have a significant percentage that people would be friends of mine that”
Morning Session - 2019 Meeting
“Berkshire Hathaway is incredibly well positioned with its investments in the northern and southern transcons”
Afternoon Session - 2019 Meeting
“shareholders appreciate the business is more valuable operating under the Berkshire umbrella rather than being sold off in pieces”
Morning Session - 2019 Meeting
“I also have a question on Berkshire Hathaway. I'm sorry, on share buybacks. Warren, in a recent Financial Times article, your quote is saying that the time may come when the company buys back as much ”
Morning Session - 2019 Meeting
“Brooke is a proud Berkshire shareholder and read the letter and had some questions regarding investments”
Afternoon Session - 2019 Meeting
“capital we clearly earn on behalf of the Berkshire shareholders as we deploy it”
Afternoon Session - 2019 Meeting
“at the end of 2018, the company's 112 billion balance in cash, cash equivalents, and short-term investments in T-bills, would have instead been worth about $155 billion. The difference between the two”
Morning Session - 2019 Meeting
“With Berkshire having two shares of classes, you should have more flexibility when buying back stock. But given the liquidity difference that exists between the two share classes”
Afternoon Session - 2019 Meeting
“by your having Berkshire holds such a large amount of cash and T-bills, it seems to me you don't practice what you preach.”
Afternoon Session - 2019 Meeting
“for you to invest most of Berkshire's excess cash in a well-diversified index fund until you find an attractive acquisition or buyback stock.”
Morning Session - 2019 Meeting
“we're going to spend a lot more on the Class B, with the Class A, just because the trading volume is considerably higher”
Morning Session - 2019 Meeting
“Just think how much it's changed in the 54 years that we've had, Berkshire. And some of those changes hurt us.”
Morning Session - 2019 Meeting
“Well, there's no core compliments at the very top of Berkshire. The subsidiaries that will be involved”
Morning Session - 2019 Meeting
“if Bukchewa Hathaway wants to catch the best investment opportunities in next era?”
Morning Session - 2019 Meeting
“I think Net has been a terrific benefit for Berkshire. Our managers, to a great degree, own their businesses”
Morning Session - 2019 Meeting
“You saw something that showed BNSF and Berkshire-Hathaway Energy and Rubber is all there.”
Afternoon Session - 2019 Meeting
“It's the very first Berkshire meeting. We're from San Francisco. And we have a question on employment for you.”
Afternoon Session - 2019 Meeting
“Berkshire Hathaway investment portfolio holds several large financial institutions that are heavily regulated”
Afternoon Session - 2019 Meeting
“For the past several years in Berkshire's annual shareholder letter, there's been increasingly less detail provided on its operating businesses”
Afternoon Session - 2019 Meeting
“For a company as large and diversified as Berkshire, why are investors being provided less information”
Afternoon Session - 2019 Meeting
“if you're talking about a $500 billion organization, if you understand our insurance business”
Morning Session - 2019 Meeting
“We are not going to leverage up Berkshire. If we'd leveraged up Berkshire, we'd have made a whole lot more money”
Afternoon Session - 2019 Meeting
“I would like to see Berkshire Hathaway, better known in both the UK and Europe.”
Afternoon Session - 2019 Meeting
“Berkshire Hathaway Energy had, one of its base holdings from way back was in the U.K.”
Afternoon Session - 2019 Meeting
“if anybody's going to sell a large business in the United States, they're going to think of Berkshire... I would like to actually have as part of Berkshire”
Afternoon Session - 2019 Meeting
“After we bought his car, Adon Wertheimer convinced me that we should get more exposure in Europe. And he helped out in doing that.”
Morning Session - 2019 Meeting
“totally committed to Berkshire. And they're very good in human beings on top of it. So I don't second guess them out anything.”
Afternoon Session - 2019 Meeting
“you've gone from a model that was originally focused on putting boots on the ground to find investment and acquisition opportunities to one where you're seemingly more content to have sellers or the r”
Afternoon Session - 2019 Meeting
“missing stocks investment opportunities because Berkshire's not necessarily familiar enough with the local market. At this point, do you think Berkshire would benefit from putting more boots on the gr”
Afternoon Session - 2019 Meeting
“you are designing Berkshire to being a steady compounding machine that should continue to create value for a very long time.”
Morning Session - 2019 Meeting
“Berkshire's intrinsic value...we have the best property casualty operation...worth a lot of money”
Afternoon Session - 2019 Meeting
“Berkshire benefits by it and clearly benefits by it and it's generally as to the size. Warren, our problem is not the lack of boots on the ground.”
Morning Session - 2019 Meeting
“Berkshire is really the ideal form for writing the business because we have this massive amount of assets that in many cases are largely uncorrelated with natural disasters.”
Afternoon Session - 2019 Meeting
“Berkshire now, or Blue Chip Snaps when we owned it, or even diversified, redeemed. We wanted them all to be compounding machines... I think Berkshire is better situated than it's ever been”
Afternoon Session - 2019 Meeting
“I think of Berkshire as being ahead in this game. For example, it seems to me that if Berkshire's overall operating business and investment performance were to exactly match”
Afternoon Session - 2019 Meeting
“when it's the total return of the S&P over 10-year period and Berkshire's growth in intrinsic value would outperform.”
Morning Session - 2019 Meeting
“Berkshire we built on that base. So we've got a, we've really got a great insurance business... it's worth more within Berkshire than it would be worth as an independent operation”
Morning Session - 2019 Meeting
“nobody worries about doing any kind of financial transaction with Berkshire... people know we'll be there with $10 billion... they know Berkshire we'll pay”
Morning Session - 2019 Meeting
“we've got $124 billion of float”
Morning Session - 2019 Meeting
“the beautiful painting you drawn for us in the form of Berkshire. But now, please update us on succession planning”
Morning Session - 2019 Meeting
“Berkshire is so very peculiar. There's only one thing like it. We have a different kind of unbureaucratic way of making decisions.”
Morning Session - 2019 Meeting
“to be the one place, I think, in the world almost, where somebody can call on a Saturday morning and meet on Sunday morning and have a $10 billion commitment.”
Morning Session - 2019 Meeting
“Warren manages a large chunk of Berkshire's $200 billion-dollar equity portfolio”
Afternoon Session - 2019 Meeting
“they'll think of Berkshire House away for sure in terms of what number to call... And with Berkshire, they could do it.”
Morning Session - 2019 Meeting
“This question is from France Tromburger of Austria and his son Leon, who are both Berkshire shareholders.”
Afternoon Session - 2019 Meeting
“a lot of Berkshire's success over the years has come from the fact that you and Charlie have had the luxury of being patient”
Afternoon Session - 2019 Meeting
“my estate will have basically nothing but Berkshire in it for some time as it gets to disperse to philanthropies”
Afternoon Session - 2019 Meeting
“I'm betting my entire net worth on that, and that doesn't give me pause at all”
Afternoon Session - 2019 Meeting
“I have a lot of confidence in the ability of the Berkshire culture to endure and that we have the right people”
Morning Session - 2019 Meeting
“Berkshire Hathaway will profit without being unduly exposed to catastrophic risk? Furthermore, Mr. Buffett, would you want a future CEO to continue”
Morning Session - 2019 Meeting
“the shareholders of Berkshire Hathaway are extraordinarily... you can't hire people like... you get them once in a lifetime”
Afternoon Session - 2019 Meeting
“I'm a proud Berkshire Hathaway shareholder since 10 years ago. And I've been looking at See's Candies”
Afternoon Session - 2019 Meeting
“there were 724,765 shares of Class A, Berkshire Hathaway Common Stock Outstanding, with each share entitled to one vote”
Afternoon Session - 2019 Meeting
“I'm Warren Buffett, Chairman of the Board of Directors of the Company, and I welcome you to this 2019 annual meeting of shareholders of Berkshire Hathaway”
Buffett: We need to help free trade's "roadkill" | March 28, 2019
“you wrote about BNSF as one of the towering redwoods in the grove that is Berkshire Hathaway”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“it's market value because we have become overwhelmingly an operating company, and we hope to become even more so than a company that really held a lot of stocks and bonds.”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“Berkshire is pretty much their whole investment. They're smart. They're not active in business, so they're not reading about it every day.”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“Berkshire has changed so markedly, but also you just think it's not going to be the way that you'll be measuring things in the future.”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“Berkshire Hathaway, Chairman and CEO, Warren Buffett, joining us just after writing his annual letter to shareholders.”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“Berkshire's percentage change in book value as the measure that you thought was most important.”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“Berkshire, you know, has dozens and dozens and dozens of companies. And when analysts look at it”
Buffett: We need to help free trade's "roadkill" | March 28, 2019
“It is important not only to Berkshire, it really is important to the country. And it's been treated by Matt like it was important to the country.”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“I would group the assets in a way that was logical and where you could sort of figure out the valuation that you might attribute to that particular grove”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“they're practically entirely in Berkshire and if they were thinking of selling some, here's what I'd want them to know”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“That's a third of our operating earnings. We earned 24, a large fraction of operating earnings last year, $24 billion.”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“Mr. Buffett, in your letter, you note that some of Berkshire's trees are diseased”
Buffett: We need to help free trade's "roadkill" | March 28, 2019
“Berkshire either invests in in the way of mark it may offers more opportunities but in marketable securities or business if we see a good good business”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“Berkshire Hathaway Energy and the railroad, Burlington, Northern Santa Fe, are two of the biggest redwoods”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“I have bet a lot of money. We had 173 billion of equities at year. And I love having those and they will make us money over time.”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“they both have contributed all kinds of ways to Berkshire. But it has been a tough time to beat the S&P. But that's the deal we've got with them.”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“We are live in Omaha, Nebraska, with Berkshire Hathaway's chairman and CEO, Warren Buffett.”
Buffett: We need to help free trade's "roadkill" | March 28, 2019
“Berkshire Hathaway was a textile mill in New Bedford, Mass, and there aren't any textile mills in New England anymore.”
Buffett: We need to help free trade's "roadkill" | March 28, 2019
“That's the only thing that I worry about at Berkshire Hathaway, really. I don't worry about our financials or earnings”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“from the annual report in the 13F, it looks like Berkshire was the least active in the public markets in the quarter when the stocks were the cheapest”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“I would have to sell Berkshire stocks. So I would incur taxes of, you know, $20 or so billion”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“corporations benefited a lot, including Berkshire, including the banks”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“We have a special guest today. Berkshire Hathaway Chairman and CEO Warren Buffett.”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“I have such a big portfolio, $173 billion in stocks, there are days with market volatility being back that you see a swing of plus or minus $4 billion”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“We are live in Omaha, Nebraska at the Nebraska Furniture Mart. with Berkshire Hathaway Chairman and CEO Warren Buffett.”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“Warren Buffett, the chairman and CEO of Berkshire Hathaway.”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs. the S&P 500 Annual Percentage Change Year in Per-Share Market Value of Berkshire”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“This was the 54th annual shareholder meeting for Berkshire Hathaway.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“What would it mean for Berkshire's businesses? Well, it would mean a lot to the world.”
Daily Journal Annual Meeting 2019 — Munger Q&A
“At a place like Berkshire Hathaway or even the Daily Journal, we've done better than average.”
Buffett: I didn't pull the trigger to buy Amazon | May 2, 2019
“even with berkshire i mean so i was pleased with what they reported”
2019 Berkshire Hathaway Shareholder Letter
“Meanwhile, in what we might call the real world, as opposed to accounting-land, Berkshire's equity holdings averaged about $200 billion”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire's 2018 and 2019 years glaringly illustrate the argument we have with the new rule.”
2019 Berkshire Hathaway Shareholder Letter
“Now, Berkshire must enshrine in each quarter's bottom line – a key item of news for many investors, analysts and commentators”
2019 Berkshire Hathaway Shareholder Letter
“neither Charlie Munger, my partner in managing Berkshire, nor I agree with that rule.”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire earned $81.4 billion in 2019 according to generally accepted accounting principles (commonly called "GAAP").”
2019 Berkshire Hathaway Shareholder Letter
“Over time, Charlie and I expect our equity holdings – as a group – to deliver major gains”
Daily Journal Annual Meeting 2019 — Munger Q&A
“my Berkshire Hathaway stock, my holdings in Li Lu's Asian fund, my Costco stock, and of course I'm outperforming everybody”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“What will it mean for Berkshire businesses specifically? And I just think on Friday we spoke with Jim Weber, who's the head of Brooks running.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“If they're restating their earnings, Does that mean Berkshire Hathaway will also have to restate its earnings?”
2019 Berkshire Hathaway Shareholder Letter
“Today, we have most of your money deployed in controlled businesses that achieve good-to-excellent returns”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire's original textile business. When we acquired control of the company in early 1965”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire has acquired many dozens of companies, all of which I initially regarded as "good businesses."”
Daily Journal Annual Meeting 2019 — Munger Q&A
“it wasn't very many per year that were meaningful. It's a game of being there all the time and recognizing the rare opportunity when it comes and recognizing that the normal human allotment is to not ”
2019 Berkshire Hathaway Shareholder Letter
“The remaining non-insurance businesses that Berkshire owns – and there are many – had aggregate earnings of $2.7 billion in 2019”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire's situation is more favorable than that of insurers in general. Most important, our unrivaled mountain of capital, abundance of cash and a huge and diverse stream of non-insurance earnings a”
Daily Journal Annual Meeting 2019 — Munger Q&A
“If you look at Berkshire Hathaway, think of its founding businesses. A doomed department store, doomed New England textile company”
2019 Berkshire Hathaway Shareholder Letter
“Unlike many other insurers, however, handling the loss will not come close to straining our resources, and we will be eager to add to our business the next day.”
2019 Berkshire Hathaway Shareholder Letter
“At Berkshire it is a religion, Old Testament style. Disciplined risk evaluation is the daily focus of our insurance managers”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire has now operated at an underwriting profit for 16 of the last 17 years, the exception being 2017, when our pre-tax loss was a whopping $3.2 billion.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“At Berkshire, I hate to issue stock. So, generally speaking, if any company we own is buying something”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“that's part of the traction of doing business with Berkshire. And besides that, we do it all ourselves.”
2019 Berkshire Hathaway Shareholder Letter
“I have a full 99% of my net worth lodged in Berkshire stock. I have never sold any shares and have no plans to do so.”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire's assets are deployed in an extraordinary variety of wholly or partly-owned businesses that, averaged out, earn attractive returns”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire shareholders need not worry: Your company is 100% prepared for our departure.”
2019 Berkshire Hathaway Shareholder Letter
“I myself feel comfortable that Berkshire shares will provide a safe and rewarding investment during the disposal period.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“wow, it's Warren Buffett is investing in the company. And yeah, and so it felt great. And I think for the whole company”
Daily Journal Annual Meeting 2019 — Munger Q&A
“One of the reasons that Berkshire has been so successful is there's practically nobody at headquarters. We have almost no corporate bureaucracy.”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire will buy back its stock only if a) Charlie and I believe that it is selling for less than it is worth”
2019 Berkshire Hathaway Shareholder Letter
“Over time, we want Berkshire's share count to go down. If the price-to-value discount (as we estimate it) widens”
2019 Berkshire Hathaway Shareholder Letter
“In 2019, Berkshire sent $3.6 billion to the U.S. Treasury to pay its current income tax.”
2019 Berkshire Hathaway Shareholder Letter
“Fifty-five years ago, when Berkshire entered its current incarnation, the company paid nothing in federal income tax.”
2019 Berkshire Hathaway Shareholder Letter
“In 2019, the Berkshire price/value equation was modestly favorable at times, and we spent $5 billion in repurchasing about 1%”
Daily Journal Annual Meeting 2019 — Munger Q&A
“Has the Berkshire Hathaway equity portfolio outperformed the S&P over the last five or ten years?”
Daily Journal Annual Meeting 2019 — Munger Q&A
“I think Warren, who is after all a mere boy of 89, thinks that Berkshire can do a little better than the S&P.”
Daily Journal Annual Meeting 2019 — Munger Q&A
“You mentioned that in an interview with CNBC on May 2018, Berkshire too restrained on buying more Apple stock.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“a lot of questions came up about share buybacks yeah people were asking specifically about berksher why don't you buyback more shares of Berkshire especially when you have $110 billion in cash”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“with Berkshire I've got a reasonable idea I try to give the shareholders the same information that I regard as important”
Daily Journal Annual Meeting 2019 — Munger Q&A
“Berkshire Hathaway had the long-term investment in the Washington Post and Capital Cities”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Warren Buffett is our guest again this morning, the chairman and CEO of Berkshire Hathaway.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Right now, we're joined by Charlie Munger, who's the vice chairman of Berkshire Hathaway.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“if you're buying Berkshire, you have to say, I am buying Berkshire Hathaway at $500 billion”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“we have some things wrong at Berkshire now that i don't know about the Charlie beats this into me all the time”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“I think we are someone at Berkshire, I think that if they're looking for capital around the world, we're a very logical prospect.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Warren Buffett, who is Berkshire Hathaway's chairman and CEO”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Warren Buffett, the chairman and CEO of Berkshire Hathaway”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“That's a problem you've been focused on at Berkshire along with J.P. Morgan and Amazon.”
“showed Berkshire Hathaway was continuing to buy shares of Apple... It's the biggest holding for Berkshire Hathaway at $56 billion.”
“would Berkshire be interested would Kraft Hines be interested well Berkshire certainly wouldn't be but but but that's partly because we own Kraft Hines”
“dangerous to start commenting on Berkshire daily, which I never would do”
Buffett and Dimon: Why CEOs shouldn't forecast earnings | June 6, 2018
“For 53 years at Berkshire, you know, I consider Berkshire an unfinished painting all the time and the horizon really is infinity as far as I'm concerned.”
“Two guys on a stage for five hours, Buffett and his longtime partner, Charlie Munger. These sessions have been captured on grainy recordings and were locked away for years.”
“Walking the floor at last year's Berkshire Hathaway meeting, we noticed someone stopping traffic”
Criticizing the cryptocurrency craze | May 7, 2018
“We are in Omaha with Berkshire's chairman and CEO, Warren Buffett.”
“alongside Warren Buffett... understand what's going on and not just a person that just always wants to take great advice, which I've been lucky enough to know somebody”
Criticizing the cryptocurrency craze | May 7, 2018
“I'm sure it's a problem from time to time at Berkshire at other places.”
Criticizing the cryptocurrency craze | May 7, 2018
“we have 377,000 people working for Berkshire. And right now, I don't know whether five of them or 10 of them or 20 of them, but I'll guarantee it isn't zero”
Criticizing the cryptocurrency craze | May 7, 2018
“That's Berkshire. Right, but what you're saying, you're distinguishing between Berkshire, owned companies and investments.”
Criticizing the cryptocurrency craze | May 7, 2018
“This is stuff that only Berkshire's been holding on to for this time.”
Criticizing the cryptocurrency craze | May 7, 2018
“This was the site of the Brookshire Hathaway, annual meeting this weekend, the 53rd annual meeting. Our special guest is Berkshire's chairman and CEO Warren Buffett.”
Criticizing the cryptocurrency craze | May 7, 2018
“At the end of the year, you had $116 billion in cash... Berkshire Hathaway lives with that mistake forever.”
Criticizing the cryptocurrency craze | May 7, 2018
“Berkshire, Hathaway, kryptonite, I'm killing me, L.O.L. What do you think about all of this?”
Criticizing the cryptocurrency craze | May 7, 2018
“Charlie Munger, the vice chairman of Berkshire Hathaway. Stick around. Good morning again, everybody, and welcome back to Omaha, Nebraska, where we have been live for almost the last two hours with Wa”
Criticizing the cryptocurrency craze | May 7, 2018
“Berkshire, where everybody's done a lot for everybody else... that's why people like it.”
Criticizing the cryptocurrency craze | May 7, 2018
“Charlie Munger is the vice chairman of Berkshire Hathaway. And still with us this morning, Warren Buffett, who's the chairman and CEO of Berkshire Hathaway.”
Criticizing the cryptocurrency craze | May 7, 2018
“So what does Berkshire do that gives it that advantage? We're less crazy. There are certain bad habits we don't have.”
Criticizing the cryptocurrency craze | May 7, 2018
“Warren pointed out that it looks pretty expensive to him on a lot of private deals that come along, and it's pretty hard to find bargains in the market.”
Criticizing the cryptocurrency craze | May 7, 2018
“I think Berkshire's going to do a little better. Bill, you agree with that too? Oh, absolutely.”
Criticizing the cryptocurrency craze | May 7, 2018
“Let's talk a little bit about Berkshire overall and some of the changes that we've seen this year...it's been very, very good for Berkshire, and it's been even better for me.”
Criticizing the cryptocurrency craze | May 7, 2018
“the company's not adding a lot of staff, you know, under Greg and under Ajit. You just have three great business minds managing, you know, over 50 business entities. So it's still one of the leanest m”
Criticizing the cryptocurrency craze | May 7, 2018
“I welcome the fact that Berkshire is trying to make it a little better in some ways.”
Criticizing the cryptocurrency craze | May 7, 2018
“If Berkshire, you know, finds a way to optimize its health care costs versus the entire U.S. health care system”
Criticizing the cryptocurrency craze | May 7, 2018
“my guess is that Berkshire will find some low-hanging fruit. If you had to guess where that low-hanging fruit would be.”
Morning Session - 2018 Meeting
“At the formal meeting that will begin at 3.45, we will elect 14 directors. Charlie and I are two of them.”
Why Berkshire has gone into capital-intensive businesses
“Berkshire's largest recent investments have been departed from your old capital efficient philosophy”
Will Trump's tariffs affect Berkshire?
“how Donald Trump's tariffs affect the manufacturing business of Berkshire Hathaway? Well, today, steel costs, we've seen steel costs increase”
"We're going to miss these newspapers if they disappear"
“the economic significance to Berkshire is almost negligible. But the significance to the society, I think, actually is enormous.”
Morning Session - 2018 Meeting
“Berkshire-related and is timely. And this question seemed to fill a bill. The question came from William Anderson of Salem, Oregon, and he said, Mr. Buffett”
Morning Session - 2018 Meeting
“they don't bring too much because the culture is that our managers are running their business...they do a superb job. And Ted and Todd...do have done a number of things for Berkshire”
Morning Session - 2018 Meeting
“We have a significant amount of that through Berkshire, but by far the largest amount is related to the precision acquisition”
Morning Session - 2018 Meeting
“the trust and prestige of doing a deal with Warren Buffett and Charlie Munger allow Berkshire to get a hometown discount and beat out other firms”
Morning Session - 2018 Meeting
“I think the reputation of Berkshire as being a very good home for companies, particularly private companies, good home for companies.”
Morning Session - 2018 Meeting
“basically, we've got the money to do the deals. We'll have the money to do the deals subsequently. People can see how our subsidiaries operate”
Morning Session - 2018 Meeting
“Berkshire, the reputation belongs to Berkshire now, and that, and we are, for somebody that cares about a business...we absolutely are the first call”
Morning Session - 2018 Meeting
“We do some business in that arena in Berkshire Hathaway specially. But if you're doing something for competitive reasons”
Afternoon Session - 2018 Meeting
“TTI has been a nice growth story since Berkshire acquired it 11 years ago”
Morning Session - 2018 Meeting
“that is the Cardinal Senate, Berkshire. We know people are doing something wrong right as we sit here at Berkshire.”
Afternoon Session - 2018 Meeting
“crypto will affect conventional banking groups where Berkshire is a shareholder”
Morning Session - 2018 Meeting
“I will guarantee you that we will get some unpleasant news at Berkshire. I don't know what it'll be, you know.”
Afternoon Session - 2018 Meeting
“some will benefit Berkshire shareholders. Charlie? I have nothing to add.”
Afternoon Session - 2018 Meeting
“the change in the corporate tax law was good for shareholders. generally and Berkshire shareholders.”
Afternoon Session - 2018 Meeting
“I am a Berkshire employee and shareholder. I read an investigative article from public on the Washington Post that many of Berkshire's various units only offer 401 plans”
Afternoon Session - 2018 Meeting
“we certainly don't want me in a position of encouraging to put 100% or something of their savings in Berkshire. itself.”
Afternoon Session - 2018 Meeting
“do you transition to something else? In the end, we overwhelmingly let our managers make those kind of decisions and others. And my guess is that a very high significant percentage of people who have ”
Morning Session - 2018 Meeting
“in this year's shareholder letter, you have harsh words for the new accounting rule that requires companies to use market value accounting for their investment holdings. For analytical purposes, you s”
Afternoon Session - 2018 Meeting
“Berkshire's culture, but in finding firms that would fit in well with what you've built. I think the culture is very, very strong”
Afternoon Session - 2018 Meeting
“Think of how little direct copying of the Berkshire system there's been... it's not that damned easy to duplicate”
Afternoon Session - 2018 Meeting
“My question relates to the Berkshire insurance operations. When I look at the quarterly balance sheets of the last two decades”
Afternoon Session - 2018 Meeting
“I think that will not only work from Charlie and me, but it'll work for our successors very well... the culture and values of Berkshire Hathaway will go on and on”
Morning Session - 2018 Meeting
“the company has been shareholders in Berkshire since 1989. The stock is currently the largest holding in their stocks”
Morning Session - 2018 Meeting
“how will Donald Trump's terrorists affect the manufacturing business of Berkshire-Hathaway?”
Morning Session - 2018 Meeting
“it would lead to an immediate decline in book value and book value per share, whereas a larger share repurchase purchase effort while depressing book value would reduce Berkshire's share count”
Morning Session - 2018 Meeting
“I don't think I'm speaking for Berkshire. I'm speaking as a private citizen, and I don't think I have any business speaking for Berkshire.”
Morning Session - 2018 Meeting
“ever at the parent company level, we have never made a political contribution”
Morning Session - 2018 Meeting
“you prefer sherry purchases over dividends as a means for returning capital to shareholders should Berkshire's cash balances continue to rise”
Afternoon Session - 2018 Meeting
“we bought a business which is a very important part of Berkshire now”
Afternoon Session - 2018 Meeting
“our experience in Israel has been just terrific”
Afternoon Session - 2018 Meeting
“we're on the radar screen big time in the United States, and we're not as”
Afternoon Session - 2018 Meeting
“they at least think about Merkshire. But that, in Europe or Asia”
Afternoon Session - 2018 Meeting
“they're certainly aware of Berkshire Hathaway outside the United States”
Morning Session - 2018 Meeting
“the world knows generally how the looks of Berkshire Hathaway have changed since you began to run the company in 1965. Berkshire was then a tiny northeastern textile company”
Morning Session - 2018 Meeting
“we will be, that we'll be as shareholder-oriented as any large company in the world. We will look at our shareholders as partners”
Morning Session - 2018 Meeting
“I already have more stocks in China than you do as a percentage, so I'm with the young lady.”
Morning Session - 2018 Meeting
“after we are gone, sell your Berkshire stock and do something else with it, helped by your many friends, I think are going to do worse. So I would advise you to keep the faith.”
Morning Session - 2018 Meeting
“my wife convinced me to buy Berkshire shares. That were probably a good decision.”
Afternoon Session - 2018 Meeting
“Within Berkshire, I've never seen any overt discrimination anywhere on the grounds of gender.”
Afternoon Session - 2018 Meeting
“with Berkshire's insurance operations currently allowed to declare up to $16 billion as ordinary dividends during 2018”
Morning Session - 2018 Meeting
“shareholders in Berkshire Hathaway for over 30 years. He says, we have all read about the zero-based budgeting that has been so effective with Kraft Heinz and other investments”
Afternoon Session - 2018 Meeting
“compare me in the medical world to infertility world as the Berkshire Hathaway of Infertility because I'm so old”
Morning Session - 2018 Meeting
“Warren, Berkshire Energy has benefited greatly from operating under the Berkshire umbrella. By not having to pay out 60 to 70% of earnings annually as a dividend”
Morning Session - 2018 Meeting
“Something like GEICO, technology is really not brought down the cost that much. And I think our position has... we are a low-cost producer”
Morning Session - 2018 Meeting
“Warren does not intend to build an action mode. Even though they're quaint... Elon may turn things upside down in some areas. I don't think he'd want to take us on in candy.”
Morning Session - 2018 Meeting
“Berkshire Hathaway itself owns 90 percent of it, and Greg Gable and his family, perhaps, and Walter Scott and, again, family members, own the other 10 percent.”
Afternoon Session - 2018 Meeting
“your shareholder, Bill Gates, has a family office, which helping his wealthing. So my question is, do you have a family office, and can we know what they do, something for you?”
Afternoon Session - 2018 Meeting
“748,347 shares of Class A, Berkshire Hathaway Common Stock, outstanding with each share entitled to one vote”
Afternoon Session - 2018 Meeting
“Berkshire Hathaway owns the largest interstate natural gas pipeline system in the United States.”
Afternoon Session - 2018 Meeting
“Berkshire Hathaway Energy is both sensitive and effective, sensitive to and effective in reducing methane emissions”
Afternoon Session - 2018 Meeting
“reported to the board directors of Berkshire Hathaway Energy quarterly, and I'm on that board, and we believe in achieving”
Afternoon Session - 2018 Meeting
“motion requests that Berkshire adopt a policy to encourage more Berkshire subsidiary companies to issue annual sustainability reports”
Afternoon Session - 2018 Meeting
“Berkshire Hathaway's management of allowing the subsidiaries to work without getting guidance, well, mandates from you is being very successful, and I wouldn't recommend changing it. You're doing a gr”
Afternoon Session - 2018 Meeting
“create a link on the Berkshire Hathaway website to sustainability that people could click on”
Afternoon Session - 2018 Meeting
“we can do a better job in Berkshire, a better job in Berkshire Hathaway when it comes to communication with our shareholders”
Afternoon Session - 2018 Meeting
“was running Berkshire Hathaway Energy, and now as vice chairman”
Afternoon Session - 2018 Meeting
“sustainability is a priority for Berkshire. And each of our operating subsidiaries”
Afternoon Session - 2018 Meeting
“all the work that you're doing on behalf of our corporation in the world”
Afternoon Session - 2018 Meeting
“Facebook page called Berkshire Hathaway Sustainability that will be available for shareholders”
Afternoon Session - 2018 Meeting
“when you think of the Berkshire Hathaway Energy, Corporation. We're trying to lead by example with support from Warren Charlie, Walter Scott.”
Buffett tells CNBC he's boosting Apple stake by $13B | May 3, 2018
“the 50th anniversary of taking over Berkshire, it was three years ago. And then it dropped after that and Yahoo started broadcasting.”
Buffett tells CNBC he's boosting Apple stake by $13B | May 3, 2018
“Berkshire is always such a good gauge of what's happening in the economy. Not only because of the business. businesses you own like the utility company and because of Burlington Northern”
Buffett tells CNBC he's boosting Apple stake by $13B | May 3, 2018
“you had a hundred and sixty odd million shares in Berkshire wait so you bought a lot more in the first quarter quite a bit more”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“I'm here with Berkshire Hathaway CEO Warren Buffett. He's going to be answering your questions for the next three hours.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“we're having our baseball bracket contest for Berkshire employees here in a couple of weeks”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“Berkshire Hathaway's chairman and CEO, Warren Buffett is with us. And Warren, you're here, I should say.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“it's really good for Berkshire and I wonder if you can just agree with with me on that no it's really it's really good for Berkshire there's no question about it”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“we've been a net buyer, although we sold a chunk of Phillips to get below 10%... So we've bought more than that... we've got 170 billion of stocks”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“We are live in Omaha, Nebraska with Berkshire Hathaway's chairman and CEO Warren Buffett”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“the two managers that run money besides me at Berkshire that they can't own stock in gun manufacturers”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“Berkshers made mistakes. And, you know, I got involved in Solomon when they made a mistake.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“four times in the 53 years I've been at Berkshire, the stock has gone down anywhere from 40 to 60%. Berkshire shares.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“They not only have done a good job of managing the money in trusted home, but they've contributed to Berkshire in just dozens of ways. They were sensational hires.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“I personally at Berkshire, I'd like to see them get the first reduction if we find something better.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“BNSF, the Burlington Northern, was acquired when the railroad industry had consolidated... Has Berkshire looked at acquiring 100% of an airline”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“of the equities that Berkshire Hathaway currently holds, which one, one in all caps, do you wish you could purchase more of”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“you are buying when you buy an interest in General Motors or Berkshire Athamway or anything, you are buying something”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“Berkshire Hathaway's chairman and CEO, Warren Buffett.”
Setting the stage for CEO succession | January 10, 2018
“You will now have three vice chairman, Charlie Munger, Ajit Jane, and Greg Abel... Well, it means nothing in terms of physical change.”
Setting the stage for CEO succession | January 10, 2018
“somebody will move up to the head of Berkshire Hathaway Energy...succession planning at Berkshire Hathaway...when I'm not CEO, there'll be another CEO”
Setting the stage for CEO succession | January 10, 2018
“The key is, it's kind of the secret behind Berkshire Hathaway from all these years. The insurance company creating the float that then you can turn around and invest”
Setting the stage for CEO succession | January 10, 2018
“There's not a drop of Berkshire blood that's leaving my body... I love Berkshire. I look forward every morning to being there.”
Setting the stage for CEO succession | January 10, 2018
“What does it mean specifically for Berkshire Hathaway? There was an analyst who just put out a note, Jay Gell, who said that it's a $37 billion book value increase”
Setting the stage for CEO succession | January 10, 2018
“We happen to be overwhelmingly U.S. oriented at Berkshire. But it's an interesting point.”
Setting the stage for CEO succession | January 10, 2018
“So I get 79% of the profits for Berkshire this month and last month I would have gotten 65%.”
Setting the stage for CEO succession | January 10, 2018
“If I did it as a representative of Berkshire shareholders, I'd have to vote more. I mean, I've got a million shareholders”
Setting the stage for CEO succession | January 10, 2018
“Berkshire Hathaway, you know, went up five-fold or something because of that.”
Setting the stage for CEO succession | January 10, 2018
“insurance is important to Berkshire. I mean, obviously, and we just heard that $100 billion number.”
Setting the stage for CEO succession | January 10, 2018
“Berkscher's always looked peculiar and it's done better than...”
Setting the stage for CEO succession | January 10, 2018
“It's a huge plus for Berkshire to do it and it's a deserved recognition coming to people.”
Setting the stage for CEO succession | January 10, 2018
“Charlie Munger, the vice chairman of Berkshire Hathaway... this is a very good idea, and although the Berkshire shareholders should be very happy about it.”
Setting the stage for CEO succession | January 10, 2018
“I actually like this tax reduction that Berkscher's gotten. I'm an unabashed appreciator.”
Why Warren Buffett Said No to Lehman and AIG in 2008
“they approached. Berkshire. I came down to the office at night and made these little notes on here of things that were red flags”
Warren Buffett On The 2008 Crisis
“I love to have short sellers in Berkshire. How can a short seller hurt you?”
Daily Journal Annual Meeting 2018 — Munger Q&A
“we do not have some minor version of Berkshire Hathaway which has a big bundle of securities in its insurance companies”
2018 Berkshire Hathaway Shareholder Letter
“it's not necessary to evaluate each tree individually to make a rough estimate of Berkshire's intrinsic business value. That's because our forest contains five "groves" of major importance”
2018 Berkshire Hathaway Shareholder Letter
“Investors who evaluate Berkshire sometimes obsess on the details of our many and diverse businesses – our economic "trees," so to speak.”
2018 Berkshire Hathaway Shareholder Letter
“Berkshire's market price... Over time, however, Berkshire's stock price will provide the best measure of business performance.”
2018 Berkshire Hathaway Shareholder Letter
“Berkshire is now far better managed than when I alone was supervising operations. Ajit and Greg have rare talents, and Berkshire blood flows through their veins.”
2018 Berkshire Hathaway Shareholder Letter
“the most valuable grove in Berkshire's forest remains the many dozens of non-insurance businesses that Berkshire controls... Those subsidiaries earned $16.8 billion last year.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“The only institution that exceeds Berkshire Hathaway and the Daily Journal in terms of old directors in office”
Warren Buffett On The 2008 Crisis
“Because I conduct myself, so there's another crisis, I'll still be around. be around, Berkshire will be in good shape.”
Buffett recalls his early days as an investor | February 26, 2018
“Berkshire Hathaway controlled, was controlled by Buffett Partnership. We had control of the company, control of the board, but they had a couple thousand shareholders”
2018 Berkshire Hathaway Shareholder Letter
“At Berkshire, our audience is neither analysts nor commentators: Charlie and I are working for our shareholder-partners.”
2018 Berkshire Hathaway Shareholder Letter
“Berkshire, in fact, may be the only company in the Fortune 500 that does not prepare monthly earnings reports”
2018 Berkshire Hathaway Shareholder Letter
“For 54 years our managerial decisions at Berkshire have been made from the viewpoint of the shareholders”
2018 Berkshire Hathaway Shareholder Letter
“Assuming that we buy at a discount to Berkshire's intrinsic value – which certainly will be our intention”
2018 Berkshire Hathaway Shareholder Letter
“Earlier I mentioned that Berkshire will from time to time be repurchasing its own stock.”
2018 Berkshire Hathaway Shareholder Letter
“our country's Treasury Department holds a special class of our stock – call this holding the AA shares”
Daily Journal Annual Meeting 2018 — Munger Q&A
“commercial banks, obviously Berkshire has a very large $60 billion portfolio there, and Daily Journal has a very sizable one.”
Buffett recalls his early days as an investor | February 26, 2018
“They've got probably all their money in Berkshire, so they're interested, but they're not following day-to-day what's going on.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“the Buffett formula that ever existed and that's the formula in Warren Buffett's original partnership”
2018 Berkshire Hathaway Shareholder Letter
“Our property/casualty insurance business has been the engine propelling Berkshire's growth since 1967”
2018 Berkshire Hathaway Shareholder Letter
“At Berkshire, we have two additional arrows in the quiver to talk about, but let's first address the conventional components.”
2018 Berkshire Hathaway Shareholder Letter
“Unlike many other insurers, however, we will be looking to add business the next day.”
2018 Berkshire Hathaway Shareholder Letter
“Beyond using debt and equity, Berkshire has benefitted in a major way from two less-common sources of corporate funding.”
2018 Berkshire Hathaway Shareholder Letter
“Our level of equity capital is a different story: Berkshire's $349 billion is unmatched in corporate America.”
2018 Berkshire Hathaway Shareholder Letter
“But that strategy would be madness for Berkshire. Rational people don't risk what they have and need for what they don't have and don't need.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“I think you'll notice that Berkshire in its whole history has had few investments in oil. Some, but it's not that many.”
2018 Berkshire Hathaway Shareholder Letter
“At Berkshire, we hope to invest significant sums across borders.”
2018 Berkshire Hathaway Shareholder Letter
“Charlie and I happily acknowledge that much of Berkshire's success has simply been a product of what I think should be called The American Tailwind.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“He talked every night to Warren Buffett.”
2018 Berkshire Hathaway Shareholder Letter
“Remember, earlier in this letter, how I described retained earnings as having been the key to Berkshire's prosperity?”
Daily Journal Annual Meeting 2018 — Munger Q&A
“for Berkshire it's hard. And for the Daily Journal we don't have any cinch either.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“There were some years when some remarkable synergies between the insurance business and Berkshire Hathaway.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“Berkshire succeeded because there were very few big errors…there were like no big errors, really big.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“The most recent annual report for Berkshire, as in the past reports, the growth in book value was shown and over the past 52 years it has grown from $19 to $172,000.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“Berkshire had their first annual meeting. What is your thinking, or outlook, or comments about the U.S. high speed rail”
Daily Journal Annual Meeting 2018 — Munger Q&A
“people like Berkshire just totally avoid any position where anybody else would start selling our securities”
Daily Journal Annual Meeting 2018 — Munger Q&A
“Berkshire has solved the problem as best it can…of bureaucracy. You can't have too much bureaucracy at headquarters if there's no bodies at headquarters.”
Pilot Flying J acquisition | October 3, 2017
“Warren Buffett, the chairman and CEO of Berkshire Hathaway. And Warren, we want to thank you very much for your time this morning.”
Pilot Flying J acquisition | October 3, 2017
“it's an actual factor at Berkshire and it's very, very, very, very seldom. By 87 years, there's ever been a factor.”
Pilot Flying J acquisition | October 3, 2017
“Most of Berkshire you own anyway, Buffett. What are you talking about?”
Pilot Flying J acquisition | October 3, 2017
“I think that if you have a company, a very large company, Berkshire's large, you have a hotline.”
Pilot Flying J acquisition | October 3, 2017
“for Berkshire Hathaway shareholders, I hope they do change it downward. I mean, I would like it in the sense that it would be good for a million shareholders”
Pilot Flying J acquisition | October 3, 2017
“When Berkshire Hathaway sells a bond issue, guess what? The foreign subsidiaries of certain very cash-rich American companies buy those bonds.”
Pilot Flying J acquisition | October 3, 2017
“I've got a million, I got a million shareholders of Berkshire. And they would all love to see a corporate tax stock.”
Bill Gates + Warren Buffett + Charlie Rose @ Columbia University 2017 Video (Best Quality)
“Warren Buffett is chairman and CEO Berkshire Hathaway. The company is one of the most successful companies of the last five decades.”
Bill Gates + Warren Buffett + Charlie Rose @ Columbia University 2017 Video (Best Quality)
“I enjoy running Berkshire. I mean, if you get right down into my psyche... I've got a good deal. I'm hanging on to it.”
Bill Gates + Warren Buffett + Charlie Rose @ Columbia University 2017 Video (Best Quality)
“we have a text, we started with a textile mill at Berkshire. Half our workers only spoke Portuguese.”
Bill Gates + Warren Buffett + Charlie Rose @ Columbia University 2017 Video (Best Quality)
“Bill Gates and Warren Buffett for the hour. Thank you for joining us. I should mention on HBO on January 30th, there is a film. call becoming Warren Buffett”
"I was wrong" on IBM | August 30, 2017
“Warren Buffett, the chairman and CEO of Berkshire Hathaway, is here to pay off on a lunch”
"I was wrong" on IBM | August 30, 2017
“Berkshire went ahead and converted its warrants into shares of Bank of America, making you the largest shareholder”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Berkshire Hathaway's chairman and CEO, Warren Buffett, who is sitting down with us for his first interview since speaking to the Berkshire faithful”
Buying Apple, selling IBM, missing Google | May 8, 2017
“getting rid of 2,000 people working at Berkshire's textile mills or other businesses we were in”
Buying Apple, selling IBM, missing Google | May 8, 2017
“we have in Berkshire's businesses, some of them, a certain amount of slop. You know, I mean, we don't, we don't drive it as hard”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Berkshire Hathaway's chairman and CEO Warren Buffett. He's been sitting down with us going through a lot of issues.”
Buying Apple, selling IBM, missing Google | May 8, 2017
“assuming Berkshire isn't in there, you're probably... the five largest businesses in the country by market value”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Berkshire Hathaway's chairman and CEO, Warren Buffett, in his first sit-down interview. in speaking to the Berkshire faithful”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Charlie Munger is the vice chair of Berthshire Hathaway.”
Buying Apple, selling IBM, missing Google | May 8, 2017
“He certainly is at Berkshire. I don't like, if fraud runs rampant, saying, Irwin's comp.”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Warren has talked about his worst trades in the past. And Warren, I believe you said it was Berkshire Hathaway itself. It was your worst trade.”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Berkshire Hathaway Parent has never, to my knowledge, employed a lobbyist and certainly has never made a contribution in 52 years”
Buying Apple, selling IBM, missing Google | May 8, 2017
“I thought Berkshire would do fine under either person as president. And now, that doesn't mean you can't have recessions under either one.”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Berkshire Hathaway parent now, at the subsidiars where they have specific interests in railroads or utility. They've employed lobbyists”
Buying Apple, selling IBM, missing Google | May 8, 2017
“This is Berkshire behaves conservatively. We could have made so much more money with no trouble by being just a little more leverage.”
Buffett's successor must have a "money mind"
“Ten years from now, Berkshire will be an aggregation of businesses where more money has been put in in that decade than everything that took place ahead of time.”
“We have never had more good managers now. It's because we've got more good companies, but we have never had more good managers than we have now.”
Why 3G cuts jobs and Berkshire doesn't
“With the current U.S. President focusing on retention of U.S. jobs, will Berkshire Hathaway still consider future investments in 3G capital”
Afternoon Session - 2017 Meeting
“Berkshire's cash and treasury bill holdings are approaching $100 billion. Warren, a year ago, you said Berkshire might increase its minimum valuation for share buybacks”
Afternoon Session - 2017 Meeting
“Since Todd and Ted joined Berkshire, the market cap of the company has doubled and cash on hand is now nearly $100 billion.”
Morning Session - 2017 Meeting
“It concludes that a major part of the company's problem was that...Mr. Buffett, how do you satisfy yourself that Berkshire isn't subject to the same risk with its highly decentralized structure”
Afternoon Session - 2017 Meeting
“we thought it increased the intrinsic business value of Berkshire by a significant amount. And we paid this seller, what the market was at the time.”
Afternoon Session - 2017 Meeting
“there's a very good market in Berkshire shares. And if we can buy them at a discount from intrinsic business value”
Afternoon Session - 2017 Meeting
“increase all of our Berkshire holdings, or the value of the Berkshire holdings, what are you going to consider”
Morning Session - 2017 Meeting
“At Berkshire, we have the main source of information for me, about anything that's being done wrong at a subsidiary is the hotline.”
Afternoon Session - 2017 Meeting
“concern I have regarding Berkshire Hathaway's Kraft-Heinz investment”
Afternoon Session - 2017 Meeting
“20 billion is an absolute minimum. You can say that because I say 20 billions in absolute minimum, it probably wouldn't be below with 24, 25”
Afternoon Session - 2017 Meeting
“berkshire is much more liquid than is ideal right now with 113 billion of consolidated cash and bonds versus policyholder float of 105 billion”
Afternoon Session - 2017 Meeting
“at food of the loom, I don't, it really hasn't changed. And in our furniture operation, which is setting a record so far again this year for the shareholders”
Afternoon Session - 2017 Meeting
“this question is on berkshire's intrinsic value a substantial portion of the company's value is driven by operating businesses”
Morning Session - 2017 Meeting
“I think Berkshire has gained enormously from these investment decisions by learning through a long, long period.”
Afternoon Session - 2017 Meeting
“asking you if the Internet might hurt some of Burrfield, at the time you said you wanted to see how things would play out.”
Morning Session - 2017 Meeting
“a little bit after the original one, when they went public, a little bit after Berkshire even. And so I had plenty of ways”
Afternoon Session - 2017 Meeting
“Warren, during the past five years, Berkshire Energy's investments in solar and wind generation have been about equal”
Afternoon Session - 2017 Meeting
“Berkshire stock may then come under selling pressure... if Berkshire stock falls to a price where share repurchase is attractive”
Afternoon Session - 2017 Meeting
“they're not taking advantage of shareholders if they buy the stock when it's undervalue...if for some reason it went down to a level that's attractive, I don't think the board is doing anything in the”
Morning Session - 2017 Meeting
“we have a collection of businesses that on average, better investment values than, say, the S&P average”
Afternoon Session - 2017 Meeting
“it's the things you can't think of, but I can't think of anything. that can harm Berkshire in a material, permanent way”
Afternoon Session - 2017 Meeting
“In every way, Berkshire is structured to handle stresses. It's the kind of thing we think about all the time”
Afternoon Session - 2017 Meeting
“Hathaway Specialty Insurance generated $1.3 billion of premium volume in 2016. This business is on the smaller end of commercial property casualty insurers”
Afternoon Session - 2017 Meeting
“we are destined at Berkshire Hathaway's specialty to be one of the leading PC firms...There is no stronger company in the insurance world”
Afternoon Session - 2017 Meeting
“the tax system is not crippling Berkshire's competitiveness around the world or anything of the sort. Our health costs have gone up incredibly”
Morning Session - 2017 Meeting
“Berkshire certainly will do reasonably well because it, it won't, and we won't be, we won't get fearful.”
Afternoon Session - 2017 Meeting
“Berkshire Energy would be looking for in future acquisition candidates... We like the utility business okay.”
Morning Session - 2017 Meeting
“Coal, our shipments of coal are up fairly substantially this year on the BNSF, but they were very low last year.”
Morning Session - 2017 Meeting
“Every Berkshire shareholder knows about the stock market value of Berkshire. But my question is about the value of Berkshire to the world.”
Afternoon Session - 2017 Meeting
“if a Berkshire CEO came to you and asked for your approval to close a U.S. operation and relocate it overseas”
Afternoon Session - 2017 Meeting
“I'm Warren Buffett, Chairman of the Board of the Directors of the Company. I welcome you to this 2017 annual meeting of shareholders. This morning, I introduced the Berkshire Hathaway directors”
Morning Session - 2017 Meeting
“Ajit has made more money for Berkshire than I have probably”
Morning Session - 2017 Meeting
“And these are really good businesses, I've got to tell you... And we've added Peter Eastwood with Berkshire Hathaway, especially.”
Afternoon Session - 2017 Meeting
“As indicated in the proxy statement that accompanied the notice of this meeting that was sent to all shareholders of record. on March 8th, 2017, the record date for this meeting. There were 770,994 sh”
Morning Session - 2017 Meeting
“if we had 50 people out there, all of who wanted to be running Berkshire Hathaway, it would not work very well.”
Afternoon Session - 2017 Meeting
“advisory vote on compensation of Berkshire Hathaway's executive officers. I recognize Mr. Wall or Scott to place a motion”
Afternoon Session - 2017 Meeting
“Our proposal, number four, on the proxy ballot, calls on Berkshire Hathaway to fully disclose the extent of its political spending.”
Afternoon Session - 2017 Meeting
“I would regard that as a breach of trust with Berkshire. But I do recognize that if they're in the railroad industry or the electric utility”
Afternoon Session - 2017 Meeting
“in 52 years, Berkshire Hathaway, at the parent company level, has not made a political contribution”
Afternoon Session - 2017 Meeting
“Berkshire Hathaway ranks number four in the Fortune 500. At a time when the trend among large companies is to be more open about their political spending”
Afternoon Session - 2017 Meeting
“Berkshire Hathaway has storage facilities that face similar risks, as it is estimated to hold the 11th highest volume of natural gas in the country.”
Afternoon Session - 2017 Meeting
“report on our situation at Berkshire Hathaway. So three different issues were raised in the comments.”
Afternoon Session - 2017 Meeting
“Motion requests that the company divest of its holdings and companies involved in the extracting, processing, or burning of fossil fuels.”
Morning Session - 2017 Meeting
“BNSF has traditionally carried through to exchange points for the eastern U.S. railroads”
Afternoon Session - 2017 Meeting
“Chairman Buffett, board members and shareholders...Warren Buffett, known as the Wizard of Omaha, is an inspiration to many”
Morning Session - 2017 Meeting
“Capital allocation is incredibly important at Berkshire. Right now we have 280 years, 90 billion of whatever may be of shareholders equity.”
Morning Session - 2017 Meeting
“10 years from now, Berkshire will be an aggregation of businesses where more money has been put in. in that decade than everything that took place ahead of time.”
Morning Session - 2017 Meeting
“You need a very sensible capital allocator in the job of being CEO of Berkshire, and we will have one.”
Morning Session - 2017 Meeting
“in turn to the incredible rise in Berkshire's value over time”
Morning Session - 2017 Meeting
“Precision cast parts represents the second largest acquisition Berkshire has ever made.”
Morning Session - 2017 Meeting
“in coming to an estimate of the value of the business. But it's going to be. I can't knock the media. I mean, they've only got a few paragraphs to describe the earnings of Berkshire every quarter.”
Buffett buys airlines and Apple | February 27, 2017
“We'll cover it all from Berkshire's new stake in Apple and Airlines”
Buffett buys airlines and Apple | February 27, 2017
“Warren Buffett and Berkshire Hath had been buying a lot of shares of Apple”
Buffett buys airlines and Apple | February 27, 2017
“your vice chairman of Berkshire Hathaway, was speaking at the Daily Journal meeting”
Buffett buys airlines and Apple | February 27, 2017
“if you invest in it, you don't think they're going out of business. So you don't even have to like a chemical company, do you?”
Buffett buys airlines and Apple | February 27, 2017
“He actually owned Berkshire Hathaway Stock. And I knew him just a little bit.”
Buffett buys airlines and Apple | February 27, 2017
“what Kraft Heinz and 3G and Berkshire's involvement with that, simply by them being there and watching”
Buffett buys airlines and Apple | February 27, 2017
“I was at the last meeting just a month ago... they really understand their business. It's so much more of an informed discussion than I've heard at most board meetings in my life. It's night and day.”
Buffett buys airlines and Apple | February 27, 2017
“I've owned Berkshire forever, I mean, for 52 years. So I followed myself and a lot of my families followed it.”
Buffett buys airlines and Apple | February 27, 2017
“Berkshire's done that. And it gets to be worth more money, and that's what's happening in this world.”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“his whole life was focused on on on berkshire and he and he said i love my work so much i”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“their net worth in berkshire so they're interested but they're not following business day to day”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“if he bought it in his partnership which he owed more of he would have made a lot more money...instead of in berkshire”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“the ceo of berkshire hathaway tried to cheat him out of an eighth and he got angry and said well hell will they all just buy more”
Susie Buffett Interview: How Warren Buffett Handled Money with His Kids
“you know i've always said she is the reason berkshire hathaway is berkshire hathaway because my mother”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“but it was an accident that he chose berkshire hathaway if if if the chairman hadn't tried to cheat him out of an eighth on the 11 price”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“berkshire is an amazing company his”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“When he bought Berkshire, he had become very interested in the insurance business.”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“berkshire when it was a textile company and he when he was at the harvard business school determined it was a lousy business”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“drove berkshire without really issuing much stock to anybody from virtually nothing into hundreds of billions of dollars of market cap nobody else has a record like that”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“the partnership had acquired control of berkshire hathaway in 1965”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“And after Warren got to 10% in Berkshire, and he had to disclose his holdings, he decided maybe it was a good opportunity to sell it.”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“i was in charge of berkshire hathaway we owned control of it so”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“acquiring control of berkshire so there was no reason to”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“well i think the modern berkshire is pretty much all a reflection”
Bill and Melinda Gates Interview: Warren Buffett's Friendship & Impact
“warren's also very clear that susie behind the scenes helped him think through who should be on the berkshire board”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“the berkshire stock uh i took on the title of chairman just to formalize it going forward now that the control block had really been broken up”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“if people that are shareholders of berkshire are bothered a little bit about me speaking on taxes or something”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“i constantly talk about berkshire a seamless web of deserved trust it's such a simple idea”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“running a system that has practically no bureaucracy at headquarters is hugely advantageous to berkshire”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“running berkshire hathaway making one this big decision a year as he has”
Peter Buffett Interview: His Parents' Love of Music
“you connect it to Berkshire Hathaway because there's a direct connection. I mean, there's a certain loyalty and consistency and morality to how we did it”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“my partner charlie munger in business for example we don't keep score”
Bertie Buffett Interview: Sister of Warren Buffett Reflects on Brother's Drive
“runs the berkshire hathaway berkshire hathaway berkshire hathaway and and is a genius of what he does”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“goes in every berkshire movie because he wants the people who work for him the managers of his business to hear that every year”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“i was having conversations with warren during this period first of all he was he was in new york”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“listen berkshire is a lollapalooza effect there are several factors that intertwine all moving in the same direction”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“and we have no retirement agent berkshire so uh it isn't like at 65 i can say you know you're just terrific but we've got this rule”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“the money that berkshire had in it was a very much of a secondary matter”
Doris Buffett Interview: Reflections on Growing Up with Warren Buffett
“us at berkshire hathaway but we were doing the same thing parallel”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“doing at berkshire which he never considered work it was part of his tap dancing to work routine”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“And that's really what what Berkshire is and what some of the companies that Warren's bought.”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“if berkshire was to be built into any kind of important company what made the turn was that warren got to know charlie munger”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“Warren hasn't split the stock. So that's made a made a big difference in my life cuz I think about that often.”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“berkshire the mills must be shut down the mill must be shut down and the textile business disappeared”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“from berkshire hathaway and moved it into insurance and insurance turned out to be uh just ideal for warren”
Howard Buffett Interview: Lessons from My Father
“he's somebody who will absolutely be remembered for berkshire hathaway and what he built and that's been the most important thing to him in his life”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“I don't know of a better investment for my children and my grandchildren and maybe a couple people that will come after it than Berkshire as long as the culture remains the same”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“berkshire meanwhile was there he'd been he'd taken control of that in 1965.”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“people were getting very rich on owning Berkshire, particularly those people who were started out in the early days with a few dollars in his partnership”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“I don't give away the Berkshire. That's sort of sacrosanct, but uh it's made it possible for me to make a fair amount of major gifts”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“i have to be honest with our shareholders i've got i think over a million shareholders of berkshire hathaway they're my partners”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“the amount of money that he's made for other people because of Berkshire is extraordinary, and all that money is being given away”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“for berkshire um insurance is in itself a profitable business”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“Warren and Charlie both handled themselves extremely well... he used that opportunity to build the build Berkshire. And of course, Berkshire is a fortress. It's impregnable”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“warren has had a real knack for getting good people uh to run his insurance companies but it has the additional uh advantage of creating something that's called float”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“to build berkshire he had to move into companies like the railroad and the utility that do require large capital expenditures”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“we've got 300 and some thousand employees around the world and we're probably third or so in market value maybe fourth in in the world”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“at berkshire we don't have a commitment we don't have a powerpoint we don't don't have any of that sort of thing we don't have a public relations department”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“Warren said to me, "Look, come to Berkshire, you can be go a vice chairman just like Charlie, and we're happy to have you."”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“lot of time spent away from the reading and the thinking about berkshire that made it grow”
Susie Buffett Interview: How Warren Buffett Handled Money with His Kids
“he had to do stuff with um mark hamburg at berkshire and make sure that whatever stock-wise”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“I'd given away some of my Berkshire to family, and uh I thought about it, and I felt that the advantages of being on the board versus you know, not being on the board were substantial”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“he hates to be misquoted and um and berkshire is a complicated company so when berkshire hathaway when somebody at berkshire hathaway buys in a stock”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“so it's easy for the press to get things wrong about berkshire because it's a complicated company”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“however berkshire is a a bunch of assets is a collection of assets that is really wonderful and i know that”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“that they come into berkshire hathaway or that they do what i do that's crazy”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“prices for berkshire they're getting close to 100 and i don't know 125 or 100 probably closer to 150 million of stock a year”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“i hope that berkshire hathaway is is something that people uh study in terms of a business operation”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“took control of berkshire hathaway it was done through a partnership that i ran a bunch of people to join me and i ran the money and started as a textile company with doomed to fail”
Bill Gates and Warren Buffett (Columbia Town Hall)
“He sits on the Berkshire board, and we have a lot of fun talking about a lot of things.”
Bill Gates and Warren Buffett (Columbia Town Hall)
“Warren Buffett is chairman and CEO of Berkshire Hathaway. The company is one of the most successful companies of the last five decades.”
Bill Gates and Warren Buffett (Columbia Town Hall)
“we've net-bought $12 billion of common stocks since the election”
Bill Gates and Warren Buffett (Columbia Town Hall)
“We started with a textile mill at Berkshire. Half our workers only spoke Portuguese. They worked in hot conditions, loud conditions, and they spent 20 or 25 years on looms.”
Bill Gates and Warren Buffett (Columbia Town Hall)
“I enjoy running Berkshire. I mean if you get right down into my psyche. And that's what I want to do.”
Daily Journal Annual Meeting 2017 — Munger Q&A
“A lot of you people came into this because Berkshire was successful and Guerin was successful, and for various odd reasons of history”
2017 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs.. the S&P 500 Annual Percentage Change Year in Per-Share Book Value of Berkshire”
Daily Journal Annual Meeting 2017 — Munger Q&A
“that's what Berkshire's done if you stop and think about it. We have a lot of businesses at Berkshire that neither Warren nor I could contribute much to”
2017 Berkshire Hathaway Shareholder Letter
“If a corporation such as Berkshire were simply to have owned the S&P 500 and accrued the appropriate taxes, its results would have lagged”
2017 Berkshire Hathaway Shareholder Letter
“Berkshire's gain in net worth during 2017 was $65.3 billion, which increased the per-share book value of both our Class A and Class B stock by 23%.”
2017 Berkshire Hathaway Shareholder Letter
“At Berkshire what counts most are increases in our normalized per-share earning power. That metric is what Charlie Munger, my long-time partner, and I focus on”
2017 Berkshire Hathaway Shareholder Letter
“At Berkshire, in contrast, we evaluate acquisitions on an all-equity basis, knowing that our taste for overall debt is very low”
2017 Berkshire Hathaway Shareholder Letter
“Despite our recent drought of acquisitions, Charlie and I believe that from time to time Berkshire will have opportunities to make very large purchases.”
2017 Berkshire Hathaway Shareholder Letter
“Berkshire has been a leader in long-tail business for many years... Berkshire's growth in float has been extraordinary. We are now the country's second largest p/c company”
2017 Berkshire Hathaway Shareholder Letter
“Berkshire Hathaway Energy (of which we own 90.2%). You can read more about these businesses on pages K-5 – K-10”
2017 Berkshire Hathaway Shareholder Letter
“Prior to 2017, Berkshire had recorded 14 consecutive years of underwriting profits, which totaled $28.3 billion pre-tax.”
Daily Journal Annual Meeting 2017 — Munger Q&A
“Berkshire would be a very modest company now if Warren never learned anything. He never would've given anything back, I mean, any territory he took he was going to hold it.”
2017 Berkshire Hathaway Shareholder Letter
“We currently estimate Berkshire's losses from the three hurricanes to be $3 billion (or about $2 billion after tax).”
2017 Berkshire Hathaway Shareholder Letter
“No company comes close to Berkshire in being financially prepared for a $400 billion mega-cat.”
2017 Berkshire Hathaway Shareholder Letter
“Our unparalleled financial strength explains why other p/c insurers come to Berkshire – and only Berkshire – when they need reinsurance.”
2017 Berkshire Hathaway Shareholder Letter
“Berkshire, itself, provides some vivid examples of how price randomness in the short term can obscure long-term growth in value. For the last 53 years, the company has built value by reinvesting its e”
2017 Berkshire Hathaway Shareholder Letter
“We simply decided to sell our bond investment...to move our money into a single security – Berkshire – that, in turn, owned a diversified group of solid businesses.”
2017 Berkshire Hathaway Shareholder Letter
“They are proud to work for Berkshire, and I am proud of them.”
Daily Journal Annual Meeting 2017 — Munger Q&A
“Berkshire Hathaway was a shareholder in Irish banks pre-2008. I'm wondering if you could you comment on how the Irish economy”
Daily Journal Annual Meeting 2017 — Munger Q&A
“Warren and I have both done good with that, but whatever the reason we've had these marvelous partners”
Daily Journal Annual Meeting 2017 — Munger Q&A
“it's plumb crazy to have a big common stock portfolio in a corporation and pay taxes compared to investing in a partnership that doesn't, and that's just the way the Berkshire shareholders have invest”
Daily Journal Annual Meeting 2017 — Munger Q&A
“they have made, whatever it is, 25 percent a year since we were there”
Daily Journal Annual Meeting 2017 — Munger Q&A
“Berkshire, the public securities keep going down and down as a percentage of the total value, so it doesn't matter, we're getting to be sort of a normal corporation”
Daily Journal Annual Meeting 2017 — Munger Q&A
“Berkshire is the largest shareholder of Phillips 66”
Buffett and Munger reveal the secrets of their friendship | May 2, 2016
“looking for really wonderful businesses that we could buy at fair prices. So he is, in terms of quality of business... He's kept me from a lot of mistakes”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Makes me realize how little I know. But it's not it's not a factor for Berkshire.”
Buffett and Munger reveal the secrets of their friendship | May 2, 2016
“And they just worked so fabulously well. And they work so well at Berkshire. People are sold to Berkshire. I like coming the annual meeting.”
Buffett and Munger reveal the secrets of their friendship | May 2, 2016
“I'm always looking for ways to improve Berkshire. I would rather have Berkshire do well than they do well.”
Buffett and Munger reveal the secrets of their friendship | May 2, 2016
“Berkshire has been a real joy to both of us, and not just because, you know, the stock made us rich. It's just been such a happy experience.”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Berkshire shares and when you choose to buy Berkshire shares. You have a very clear formula that you lay out for anybody to say, we will buy back shares at this point.”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“economic principles of Berkshire Hathaway. And it says we will not sell controlled businesses”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Warren Buffett, the chairman and CEO of Berkshire Hathaway, who is fresh off of his annual shareholder meeting.”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“we will have much more from our special guest today, Warren Buffett. On a little later this morning, we're going to be joined by Berkshire Chairman, or Berkshire Hathaway's vice chairman”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“He's also compared, he's been compared to an expert Sher Hathaway. When people look at Bill Ackman and look at what he's done, there was a magazine cover”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Berkshire's not a technology company there were some technology names that came up”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Berkshire Vice Chair of Charlie Munger, also board member and Microsoft founder, Bill Gates”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“the beauty of Berkshire is the consistency of its approach, the commitment to its managers”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Berkshire annual meeting, I have to say I had a little bit of a tougher time trying to pick out the top headline”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Berkshire Hathaway's chairman and CEO, Charlie Munger, the vice chairman of Berkshire Hathaway”
Should Berkshire guard against activist investors?
“installing corporate defenses that might prevent future generations of activists from trying to break up Berkshire Hathaway”
Munger: "If you have a dumb incentive system, you get dumb outcomes"
“How do you apply this at Berkshire when designing compensation formula? When it comes to the system, our incentive systems are different”
Should Berkshire do more to promote diversity?
“we've got the best board that we could have. They're clearly not in it for the money. We want our shareholders to walk in the shoes, I mean, our directors to walk in the shoes of shareholders.”
2016 Annual Meeting Highlight Reel
“Please explain directly why we Berkshire Hathaway shareholders should be proud to own Coke.”
Should Berkshire guard against activist investors?
“Berkshire will always be in a position to repurchase very significant amount of stock”
Should Berkshire guard against activist investors?
“we have a shareholder base that recognizes the advantages of both the Berkshire businesses and its culture”
Should Berkshire guard against activist investors?
“how many people would you pick in preference to Berkshire?”
“I owe a great deal to Ben Graham in terms of learning about investing, and I owe a great deal to Charlie in terms of learning a lot about business... Berkshire's done as well as it has, is that we're ”
The market economy is stronger than any one U.S president
“what specific risks, regulatory policy, or otherwise, do you foresee for Berkshire Hathaway's portfolio of businesses?”
Can Berkshire's culture endure for decades?
“the main factor in keeping Berkshire's culture is that you have a board and you'll have successor board members... I really think the culture is going to lose. surprise everybody by how well it lasts”
The market economy is stronger than any one U.S president
“I think Berkshire will continue to do fine.”
Buffett and Munger defend Coca-Cola
“why we Berkshire Hathaway shareholders should be proud to own Coke”
Afternoon Session - 2016 Meeting
“I'm even more optimistic than you are... the culture is going to surprise everybody by how well it lasts and how well they do... It's going to work very well.”
Munger: "If you have a dumb incentive system, you get dumb outcomes"
“And of course, Warren's good at that. And so is Tony nicely. Yeah. And just thinking about, you know, I mean, very, somebody comes and said”
Morning Session - 2016 Meeting
“insurance underwriting, these are after-tax figures by category are down somewhat. The basic underwriting at Geico is actually improving”
Afternoon Session - 2016 Meeting
“the main factor in keeping Berkshire's culture is that you have a board and you'll have successor board members... When they sold their businesses to us, they wanted to join that culture.”
Afternoon Session - 2016 Meeting
“I think the chances of us going off the rails in terms of culture are really very, very, very slight... the culture of Berkshire adds significantly to the value”
Afternoon Session - 2016 Meeting
“while Berkshire Hathaway was one of the worst. You've explicitly stated that you do not consider diversity when hiring”
Afternoon Session - 2016 Meeting
“And every share of the Berkshire that our shareholders own, they bought just like everybody else in this room.”
Morning Session - 2016 Meeting
“the earnings have moved up in a very irregular fashion quite substantially. I put in also the capital gains we've achieved through investments and derivatives, and they total some $32 billion. after t”
Morning Session - 2016 Meeting
“trying to add earning power, sustainable and growing earning power to Berkshire. So that's a quick summary.”
Afternoon Session - 2016 Meeting
“Berkshire is authorized the share repurchase program originally aimed at buying back shares at price is no higher than 10% premium to the firm's most recent book value per share.”
Afternoon Session - 2016 Meeting
“Given your belief that Berkshire's intrinsic value continues to exceed its book value, with the difference continuing to widen over time”
Morning Session - 2016 Meeting
“In your 1987 letter to shareholders, you commented on the kind of companies Berkshire like to buy”
Morning Session - 2016 Meeting
“on Berkshire Hathaway Energy where we just announced just in the last couple of weeks, we announced a $3.6 billion investment coming up in wind”
Afternoon Session - 2016 Meeting
“I'll put it that way at Berkshire. And we don't, we may have a PowerPoint someplace, I haven't seen it and I wouldn't know how to use it anyway.”
Afternoon Session - 2016 Meeting
“Clearly, in my view, Charlie's view, the board's, the stock is worse significantly more than 1.2, but it should be worse significantly more”
Morning Session - 2016 Meeting
“that's a different sort of operation than something like Berkshire Hathaway Energy, which may earn 11 or 12% on capital”
Morning Session - 2016 Meeting
“for that company to be a subsidiary of Berkshire and not be a public company. And I think he would say, and I think Charlie and I would agree with him, that over time, there could be some significant ”
Afternoon Session - 2016 Meeting
“Through Berkshire Hathaway's operations, you get a very good read on macroeconomic factors, yet Berkshire does not make investment decision based upon macroeconomic factors.”
Morning Session - 2016 Meeting
“please explain directly why we Berkshire Hathaway shareholders should be proud to own Coke”
Afternoon Session - 2016 Meeting
“I would much rather make money for Berkshire than for myself...my personality, everything is more wound up in how Berkshire does”
Afternoon Session - 2016 Meeting
“the normalized earning power per share of the company. And we think we can do it because we should be able to do it. We have retained earnings to work with every year to get that job done.”
Afternoon Session - 2016 Meeting
“the whole history of Berkshire Hathaway. We've lived in a torrent of money, and we were constantly deploying it and dispersed assets, and we were rising up as we went along. That's a pretty good syste”
Afternoon Session - 2016 Meeting
“I don't know anybody who's... anybody who's had a generally better record than Berkshire in judging business quality”
Afternoon Session - 2016 Meeting
“the change in responsibilities we've seen at several of Berkshire subsidiaries the last few years”
Morning Session - 2016 Meeting
“anything that reduces the value of having money is going to affect berkshire because we're always going to have a lot of money”
Morning Session - 2016 Meeting
“We love the fact we own BNSF. We think we bought it at an attractive price. We'd love to be able to buy a second thing exactly like it at that price.”
Afternoon Session - 2016 Meeting
“With Berkshire Hathaway being so well managed, why doesn't it have a highest credit bond rating?”
Afternoon Session - 2016 Meeting
“at headquarters at Berkshire, we followed a similar approach. You would never, we just don't, we don't take on anybody.”
Afternoon Session - 2016 Meeting
“we could be wasting a billion dollars a year at Berkshire, you know, the $650 million after tax, that'd be 4% of earnings”
Morning Session - 2016 Meeting
“Over the past year, we've learned, perhaps I've learned, that Berkshire's results are more influenced by oil markets than I previously appreciated.”
Morning Session - 2016 Meeting
“I will predict that if either Donald Trump or Hillary Clinton becomes president...Berkshire will continue to do fine.”
Morning Session - 2016 Meeting
“what specific risks, regulatory, policy, or otherwise do you foresee for Berkshire Hathaway's portfolio of businesses?”
Afternoon Session - 2016 Meeting
“Berkshire's operating managers get paid for performance in different industries.”
Afternoon Session - 2016 Meeting
“Warren's good at that. And so is Tony Nicely... the very top person is getting paid based on those same two variables... that people there know that... the guys at the top have got a cushy deal”
Morning Session - 2016 Meeting
“shareholders, which our shareholder, of course, is BRK, we didn't see any interest in the final round of these mergers”
Morning Session - 2016 Meeting
“Berkshire Hathaway will eventually be targeted by activist investors if it trades at too sharp a discount to intrinsic value... Berkshire will always be in a position to repurchase very significant am”
Morning Session - 2016 Meeting
“my estate, for some years, would be by far the largest shareholder of Berkshire in terms of votes”
Morning Session - 2016 Meeting
“my wife and I have the vast majority of of our net worth invested in Berkshire and in shares of the Sequoia Fund”
Afternoon Session - 2016 Meeting
“The cash in Berkshire Hathaway Energy, the cash in the railroad, we have independent levels that we don't guarantee”
Afternoon Session - 2016 Meeting
“we don't need it. That somebody else set the record on that one. Okay, Johnny. Post-American corporations separate out supposedly, separate out supposedly one-time restructuring costs, whereas Berkshi”
Afternoon Session - 2016 Meeting
“Back in 2008 and nine, our CDS prices went up to a crazy level. And I even commented here at the annual meeting that I would love to be selling them”
Afternoon Session - 2016 Meeting
“our CDS is, that's an insurance premium against our debt that people buy. A, there's a fair amount of activity in it from time to time.”
Afternoon Session - 2016 Meeting
“counterparties have to buy protection on Berkshire's credit it through CDS. Now, the people they buy it from, their credit probably isn't as good as Berkshire.”
Afternoon Session - 2016 Meeting
“betting that Berkshire would go broke, which was totally crazy, but I couldn't take advantage of it.”
Morning Session - 2016 Meeting
“You are the Berkshire 18,000 or whatever it is, that it somehow managed to accumulate all the wealth in the country.”
Afternoon Session - 2016 Meeting
“he's done a tremendous amount for Berkshire, but I can, you know, start with Tony. You go to all, there have been a lot of managers that have created billions and billions of dollars of value for Berk”
Morning Session - 2016 Meeting
“We have two managers at Berkshire that each manage $9 billion for us. They both ran hedge funds before.”
Morning Session - 2016 Meeting
“We're talking to a bunch of people who have solved their problem by buying Berkshire Hathaway. That worked even better.”
Afternoon Session - 2016 Meeting
“they have a very similar approach to investing. They've both been enormously helpful in doing several things... They're smart at what they do, and, you know, they're a big addition to Berkshire.”
Afternoon Session - 2016 Meeting
“Looking at Berkshire's finance and financial products segment, there was a fairly significant increase in the amount of cash carriers.”
Afternoon Session - 2016 Meeting
“the Nebraska Peace Foundation, the owner of 1A share of Berkshire Hathaway. We are the sponsor of the shareholder resolution”
Afternoon Session - 2016 Meeting
“that does not strike me, frankly, as a factor at all of any negative consequence at Berkshire. We, in terms of what happened after Katrina, rates one up.”
Afternoon Session - 2016 Meeting
“the Berkshire insurance business will just raise rates the next time the policy is renewed, and that makes sense. But you agree that climate change poses a major problem”
Afternoon Session - 2016 Meeting
“whether you think the Berkshire businesses more broadly than just insurance will be impacted by this issue in the next decade or two”
Technology "frees up" people to work less
“they were running Apple, they were running Berkshire Athaway, and all you had to do was one person could punch a button”
"America's never been greater" | February 29, 2016
“our goal is to add to the fundamental earning power every year...we retain all earnings, we ought to do that”
"America's never been greater" | February 29, 2016
“Berkshire Hathaway's chairman and CEO, Warren Buffett. And Warren, we've talked about a lot of different issues.”
"America's never been greater" | February 29, 2016
“Berkshire itself has gone down 50%, three different times since I've been in control of it.”
"America's never been greater" | February 29, 2016
“If they want to do what Berkshire does, they probably should buy Berkshire.”
"America's never been greater" | February 29, 2016
“We love the fact that Matt Rose was running BNSF when we bought that, and that's just buying a stock. We buy the whole side, you know, the whole company.”
"America's never been greater" | February 29, 2016
“Warren Buffett, the chairman and CEO of Berkshire Hathaway”
"America's never been greater" | February 29, 2016
“any employee of Berkshire can put in a bracket, it doesn't cost them anything”
"America's never been greater" | February 29, 2016
“when we get down to where there's maybe a hundred or something like that, we'll have how many are from Geico and how many are from Burlington Northern”
"America's never been greater" | February 29, 2016
“You said in the annual letter this year that Berkshire Hathaway is obviously an interest rate-sensitive company, and therefore, consequently, when rates go up, the company will do very well?”
"America's never been greater" | February 29, 2016
“You took a lot of time and space in the letter to tackle the differences between Berkshire Hathways operating style and 3G's operating style.”
"America's never been greater" | February 29, 2016
“If they were asked to help, I would think they would want to do it immediately... Berkshire could have the way we've been asked to help on a certain thing.”
"America's never been greater" | February 29, 2016
“We are live in Omaha, Nebraska with Warren Buffett, the chairman and CEO of Berkshire Hathaway.”
"America's never been greater" | February 29, 2016
“Warren, we've talked about a lot of what you laid out in the annual letter... One of those is a significant chunk of space that you took up defending Clayton homes, which is your mobile home producer.”
"America's never been greater" | February 29, 2016
“We've got 330,000 employees at Berkshire, and I will guarantee you somebody's doing something they shouldn't do today.”
"America's never been greater" | February 29, 2016
“they were running Apple, they were running Berkshire Athaway, and all you had to do was one person could punch a button”
"America's never been greater" | February 29, 2016
“a proposition that's put forth on the proxy statement of Berkshire by a shareholder”
"America's never been greater" | February 29, 2016
“shareholders that are mad that you don't have climate change as one of the key risks to Berkshire Hathaway's insurance business”
"America's never been greater" | February 29, 2016
“In the annual report, I've gone into quite extensively...it's not a risk to our insurance business”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs. the S&P 500 Annual Percentage Change in Per-Share Book Value of Berkshire in Per-Share Market Value of Berkshire”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire's results through 1978 have been restated to conform to the changed rules”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire's gain in net worth during 2016 was $27.5 billion, which increased the per-share book value of both our Class A and Class B stock by 10.7%.”
Daily Journal Annual Meeting 2016 — Munger Q&A
“those were not established companies that were sure to succeed and relatively fool proof. If we were going to make our venture capital type assault on this kind of peculiar part of the software market”
2016 Berkshire Hathaway Shareholder Letter
“Charlie Munger, Berkshire's Vice Chairman and my partner, and I expect Berkshire's normalized earning power per share to increase every year.”
Daily Journal Annual Meeting 2016 — Munger Q&A
“Berkshire doesn't do this kind of venture Capital stuff. And I hope the Daily Journal will work out half as well as I expect BYD to work out.”
2016 Berkshire Hathaway Shareholder Letter
“when we purchased BNSF. That, I'm happy to say, was one issuance of stock that made good sense.”
2016 Berkshire Hathaway Shareholder Letter
“As for Berkshire, our size precludes a brilliant result: Prospective returns fall as assets increase. Nonetheless, Berkshire's collection of good businesses, along with the company's impregnable finan”
2016 Berkshire Hathaway Shareholder Letter
“Long ago, Berkshire itself often had to choose between these alternatives. At our present size, the issue is far less likely to arise.”
2016 Berkshire Hathaway Shareholder Letter
“To recap Berkshire's own repurchase policy: I am authorized to buy large amounts of Berkshire shares at 120% or less of book value”
2016 Berkshire Hathaway Shareholder Letter
“By our estimate, a 120%-of-book price is a significant discount to Berkshire's intrinsic value”
2016 Berkshire Hathaway Shareholder Letter
“Charlie and I prefer to see Berkshire shares sell in a fairly narrow range around intrinsic value”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire's unrivaled financial strength allows us far more flexibility in investing than that generally available to P/C companies.”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire has now operated at an underwriting profit for 14 consecutive years, our pre-tax gain for the period having totaled $28 billion.”
2016 Berkshire Hathaway Shareholder Letter
“Charlie and I believe the true economic value of our insurance goodwill...to be far in excess of its historic carrying value.”
2016 Berkshire Hathaway Shareholder Letter
“we believe Berkshire's intrinsic business value far exceeds its book value.”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire is far more conservative in avoiding risk than most large insurers... Berkshire as a whole would likely record a large profit”
2016 Berkshire Hathaway Shareholder Letter
“Charlie and I love our railroad, which was one of our better purchases.”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire, I would say, has been restructuring from the first day we took over in 1965.”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire has several hundred such executives at its subsidiaries and pays them similar amounts, but uses only cash to do so.”
2016 Berkshire Hathaway Shareholder Letter
“Clayton and Berkshire have been a wonderful partnership. Kevin Clayton came to us with a best-in-class management group and culture.”
Daily Journal Annual Meeting 2016 — Munger Q&A
“In those days, we (Berkshire Hathaway) had a lot of declining businesses and one of them was trading stamps.”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire, like most corporations, nets considerably more from a dollar of dividends than it reaps from a dollar of capital gains.”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire loves to pay fees – even outrageous fees – to investment bankers”
The Giving Pledge (5-Year Retrospective)
“the United States created this amazing framework that allowed Microsoft and Berkshire and amazing educations”
The Giving Pledge (5-Year Retrospective)
“Warren just sent to the five foundations, I think 2.48 –2.8 billion...We're the Berkshire stock. It shares the Berkshire stock...Berkshire stock has gone up enough”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Warren Buffett is joining us this morning after the 50th anniversary of Berkshire Hathaway.”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Charlie and Munger and myself at the meeting”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Berkshire Hathaway is the primary investors, the leading investor in. Of those four, though, only one of these was not there before Buffett started buying.”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Berkshire itself was semi-hostile, although the chairman of the board and the brother of the president both were on my side”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“10 shares of Berkshire is what? It's over $2 million. If they sell their house for 10 shares of Berkshire A”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“We have Warren Buffett here, and he's just come off of the 50th anniversary of his annual shareholders' meeting. This was a packed town. There were more than 40,000 Berkshire faithful”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“I asked the IBM CEO who was here at the Berkshire Hathaway meeting this weekend, what investors should be reading into that news.”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Warren Buffett, the chairman and CEO of Berkshire Hathaway. Also joining us right now is Vice Chairman, Charlie Munger”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Well, Berkshire is having a board meeting at a couple of hours, and we don't like to get one-up by Cisco”
"Efficiency is required over time in capitalism"
“I don't think you can ever find a statement that Charlie and I have ever made in terms of Berkshire companies”
"Three extraordinary pieces of luck" in insurance
“Charlie talked about Berkshire's insurance success, quote, being so astoundingly large”
Buffett would rather give up his plane than the internet
“It's changed Geico's business very, very dramatically.”
Buffett would rather give up his plane than the internet
“It's changed Geico's business very, very dramatically. And it's affecting, it affects them all to one degree or another.”
Buffett on his biggest failures
“I gave the purchase price in stock, and I guess that stock would be worth me, I don't know, maybe $6 or $7 billion now. It makes me feel better when the stock goes down”
"It is a grain of sand type thing"
“building the culture and values at Berkshire Hathaway... We've got 340,000 people now working for Berkshire.”
"I don't see smiles on the faces of people at Whole Foods"
“We, Berkshire Hathaway, I believe, was the largest shareholder of general foods from about 1981 or thereabouts to about 1984”
On "behaving well" as you go through life
“that was true in Berkshire's case. And in any individual, you just have to get the best reputation you can in the years you're allotted”
What businesses do best in times of high inflation?
“Which of Berkshire's businesses are best suited to thrive during a period of high inflation”
Afternoon Session - 2015 Meeting
“Which of Berkshire's businesses are best suited to thrive during a period of high inflation and why, which will suffer the most and why?”
Morning Session - 2015 Meeting
“I considered Berkshire an ethical company benefiting society through, and here he mentions two Berkshire companies headquartered in his home state”
Afternoon Session - 2015 Meeting
“Congratulations on 50 years... Charlie wrote about the peculiar attributes that made the Berkshire system and the leader of the system a historically organizing entity”
Afternoon Session - 2015 Meeting
“it has helped Berkshire a whole lot, that it has gotten a reputation to be a somewhat different sort of company”
Afternoon Session - 2015 Meeting
“given the track record that Greg Abel and his team at Berkshire energy have had, acquiring and investing in energy assets, does it make more sense to leave future energy-related investments in their h”
Morning Session - 2015 Meeting
“in terms of Berkshire companies or anybody else is where we said that there should be more people working than are needed in a company.”
Morning Session - 2015 Meeting
“Berkshire's insurance success, quote, being so astoundingly large that I believe that Buffett would now fail to recreate it”
Afternoon Session - 2015 Meeting
“there have been eight, I think it was eight, contracts written with premiums of a billion dollars or more, and we've written all eight of them. So there, we do, there's a certain corner of the world t”
Morning Session - 2015 Meeting
“There's the worst tragedies in life than having Berkshire's assets and have the growth rate slow a little.”
Morning Session - 2015 Meeting
“We, Berkshire Hathaway, I believe, was the largest shareholder of general foods from about 1981 or thereabouts to about 1984”
Afternoon Session - 2015 Meeting
“Berkshire Hathaway had tax advantages in doing the deal this way.”
Morning Session - 2015 Meeting
“We've got 340,000 people now working for Berkshire.”
Morning Session - 2015 Meeting
“about what characteristics you thought about 45 years ago when you were building the culture and values at Berkshire Hathaway.”
Morning Session - 2015 Meeting
“questions that have been asked about culture and stewardship at Berkshire Hathaway. Because I'm currently in Year 5 of helping build a firm”
Morning Session - 2015 Meeting
“Berkshire, if Warren and I had stayed frozen in time, particularly Warren, it would have been a terrible place. It's what we kept learning that made it work.”
Morning Session - 2015 Meeting
“At Geico we're going to send out millions and millions and millions of claims. And I will guarantee you that when two people are in an auto accident...”
Afternoon Session - 2015 Meeting
“carroll the questioner's name is and he's a berkshire shareholder would it make sense”
Morning Session - 2015 Meeting
“on the BNSF initiative to purchase up to 5,000 of its own oil tankers, oil tank cars, which is a departure from historic industry practices”
Morning Session - 2015 Meeting
“For Berkshire, what impact will these new rules have on the operations of Marmans Union tank car subsidiary and on the BNSF Railroad?”
Morning Session - 2015 Meeting
“Well, there are a lot of things at Berkshire that the why now is answered by, can be answered by the fact, well, we just got around to it.”
Afternoon Session - 2015 Meeting
“With the Van Tile acquisition are now Bersher-Hathaway Automotive, there may be some natural synergies with Geico”
Morning Session - 2015 Meeting
“funds being concentrated in national indemnity. Okay. Station 5. Good morning Warren and good morning Charlie.”
Afternoon Session - 2015 Meeting
“I laid out in the annual report. There are a lot of benefits to Berkshire in terms of having the companies in the same.”
Afternoon Session - 2015 Meeting
“the value of the parts will be greater than the value of the whole. The best defense against activism is performance”
Afternoon Session - 2015 Meeting
“I think the market value of Berkshire is likely to be so great that even if all the activists gathered together”
Afternoon Session - 2015 Meeting
“Berkshire is likely to really be a very, very large organization 10 or 20 years now. Besides the Buffett's super voting power”
Afternoon Session - 2015 Meeting
“I just don't send them over to Berkshire. We'll welcome. We'd love to have them buy our stock because they're not going to get any place.”
Morning Session - 2015 Meeting
“we did create a Berkshire-Hathaway home service operation, which is a franchise operation”
Morning Session - 2015 Meeting
“Berkshire is very aggressive and very well located in terms of this development...I love owning Mid-American in an era when we're going to have more storage...I think it'll be a huge benefit to Berksh”
Afternoon Session - 2015 Meeting
“But that's not what we'll do at Berkshire. At Berkshire, you know, we will presently, you know, we would love to buy it by the bushel basket”
Morning Session - 2015 Meeting
“Berkshire Hathaway energy is part of the consolidated tax return of Berkshire Hathaway, Inc.”
Morning Session - 2015 Meeting
“essays on the past, present and future of Berkshire. As we reflect on the last 50 years, I'd like you ask you this question”
Morning Session - 2015 Meeting
“almost any time we've issued shares, it's been a mistake. It's been a mistake.”
Morning Session - 2015 Meeting
“I gave the purchase price in stock, and I guess that stock would be worth me, I don't know, maybe six or seven billion now”
Afternoon Session - 2015 Meeting
“the equity put options we have? I'm speaking about them, but it's just an example”
Morning Session - 2015 Meeting
“how would the consequences for Berkshire compared to those for most large companies?”
Morning Session - 2015 Meeting
“If we had used the leverage that a lot of successful operators did, Berkshire would be a lot bigger.”
Afternoon Session - 2015 Meeting
“would have benefited Berkshire, thanks to the investment capabilities of the present management”
Afternoon Session - 2015 Meeting
“what was the right level for leverage at Berkshire Hathaway? And why not to increase it?”
Afternoon Session - 2015 Meeting
“index put at Berkshire sold between 2004 and 2008 generated a premium of almost $5 billion. Few years down the line, Berkshire benefited”
Afternoon Session - 2015 Meeting
“using part of the cash sitting on the balance sheet...to reduce some of the liabilities currently on its balance sheet”
Morning Session - 2015 Meeting
“we're sitting with over $60 billion right now...we will be very willing to act if economic turbulence of any kind occurs”
Morning Session - 2015 Meeting
“I think Berkshire, in almost any kind of environment, we'll do better than most big companies. I mean, we are prepared for anything.”
Morning Session - 2015 Meeting
“Berkshire's cash taxes have been meaningfully lower than reported taxes for the last several years.”
Morning Session - 2015 Meeting
“Given Berkshire's massive appetite for capital expending at the utility in the railroad, is it possible instead that its deferred tax liability will never have to be paid”
Morning Session - 2015 Meeting
“if I were to say that Berkshire is going to earn X per share next year, and we have a bunch of executives in the insurance business”
Morning Session - 2015 Meeting
“we try to avoid all that kind of behavior at Berkshire. We just seen too much trouble with it.”
Morning Session - 2015 Meeting
“I do not think Berkshire Hathaway comes within miles of qualifying as a SIFI.”
Morning Session - 2015 Meeting
“as a Berkshire shareholder liked the partnership very much. However, you took more than a decade to shut down the Berkshire Mills.”
Morning Session - 2015 Meeting
“they didn't have the same investment characteristics of other Berkshire businesses... Berkshire, I had a drawer full of proposals... At Berkshire, I had a drawer full of proposals”
Morning Session - 2015 Meeting
“I think if the more China copies the way Berkshire operates, I think the better it will be for China.”
Afternoon Session - 2015 Meeting
“I think Berkshire is sort of a temple of rationality. What's really admired around Berkshire is somebody who sees it the way it is.”
Afternoon Session - 2015 Meeting
“if I do something that actually costs Berkshire in terms of its long-term value, then I feel...I do not feel good about life”
Afternoon Session - 2015 Meeting
“what matters to be most now...is that Berkshire does well...we've probably got a million or more people that are involved with us”
Afternoon Session - 2015 Meeting
“I would not be happy if Berkshire were doing poorly...we weren't building something every year that was better than what we had”
Morning Session - 2015 Meeting
“Berkshire has been successfully managed for 50 years by a chairman and vice chairman whose principal experience was in allocating capital”
Afternoon Session - 2015 Meeting
“You both had success in investing, even before Berkshire Hathaway as investors and as fund managers.”
Morning Session - 2015 Meeting
“Berkshire in the future will have a chief executive officer and one or more chief investment officers”
Morning Session - 2015 Meeting
“every year at Berkshire has now constituted, the owned and controlled businesses get more and more important”
Morning Session - 2015 Meeting
“in charge of an operation like Berkshire who had not had any also significant operating experience”
Morning Session - 2015 Meeting
“the two investment managers, aside from myself at Berkshire, are very, very smart about businesses”
Morning Session - 2015 Meeting
“they will help oversee it, too, the businesses... they're smart about business... they will be constructive around Berkshire”
Morning Session - 2015 Meeting
“people of Berkshire, and we've seen them self-destruct to make money they didn't need when they were already rich”
Morning Session - 2015 Meeting
“they identify with Berkshire and not with themselves, and that's a, it's a huge factor over time”
Afternoon Session - 2015 Meeting
“welcome you to this 2015 annual meeting of shareholders. This morning, I introduced the Berkshire Hathaway directors”
Morning Session - 2015 Meeting
“We converted it to Berkshire Hathaway stock, so a few years ago, the fellow on the other side of the bet did it with me.”
Fifty years of Buffett's Berkshire | March 2, 2015
“he knew what I was doing in Berkshire. He didn't own a share of Berkshire until 1982 when we merged in Blue Chip.”
Fifty years of Buffett's Berkshire | March 2, 2015
“when we merged Blue Chip stamps, which Berkshire had an interest in, I had an interest in, Charlie had an interest in. At that point, he now had a lot of Berkshire stock”
Fifty years of Buffett's Berkshire | March 2, 2015
“If we're going to get 1% of Berkshire's net worth in that company, that would be roughly $2 billion.”
Fifty years of Buffett's Berkshire | March 2, 2015
“whether you own Berkshire Hathaway or or not or it that's an individual decision”
Fifty years of Buffett's Berkshire | March 2, 2015
“Berkshire Hathaway, three times while I've run it, has gone down 50%. In 1973 and 4, it went from 80”
Fifty years of Buffett's Berkshire | March 2, 2015
“He is the chairman and CEO of Berkshire Hathaway. We've been talking with Mr. Buffett about his investments”
Fifty years of Buffett's Berkshire | March 2, 2015
“you now have nine and a half of companies that if they were standalone, would be large enough to be in the S&P 500”
Fifty years of Buffett's Berkshire | March 2, 2015
“We're not running a stock advisory service at Berkshire... let's talk a little bit more about Berkshire Hathaway and Succession”
Fifty years of Buffett's Berkshire | March 2, 2015
“Warren Buffett, the chairman and CEO of Berkshire Hathaway. We've been talking about some of Berkshire's ownership stakes”
Fifty years of Buffett's Berkshire | March 2, 2015
“Warren Buffett, the chairman and CEO of Berkshire Hathaway.”
Fifty years of Buffett's Berkshire | March 2, 2015
“let's talk a little bit about dividends at Berkshire Hathaway. Back in 2011 at the annual meeting”
Fifty years of Buffett's Berkshire | March 2, 2015
“the day Berkshire declares a dividend is the day when the stock goes down as it should”
Fifty years of Buffett's Berkshire | March 2, 2015
“in the annual shareholder letter, you wrote a slightly different take. You said that you think sometime in the next 10 to 20 years, there will come a deal. when Berkshire has more cash”
Fifty years of Buffett's Berkshire | March 2, 2015
“If you think that in the next 10 to 20 years, Berkshire will have so much cash that it won't be able”
Fifty years of Buffett's Berkshire | March 2, 2015
“we can take on anything. And then the question is, does the math make sense? And we'll always, that's the way we'll evaluate things forever.”
Fifty years of Buffett's Berkshire | March 2, 2015
“when you look out 10 to 20 years, you can see in your mind how much money Berkshire will have coming. Right. What's the ballpark figure?”
Fifty years of Buffett's Berkshire | March 2, 2015
“does it still make sense for the insurance companies to be part of Berkshire? because obviously the insurance companies have done very well.”
Fifty years of Buffett's Berkshire | March 2, 2015
“Berkshire Hathaway is a conglom. [discussing conglomerate structure]”
Fifty years of Buffett's Berkshire | March 2, 2015
“Charlie Munger, in what he wrote in the letter this year, pointed out that all Almost all huge errors that he's talking about, errors of Berkshire Hathaway”
Fifty years of Buffett's Berkshire | March 2, 2015
“Berkshire would not be where it is today if we'd had a bunch of directors over the years that had two-year time horizons”
Fifty years of Buffett's Berkshire | March 2, 2015
“The biggest security that Berkshire Hathaway owns, the biggest stock that it owns, stock investment is in Wells Fargo.”
Fifty years of Buffett's Berkshire | March 2, 2015
“Welcome back, everybody. This is our annual Ask Warren show. The questions have been pouring in for the Berkshire boss. Warren”
Fifty years of Buffett's Berkshire | March 2, 2015
“the energy business that you have, Warren, is just phenomenal, a tremendous pipeline business, but also great railroad business”
Daily Journal Annual Meeting 2015 — Munger Q&A
“With Berkshire Hathaway's annual meeting showcasing in a few weeks, I thought it would be instructive to hear what was on Berkshire Vice-Chairman Charlie Munger's mind”
Daily Journal Annual Meeting 2015 — Munger Q&A
“Berkshire Hathaway [BRK-A] has created a business from scratch once: the reinsurance department.”
2015 Berkshire Hathaway Shareholder Letter
“Berkshire's gain in net worth during 2015 was $15.4 billion, which increased the per-share book value of both our Class A and Class B stock by 6.4%.”
2015 Berkshire Hathaway Shareholder Letter
“Considering this favorable tailwind, Berkshire (and, to be sure, a great many other businesses) will almost certainly prosper.”
2015 Berkshire Hathaway Shareholder Letter
“Berkshire has now operated at an underwriting profit for 13 consecutive years, our pre-tax gain for the period having totaled $26.2 billion.”
2015 Berkshire Hathaway Shareholder Letter
“Berkshire is far more conservative in avoiding risk than most large insurers...Berkshire as a whole would likely record a significant profit”
Daily Journal Annual Meeting 2015 — Munger Q&A
“As a long time Berkshire shareholder, I was delighted to see the latest deal with the 3G guys announced last night.”
2015 Berkshire Hathaway Shareholder Letter
“We are particularly enthusiastic about General Re's international life reinsurance business, which has grown consistently and profitably since we acquired the company in 1998.”
2015 Berkshire Hathaway Shareholder Letter
“Depreciation charges are a more complicated subject but are almost always true costs. Certainly they are at Berkshire.”
2015 Berkshire Hathaway Shareholder Letter
“non-existent at Berkshire, have become significant because of the many acquisitions we have made”
Daily Journal Annual Meeting 2015 — Munger Q&A
“This is the fiftieth year for the Berkshire Hathaway report. You and Warren each wrote a letter”
Daily Journal Annual Meeting 2015 — Munger Q&A
“When the Berkshire Hathaway Annual Report came out, it created a great buzz in China.”
Daily Journal Annual Meeting 2015 — Munger Q&A
“Berkshire has put a lot of money behind MidAmerican Energy...I think it will work out very well for Berkshire.”
2015 Berkshire Hathaway Shareholder Letter
“Berkshire operates in more industries than any company I know of. Each of our pursuits has its own array of possible problems and opportunities.”
2015 Berkshire Hathaway Shareholder Letter
“Berkshire would now own an auto insurer doing $600 million of business annually rather than one doing $23 billion.”
2015 Berkshire Hathaway Shareholder Letter
“At 8:30 a.m., a new Berkshire movie will be shown. An hour later, we will start the question-and-answer period”
2015 Berkshire Hathaway Shareholder Letter
“Charlie and I believe all shareholders should simultaneously have access to new information that Berkshire releases”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“Berkshire Hathaway Chairman and CEO Warren Buffett. We are live this morning from the Nebraska Furniture Mart, which is one of many Berkshire businesses.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“So it's a big plus for Berkshire to have an association with Georgi Paolo Lemon and his associates. How much cash do you have on hand at Berkshire right now?”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“whether Berkshire would ever pursue a deal like a deal like what Pfizer is doing, an inversion of some sort. And you said no”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“we do almost $200 billion worth of business and we pay normal rights on most. We have certain deals that are tax advantage in terms of wind power and solar power. We are not in a competitive disadvant”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“American business, I will tell you, whether it's Berkshire Hathaway or Pfizer or Apple, are doing wonderfully under this tax code”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“Berkshire Hathaway Vice Chairman Charlie Munger and Microsoft founder Bill Gates will both be joining us live right here on the set with Warren Buffett.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“we are spending the morning with Berkshire Hathaway Chairman and CEO, Warren Buffett.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“There are real advantages to having the company together...we've got the ability to take, to look at 70 plus companies, various industries and allocate capital wherever it makes the most sense.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“We are spending the morning with Berkshire Hathaway, Chairman and CEO Warren Buffett. And now we're adding another special guest, Berkshire Hathaway, Vice Chairman Charlie Munger.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“One of the things I've always wondered is how Berkshire Hathaway really works. With the chairman and the vice chairman, how often do you two talk?”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“as part of something as big as Berkshire, which keeps getting bigger and more admired as the decades go by, it's very pleasant”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“When you look at a potential successor for the CEO position at Berkshire, how do you help them along the way”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“We are speaking to Warren Buffett, the chairman and CEO of Berkshire Hathway.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“he is on the board of directors right here at Berkshire. And that's why we have you three gentlemen here to do.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“you collect these type of people at Berkshire. You're looking for frugal people”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“one of the books your companies is Business Wire. They reached a settlement along with PR Newswire”
"We don't begrudge the taxes we pay"
“Berkshire paid $8.9 billion in taxes in 2013... America is in a very, very, very big way helped Charlie and I become very, very, very rich.”
Will climate change affect Berkshire's businesses?
“I don't think in making an investment decision on Berkshire Hathaway or most companies, virtually all of the companies I can think of, that climate change should be a factor in the decision-making pro”
Will Charlie Munger have a successor?
“Berkshire is better off because the two of us have worked together than if either one of us have been working individually.”
Will climate change affect Berkshire's businesses?
“if you own a railroad that's carrying a lot of coal, it'll carry a lot of coal for a long period, a very long period, but it'll probably carry less at some point. I think that's very likely too. But I”
Why does Buffett recommend an index fund for his wife?
“my views on Berkshire, at least through 12 years after my death, are as bullish as anybody could possibly come up with”
Should companies reveal their executives' salaries?
“In all except Berkshire, the summary compensation table has the compensation listed for at least five or more of the highest paid executives. Berkshire lists three, Warren, Charlie, and Mark.”
Knowing your "circle of competence"
“I was outside of my circle of competence when I bought Berkshire Hathaway. Although I bought it really to resell as a stock originally”
Has Buffett's frugality affected Berkshire?
“How do you think your frugality has helped Berkshire shareholders over the years? ... The frugality, basically, has helped Berkshire.”
Buffett's views on Coke's executive stock option program
“that that is the most effective, was the most effective way of behaving for Berkshire. We made a very clear statement.”
Morning Session - 2014 Meeting
“there's a lot of information about Berkshire every quarter, and it's contained primarily in a 10-Q that we make available”
Morning Session - 2014 Meeting
“our operating earnings were down a bit. And that was more than accounted for in insurance underwriting”
Morning Session - 2014 Meeting
“the insurance business now has a float of $77 billion...the insurance businesses is marvelous for us”
Afternoon Session - 2014 Meeting
“Imagine Berkshire, a textal means. sure to go broke because power costs in New England were about twice as high as they were in TVA country... Out of that comes Berkshire Hathaway. Talk about scrambli”
Afternoon Session - 2014 Meeting
“$6 million invested in that department store became worth about $45 billion in Berkshire-Hathaway stock as we did other things”
Afternoon Session - 2014 Meeting
“Berkshire's 50% ownership in Hines is included in Berkshire's results, which can be meaningful to its earnings over time.”
Afternoon Session - 2014 Meeting
“Could Brookshire have achieved its historical returns with a more simple, concentrated portfolio”
Morning Session - 2014 Meeting
“Berkshire has a track record of buying successful companies and leaving them alone... we want to maintain that... It's one that's growing over time.”
Afternoon Session - 2014 Meeting
“you mentioned at one of the annual meetings that a concerted effort was being made to make non-U.S. companies more aware of Berkshire's positive attributes”
Morning Session - 2014 Meeting
“Warren Standard talks about net worth of Berkshire increasing after full corporate taxes at roughly 35 percent.”
Afternoon Session - 2014 Meeting
“I was outside of my circle of competence when I bought Berkshire Hathaway. although I bought it really to resellers of stock originally.”
Morning Session - 2014 Meeting
“we are willing to buy, not only willing, but eager to buy stock at 120 percent of book value...we are getting a bargain in relation to intrinsic value.”
Morning Session - 2014 Meeting
“I've never seen an annual report that uses the term intrinsic value...as much as Berkshire does.”
Morning Session - 2014 Meeting
“this question is on Berkshire's intrinsic value. In the annual letter, you appear to strike strongly signal that Berkshire shares are undervalued”
Morning Session - 2014 Meeting
“In the last couple of years, the net worth of Berkshire, after full provision for income taxes, went up, what, 60, something like that, yeah. $60 billion.”
Afternoon Session - 2014 Meeting
“She did not want stock in terms of the Berkshire Hathaway deal.”
Afternoon Session - 2014 Meeting
“I probably was out of my circle of competence when I decided that I should go in and buy control of the company. That was a dumb decision, which worked out.”
Afternoon Session - 2014 Meeting
“comparison of Berkshire's book value per share versus the S&P average”
Morning Session - 2014 Meeting
“to the intrinsic value of Berkshire, we'd probably be within 5% of each other”
Morning Session - 2014 Meeting
“You have said Howard will become non-executive chairman of Berkshire after you step down as it's quote, protector of culture”
Morning Session - 2014 Meeting
“dedication to the culture of Berkshire, which is clearly defined. It's one of the reasons I want it clearly defined”
Afternoon Session - 2014 Meeting
“Omaha cannot size its hotel supply to the Berkshire meeting. It size it to the kind of conventions”
Morning Session - 2014 Meeting
“Berkshire has historically done a good job of generating outsized returns, but as you've noted in the past, the sheer size of the firm's operations”
Morning Session - 2014 Meeting
“The real test in overtime is whether what the capital we retain produces more than a dollar of market value as we go along. And if we keep putting billions in”
Morning Session - 2014 Meeting
“we don't have that lever at Berkshire. So we'll answer two questions there. In terms of cost of capital, Charlie and I always figure”
Afternoon Session - 2014 Meeting
“The Brugality basically has helped Berkshire. And I look out of this audience and I see a bunch of understated frugal people too.”
Afternoon Session - 2014 Meeting
“I think it would be crazy to be as prosperous as Berkshire and get our tax to zero while we remain this prosperous.”
Morning Session - 2014 Meeting
“my views on Berkshire, at least through 12 years after my death, are as bullish as anybody could possibly come up with”
Morning Session - 2014 Meeting
“BNSF handled 53% of all those units. And it's not what we wanted to take or what we didn't want to take.”
Afternoon Session - 2014 Meeting
“I think the Berkshire model, as now constructed, we'll have, they instead of show business was legs. It will go a long time. And I think it will be quite creditable.”
Afternoon Session - 2014 Meeting
“I can guarantee you is that Berkshire would be worse off at that point, obviously.”
Afternoon Session - 2014 Meeting
“Berkshire itself was not immune. immune and would be negatively, could be negatively affected.”
Afternoon Session - 2014 Meeting
“people who owned stocks in places like Berkshire got through and it prospered joyously”
Afternoon Session - 2014 Meeting
“a firm like Berkshire, you know, our earnings per share would go up. The intrinsic value”
Morning Session - 2014 Meeting
“Berkshire is better off because the two of us have worked together than if either one of us have been working individually.”
Afternoon Session - 2014 Meeting
“Jonathan in evaluating the after-tax returns Berkshire earns on his acquisitions of non-insurance businesses whether it be the utilities the railroad or the manufacturers”
Morning Session - 2014 Meeting
“I always say I'm not the least bit worried about it. I wish my main problem in life was the fear about succession problems at Berkshire. I think we're in very good shape.”
Morning Session - 2014 Meeting
“as a shareholder for about a dozen corporations in addition to Berkshire, I always see a number of proxy statements each year. In all except Berkshire, the summary compensation table”
Morning Session - 2014 Meeting
“I would not try to make any judgments about the succession plans at the parent company from what is done in terms of succession planning at any of the success. subsidiaries.”
Morning Session - 2014 Meeting
“with Mid-American funding the remainder with debt, was there something that kept Berkshire from providing all the capital”
Morning Session - 2014 Meeting
“Berkshire's cash balances are an issue for some investors, especially with excess cash being in the $25 to $30 billion range”
Morning Session - 2014 Meeting
“Mid-American now renamed Berkshire Hathaway Energy, we'll call it B.H. Energy, we'll have multiple opportunities, I hope, and we've seen two of them in the last 12 months, to buy other businesses.”
Afternoon Session - 2014 Meeting
“Berkshire plans to substantially expand the Berkshire Hathaway Specialty Insurance Unit and has also become a major insurer of Lloyd's business”
Morning Session - 2014 Meeting
“C's candy is obviously small in the context of Berkshire's currently expansive operations”
Morning Session - 2014 Meeting
“we don't have a general counsel's office at berkshire we don't have a human relations department at berkshire”
Morning Session - 2014 Meeting
“by the standards of the rest of the world we over trust and so far our results have been way better”
Afternoon Session - 2014 Meeting
“If Berkshire's size is expected to be an ongoing constraint for growth, does it make more sense for the firm to target a larger collection of smaller companies”
Morning Session - 2014 Meeting
“something will happen at berkshire and they'll say that wouldn't have happened if you'd follow the procedure”
Afternoon Session - 2014 Meeting
“On page 64 of our annual report, you provide us with segment segment data for each business. For the mid-American energy segment”
Morning Session - 2014 Meeting
“acquisition of BNSF a few years ago, which was partially financed by Berkshire stock, shortly after, there was plenty of cash around.”
Afternoon Session - 2014 Meeting
“it's very unlikely that Berkshire Hathaway would play any part in it.”
Morning Session - 2014 Meeting
“I don't think in making an investment decision on Berkshire Hathaway, or most companies, virtually all of the companies I can think of, that climate change should be a factor”
Afternoon Session - 2014 Meeting
“we are very fortunate to be associated with them...that is a reputation that Berkshire deserves. I mean, Charlie and I do our part”
Afternoon Session - 2014 Meeting
“if Berkshire breaks that record and basically doubles over the next 10 years...it will have to have a market cap of $1.2 trillion”
Morning Session - 2014 Meeting
“selling short on Berkshire would be quite silly.”
Morning Session - 2014 Meeting
“At Berkshire, what I noticed is there aren't many long-term bonds being bought.”
Afternoon Session - 2014 Meeting
“I think Berkshire, by and large, is in pretty good shape.”
Morning Session - 2014 Meeting
“Berkshire has a business model of owning over 70 non-financial unrelated businesses”
Morning Session - 2014 Meeting
“we can allocate capital without tax consequences...nobody else really better situated to do that than Berkshire Hathaway, and it makes perfectly good sense”
Afternoon Session - 2014 Meeting
“I see some of the old shareholders and they are waiting to get a dividend... I do not feel it's entirely fair for them to sell their shares. I remember the case study you have in last year's letter to”
Afternoon Session - 2014 Meeting
“Berkshire is worth more as presently constituted than in any other form that I can conceive of unless we engage in something to de-tax the whole place”
Afternoon Session - 2014 Meeting
“I'm Warren Buffett, Chairman of the Board of Directors of the Company, and I welcome you to the 2014 annual meeting of shareholders”
Morning Session - 2014 Meeting
“impact on Berkshire Hathaway? Well, in terms of, are you thinking of the oil sands or are you thinking of shale production?”
Morning Session - 2014 Meeting
“we put that all in berkshire stock i guarantee them that they would have a million dollars at the end of 10 years”
Morning Session - 2014 Meeting
“at berkshire uh matt might have a different view on that i'll ask charlie to talk it”
Afternoon Session - 2014 Meeting
“advisory vote on the frequency of a shareholder advisory vote on compensation of Berkshire Hathaway's executive officers”
Afternoon Session - 2014 Meeting
“advisory vote on the compensation of Berkshire Hathaway's executive officers”
Afternoon Session - 2014 Meeting
“Warren, Charlie, and Mark, the company should report a Gijian salary. He is irreplaceable, and Warren works integrally with him in setting insurance rates.”
Afternoon Session - 2014 Meeting
“There is no retirement age at Berkshire, which is fine, but there should be more depth of disclosure”
Afternoon Session - 2014 Meeting
“Bershaw-Hathaway to establish quantitative goals for reduction of greenhouse gases and other air emissions at its energy generating holdings”
Afternoon Session - 2014 Meeting
“Berkshire's core businesses are vulnerable to climate disruption. Why? Because many of the most negative financial impacts of climate disruption are borne by insurance companies.”
Afternoon Session - 2014 Meeting
“Berkshire's reinsurance business is likely to bear significantly more risk from the trends towards increasingly extreme weather.”
"People react too much to short-term things" | March 3, 2014
“Berkshire Hathaway's annual letter, Warren Buffett's annual letter to the shareholders went out on Saturday morning”
"People react too much to short-term things" | March 3, 2014
“since all my Berkshire shares are going to philanthropy, the question becomes what does she do with the cash that's left to her?”
"People react too much to short-term things" | March 3, 2014
“It just fits into Berkshire. And our problem is putting money to work. So we're not looking to take money out of things.”
"People react too much to short-term things" | March 3, 2014
“We're with a different company, Marman, we're in the tank car manufacturing business.”
"People react too much to short-term things" | March 3, 2014
“the committee that looks at systemically important financial institutions said that it was considering Berkshire”
"People react too much to short-term things" | March 3, 2014
“Warren Buffett, the chairman and CEO of Berkshire Hathaway to talk about what's happening.”
"People react too much to short-term things" | March 3, 2014
“they want to be with Berkshire, they'll be with Berkshire forever. And they're the kind of fellows that you don't want to have marry your daughter.”
"People react too much to short-term things" | March 3, 2014
“the three of them have, they've been worth a very, very substantial amount to Berkshire. It's demonstrable in terms of the financial performance”
"People react too much to short-term things" | March 3, 2014
“they've made Berkshire billions of dollars already that we wouldn't have otherwise made, and they'll make us many billions more.”
"People react too much to short-term things" | March 3, 2014
“why you chose Berkshire Hathaway and maybe how you found your way to Berkshire, because each of you had a very different path.”
"People react too much to short-term things" | March 3, 2014
“he said, well, I think you might be good fit at Berkshire. Would you have any interest? And it was the last thing in my mind.”
"People react too much to short-term things" | March 3, 2014
“meeting Warren was also on my bucket list, but I didn't have $5.3 million. So I had to take another path.”
"People react too much to short-term things" | March 3, 2014
“do you own any Berkshire Hathaway shares personally? And if you were still running your hedge funds, would you buy it for your funds?”
"People react too much to short-term things" | March 3, 2014
“SEC filing that says Berkshire is compiling in such and such company, everybody immediately runs out”
"People react too much to short-term things" | March 3, 2014
“Warren Buffett of Berkshire Hathaway this morning, wrapping up what has been three hours”
"People react too much to short-term things" | March 3, 2014
“if anyone would see the effects of climate change, I would think Berkshire would in terms of, especially because we've built out the population so much bigger”
"People react too much to short-term things" | March 3, 2014
“In terms of our insurance business, it has no effect in terms of the prices we're charging this year versus five years ago.”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs. the S&P 500 Annual Percentage Change Year in Per-Share Book Value of Berkshire in Per-Share Market Value of Berkshire”
Vice Chairman's Thoughts — Past and Future (2014)
“Berkshire would not pay dividends so long as more than one dollar of market value”
Vice Chairman's Thoughts — Past and Future (2014)
“New subsidiaries would usually be bought with cash, not newly issued stock.”
Vice Chairman's Thoughts — Past and Future (2014)
“Berkshire would have little debt outstanding as it tried to maintain virtually perfect creditworthiness”
Daily Journal Annual Meeting 2014 — Munger Q&A
“The other rare example, of course, is Berkshire Hathaway. Berkshire started with three failing companies... Out of those three failing businesses came Berkshire Hathaway. That's the most successful fa”
Vice Chairman's Thoughts — Past and Future (2014)
“Both the elements of the Berkshire system and their collected size are quite unusual.”
Vice Chairman's Thoughts — Past and Future (2014)
“Berkshire would almost never sell a subsidiary.”
Vice Chairman's Thoughts — Past and Future (2014)
“In buying a new subsidiary, Berkshire would seek to pay a fair price for a good business”
Vice Chairman's Thoughts — Past and Future (2014)
“Why did Berkshire under Buffett do so well? Only four large factors occur to me: (1) The constructive peculiarities of Buffett”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire's gain in net worth during 2014 was $18.3 billion, which increased the per-share book value of both our Class A and Class B stock by 8.3%.”
Vice Chairman's Thoughts — Past and Future (2014)
“Berkshire's nearly unique and quite dependable corporate personality and large size became well known, its insurance subsidiaries got and seized many attractive opportunities”
Daily Journal Annual Meeting 2014 — Munger Q&A
“In the whole history of Berkshire Hathaway (ticker: BRK-A), I can only think of one new business that we started by ourselves at headquarters, and that was the reinsurance department. Now, that is a h”
Vice Chairman's Thoughts — Past and Future (2014)
“I believe that versions of the Berkshire system should be tried more often elsewhere and that the worst attributes of bureaucracy”
Vice Chairman's Thoughts — Past and Future (2014)
“In its early Buffett years, Berkshire had a big task ahead: turning a tiny stash into a large and useful company. And it solved that problem”
Vice Chairman's Thoughts — Past and Future (2014)
“Berkshire's great results over the last 50 years have implications that may prove useful elsewhere. The answer is plainly yes.”
Vice Chairman's Thoughts — Past and Future (2014)
“desirable purchases of new businesses would end with Buffett's departure. With Berkshire now so large and the age of activism upon us”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire's huge and growing insurance operation again operated at an underwriting profit in 2014”
2014 Berkshire Hathaway Shareholder Letter
“the $12 billion gain in annual earnings delivered Berkshire by the five companies over the ten-year span”
2014 Berkshire Hathaway Shareholder Letter
“It was a good year for Berkshire on all major fronts, except one.”
Daily Journal Annual Meeting 2014 — Munger Q&A
“Most of the Munger money – I don't count the Daily Journal, it's just a little asterisk — is in Berkshire Hathaway, Costco”
2014 Berkshire Hathaway Shareholder Letter
“the price of Berkshire stock over the ensuing 44 years has increased at a rate very similar to that of our two measures of value”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire's attractive insurance economics exist only because we have some terrific managers running disciplined operations”
2014 Berkshire Hathaway Shareholder Letter
“Charlie and I believe the true economic value of our insurance goodwill...to be far in excess of its historic carrying value”
2014 Berkshire Hathaway Shareholder Letter
“As noted in the first section of this report, Berkshire has now operated at an underwriting profit for twelve consecutive years”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire as a whole would likely record a significant profit for the year because of its many streams of earnings.”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire's promises have no equal... when major insurers have needed an unquestionable promise, Berkshire has been the party – the only party – to call”
Daily Journal Annual Meeting 2014 — Munger Q&A
“We had a person do that at Berkshire. The nice Mormon gentleman who sold us the furniture company in Utah”
Daily Journal Annual Meeting 2014 — Munger Q&A
“Berkshire has been a huge exception. In this year's annual report Warren intends to deal extensively with: Why did it happen at Berkshire?”
Daily Journal Annual Meeting 2014 — Munger Q&A
“I think that's part of the trouble with Berkshire Hathaway. It looks so damned easy, they think there must be something wrong with it.”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire Hathaway Energy ("BHE"), that share important characteristics distinguishing them from our other businesses.”
Daily Journal Annual Meeting 2014 — Munger Q&A
“Berkshire's going to continue way better than most people think. Way better. But there's so much power in what we already have.”
Daily Journal Annual Meeting 2014 — Munger Q&A
“Three failing businesses together created Berkshire Hathaway. There are about the same number of shares outstanding now as they were then.”
Daily Journal Annual Meeting 2014 — Munger Q&A
“The interesting thing about Berkshire is that the results are prodigious and the people who are getting the results aren't prodigies.”
Daily Journal Annual Meeting 2014 — Munger Q&A
“Berkshire, of course, has consciously avoided rapid technological obsolescence. We own a railroad, we own a bunch of utilities, we own big insurance companies.”
2014 Berkshire Hathaway Shareholder Letter
“products from dozens of Berkshire subsidiaries will be for sale. If you don't get your shopping done on Friday”
2014 Berkshire Hathaway Shareholder Letter
“At 8:30 a.m., a new Berkshire movie will be shown. An hour later, we will start the question-and-answer”
2014 Berkshire Hathaway Shareholder Letter
“BERKSHIRE HATHAWAY INC. ACQUISITION CRITERIA We are eager to hear from principals or their representatives about businesses that meet all of the following criteria”
2014 Berkshire Hathaway Shareholder Letter
“About a year after that board meeting, Berkshire Fine Spinning Associates and Hathaway Manufacturing – both with roots in the 19th Century – joined forces, taking the name we bear today”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire was then a northern textile manufacturer mired in a terrible business. The industry in which it operated was heading south”
2014 Berkshire Hathaway Shareholder Letter
“On May 6, 1964, Berkshire Hathaway, then run by a man named Seabury Stanton, sent a letter to its shareholders offering to buy 225,000 shares”
2014 Berkshire Hathaway Shareholder Letter
“I found myself with more than 25% of BPL's capital invested in a terrible business about which I knew very little.”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire, it should be noted, would have been a highly satisfactory "date": If we had taken Seabury Stanton's $11.375 offer for our shares”
2014 Berkshire Hathaway Shareholder Letter
“Charlie's most important architectural feat was the design of today's Berkshire. The blueprint he gave me was simple: Forget what you know about buying fair businesses at wonderful prices; instead, bu”
2014 Berkshire Hathaway Shareholder Letter
“Consequently, Berkshire has been built to Charlie's blueprint. My role has been that of general contractor”
2014 Berkshire Hathaway Shareholder Letter
“I can promise you that long after I'm gone, Berkshire's CEO and Board will carefully make intrinsic value calculations before issuing shares in any acquisitions.”
2014 Berkshire Hathaway Shareholder Letter
“Overall, Berkshire's acquisitions have worked out well – and very well in the case of a few large ones.”
2014 Berkshire Hathaway Shareholder Letter
“The unrecorded gains in the value of Berkshire's subsidiaries have become huge, with these growing at a particularly fast pace in the last decade.”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire is now a sprawling conglomerate, constantly trying to sprawl further.”
2014 Berkshire Hathaway Shareholder Letter
“At Berkshire, we can – without incurring taxes or much in the way of other costs – move huge sums from businesses”
2014 Berkshire Hathaway Shareholder Letter
“At both BPL and Berkshire, we have never invested in companies that are hell-bent on issuing shares.”
2014 Berkshire Hathaway Shareholder Letter
“So what do Charlie and I find so attractive about Berkshire's conglomerate structure?”
2014 Berkshire Hathaway Shareholder Letter
“a conglomerate such as Berkshire is perfectly positioned to allocate capital rationally and at minimal cost.”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire carried out such a spin-off in 1979, when new regulations for bank holding companies forced us to divest a bank we owned in Rockford, Illinois.”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire offers a third choice to the business owner who wishes to sell: a permanent home, in which the company's people and culture will be retained”
2014 Berkshire Hathaway Shareholder Letter
“any business we acquire dramatically increases its financial strength and ability to grow. Its days of dealing with banks and Wall Street analysts are also forever ended.”
2014 Berkshire Hathaway Shareholder Letter
“Our companies are worth more as part of Berkshire than as separate entities. One reason is our ability to move funds between businesses”
2014 Berkshire Hathaway Shareholder Letter
“certain tax credits that are available to our utilities are currently realizable only because we generate huge amounts of taxable income at other Berkshire operations”
2014 Berkshire Hathaway Shareholder Letter
“I believe that the chance of permanent capital loss for patient Berkshire shareholders is as low as can be found among single-company investments.”
2014 Berkshire Hathaway Shareholder Letter
“Your company is the Gibraltar of American business and will remain so.”
2014 Berkshire Hathaway Shareholder Letter
“we will never engage in operating or investment practices that can result in sudden demands for large sums...we will not expose Berkshire to short-term debt maturities of size”
2014 Berkshire Hathaway Shareholder Letter
“At Berkshire, our "breathing" went uninterrupted. Indeed, in a three-week period spanning late September and early October, we supplied $15.6 billion of fresh money to American businesses.”
2014 Berkshire Hathaway Shareholder Letter
“Despite our conservatism, I think we will be able every year to build the underlying per-share earning power of Berkshire.”
2014 Berkshire Hathaway Shareholder Letter
“The bad news is that Berkshire's long-term gains – measured by percentages, not by dollars – cannot be dramatic”
2014 Berkshire Hathaway Shareholder Letter
“No company will be more shareholder-minded than Berkshire. For more than 30 years, we have annually reaffirmed our Shareholder Principles”
2014 Berkshire Hathaway Shareholder Letter
“I think Berkshire will outperform the average American company, but our advantage, if any, won't be great.”
2014 Berkshire Hathaway Shareholder Letter
“I would be remiss if I didn't salute another key constituency that makes Berkshire special: our shareholders. Berkshire truly has an owner base unlike that of any other giant corporation.”
2014 Berkshire Hathaway Shareholder Letter
“To the shareholders of Berkshire Hathaway Inc.: I closely watched the 50-year history of Berkshire's uncommon success”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire's ambitions were unreasonably extreme and, even so, it got what it wanted. Casualty insurers often invest in common stocks”
2014 Berkshire Hathaway Shareholder Letter
“Why did Berkshire under Buffett do so well? Only four large factors occur to me: (1) The constructive peculiarities of Buffett”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire's marvelous outcome in insurance was not a natural result...Berkshire's better outcome was so astoundingly large”
2014 Berkshire Hathaway Shareholder Letter
“versions of the Berkshire system should be tried more often elsewhere and that the worst attributes of bureaucracy should much more often be treated”
2014 Berkshire Hathaway Shareholder Letter
“desirable purchases of new businesses would end with Buffett's departure. With Berkshire now so large and the age of activism upon us”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire's great results over the last 50 years have implications that may prove useful elsewhere. The answer is plainly yes.”
2014 Berkshire Hathaway Shareholder Letter
“In its early Buffett years, Berkshire had a big task ahead: turning a tiny stash into a large and useful company.”
“Warren Buffett is a chairman and CEO of Berkshire Hathaway and a longtime friend of mine in this program.”
“But it is not a bad record, believe me. And I mean, this is a good place to talk in this conversation about that, which is that, you know, you didn't invest in IBM because what you thought they might ”
Buffett sees "gradual improvement" in economy | May 6, 2013
“We took on leverage when we bought BNSF, the railroad. And we in no way consider our partners in this as private equity.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Why isn't that preferable all the time instead of just some other time? Well, I think if you do it once a year, it's often enough. No, I'm sorry. I mean, that's set up in that situation. situation, wh”
Buffett sees "gradual improvement" in economy | May 6, 2013
“It's been good at Berkshire. How long were you out of the room the last time this happened at Berkshire?”
Buffett sees "gradual improvement" in economy | May 6, 2013
“they want to be here to hear what Warren and Charlie have to say”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Warren tells me I'm supposed to be telling people. So I give generality. Don't work on me. So 50% in terms of new customers, that's interesting. And we keep looking for Joe's name too, but. Yeah. Joe,”
Buffett sees "gradual improvement" in economy | May 6, 2013
“I've been trying to talk Warren into it here for a little while, and we'll see.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“have a particular interest in Berkshire. That's not the criteria that most companies set out. But that's what we care about.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“It's been a terrific acquisition for Berkshire. Is it still not back to the peak just because of the housing situation?”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Warren Buffett, the chairman and CEO of Berkshire Hathaway. And Warren, we've been talking about some of the Berkshire businesses”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Burlington is the largest player in the Bakken Shale formation area. Yeah. Luckily, they found oil where our railroad tracks happened to be.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“We are speaking to Warren Buffett, Chairman and CEO, Berkshire Hethway. Fresh off this weekend's big shareholder meeting.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“This was a big weekend at Berkshire, and there were a number of events that took place.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“This is the site of the Berkshire Hathaway annual shareholder meeting, and that's when the Berkshire chairman and CEO Warren Buffett spent all weekend on the stage in different venues talking to all t”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Berkshire's value will build over time. But you can go down up and down the list and they will.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Warren, would you put Berkshire and specifically I guess the insurance businesses given the size in the systemically important category”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Berkshire itself, I mean, we have 200 billion a net worth. We always have at least 20 billion of... We have 200 derivative contracts.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Berkshire Hathaway, General Motors, IBM does not make more money because somebody is front running by a nanosecond”
Buffett sees "gradual improvement" in economy | May 6, 2013
“he leaves the room for the Berkshire board meetings and the directors sit around and talk about things that maybe they wouldn't feel as comfortable talking about in front of him”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Berkshire Hathaway Chairman and CEO Warren Buffett and Microsoft Chairman Bill Gates, who is on the Board of Directors for Berkshire Hathaway.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Right now we have more from Berkshire Hathaway, Chairman and CEO Warren Buffett, and Microsoft Chairman Bill Gates, who is a board member at Berkshire Hathaway.”
“We have had so much fun running Berkshire. I mean, it's almost sinful, and, but we were lucky to, you know, my dad happened to be in a business.”
Afternoon Session - 2013 Meeting
“there's nothing more fun for me than finding something new to add to Berkshire. And that was true 40 years ago.”
Morning Session - 2013 Meeting
“Buffalo News would not have turned out to be the paper that's turned out to be or produce the profits that have been produced for Berkshire without Stan Lipsy.”
Morning Session - 2013 Meeting
“we have to do better for you than you would do in an index fund. And if we don't, we aren't earning our pay... I think we'll do that in the future”
Afternoon Session - 2013 Meeting
“should we expect Berkshire's future market returns to be greatly constrained not only by its size, also by much lower equity returns overall”
Morning Session - 2013 Meeting
“When you think about Berkshire in the decade after you're gone, my question is what worries you the most?”
Morning Session - 2013 Meeting
“At Berkshire Hathaway Reinsurance Group, Mr. Jeet-Jane appears to be employing a new strategy recently with some high-profile actions.”
Morning Session - 2013 Meeting
“I think you will see Berkshire, in addition to all of the – other insurance businesses that it has had over the years, I think you'll see has become a very significant factor worldwide in the commerci”
Afternoon Session - 2013 Meeting
“Our intrinsic business value is very considerably above book value. And we have signaled that, we'll say it right here, we said it before”
Morning Session - 2013 Meeting
“Berkshares purchased cheap or wholesale. For example, Geico, Mid-American, your initial purchase of Coca-Cola”
Morning Session - 2013 Meeting
“we paid fancier prices in some cases than, say, in Geico, I think we paid 20 times earnings”
Afternoon Session - 2013 Meeting
“in your 2006 letter, when you advertise for a successor to Lou Simpson at GEICO, you said at the time, send me your resume”
Afternoon Session - 2013 Meeting
“would you or Berkshire consider being my Homer Dodge, who invested in your partnership after the original seven investors? Would you, or Berkshire Hathaway, be willing to give my firm”
Morning Session - 2013 Meeting
“the multitude of of non-insurance businesses that Berkshire owns. And this arrangement seems to work wonderfully for you.”
Afternoon Session - 2013 Meeting
“Berkshire Hathaway was getting a phone call because General Electric needed money and we were the last stop.”
Afternoon Session - 2013 Meeting
“That's one percent, a little less than 1% of the market value of Berkshire.”
Afternoon Session - 2013 Meeting
“your enormously generous multi-billion dollar charitable gifts of Berkshire Hathaway stock over the past decade”
Morning Session - 2013 Meeting
“Bill Ackman, the activist investor, who is also a Berkshire investor as well, has raised questions in recent months”
Afternoon Session - 2013 Meeting
“Berkshire's volume, A and B combined, is probably averages, what, $4 or $500 million a day”
Morning Session - 2013 Meeting
“Much of Berkshire's returns over the last decade have been based on your reputation and your ability to extract remarkable deals from companies in duress”
Morning Session - 2013 Meeting
“Berkshire is the 800 number when there's really sort of panic in markets...people need significant capital.”
Morning Session - 2013 Meeting
“Berkshire's reputation will become even more solidified in terms of being willing to provide capital for sound deals”
Morning Session - 2013 Meeting
“And Berkshire will – those qualities will remain with Berkshire after I'm gone. In fact, in a sense, the area we occupy becomes more and more our own as we get even bigger.”
Morning Session - 2013 Meeting
“we'll go to Carol. This question comes from Mark Troutman of Crested Butte, Colorado. And you've touched on this, Warren and Charlie, on the little fringes today, but this is a direct question. Warren”
Afternoon Session - 2013 Meeting
“we operated Berkshire for 20 years without a jeet. He'd come in the office in 1965 instead of 1985, we'd probably own the world.”
Afternoon Session - 2013 Meeting
“taking care of the shareholders of Berkshire, not, not, not, not running the business at all, it will be far easier”
Afternoon Session - 2013 Meeting
“protector of the culture, and he has got an enormous sense of responsibility about that in regards to Berkshire.”
Afternoon Session - 2013 Meeting
“Someday your son Howard will become Berkshire's non-executive chairman. Berkshire is a very complex business, growing more complex”
Morning Session - 2013 Meeting
“we do look at shareholders as partners, and, you know, it's not something at a public relations firm wrote for us”
Afternoon Session - 2013 Meeting
“if somebody got made CEO of Berkshire. It could be a position where people might want to throw their weight around”
Morning Session - 2013 Meeting
“Well, that companies turned out to be a wonderful acquisition for Berkshire, and our competitive advantage is we had no competitors.”
Morning Session - 2013 Meeting
“you're the only guy left standing, you know. I mean, you're not a competitor, you're not a private equity firm, and I know I will get a permanent home with Berkshire”
Morning Session - 2013 Meeting
“I have a couple of questions about Burlington Northern's two energy franchises, coal and crude.”
Afternoon Session - 2013 Meeting
“we do not want somebody using Berkshire Hathaway as a power base in the future. We want to be thinking about the shareholders.”
Morning Session - 2013 Meeting
“It doesn't move the needle at Berkshire. You know, and the papers we have bought now would probably getting close to maybe having 100 million of pre-tax earnings”
Morning Session - 2013 Meeting
“Berkshire, to me, seems about the easiest company to manage imaginable. And if you took an earlier answer”
Morning Session - 2013 Meeting
“Berkshire has ever operated... he was ill and he really wanted to sell to us. And of course, he wanted Berkshire stock.”
Afternoon Session - 2013 Meeting
“it would be a terrible mistake to put me in charge of social media at Berkshire Hathaway”
Morning Session - 2013 Meeting
“And Berkshire's big operations as you in solar are in what amounts to desert. And we get very favorable terms and incentives, and I think Berkshire's going to do fine in solar.”
Morning Session - 2013 Meeting
“Berkshire is an unusually rational place. I mean, we know what we want to accomplish. We've had the benefit of a very, very long run”
Afternoon Session - 2013 Meeting
“you've long been against stock splits, but as you think about the Berkshire A share, and one day it can, if you don't split it, you can get to a million dollars”
Afternoon Session - 2013 Meeting
“I'm Warren Buffett, Chairman of the Board of Directors of the Company, and I welcome you to the 2013 annual meeting of shareholders of Berkshire Hathaway”
Afternoon Session - 2013 Meeting
“when the BNSF acquisition came along, we wanted to be sure that people that wanted to have a stock-free exchange or the one to get shares”
Morning Session - 2013 Meeting
“they like the environment of Berkshire in which to operate, because they do not get pressures to do dumb things”
Morning Session - 2013 Meeting
“I've added women to Berkshire's board, but both the board and senior management at Berkshire still reflect the reality”
Afternoon Session - 2013 Meeting
“With each share entitled to one 10,000th of one vote... 637,192 Class A shares, and 691,560,484 Class B shares are represented at this meeting”
Afternoon Session - 2013 Meeting
“The motion directs Berkshire Hathaway to establish quantitative goals for reduction of greenhouse gas and other air emissions at its energy-generating holdings”
Morning Session - 2013 Meeting
“Is Berkshire too big to fail? On the same topic... I think I heard of a book by that name.”
Afternoon Session - 2013 Meeting
“Berkshire is seen as being particularly vulnerable to climate disruption. Why? Because many of the most negative, financial impacts of climate disruption are borne by insurance companies.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“I've regularly measured the performance of Berkshire by the change in book value versus the S&P 500 with dividends added back.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“buying Berkshire up to 120% of book, we feel we're making making significant money. In other words, we feel the value of Berkshire is well over 120% of book”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“We have managers that are running their core businesses... So we have, before this deal, we had eight different companies, each of which would be a Fortune 500 company if owned separately.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“out for 30 years today. I think they will do very well. So that has not changed.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Mid-American energy. I mean, you've talked to us back in 2008, 2009, when you really saw the downturn”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“not Berkshire, but there are all kinds of people with portfolios who will take a signal”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“including Berkshire shares. Berkshire's going down 50 percent, though, four times.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Berkshire has gone from $15 a share to $150,000. Now there's been times when it's four times when it's gone down 50 percent”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“when our stock went from 90,000 or thereabouts to 40 or 45,000, I wrote about it 10 years ago to buy the stock”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“they want to work for Berkshire. And, you know, the standard arrangement in hedge funds is two and 20...they love working for Berkshire and they'll be working for Berkshire 20 years from now”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“we have to be able to operate the next day. And you saw on October 19th and 20th of 1987, on October 20th, the specialist firms were all broke. We just are never going to get in a position where we ha”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“happier than Warren Buffett getting the guyco, you know, the commercials that I'm talking about?”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Berkshire Hathaway owns those papers. We've got 600,000 or so shareholders. Probably more of those shareholders voted for Romney than voted for Obama.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“we spent the 350 or so million. We will get a decent return on that unless the business is way worse than I think it is. And I would say this, in the year or so that we've operated, we are meeting all”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Berkshire did not disclose the terms of that deal. It's been reported that it was a deal for about half a billion dollars.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“actively looking for a bear on Berkshire Hathaway. Why did you add that? Well, I just thought it would make it more interesting.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“I've got two very smart sisters that have most of their money in Berkshire, and I want them to understand things that affect the value of it”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Berkshire Hathaway Chairman and CEO Warren Buffett. We are live in LeVista, Nebraska...at the headquarters of Oriental Trading.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Obviously, Berkshire has several insurance businesses. But what you pointed out are the low interest rates”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Berkshire Hathaway's Warren Buffett. Warren, we are here again today because of the annual letter to shareholders”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Charlie's in the office. or not. He's thinking about Berkshire all the time.”
2013 Berkshire Hathaway Shareholder Letter
“Berkshire's Corporate Performance vs. the S&P 500 Annual Percentage Change Year in Per-Share Book Value of Berkshire”
2013 Berkshire Hathaway Shareholder Letter
“Berkshire's results through 1978 have been restated to conform to the changed rules. In all other respects, the results are calculated using the numbers originally reported.”
2013 Berkshire Hathaway Shareholder Letter
“Berkshire's gain in net worth during 2013 was $34.2 billion. That gain was after our deducting $1.8 billion of charges”
2013 Berkshire Hathaway Shareholder Letter
“Late in 2009, amidst the gloom of the Great Recession, we agreed to buy BNSF, the largest purchase in Berkshire's history.”
2013 Berkshire Hathaway Shareholder Letter
“At Berkshire, we much prefer owning a non-controlling but substantial portion of a wonderful company to owning 100% of a so-so business”
2013 Berkshire Hathaway Shareholder Letter
“Charlie and I hope to build Berkshire's per-share intrinsic value by (1) constantly improving the basic earning power of our many subsidiaries”
2013 Berkshire Hathaway Shareholder Letter
“In 2013 our per-share investments increased 13.6% to $129,253 and our pre-tax earnings from businesses”
2013 Berkshire Hathaway Shareholder Letter
“we cannot tell you precisely what that number is for Berkshire shares (nor, in fact, for any other stock)”
2013 Berkshire Hathaway Shareholder Letter
“the price of Berkshire stock over the 43-year period has increased at a rate very similar to that of our two measures of value”
2013 Berkshire Hathaway Shareholder Letter
“we have now operated at an underwriting profit for eleven consecutive years, our pre-tax gain for the period having totaled $22 billion”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Only occasional ones work, and work well, and it is rather interesting that Berkshire, on average, they work pretty well.”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Berkshire got though this helpful reputation among their group of addicts over a long period of time”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Berkshire's been blessed with these big insurance companies. It's got two things to do”
2013 Berkshire Hathaway Shareholder Letter
“In 1995, we purchased the half of GEICO that we didn't already own, paying $1.4 billion more than the net tangible assets we acquired.”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Part of Berkshire's secret is that, less than most people, we don't pour endless treasure into losing hands”
2013 Berkshire Hathaway Shareholder Letter
“HomeServices also owns 67% of the Prudential and Real Living franchise operations, which are in the process of rebranding their franchisees as Berkshire Hathaway HomeServices.”
Daily Journal Annual Meeting 2013 — Munger Q&A
“What do the Munger's own? They own Berkshire, they own Costco, and they own a bunch of Asian securities”
Daily Journal Annual Meeting 2013 — Munger Q&A
“that failed, stupid investment, if you traced it through, it's so many billions of dollars of Berkshire stock, you can hardly believe it.”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Berkshire, of course, if we behaved like Rupert Murdoch or somebody — that is, we used all the credit we could get all the way — Berkshire would now own the world.”
2013 Berkshire Hathaway Shareholder Letter
“all of my Berkshire shares will be fully distributed to certain philanthropic organizations over the ten years following”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Can you comment on Berkshire's investments in the newspaper industry as of late?”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Berkshire does the same thing. You shouldn't be surprised.”
Daily Journal Annual Meeting 2013 — Munger Q&A
“One of Berkshire's greatest mistakes was when we gave two percent of Berkshire for a wonderful shoe business in Maine”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Berkshire got clobbered on a Chinese competition in shoes.”
2013 Berkshire Hathaway Shareholder Letter
“This year, Charlie and I will have competing ketchup bottles for sale”
2013 Berkshire Hathaway Shareholder Letter
“we'll assist you by filling the 194,300-square-foot hall that adjoins the meeting area with products from dozens of Berkshire subsidiaries”
Daily Journal Annual Meeting 2013 — Munger Q&A
“there's any foreclosure boom to create a sudden ton of lovely money for all of Berkshire's newspapers”
“the man who we have come to know as the chairman of Berkshire Hathaway”
“he had taken over Berkshire Hathaway, but it was, nobody even knew the name. It was totally insignificant.”
“we feel that we do better as a part of Berkshire. This is what's amazing...a lot of the companies that have come to Berkshire Hathaway, they wanted to be there.”
“transitioning to a company that had been distinguished by its investments to a company distinguished by the companies that it owned entirely.”
“Berkshire Hathaway is underestimated. Warren is not underestimated. But Berkshire Hathaway and its power and might, I do think, is a little bit underestimated.”
“Is that your idea of what makes Berkshire Hathaway great? Well, it gives us $12 or $13 billion a year to work with.”
“Berkshire Hathaway has overcome General Electric. It is now the sixth largest company in terms of market value”
“No, I wouldn't do it in Berkshire Hathaway. That's what you owe to your stockholders?”
“If I run Berkshire for decades, some things are going to go wrong...there have been failures of control at Berkshire.”
“the chance to talk to Warren Buffett about almost anything? To ask his opinion about every story that you've ever had on your mind? It's priceless.”
"No question" the global economy is slowing | October 24, 2012
“Berkshire Hathaway Chairman and CEO Warren Buffett. Is he there?”
"No question" the global economy is slowing | October 24, 2012
“Berkshire Hathaway in 2010 spent six billion on plant equipment. That was a record. We spent last year 8 billion on plant and equipment, another record. This year we'll spend 9 billion”
"No question" the global economy is slowing | October 24, 2012
“We're relying on it at Berkshire. You know, I know Andrew has a question too, Andrew?”
"No question" the global economy is slowing | October 24, 2012
“Welcome back to this special one-on-one interview with Warren Buffett, chairman and CEO of Berksha Hathaway.”
Buffett: U.S. must get its promises in line with its capacity | July 12, 2012
“Warren Buffett. And Mr. Buffett, thank you for joining us this morning... I've got a little different story this time. For a couple of years, I've been telling you that everything except residential h”
Buffett: U.S. must get its promises in line with its capacity | July 12, 2012
“Senator, Warren Buffett has said that part of this is the problem that Congress didn't act on this”
Buffett: U.S. must get its promises in line with its capacity | July 12, 2012
“if Berkshire were in trouble financially, you know, Charlie and I and everybody else, the directors, we'd sit down”
Buffett: U.S. must get its promises in line with its capacity | July 12, 2012
“Can you imagine sitting at Berkshire and you know you have the equivalent of a $7 trillion economic event hitting in December?”
What motivates Berkshire managers?
“that has not been a big problem at berkshire we have not had compensation problems over time and we think if you think about it over 40 odd years”
Buffett after cancer diagnosis: "I feel terrific"
“a few of them, I think, own Berkshire Hathaway. But not a screen I put everybody through”
Afternoon Session - 2012 Meeting
“concerns about a post-Buffet Berkshire”
Should Buffett be less vocal about his political views?
“as a shareholder, I fear it is limiting to some degree the interest in the Berkshire stock on principle for some people.”
Afternoon Session - 2012 Meeting
“the Buffett family will probably have 10 times the voting power for a long time of anybody else. So I really, I think it's extremely extraordinarily unlikely”
Afternoon Session - 2012 Meeting
“The size is a huge factor. And even because of the A and B shares, the A shares get converted to these shares when I give them away.”
Afternoon Session - 2012 Meeting
“the size aspect goes up. So I don't think there will be a takeover of Berkshire. And I really, you do not need to worry about my successor.”
Morning Session - 2012 Meeting
“we're not going to have an arts major in charge of Berkshire. Yeah. The question about negotiated deal, there's no question that partly through age, partly through the fact we've accumulated a lot of ”
Afternoon Session - 2012 Meeting
“the float at Geico is going to grow. I mean, the float at our smaller insurance companies, but we'll probably net grow over time”
Afternoon Session - 2012 Meeting
“We've got the smartest guys in the business working on it...the float costs us less than nothing”
Afternoon Session - 2012 Meeting
“that is not where we're going to make the real money at Berkshire. The real money is going to be made by being in growing businesses”
Morning Session - 2012 Meeting
“In your 2011 annual report, Berkshire disclosed that Berkshire Hathaway Reinsurance Group made changes in its assumptions for mortality risk”
Morning Session - 2012 Meeting
“nor with Ajit at Merkshire Hathaway Reinsurance. They all have, I think, the same mindset”
Afternoon Session - 2012 Meeting
“And of course, Berkshire was the textile business. So we were sort of masochistic in the early days.”
Morning Session - 2012 Meeting
“the beauty of Berkshire is that we created a system that doesn't require much control of headquarters”
Afternoon Session - 2012 Meeting
“what are the implications if Berkshire ends up being subject to the Investment Company Act of 1940”
Afternoon Session - 2012 Meeting
“We do not ever want to lose a significant percentage of Berkshire's net worth, and so far we haven't.”
Morning Session - 2012 Meeting
“We have never, I don't think, certainly never consciously done anything to encourage people to buy our stock at a price we thought was above intrinsic value.”
Afternoon Session - 2012 Meeting
“I see no way that that Berkshire comes close to that.”
Morning Session - 2012 Meeting
“we prefer to, not to see our shares sell at the highest possible price. I mean, we've got a whole different view on that than many managers. If we could have our way, we would have the stock trade onc”
Morning Session - 2012 Meeting
“If Charlie and I think Berkshire is overvalued, you know, it would be a very interesting proposition to have us announce”
Morning Session - 2012 Meeting
“not a dime of cash has left Berks for dividends or share repurchaseases during the past 40 years. In 2011, Berkshire changed course”
Morning Session - 2012 Meeting
“Berkshire's capacity for share buybacks based on continued strong earnings power? How attractive is deploying excess capital and share buybacks”
Afternoon Session - 2012 Meeting
“market value of Berkshire. Berkshire would show up better on that table than it does in the table I present.”
Afternoon Session - 2012 Meeting
“we want the managers of those businesses to feel like they're their own business...we hand people billions of dollars, and they hand us stock certificates”
Morning Session - 2012 Meeting
“does this trend of increased frequency of major catastrophes affect Berkshers'”
Afternoon Session - 2012 Meeting
“a real commitment to Berkshire, a lifelong type commitment. And we've seen hundreds and hundreds of good records in our lifetimes.”
Afternoon Session - 2012 Meeting
“As a condition of one of our mergers, Berkshire Hathaway agreed, you'd never have trouble with our savings and loan.”
Morning Session - 2012 Meeting
“any employee of Berkshire, I don't think that the CEOs of any of the companies that we own stock in should in any way have their citizenship restricted”
Morning Session - 2012 Meeting
“by being part of Berkshire Hathaway, which is a huge taxpayer, here. Mid-American has extra abilities to go out and do a lot of projects”
Morning Session - 2012 Meeting
“interest in the Berkshire stock on principle for some people. For instance, my 84-year-old father is not interested in investing in Berkshire”
Morning Session - 2012 Meeting
“We used stock in the Burlington Northern acquisition, and we felt that it was a mistake”
Afternoon Session - 2012 Meeting
“they'll be terrific for the long pole for Berkshire, the kind of people we like having around headquarters”
Morning Session - 2012 Meeting
“in order to participate in this enterprise. Charlie and I, we don't disagree”
Morning Session - 2012 Meeting
“Is Berkshire Hathaway looking at doing that for any job they've shipped out of the United States?”
Afternoon Session - 2012 Meeting
“we try to look at every aspect, every everything we can that will tell us how the world is going to develop for both that industry and the company in the future.”
Afternoon Session - 2012 Meeting
“Geico is a terrific asset for Berkshire. I mean, it will be worth, it's worth a lot of money now, it'll be with a lot more money in the future.”
Morning Session - 2012 Meeting
“we've had a terrific history with Vic Mansonelli. He's been a great man to manage businesses just in the last day or two. We bought an operation based in the Netherlands, although they have employment”
Morning Session - 2012 Meeting
“we've run in Berkshire now for 47 years. There have been several times, four or five times when we thought it was significantly undervalued.”
Morning Session - 2012 Meeting
“you can do it with Berkshire Hathaway or IBM. It's a marvelous game.”
Afternoon Session - 2012 Meeting
“Berkshire's investment portfolio has been declining. I'm trying to understand this. Since the beginning of last year, Berkshire's investment portfolio”
Afternoon Session - 2012 Meeting
“should you feel better about the margin of safety in Berkshire? Yes, it's fine.”
Afternoon Session - 2012 Meeting
“we feel that by every dollar we retain, we can, overall, we can turn that into a greater than a dollar of present value in Berkshire”
Afternoon Session - 2012 Meeting
“the value of Berkshire shareholders fine, and I wouldn't worry too much about what happens over this six months or this 12 months.”
Afternoon Session - 2012 Meeting
“that probably that Berkshire is somewhat cheaper relative to its price than it was a year ago.”
Morning Session - 2012 Meeting
“We think we're going to do really probably quite well with the derivative positions that we have. We've done fine with the ones that have expired so far, and I like the positions.”
Afternoon Session - 2012 Meeting
“Well, I say what's interesting about Berkshire, and many of you have been around for so long, you've actually seen it happen. Berkshire's record would have been terrible”
Morning Session - 2012 Meeting
“over a 50-year period, not only will Berkshire do considerably better than gold, but common stocks as a group”
Morning Session - 2012 Meeting
“Since 1999, the Berkshire Hathaway stock has really not gotten up appreciably. whereas gold has gone up multiple times.”
Afternoon Session - 2012 Meeting
“GEICO, it's based, you know, basically on a machine. But it's enormously important how that machine is run. And Tony Nicely has absolutely knocked the ball out of the park”
Morning Session - 2012 Meeting
“Berkshire, without paying a dividend, is sold probably at or above intrinsic value as much of the time in the last 35 or so years”
Morning Session - 2012 Meeting
“If people get excited enough about internet stocks, they're going to forget about Berkshire. When they get disillusioned with internet stocks, then I'm going back”
Morning Session - 2012 Meeting
“we've had a controlling shareholder during that time. So we've not had to bow to any of the urgings of Wall Street...It took a long time to have it get so that a great many of those people would think”
Morning Session - 2012 Meeting
“the big private acquisitions are going to come to Berkshire because they want to come to Berkshire. And that's a significant competitive edge.”
Afternoon Session - 2012 Meeting
“I'm Warren Buffett, chairman of the board of directors at the company. I welcome you to this 2012 annual meeting of shareholders... Berkshire Hathaway directors that are present.”
Morning Session - 2012 Meeting
“vote on executive compensation, approval of stock option plans and so forth. So could you tell us what goes into your thinking and decisions with respect to how you vote our shares in these companies?”
Afternoon Session - 2012 Meeting
“Berkshire Hathaway to amend its corporate governance guidelines to establish a written succession planning policy”
Afternoon Session - 2012 Meeting
“a company like Berkshire Hathaway where the CEO has created tremendous value”
Morning Session - 2012 Meeting
“it is a real worry if you're running a business like this...somebody is doing something wrong right now at Berkshire.”
Morning Session - 2012 Meeting
“zero-coupon bond has performed magnificently, much better than Berkshire. So we should have bought nothing but zero-coupon bonds.”
Morning Session - 2012 Meeting
“to let us sell the zero-coupon bond and put the money in Berkshire, and I'll guarantee, him that it will be worth more than the million bucks at the end of 10 years.”
2012 Berkshire Hathaway Shareholder Letter
“Berkshire's Corporate Performance vs. the S&P 500 Annual Percentage Change in Per-Share Book Value of Berkshire”
2012 Berkshire Hathaway Shareholder Letter
“we have some outstanding businesses, a cadre of terrific operating managers and a shareholder-oriented culture”
2012 Berkshire Hathaway Shareholder Letter
“In 2012, Berkshire achieved a total gain for its shareholders of $24.1 billion. We used $1.3 billion of that to repurchase our stock”
2012 Berkshire Hathaway Shareholder Letter
“The per-share book value of both our Class A and Class B stock increased by 14.4%. Over the last 48 years, book value has grown from $19 to $114,214”
2012 Berkshire Hathaway Shareholder Letter
“When the partnership I ran took control of Berkshire in 1965, a year in which we had a gain of $24.1 billion would be subpar”
2012 Berkshire Hathaway Shareholder Letter
“If you are a CEO who has some large, profitable project you are shelving because of short-term worries, call Berkshire. Let us unburden you.”
2012 Berkshire Hathaway Shareholder Letter
“From a standing start in 1985, Ajit has created an insurance business with float of $35 billion... He has thus added a great many billions of dollars to the value of Berkshire.”
2012 Berkshire Hathaway Shareholder Letter
“if the insurance industry should experience a $250 billion loss... Berkshire as a whole would likely record a significant profit for the year because it has so many streams of earnings.”
2012 Berkshire Hathaway Shareholder Letter
“Fortunately, that's not the case at Berkshire. Charlie and I believe the true economic value of our insurance goodwill... Berkshire's intrinsic business value substantially exceeds its book value.”
2012 Berkshire Hathaway Shareholder Letter
“Among large insurance operations, Berkshire's impresses me as the best in the world.”
2012 Berkshire Hathaway Shareholder Letter
“Berkshire's credit is in fact not needed because each business has earning power that even under terrible conditions amply covers its interest requirements.”
2012 Berkshire Hathaway Shareholder Letter
“Publishers – including Berkshire in Buffalo – have offered their paper free on the Internet”
2012 Berkshire Hathaway Shareholder Letter
“it's only been in the last year or so that other papers, including Berkshire's, have explored pay arrangements”
2012 Berkshire Hathaway Shareholder Letter
“Berkshire shareholders – including some of my good friends – would like Berkshire to pay a cash dividend”
2012 Berkshire Hathaway Shareholder Letter
“Over Berkshire's history – admittedly one that won't come close to being repeated – the sell-off policy would have produced results for shareholders dramatically superior”
2012 Berkshire Hathaway Shareholder Letter
“Both assumptions also seem reasonable for Berkshire, though certainly not assured.”
Warren Buffett; Anwar al-Awlaki Killed
“the parallel success of his company, Berkshire Hathaway.”
Warren Buffett; Anwar al-Awlaki Killed
“He also announced a stock buyback of Berkshire Hathaway shares.”
Warren Buffett; Anwar al-Awlaki Killed
“You've announced recently you're going to buy back or have started the process of buying back Berkshire Hathaway shares.”
Warren Buffett; Anwar al-Awlaki Killed
“I thought Berkshire Hathaway stock was selling demonstrably below the value of its businesses.”
Warren Buffett; Anwar al-Awlaki Killed
“we'll buy the stock if we think we're doing a favor for the people that are staying in the boat. Because you think the intrinsic value of your business is those that make up Berkshire Hathaway is unde”
Warren Buffett; Anwar al-Awlaki Killed
“It's clearly higher than the price...we've got some wonderful businesses...some of the big ones, particularly, are really very, very good businesses”
Warren Buffett; Anwar al-Awlaki Killed
“So you have, what, $47 to $50 billion of cash? It's down some. We've spent some, Charlie. But we've got plenty of cash.”
Warren Buffett; Anwar al-Awlaki Killed
“It is said that some people think that the asset value of Berkshire Hathaway is close to $130 to $150 a share for the Class A stock.”
Warren Buffett; Anwar al-Awlaki Killed
“we actually bought some shares. Now, whether we buy a lot of shares or not will depend on the price”
Warren Buffett; Anwar al-Awlaki Killed
“Geico got in trouble in the mid 70s...Those are two of the greatest investments I've ever had.”
Warren Buffett; Anwar al-Awlaki Killed
“And I'm sure that the shareholders of Berkshire feel 100 percent about everything I do.”
“Warren E. Buffett is the chairman and chief executive of Berkshire Hathaway.”
Morning Session - 2011 Meeting
“...put up on the website, the Berkshire Hathaway website, just as promptly as we can.”
Morning Session - 2011 Meeting
“our insurance underwriting is suffered an after-tax loss of $821 million...our overall earnings...I postulated normal earning power of Berkshire at about $17 billion pre-tax”
Afternoon Session - 2011 Meeting
“in terms of Berkshire's parent company policies, we don't hedge anything in the way of commodities. Some of our subsidiaries do”
Morning Session - 2011 Meeting
“recommending Lubrizol to Berkshire, I think for reasons that are laid out in the Audit Committee report”
Afternoon Session - 2011 Meeting
“the only promise you'll get from Charlie and me about Berkshire is that we do every day, as I said, in the annual report. court, try to think about increasing the earning power and the intrinsic value”
Morning Session - 2011 Meeting
“He earned it from Berkshire last year, and we got our monies worth, but he did get $24 million”
Afternoon Session - 2011 Meeting
“where we hope we really get lucky is in adding significant companies to what we have already.”
Afternoon Session - 2011 Meeting
“The importance of Berkshire's equity portfolio has diminished over the past few decades. Today I viewed Berkshire's appetite for equity as an afterthought”
Morning Session - 2011 Meeting
“it might fit Berkshire... a situation which is sad for Berkshire, sad for Dave, still inexplicable in my mind”
Morning Session - 2011 Meeting
“Surely you realized immediately that these facts were going to become known and that they were going to damage Berkshire's reputation.”
Afternoon Session - 2011 Meeting
“Berkshire Hathaway will perform the best, and which will perform the worst and why? Well, the businesses that will perform the best are the ones”
Morning Session - 2011 Meeting
“possible acquisition candidates for Berkshire. But none of that.”
Afternoon Session - 2011 Meeting
“our utilities, which get in effect, a bond-like return... our insurance operations, our capital-intensive railroad business is certainly one of the best railroads in the world. And our utility operati”
Morning Session - 2011 Meeting
“Berkshire shareholders that I have talked to found totally inadequate. You have always been very direct”
Morning Session - 2011 Meeting
“We were not issuing shares at Berkshire, so there was no proxy statement, no, nothing of this, that sort on our part.”
Afternoon Session - 2011 Meeting
“he thinks of berkshire first...he's got a cadre of about 30 people that work with him...there's many more that are settling claims”
Afternoon Session - 2011 Meeting
“in terms of judging the economics of the business that purchase that we'll call it Berkshire, then you have to allow for the goodwill”
Morning Session - 2011 Meeting
“situation where someone running Berkshire Hathaway had great talent but lacked the other quality that has made Berkshire the envy of the business world”
Morning Session - 2011 Meeting
“if my son Howard Buffett, who would have no, get paid nothing and have no activities in the company, be the chairman after I'm not around”
Morning Session - 2011 Meeting
“it's vital that you have somebody at Berkshire, in my view, that is running the place that really cares more about Berkshire than he does about himself”
Afternoon Session - 2011 Meeting
“What kind of compensation structure do you expect for the next generation of Berkshire leadership?”
Afternoon Session - 2011 Meeting
“Berkshire Hathaway does well in part because its managers want to be there from... non-pecuniary reasons, but it seems likely that the next operation CEO”
Afternoon Session - 2011 Meeting
“they can make a lot of money with Berkshire. Nothing has worked off the eccentricities of Charlie and me at the top level.”
Morning Session - 2011 Meeting
“I want to ask a question about the valuation of your company. You said price is what you pay and values what you get. In your letter to the shareholders this year, each class A share owns about invest”
Morning Session - 2011 Meeting
“When we said we would buy in our stock, we obviously thought that it was selling below the bottom of a conservative range of intrinsic value”
Morning Session - 2011 Meeting
“our stock is a currency. And unless it's fully valued, it's a big mistake to use it as a currency.”
Afternoon Session - 2011 Meeting
“Going forward by just looking at Berkshire's financial statement, How can we determine how good of a job you have done at allocating capital?”
Morning Session - 2011 Meeting
“we do not regard Berkshire as overpriced. And I would say that we had very, very recently, we had a very, very large international company”
Afternoon Session - 2011 Meeting
“What would this do to Berkshire Hathaway stock and to the overall economy?”
Afternoon Session - 2011 Meeting
“been Berkshire shareholders since 1971. And I should note that we received several questions from some long-term shareholders”
Morning Session - 2011 Meeting
“every dollar that's been reinvested in Berkshire has created more than a dollar of market value... people by leaving $160 billion at the end of the third quarter in the business, have $200 billion tha”
Morning Session - 2011 Meeting
“Berkshire is a great allocator of capital... Currently, Berkshire does not pay dividends, yet it loves collecting on dividends on its investments.”
Afternoon Session - 2011 Meeting
“So Berkshire's name was on the check, the shareholders would tell us we want $20 a share, let's say, and they own 10 shares”
Afternoon Session - 2011 Meeting
“I loved that program, which we had for maybe 20 or so years. Charlie loved it. A lot of the shareholders loved it.”
Afternoon Session - 2011 Meeting
“Berkshire is supporting Planned Parenthood in California. And sometimes I would write the people a letter”
Morning Session - 2011 Meeting
“when the time comes where a dollar is only buying us 90 cents of value... But I predict that the day that Berkshire declares a dividend, the stock will go down”
Afternoon Session - 2011 Meeting
“Bircher stock is given away every year... we've got a number of partners that are now in their 80s, and some of them have given away some exceptional amounts of money.”
Morning Session - 2011 Meeting
“My Berkser-Hathaway stock is only slightly better or doing better than it was in 2006. It's barely kept up with inflation”
Afternoon Session - 2011 Meeting
“Are these holdings your own personal investments outside of Berkshire or do they belong to Berkshire Hathaway?”
Morning Session - 2011 Meeting
“the rest of us would be better off with Berkshire Hathaway stock”
Morning Session - 2011 Meeting
“when we look at Berkshire, we are looking at what we think can be delivered from the productive assets that we own”
Afternoon Session - 2011 Meeting
“Berkshire's cash... we basically keep it in treasuries... we run out of Berkshire, we basically keep it in treasuries.”
Afternoon Session - 2011 Meeting
“since Bercher bought Wesco, we wanted to see if you can take some time to host a meeting”
Morning Session - 2011 Meeting
“Berkshire's corporate strategy resembles that of the Go-GoGo conglomerates of the 1960s.”
Morning Session - 2011 Meeting
“at Berkshire, we are not in that game. We are in the game of trying to buy very good businesses that we're going to keep forever”
Afternoon Session - 2011 Meeting
“I don't recall you or Berkshire Hathaway saying earlier that NetJets was on the verge of bankruptcy at the time that his predecessor, Richard Santulli, had stepped down.”
Morning Session - 2011 Meeting
“A few years ago, Berkshire had a short U.S. dollar position to preserve the company's value from the devaluating dollar.”
Morning Session - 2011 Meeting
“I would rather own Berkshire. [regarding choice between index fund or Berkshire at present prices]”
Morning Session - 2011 Meeting
“I like Berkshire better, Charlie. Well, I like it a lot better, and I'd be very unhappy if I had to own an index fund.”
Morning Session - 2011 Meeting
“if you take Berkshire at 260,000 people, you know, that's about the number of households in the greater metropolitan Omaha.”
Afternoon Session - 2011 Meeting
“That's useful for us to have around. And as we put in the annual report, it's more likely than not, but not a sure thing that over time, we have more than one investment manager. You know, there's a l”
Afternoon Session - 2011 Meeting
“Pre-Lubrasol, we estimated Berkshire's year-end 2011, cash balance could approach $60 billion”
Afternoon Session - 2011 Meeting
“we're different from most places... we hate issuing shares... We like owning those businesses... at Berkshire. In fact, we will continue doing it.”
Afternoon Session - 2011 Meeting
“we will conduct the business meeting of Berkshire Hathaway and we can turn the lights up”
Afternoon Session - 2011 Meeting
“942,559 shares of Class A, Berkshire Hathaway Common Stock Outstanding, with each share entitled to one vote”
Afternoon Session - 2011 Meeting
“advisory vote on the compensation of Berkshire Hathaway's executive officers”
Afternoon Session - 2011 Meeting
“The motion is set forth in the proxy statement. The motion requests Berkshire Hathaway to establish goals for the reduction of greenhouse gas”
Afternoon Session - 2011 Meeting
“representing a lifelong owner of Berkshire Class A shares”
Afternoon Session - 2011 Meeting
“resolution, importantly, gives Berkshire managers the freedom to determine what those goals should be”
Afternoon Session - 2011 Meeting
“I think Berkshire Hathaway has a pretty good reputation at being clean, being environmentally responsible.”
Afternoon Session - 2011 Meeting
“Berkshire Hathaway can be a leader in the environment. And I'm for transparency, as I know these two gentlemen are.”
Afternoon Session - 2011 Meeting
“You guys are doing a great job on your own. Are there any other speakers there that... Mr. Munger and Warren Buffett”
Afternoon Session - 2011 Meeting
“It's my personal opinion that it's the previous two speakers that the hot air and the problem around global warming and that we not regulate Berkshire Hathaway”
Afternoon Session - 2011 Meeting
“Berkshire Hathaway would be a leader in doing this as companies like GE with their ecomagination initiative”
Afternoon Session - 2011 Meeting
“for Berkshire Halfway to be a leader and also work with the subsidiary companies on specific possibilities.”
Afternoon Session - 2011 Meeting
“it's very important for Berkshire to work to be a leader, and so I'm very much in support”
Afternoon Session - 2011 Meeting
“sets a precedent as Berkshire has done in the past. So I am for the resolution.”
Afternoon Session - 2011 Meeting
“the enterprises under Berkshire are able to help evangelize the true science”
Afternoon Session - 2011 Meeting
“I am a Berkshire stockholder. One, I think we all support very sound environmental protection.”
Afternoon Session - 2011 Meeting
“is not necessary in the best interest of Berkshire Hathaway shareholders.”
Afternoon Session - 2011 Meeting
“might even be more profitable for Berkshire in terms of what might happen if we followed the motion”
Afternoon Session - 2011 Meeting
“Berkshares should do something and should think about the implication of that”
Afternoon Session - 2011 Meeting
“material risks in respect to Berkshire and specifically to our insurance operation”
Afternoon Session - 2011 Meeting
“this is not something that the stockholders of Berkshire end up incurring the cost of”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“Wesco was bought by Berkshire Hathaway (BRK)... He believes BRK is the right port for Wesco.”
2011 Berkshire Hathaway Shareholder Letter
“The per-share book value of both our Class A and Class B stock increased by 4.6% in 2011. Over the last 47 years, book value has grown from $19 to $99,860”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“BRK only found 3 big things to do in decades with the money: it bought Sees, Buffalo News and control of Wesco.”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“This is what they do at BRK. They are always ready. You do not want to be timid when great opportunities arise.”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“someone who owns BRK stock and does nothing but hold it will do really well”
2011 Berkshire Hathaway Shareholder Letter
“Berkshire's outstanding economics exist only because we have some terrific managers running some extraordinary insurance operations.”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“he admires BRK so he doesn't have to worry about his money”
2011 Berkshire Hathaway Shareholder Letter
“MidAmerican, 89.8% owned by Berkshire, supplies 2.5 million customers in the U.S. with electricity”
2011 Berkshire Hathaway Shareholder Letter
“Both Ted and Todd will be helpful to the next CEO of Berkshire in making acquisitions”
2011 Berkshire Hathaway Shareholder Letter
“Berkshire's book value reflected a liability of $8.5 billion for the remaining contracts”
2011 Berkshire Hathaway Shareholder Letter
“Even so, Berkshire holds significant amounts of them, primarily of the short-term variety. At Berkshire the need for ample liquidity occupies center stage”
2011 Berkshire Hathaway Shareholder Letter
“Late last year, Berkshire purchased the Omaha World-Herald and, in my meeting with its shareholder-employees”
My Philanthropic Pledge (Giving Pledge letter)
“the proceeds from all of my Berkshire shares will be expended for philanthropic purposes”
My Philanthropic Pledge (Giving Pledge letter)
“commitment to gradually give all of my Berkshire Hathaway stock to philanthropic foundations”
My Philanthropic Pledge (Giving Pledge letter)
“take a pile of Berkshire Hathaway stock certificates—"claim checks" that when converted to cash”
“Warren Buffet pledged 99% of his $40-plus billion fortune to the Bill and Melinda Gates Foundation.”
My Philanthropic Pledge (Giving Pledge letter)
“use more than 1% of my claim checks (Berkshire Hathaway stock certificates) on ourselves”
“I've had a philosophy really sort of all my life on what should happen with my Berkshire share. So every share is going to go to charity.”
Greek debt crisis: "I don't know how this movie ends"
“in which Berkshire has flourished. And now, of course, the government does not have quite as good a credit”
Buffett defends bond rating agencies
“at Berkshire. We don't think we should farm out, outsource investment judgment. If we can't do it ourselves”
Goldman Sachs "helped build Berkshire Hathaway"
“They have helped build Berkshire Hathaway.”
2010 Annual Meeting Highlight Reel
“reflections in light of it about Berkshire's large investment in Goldman. If you became aware of unethical or illegal activities at a Berkshire Hathaway-owned company”
"If I can be optimistic when I'm nearly dead, surely the rest of you can handle a little inflation"
“I'm optimistic about the culture that generally pervades in Berkshire because I think it will continue to work.”
Why Buffett prefers TV interviews
“is it the best use of your time for Berkshire's shareholders? Probably not. I do a lot of things that aren't the best use of my time for Berkshire shareholders.”
Why Buffett prefers TV interviews
“After we made the Burlington deal, Charlie Rose, who may be here, did an interview with me”
"We won't trade reputation for money"
“Berkshire Hathaway-owned company, would you directly and personally intervene? Sure. We have to jump in... We have a hotline... at Berkshire.”
"We want people who think like we do"
“we've got the annual reports, we've got television interviews, we've got various ways of conveying to people what kind of a place Berkshire is”
Buffett: No standard system for CEO compensation
“How does Berkshire structure the performance-based compensation of the CEOs of its subsidiaries?”
Work "like you would if you were an owner of the place"
“If I one day want to apply as a manager with one of the Birchard companies... The managers of our subsidiaries hire their own people.”
"We won't trade reputation for money"
“Berkshire Average out has a very good reputation, as you can tell by the ratings from major media surveys, and that is absolutely precious to us.”
Afternoon Session - 2010 Meeting
“at Berkshire is that our managers are responsible for their businesses, and if they're going to be responsible”
Morning Session - 2010 Meeting
“Berkshire's large investment in Goldman and what”
“whether it was Berkshire Hathaway on the other side of the deal. Let's say we had decided to short the housing market”
Afternoon Session - 2010 Meeting
“I did write that not only in 1984, but continuously in the back of the Berkshire annual report where I've got our economic principles.”
Afternoon Session - 2010 Meeting
“references your name. 1984's chairman letter. He says, he writes, you have previously stated that a company should retain its earnings only if, quote, for every dollar retained, at least $1 of market ”
Afternoon Session - 2010 Meeting
“During the five-year period between July I'm sorry, January 3, 2005, and December 31, 2009, the average annual earnings per share for Class A, as reported, amounted to $5,930”
Afternoon Session - 2010 Meeting
“right now, every dollar that we have left in the business, you know, has produced in present value terms something over $1.30 of market value.”
Afternoon Session - 2010 Meeting
“how could we get Berkshire Hathaway and your board to maybe go out and just basically hire people”
Afternoon Session - 2010 Meeting
“Our car insurance business has continued to return excellent profits... Why has it Berkshire made any progress in the car insurance business in China”
Morning Session - 2010 Meeting
“If the Nebraska Methodist Hospital does not pay its bonds, Berkshire Hathaway will pay them.”
Afternoon Session - 2010 Meeting
“we owned, Berkshire Hathaway, owned a couple of textile mills, one of them in New Bedford”
Afternoon Session - 2010 Meeting
“I don't think that Berkshire Hathaway should be the social safety net”
Morning Session - 2010 Meeting
“we did with these bonds exactly what ACA did... We just took the list to submit it... in the case of the abacus transaction... We just do it with a couple of people at Berkshire.”
Morning Session - 2010 Meeting
“your reflections in light of it about Berkshire's large investment in Goldman”
Morning Session - 2010 Meeting
“whether it was Goldman Sachs on the other side of the deal, or whether it was Berkshire Hathaway on the other side of the deal”
Afternoon Session - 2010 Meeting
“put to the shareholders of Berkshire Hathaway. But that's the way it's done.”
Afternoon Session - 2010 Meeting
“all future growth on Berkshire or other investments 100% tax-free”
Afternoon Session - 2010 Meeting
“if the bonds are insured by Berkshire, you don't need to worry at all. But we're not insuring a lot of bonds currently”
Afternoon Session - 2010 Meeting
“The bond insurers, except for Berkshire, the bond insurers, in my view, have got extraordinary liabilities in relation to their capital.”
Morning Session - 2010 Meeting
“Berkshire is a Goldman shareholder, who would you like to see run Goldman Sachs if not Lloyd Blank Fine?”
Morning Session - 2010 Meeting
“We think about who would run Berkshire, but there's really no reason to think about that.”
Afternoon Session - 2010 Meeting
“That's why Berkshire is a better deal. We are very stupid in many ways, but we have avoided a slight subset of stupidities.”
Afternoon Session - 2010 Meeting
“We try to create as few situations in Berkshire as we can that would induce such behavior... I think Berkshire's about as good a place if that as any”
Morning Session - 2010 Meeting
“Berkshire's attitude generally is to find things that seem sensible to us and to concentrate to some extent”
Morning Session - 2010 Meeting
“we don't have a global allocation system of Berkshire, and as Warren is keeping it secret from me”
Morning Session - 2010 Meeting
“We did not buy Burlington Northern with the idea of moving it to China or India or Brazil. And we love that”
Morning Session - 2010 Meeting
“I would be perfectly content if Berkshire Hathaway were forced in some way to limit its investment to the opportunities available in the United States.”
Morning Session - 2010 Meeting
“This is a question that has to do with the Berkshire Succession Plans. It comes from Craig Merrigan in Spruce Grove, who asks, how did the four potential candidates for Berkshire's CIO position perfor”
Morning Session - 2010 Meeting
“If I die tonight, the, there will be a new CEO in place in in Berkshire within 24 hours, and all the directors know who it would be”
Afternoon Session - 2010 Meeting
“I'm optimistic about the culture that generally pervades in Berkshire because I think it will continue to work.”
Afternoon Session - 2010 Meeting
“Berkshire has, in my opinion, the best and most loyal shareholders of any publicly traded company or mutual fund.”
Morning Session - 2010 Meeting
“You have emphasized many times how important Ajit Jane is to Berkshire and National Endemities Reinsurance Operations.”
Morning Session - 2010 Meeting
“I like that fact in the sense of Berkshire. I mean, it would be very tough to change the culture of Berkshire. It's so ingrained in all our managers”
Afternoon Session - 2010 Meeting
“we've got the annual reports, we've got television interviews, we've got various ways of conveying to people what kind of a place Berkshire is.”
Morning Session - 2010 Meeting
“it would be a huge loss to Berkshire, if anything happened to Ajit, but it would not mean that the sure Hathaway reinsurance operation would not continue”
Morning Session - 2010 Meeting
“when I tell you about the value that Ajita's added to Berkshire, believe me, if anything, I've understated it.”
Morning Session - 2010 Meeting
“Mr. Buffett has owned his Berkshire shares for many, many years with no dividend distributions, it is virtually certain that the bulk of his estate will therefore never be subject to taxation”
Morning Session - 2010 Meeting
“just take Berkshire, you know. Essentially, I will never sell a share of Berkshire... it's still, it's a lot of fun to run”
Afternoon Session - 2010 Meeting
“Berkshire's growth, specifically your acquisition outlook and appetite. Has the phone been ringing? The phone doesn't ring very often, Berkshire.”
Afternoon Session - 2010 Meeting
“we wrote a big check and issued shares in the connection with BNSF, but I would love it if Monday morning my phone rings with some big deal”
Morning Session - 2010 Meeting
“We don't want to be hated in the field. We don't want an imperial headquarters with big costs that's imposed everywhere. And averaged out, it's worked wonderfully well for us.”
Morning Session - 2010 Meeting
“cross-Berchshire rationale at all. I mean, if you run C's candy, to put a cost of capital factoring”
Morning Session - 2010 Meeting
“is your policy to allow the managers of the various Berkshire Hathaway companies to operate with minimal interference from Omaha”
Morning Session - 2010 Meeting
“If that idea pervades the culture of the place, including the shareholders, we think that's very helpful to us.”
Morning Session - 2010 Meeting
“we want very much to protect the reputation of Berkshire. That's the right thing to do. Well, it is absolutely essential. And Berkshire averaged out has a very good reputation”
Afternoon Session - 2010 Meeting
“companies with market caps of close to 200 billion. But you've seen Mark Hamburg walking around here and doing things.”
Afternoon Session - 2010 Meeting
“at Berkshire, everybody in our home office, we have 21 or 21 of us, they all participate in working at this meeting. I mean, our CFO works on it.”
Afternoon Session - 2010 Meeting
“Thank you Mr. Buffett, Mr. Munger, the board... for your integrity and running Berkshire Hathaway and dealing fairly with the shareholders.”
Morning Session - 2010 Meeting
“After a year in which Berkshire has a big loss, he can look at look into his shaving mirror and say, your shareholder still loves you.”
Morning Session - 2010 Meeting
“comes very close to a permanent and substantial advantage at Berkshire. I don't forget about, and you shouldn't forget about it”
Afternoon Session - 2010 Meeting
“For Berkshire Hathaway, what could be our exposure on a global financial meltdown? Could there be correlated risk that could get us in trouble? You said we have $40 billion in municipal bond insurance”
Afternoon Session - 2010 Meeting
“Warren would know more about that than I. So far in the chilling. The earthquake insurance is not. universal like fire... We are in a different class in terms of even being able to handle them. And we”
Afternoon Session - 2010 Meeting
“I think Berkshire can withstand anything that any corporation can. And it won't be, it won't be our insurance business that causes a problem.”
Afternoon Session - 2010 Meeting
“will not harm harm berkshire. I want to thank you all for coming. Charlie and I really appreciate it.”
Afternoon Session - 2010 Meeting
“I move that Warren Buffett, Charles Munger, Howard Buffett, Stephen Burke, Susan Decker... be elected as directors.”
Class B stock split was "easy decision" | January 20, 2010
“Berkshire Hathaway special shareholders meeting in Omaha. And before Warren Buffett makes his case for Burlington Northern”
Class B stock split was "easy decision" | January 20, 2010
“This is a historic event because, as you know, Warren Buffett has never wanted to split these shares before.”
Class B stock split was "easy decision" | January 20, 2010
“Berkshire Hathaway, of course, is holding a special shareholders meeting today. This is to talk about the acquisition of Burlington Northern.”
Class B stock split was "easy decision" | January 20, 2010
“Warren Buffett is the largest, or Berkshire Hathaway, I should say, is the largest owner of Wells Fargo shares.”
Class B stock split was "easy decision" | January 20, 2010
“Berkshire is selling it one of the lowest ratios to book value than it has in many years. So we are giving up something that I don't like to give up”
Class B stock split was "easy decision" | January 20, 2010
“Their vote is tougher because they need, because we own the shares we do already, they need 66 and 2 thirds percent of all shares not owned by Berkshire”
2010 Berkshire Hathaway Shareholder Letter
“Berkshire's Corporate Performance vs. the S&P 500 Annual Percentage Change Year in Per-Share Book Value of Berkshire”
2010 Berkshire Hathaway Shareholder Letter
“The per-share book value of both our Class A and Class B stock increased by 13% in 2010. Over the last 46 years, book value has grown from $19 to $95,453”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“the derivatives book Berkshire acquired was said by the accountants to be worth something positive, but the reality turned out to be negative $400 million”
2010 Berkshire Hathaway Shareholder Letter
“In Berkshire's case, we long ago told you that our job is to increase per-share intrinsic value at a rate greater than the increase”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“Q (James Armstrong, Berkshire shareholder, Pittsburgh) Last year you talked about a smart electrical grid. Are the BNSF rights of way useful for that?”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“Q (Alex Laga, a BRK and Wesco shareholder, Milwaukee) An engineering mentality is prone to paralysis by analysis”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“It's correct, but of very little use to how BRK operates.”
2010 Berkshire Hathaway Shareholder Letter
“our compounded annual gain in pre-tax, non-insurance earnings per share is 21.0%. During the same period, Berkshire's stock price increased at a rate of 22.1% annually.”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“BRK will be very successful long after we've gone. It has wonderful businesses and a durable culture.”
2010 Berkshire Hathaway Shareholder Letter
“When I took control of Berkshire in 1965, I didn't exploit this advantage. Berkshire was then only in textiles”
2010 Berkshire Hathaway Shareholder Letter
“Berkshire bought about one-third of the company in the market, a position that over the years increased to 50% because of GEICO's repurchases”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“We spent 6% of shares outstanding to acquire BNSF. We were getting low returns on cash, and we paid low rates”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“Berkshire is different, and a few others too, but those others are generally known and priced accordingly.”
2010 Berkshire Hathaway Shareholder Letter
“Berkshire's outstanding economics exist only because we have some terrific managers running some unusual businesses.”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“should our investment group buy more Berkshire? A ... We never—well, almost never—tell people when or whether to buy Berkshire.”
2010 Berkshire Hathaway Shareholder Letter
“These businesses entered the recession strong and will exit it stronger. At Berkshire, our time horizon is forever.”
2010 Berkshire Hathaway Shareholder Letter
“As long as I am CEO, I will continue to manage the great majority of Berkshire's holdings, both bonds and equities.”
2010 Berkshire Hathaway Shareholder Letter
“Imagine that Berkshire had a $10 billion increase in unrealized gains in a given year”
2010 Berkshire Hathaway Shareholder Letter
“At Berkshire, we have taken his $1,000 solution a bit further and have pledged that we will hold at least $10 billion of cash”
2010 Berkshire Hathaway Shareholder Letter
“Charlie and I have no interest in any activity that could pose the slightest threat to Berkshire's well-being.”
2010 Berkshire Hathaway Shareholder Letter
“our goal, which we pursue both through these annual letters and by our meeting discussions, is to give you a better understanding of the business that you own.”
2010 Berkshire Hathaway Shareholder Letter
“Somebody is doing something today at Berkshire that you and I would be unhappy about if we knew of it.”
When does Berkshire sell its stocks?
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
Buffett and Munger on nationalized health care
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
Berkshire's long-term derivatives will be profitable
“As a long-term Berkshire shareholder, I'm feeling a little like Slim today... our job is to make money over time at Berkshire Hathaway.”
2009 Annual Meeting Highlight Reel
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
"Capitalism is creative destruction"
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
"I do know when you're starting to get a lot for your money"
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
Will Berkshire be competitive in the long term?
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
"We are not big believers in contracts"
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
"We will not be spinning off companies"
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
Morning Session - 2009 Meeting
“Those are the directors of Berkshire Hathaway. Now, we only have one slide, which actually is more than we would usually have.”
Munger: China's BYD is a "damn miracle"
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
When does Berkshire sell its stocks?
“It does cause us to lose some bragging rights around the world in terms of our insurance promise”
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit I was disappointed when Moody's downgraded us.”
"We are not big believers in contracts"
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit I was disappointed when Moody's downgraded us.”
"I do know when you're starting to get a lot for your money"
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit I was disappointed when Moody's downgraded us.”
"We will not be spinning off companies"
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit I was disappointed when Moody's downgraded us.”
Buffett and Munger on nationalized health care
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit I was disappointed when Moody's downgraded us.”
Morning Session - 2009 Meeting
“they're all Berkshire Hathaway related questions. We were having a problem in recent annual meetings where we sort of drifted away from Berkshire”
Morning Session - 2009 Meeting
“we wanted to bring it back a little bit to Berkshire. So they have selected among the best of the Berkshire related questions”
Morning Session - 2009 Meeting
“I apologize to anybody who sent us a Berkshire-related question, because we did have to cut out some because they weren't that”
America has "a system that works"
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit I was disappointed when Moody's downgraded us.”
Munger: China's BYD is a "damn miracle"
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit I was disappointed when Moody's downgraded us.”
Will Berkshire be competitive in the long term?
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit rating? I was disappointed when Moody's downgraded us.”
When does Berkshire sell its stocks?
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit”
When does Berkshire sell its stocks?
“I was disappointed when Moody's downgraded us. We didn't really think that was going to happen”
When does Berkshire sell its stocks?
“I would say that the AAA change at Moody's is not, it's not going to be material in the future of Berkshire, but it still irritates me”
Derivatives are "a danger to the system"
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit rating?”
"Capitalism is creative destruction"
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit I was disappointed when Moody's downgraded us.”
Big investors should "embarrass" overpaid CEOs
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit I was disappointed when Moody's downgraded us.”
2009 Annual Meeting Highlight Reel
“How would you quantify the financial impact and damage of Berkshire losing its AAA credit rating? I was disappointed when Moody's downgraded us.”
Morning Session - 2009 Meeting
“our job is to make money over time at Berkshire Hathaway. It does not impinge on capital.”
Morning Session - 2009 Meeting
“As a long-term Berkshire shareholder, I'm feeling a little like Slim today... do you think these large derivative positions are appropriate for a highly rated insurance company”
Afternoon Session - 2009 Meeting
“how would you quantify the financial impact and damage of Berkshire losing its AAA credit rating, which increased the cost of capital of Berkshire”
Afternoon Session - 2009 Meeting
“We have a AAA from Standard & Poor's, but it's provisional, and they're going to look at it in about, I think they said, about 12 months.”
Afternoon Session - 2009 Meeting
“We certainly think, and we run it in a way, that there can be no stronger credit than Berkshire.”
Afternoon Session - 2009 Meeting
“I was disappointed when Moody's downgraded us. We didn't really think that was going to happen, but it did.”
Afternoon Session - 2009 Meeting
“in terms of our credit default swaps, which is a metric you can use for credit acceptance...that spread came down, actually.”
Afternoon Session - 2009 Meeting
“Warren, what are you doing actively to try to restore Berkshire's triple A rating? Do you think that Berkshire will be able to regain it?”
Afternoon Session - 2009 Meeting
“our credit of false swaps were costing that guy 5% a year. So if he was showing, say a $200 million asset, he was laying out $10 a year and he's going to have to lay it out for 15 years just because o”
Afternoon Session - 2009 Meeting
“modify their contracts with us and if they with us and if they want to modify them enough, we'll answer the phone. But in the meantime, we're sitting with the money.”
Afternoon Session - 2009 Meeting
“That is a – I think that's a durable competitive advantage...That is a plus for a Berkshire, even though it didn't work out of that case.”
Morning Session - 2009 Meeting
“we own stock in a company, you know, you better not count on the fact that you're going to change their course of action. And in terms of selling the stock”
Afternoon Session - 2009 Meeting
“Berkshire's largest acquisition, General Reid... Gen Re has worked out well after a terrible start.”
Afternoon Session - 2009 Meeting
“now we have an organization that we feel terrific about it and has a great future... we have an ability to turn your lemons into lemonade”
Afternoon Session - 2009 Meeting
“some of these companies would sell at higher multiples to book value than Berkshire currently does.”
Afternoon Session - 2009 Meeting
“BRK subsidiaries. I'm just trying to think whether we have any contracts. I hope not.”
Afternoon Session - 2009 Meeting
“we are not looking for something that gives a, you know, a one-month jump or something like that that in market value. If we've got a wonderful business, we want to continue it within Berkshire.”
Afternoon Session - 2009 Meeting
“Mid-American and BYD will be participating in it. So I think it's usually a mistake to think only about your probable misfortunes... And what's good about our situation now is the main technical probl”
Morning Session - 2009 Meeting
“Berkshire has two primary components of value, the investments that they own, the stocks, the bonds”
Morning Session - 2009 Meeting
“I happen to know that there was one buyer there who rather inartistically bought about 10,000 shares when Berkshire was driven to its absolute peak”
Afternoon Session - 2009 Meeting
“I think we have a marvelous insurance business. I don't want to trade it for any other that I know.”
Afternoon Session - 2009 Meeting
“the way we do it at Berkshire Hathaway is one-tenth of one percent of America. And the way everybody else does it is silly.”
Morning Session - 2009 Meeting
“Our casualty insurance business is probably the best big casualty insurance business in the world...the kind of position that Berkshire”
Morning Session - 2009 Meeting
“it reduces the value of Berkshire, as opposed to when stocks we're selling, well, 18 or 20 times earnings”
Morning Session - 2009 Meeting
“Berkshire was cheaper in relation to intrinsic value at the end of 2008. in 2007, at least in my opinion”
Afternoon Session - 2009 Meeting
“I'd like to grow my investment in Berkshire Hathaway, and I think we've established it's a wonderful company”
Afternoon Session - 2009 Meeting
“in terms of Berkshire's earnings, we will just keep doing things that makes, we think, makes sense.”
Morning Session - 2009 Meeting
“we measure our business performance, against the S&P, and we use book value as a conservative proxy for intrinsic business value... during any, we've never had a five-year period when we've underperfo”
Afternoon Session - 2009 Meeting
“even though a Geico will expand. It will not be reduced dramatically because it's just hits in certain areas, but it will be reduced. And our managers have to look at the reality”
Morning Session - 2009 Meeting
“how does Berkshire's strong balance sheet and credit rating help take advantage of buying opportunities”
Morning Session - 2009 Meeting
“we are at a significant disadvantage in any financing type of business where we are competing against people who are getting their funding”
Morning Session - 2009 Meeting
“will enormously benefit Berkshire's utility subsidiary. but that isn't the reason I'm raising it here.”
Afternoon Session - 2009 Meeting
“Berkshire has done a great job putting the right leaders and the right roles.”
Afternoon Session - 2009 Meeting
“our small life insurance companies pretty well full of desirable debt instruments at 10%. We certainly got a lot more of it than we had.”
Afternoon Session - 2009 Meeting
“we bought some fairly good sized pieces of bonds for Berkshire. And I also bought a few little things for myself. But I spend 99% of my time thinking about Berkshire.”
Afternoon Session - 2009 Meeting
“we are investing in utilities in gas pipelines, have you discovered the secret of long life for power plants”
Morning Session - 2009 Meeting
“And it actually have a situation like this at Berkshire now, which I may explain a little later”
Afternoon Session - 2009 Meeting
“1,057,57,573 shares of Class A, Berkshire Hathaway Common Stock Outstanding, with each share entitled to one vote”
Morning Session - 2009 Meeting
“Berkshire's sustainable competitive advantage is arguably you, Warren and Charlie... Berkshire does not have a simple, easy-to-grasp business model.”
Morning Session - 2009 Meeting
“the Berkshire model that doesn't happen. So while Warren and Charlie will soon be gone, not too soon in my case, but I'm a little worried about Warren.”
Afternoon Session - 2009 Meeting
“Consider the situation today with Russell, the subsidiary of Fruit of the Lunders, and a Berkshire Hathaway company...The management of Berkshire Hathaway should provide proper disclosure of that risk”
Morning Session - 2009 Meeting
“I think Berkshire Hathaway's system has legs. Okay, with that, we'll go to Becky.”
Afternoon Session - 2009 Meeting
“This is why so many universities have stopped doing business with Russell and why this has become such a problem for Berkshire Hathaway.”
Morning Session - 2009 Meeting
“They wouldn't be able to buy into the businesses we own. But they might very well do better piggybacking us in some way”
Morning Session - 2009 Meeting
“that's just our policy at Berkshire. The Post has a very good cable business. It has a very good education business”
Morning Session - 2009 Meeting
“the market will, in appropriate, will appropriately discount Berkshire's share price unless and until you abandon your self-defeating policy”
Morning Session - 2009 Meeting
“I got lots of questions sent in to me about the possibility of Berkshire buying its own shares.”
Morning Session - 2009 Meeting
“The only time we felt strongly that Berks should repurchase its shares was in roughly 2000, whenever it was”
2009 Berkshire Hathaway Shareholder Letter
“Berkshire's Corporate Performance vs. the S&P 500. Annual Percentage Change in Per-Share Book Value of Berkshire”
2009 Berkshire Hathaway Shareholder Letter
“Over the last 45 years (that is, since present management took over) book value has grown from $19 to $84,487, a rate of 20.3% compounded annually.”
2009 Berkshire Hathaway Shareholder Letter
“Our gain in net worth during 2009 was $21.8 billion, which increased the per-share book value of both our Class A and Class B stock by 19.8%.”
Sacrificing to Restore Market Confidence (2009)
“The writer, a Republican, is vice chairman of Berkshire Hathaway Inc., which owns 21 percent of The Washington Post Co.'s common stock.”
2009 Berkshire Hathaway Shareholder Letter
“With our acquisition of BNSF, we now have about 257,000 employees and literally hundreds of different operating units.”
Wesco Financial Annual Letter 2009
“Effective in 2006, insurance subsidiaries of Berkshire Hathaway became KBS's sole reinsurers.”
Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Is Berkshire doing anything to protect against inflation? Berkshire is aware that inflation is the long term way of the world.”
Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Kim Voss, Berkshire shareholder. Inflation is coming. How to hedge?”
2009 Berkshire Hathaway Shareholder Letter
“Berkshire has an 89.5% interest in MidAmerican Energy Holdings, which owns a wide variety of utility operations.”
2009 Berkshire Hathaway Shareholder Letter
“Interest on Berkshire junior debt ............................................. (58) (111)”
2009 Berkshire Hathaway Shareholder Letter
“Both are logical users of substantial amounts of debt that is not guaranteed by Berkshire. Both will retain most of their earnings.”
2009 Berkshire Hathaway Shareholder Letter
“our cash was down to $30.6 billion (with $8 billion earmarked for the BNSF acquisition). We've put a lot of money to work”
2009 Berkshire Hathaway Shareholder Letter
“Our blockbuster deal with BNSF required us to issue about 95,000 Berkshire shares that amounted to 6.1% of those previously outstanding”
2009 Berkshire Hathaway Shareholder Letter
“we first reported to you that we held such contracts in early 1998. The dangers that derivatives pose for both participants and society”
2009 Berkshire Hathaway Shareholder Letter
“In our BNSF acquisition, the selling shareholders quite properly evaluated our offer at $100 per share. The cost to us, however, was somewhat higher since 40% of the $100 was delivered in our shares, ”
2009 Berkshire Hathaway Shareholder Letter
“With our shareholder population much expanded, we expect even more this year. Therefore, we will have to make a few changes in the usual routine.”
“This description leaves aside my Berkshire Hathaway holdings, which are all committed to philanthropy.”
Buffett wants risk-averse portfolio managers
“four investment professionals who will at some point in time be running the portfolio for Berkshire Hathaway”
Susan Lucci "takes over" Berkshire
“Susan, my show is Berkshire Hathaway. And my role is to run it.”
Susan Lucci "takes over" Berkshire
“I'm going to be taking over Berkshire Hathaway. Well, you've certainly got some important qualities that Warren wants.”
Susan Lucci "takes over" Berkshire
“Warren has reportedly negotiated a permanent spot on the cast of All My Children. Apparently, Ms. Lucci is en route to Omaha as the new CEO of Berkshire.”
Morning Session - 2008 Meeting
“you and I can't do without Berkshire. So you mean the deal is off?”
Morning Session - 2008 Meeting
“Susan, my show is Berkshire Hathaway. And my role is to run it.”
Morning Session - 2008 Meeting
“He's going to be a big star at all my children, and I'm going to be taking over Berkshire Hathaway.”
"We buy businesses with great managers in place"
“We buy businesses with great managers in place...We've seen those people perform for, in many cases, decades...they come with the business...at Berkshire, are independently wealthy...250,000 working f”
“most people that own Berkshire do not see themselves as owning something with a little ticker symbol...they rather think of themselves as owning a group of things, those businesses”
Buffett and Munger's hopes for Berkshire's future
“What is your fondest hope for Berkshire Hathaway moving forward in time? Well, in a general way, I hope for two things. Obviously, I hope for decent performance.”
Buffett on risk awareness in investment banking
“It's not that Berkshire hasn't had wonderful service from investment banking all these years because we have.”
Afternoon Session - 2008 Meeting
“I regard myself as the chief risk officer at Berkshire. If something goes wrong at Berkshire because of – in terms of risk of the way we run the place”
Afternoon Session - 2008 Meeting
“when we bought Genree, it had about 23,000 derivative contracts, and I think I could have spent full time on that and not really been able to get my mind around how much risk we could”
2008 Annual Meeting Highlight Reel
“He's going to be a big star at all my children, and I'm going to be taking over Berkshire Hathaway. There are some changes I really think we need to make”
2008 Annual Meeting Highlight Reel
“What is your fondest hope for Berkshire Hathaway moving forward in time? I hope for decent performance, and I hope that the culture we have is maintained”
2008 Annual Meeting Highlight Reel
“I would like to see Berkshire even more deserved to be an exemplar, and I would like to see it have more actual influence on changes in other corporations”
Afternoon Session - 2008 Meeting
“It's not that Berkshire hasn't had wonderful service from investment banking all these years because we have.”
Afternoon Session - 2008 Meeting
“we have to go out, I still like to go out, of course, and sample all the bars, so we have a 15, I mean, I feel I owe that to the Berkshire shareholders”
Afternoon Session - 2008 Meeting
“I've been a longtime Berkshire shareholder since I was 16. Really like the company, really like your investment style”
Afternoon Session - 2008 Meeting
“what safeguards are in place to prevent a hedge fund or LBO shops from joining together and acquiring Berkshire Hathaway”
Afternoon Session - 2008 Meeting
“it would be about as unlikely to happen in the case of Berkshire as any company I can think of in the world”
Morning Session - 2008 Meeting
“we're proud of our business and how they operate. We do not give them elaborate guidelines... we're not going to lack for money at Berkshire Hathaway.”
Afternoon Session - 2008 Meeting
“four investment professionals who will at some point in time be running the portfolio for Berkshire Hathaway”
Morning Session - 2008 Meeting
“There is no pressure from Berkshire's corporate office to report X dollars per of earnings in any quarter.”
Morning Session - 2008 Meeting
“in both Berkshire and Westcoe. I run a website called Financialfoghorn.com.”
Afternoon Session - 2008 Meeting
“You can see how risk-averse Berkshire is. In the first place, we try and behave in a way, so that no rational person is going to worry about our credit.”
Afternoon Session - 2008 Meeting
“We really want to run Berkshire so that if the world isn't working tomorrow the way it's working today... we don't have a problem.”
Afternoon Session - 2008 Meeting
“Obviously, we could have run Berkshire with more leverage over the years than we have.”
Afternoon Session - 2008 Meeting
“have almost all their net worth in Berkshire, including me, and we wouldn't feel comfortable running a business that way.”
Morning Session - 2008 Meeting
“What we really like at Berkshire is buying good size to very large first-class businesses with first-class management and just sitting there”
Morning Session - 2008 Meeting
“We still think Berkshire is an attractive investment over a long period of time. We think that it stacks up reasonably well with other very large companies.”
Morning Session - 2008 Meeting
“So anyone that expects us to come close to replicating the past should sell their stock...we're not going to get indecent results. And in this field, we prefer indecent, but we're not going to get the”
Afternoon Session - 2008 Meeting
“If you own Berkshire stock, you're automatically saving because we retain earnings and you're in director interest in those retained earnings is a form of savings.”
Afternoon Session - 2008 Meeting
“Think of Berkshire Hathaway. We want to be on their radar screen.”
Morning Session - 2008 Meeting
“but it doesn't have any big significance for Berkshire”
Morning Session - 2008 Meeting
“Berkshire will make some extra money out of this. It doesn't take any time to think about.”
Morning Session - 2008 Meeting
“I'm a shareholder in Berkshire, Westco, and Cologne Rie. I want to thank you and Ithammer to take the initiative and the Kheim to come to four cities in Europe and and potentially throughout the world”
Morning Session - 2008 Meeting
“sent like $1.3 billion in cash profits to Omaha”
Morning Session - 2008 Meeting
“you couldn't put big money out in it. So it could be in stocks, it could be in bonds...couldn't put big money out in Berkshire to make a difference”
Morning Session - 2008 Meeting
“I have enough stock so that I'm reasonably assured of keeping the job. But let's just assume for the moment that there were three other candidates out there”
Afternoon Session - 2008 Meeting
“They think Berkshire hathaway is the place where we want the ownership of this business”
Afternoon Session - 2008 Meeting
“I would like to see Berkshire even more deserved to be an exemplar”
Afternoon Session - 2008 Meeting
“I think we have about a stronger culture, as you can find in this country among American businesses”
Afternoon Session - 2008 Meeting
“I fully expect that what we've tried to build into Berkshire lives far beyond, you know, my tenure as CEO”
Afternoon Session - 2008 Meeting
“we are regarded as the best home in the world for large, wonderful family businesses”
Afternoon Session - 2008 Meeting
“What is your fondest hope for Berkowitz? Harkshire Hathaway moving forward in time? Well, in a general way, I hope for decent performance.”
Afternoon Session - 2008 Meeting
“indicated in the proxy statement that accompanied the notice of this meeting that was sent to all shareholders of record on March 5, 2008, being the record being the record date for this meeting, ther”
Afternoon Session - 2008 Meeting
“Mr. Forrest credit or Secretary of Berkshire, he wants to He will make a written record of the proceedings.”
Morning Session - 2008 Meeting
“There are, there are stocks. I mean, actually, there's quite a few people in this room that have close to 100% of their net worth in Berkshire”
Afternoon Session - 2008 Meeting
“those from outside of North America. We will, Charlie and I will meet with them personally. And I thank you all for coming. I hope you come back next year and bring your friends. Thank you. To appropr”
Morning Session - 2008 Meeting
“that says that of the best and most troublesome advertisers, Berkshire Hathaway, is near the bottom at 444 out of 452”
Morning Session - 2008 Meeting
“our biggest advertiser would be GEICO. We spent over $700 million a year on advertising... I can't think of any other company at Berkshire”
Morning Session - 2008 Meeting
“At Berkshire, you know, we own stocks in a whole bunch of different, our insurance companies own stocks in separate portfolios”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“learnings from Berkshire Hathaway”
Warren Buffett 2008 Interview (Ivey Archive)
“Berkshire Hathaway is run as a partnership.”
Wesco Financial Annual Letter 2008
“pools managed by an insurance subsidiary of Berkshire Hathaway, Wesco's 80%-owning”
2008 Berkshire Hathaway Shareholder Letter
“Our decrease in net worth during 2008 was $11.5 billion, which reduced the per-share book value of both our Class A and Class B stock by 9.6%.”
2008 Berkshire Hathaway Shareholder Letter
“Charlie and I simply focus on four goals: (1) maintaining Berkshire's Gibraltar-like financial position, which features huge amounts of excess liquidity”
Wesco Financial Annual Letter 2008
“National Indemnity Company ("NICO"), another Berkshire Hathaway insurance subsidiary, for the assumption of 10%”
Wesco Financial Annual Letter 2008
“Effective in 2006, insurance subsidiaries of Berkshire Hathaway became KBS's sole reinsurers.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“If we turn to Berkshire Hathaway, we have faults, but some of standard faults we deliberately avoid.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“At Berkshire, we are ridiculously conservative. Even our reserves have reserves. We don't have to renew our credit every Monday morning.”
Warren Buffett 2008 Interview (Ivey Archive)
“Just check the Berkshire Hathaway website for the letters.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“I don't think Berkshire will perish when Warren dies. I had lunch with two Berkshire executives, and my heavenly days, those two guys are likely to make that business one of best in the world.”
2008 Berkshire Hathaway Shareholder Letter
“MidAmerican proposed its purchase of PacifiCorp in 2005, regulators in the six new states we would be serving immediately checked our record in Iowa.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Academic response to Berkshire has been pathetic. It is soft science with enviable formulas.”
Wesco Financial Annual Letter 2008
“Business and human quality in place at Wesco continues to be not nearly as good, all factors considered, as that in place at Berkshire Hathaway.”
2008 Berkshire Hathaway Shareholder Letter
“Insurance group has propelled Berkshire's growth since we first entered the business in 1967.”
Wesco Financial Annual Letter 2008
“websites of Wesco's subsidiaries and parent, Berkshire Hathaway, from Wesco's website”
Warren Buffett 2008 Interview (Ivey Archive)
“Tom Murphy for example from Berkshire. I can tell you about a whole bunch of others”
2008 Berkshire Hathaway Shareholder Letter
“That's where General Re excels: It is the only reinsurer that is backed by an AAA corporation.”
Wesco Financial Annual Letter 2008
“quality disparity in book value's intrinsic merits has, in recent years, continued to widen in favor of Berkshire Hathaway.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“With portfolio of $2m, vs. that of Berkshire, how would your mandate be different?”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“As Chairman of Berkshire, I hate issue or pay. I mean, we pay a lot of money and we have no negotiating power.”
2008 Berkshire Hathaway Shareholder Letter
“Charlie and I continue to look with astonishment – and appreciation! – at the accomplishments of Iscar's management.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Those people trust us. They trust Warren, and rightly so. You saw an interesting example of deserved trust working in real world and in Omaha. By the way, we love that position.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“We exclude a whole lot of things because they are in the too tough pile. If you exclude, you do better...We look for things that can be done.”
2008 Berkshire Hathaway Shareholder Letter
“Early in 2008, we activated Berkshire Hathaway Assurance Company ("BHAC") as an insurer of the tax-exempt bonds”
2008 Berkshire Hathaway Shareholder Letter
“Now, imagine that all of the city's bonds had instead been insured by Berkshire. Would similar belt-tightening, tax increases, labor concessions, etc. have been forthcoming?”
2008 Berkshire Hathaway Shareholder Letter
“At a minimum, Berkshire would have been asked to "share" in the required sacrifices. And, considering our deep pockets, the required contribution would most certainly have been substantial.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Berkshire could save a lot of money, but we just haven't done it. We have some companies in lower tax zones.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Berkshire would have been a mess if it had ever stopped learning. Only reason we've been able to keep a shred of decency in our record is that we have been hell bent to keep learning.”
2008 Berkshire Hathaway Shareholder Letter
“When Berkshire purchased General Re in 1998, we knew we could not get our minds around its book of 23,218 derivatives contracts”
2008 Berkshire Hathaway Shareholder Letter
“time bomb I first discussed in Berkshire's 2002 report”
2008 Berkshire Hathaway Shareholder Letter
“Considering the ruin I've pictured, you may wonder why Berkshire is a party to 251 derivatives contracts”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“let it be known that they would like to sell out to Berkshire Hathaway. And looking back, I should have figured out”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“Well, I certainly think at Berkshire Hathaway, it's better. But there are people that aren't equipped.”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“if there were 10 rating agencies, all equally well regarded, all acceptable to the market, and you only needed one on when Berkshire Hathaway's bond”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“Mr. Buffett, you've said that you're interested in long-run value and not short-term profits. Were you aware of the problems in the structured credit housing-related?”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“there's no way, Berkshire Hathaway, even with a good reputation and all earnings and CPA reports attesting to the fact that the 20 billion in cash is really there”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“We have 260,000 employees at Berkshire. Somebody's doing something wrong now.”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“I mean, we run Berkshire that way. And when people stretch and they get rewards”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“your 2,000 and 2, Berkshire Hathaway shareholder letter, famously referred to derivatives...financial weapons of mass destruction”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“I would ask that the 1982 letter by Mr. Buffett to John Dingle be placed in the record”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“has shocked everyone, including the estimable Mr. Buffett”
USC Gould Commencement Speech (2007)
“If you take Berkshire Hathaway, which is certainly one of the best regarded corporations in the world and may have the best long-term investment record in the entire history of civilization.”
USC Gould Commencement Speech (2007)
“You don't want your Berkshire Hathaway's run that way. You want to get the power into the right people.”
Morning Session - 2007 Meeting
“I am your new chairman. So I hope you like that. Don't run out to sell. I'm keeping mine.”
Morning Session - 2007 Meeting
“as a longtime Berkshire-Hathaway stockholder and shareholder, The big question is, you know, those guys are getting up in age”
"We're not looking for someone to teach"
“I was wondering if you could expand on that, and how would I apply for that job? I think you just did. We're not looking for someone to teach. I probably didn't make that clear enough in the annual re”
Afternoon Session - 2007 Meeting
“We buy futures at Berkshire, we buy bonds at Berkshire, we buy currencies, we buy businesses.”
Afternoon Session - 2007 Meeting
“we think the most logical fund is the one we have at Berkshire where essentially we can do anything that makes sense”
How to protect yourself from inflation
“I think that Berkshire would not do as well during high rates of inflation at all as it does in real terms, as it does in periods of low inflation.”
Morning Session - 2007 Meeting
“we're wasting away in Berkshire Hathawayville today”
Morning Session - 2007 Meeting
“this holding company's on fire. So who was the wizard?”
Morning Session - 2007 Meeting
“wasting away again in Birkshire Hathawayville. Searching for my for my lost shaker's soul.”
Morning Session - 2007 Meeting
“Wasting away again in Berkshire Hathawayville. For some good companies to buy.”
Morning Session - 2007 Meeting
“we have the greatest group of managers, and for that matter, we've got the greatest group of stockholders of any company I know of”
Morning Session - 2007 Meeting
“managing Berkshire for the benefit of all of us without any big two and 20% fees, without stock option plans”
Afternoon Session - 2007 Meeting
“We will not run big risks at Berkshire. Now, we will be willing to lose, as I put in the annual report, $6 billion in a given catastrophe”
Afternoon Session - 2007 Meeting
“Mid-American. You are a great businessman who have built an incredible empire. We sure could use your creativity and expertise”
Afternoon Session - 2007 Meeting
“This is my second time at the Berkshire Hathaway meeting that I have attended.”
Morning Session - 2007 Meeting
“I would welcome people shorting Berkshire Hathaway. I mean, if you own stock and they need to borrow from you, you can get some extra income from your stock”
Morning Session - 2007 Meeting
“if anything that we've owned...if anybody wants the naked short, Berkshire Hathaway, they can do it until the cows come home”
Morning Session - 2007 Meeting
“the naked short, Berkshire Hathaway, they can do it until the cows come home and we'll be happy to them.”
Morning Session - 2007 Meeting
“If enough people shorted Berkshire stock, they would have to borrow it, and they would pay you to borrow your stock”
Afternoon Session - 2007 Meeting
“I agree as a mid-American holding company and Berkshire-Hathaway directors, I will recuse myself”
Morning Session - 2007 Meeting
“we intended to use any cash generated to try and buy into better businesses than we had. And we were fortunate enough to be able to buy in the insurance business in 1967”
Morning Session - 2007 Meeting
“And the balance sheet is gross considering the small beginnings of the place. Now, what on earth has caused this extreme record?”
Morning Session - 2007 Meeting
“what's hard to judge at Berkshire is the likely that you'll have anything like the past to look forward to. Berkshire has gotten very extreme in terms of investment results.”
Morning Session - 2007 Meeting
“what we think the intrinsic value of Berkshire is, our figures would not be the same. They'd be reasonably close.”
Morning Session - 2007 Meeting
“we have, whatever the figure is in the annual report, roughly $80,000 in marketable securities. If our insurance business breaks even, that $80,000 is free to us”
Morning Session - 2007 Meeting
“determined what the present value actually should have been at Berkshire going back that far. It's the same situation today.”
Morning Session - 2007 Meeting
“If you had looked at the intrinsic value of Berkshire in 1965, we had a textile business that was probably worth about $12 a share.”
Afternoon Session - 2007 Meeting
“I think that Berkshire would not do as well during high rates of inflation at all as it does in real terms”
Morning Session - 2007 Meeting
“Warren has improved since he passed the retirement age of man...you shareholders greatly because you had this long run with power extremely concentrated”
Morning Session - 2007 Meeting
“we have 60 some of them at Berkshire, and on Monday I will go over the directors with the directors, I'll go over all 60 some”
Morning Session - 2007 Meeting
“Four years ago or whenever it was when we started to liquidate Henry's portfolio. We had reserves set up for in the hundreds of millions... our stuff was marked to market.”
Morning Session - 2007 Meeting
“If I'm valuing some contract at plus a million dollars for Berkshire, that contract on the other side, it's just one piece of paper.”
Afternoon Session - 2007 Meeting
“When I gave away 2% of Berkshire Hathaway to acquire Dexter's shoe, that was one of the dumbest deals in the history of the world.”
Afternoon Session - 2007 Meeting
“I think we've got a sensational group at Berkshire. You have a group with a almost everybody on the board having a significant percentage of their net worth.”
Morning Session - 2007 Meeting
“distribute cash that give Berkshire its value. And we try to increase that ability to distribute cash year by year”
Afternoon Session - 2007 Meeting
“dual class structure at Berkshire, but because I converted a whole bunch of shares to B, I own about the same percentage”
Morning Session - 2007 Meeting
“In terms of our own businesses, you mentioned General Reed. Gen Re writes way less business that would be subject to the annual increments in global warming”
Morning Session - 2007 Meeting
“when Berkshire was a small fraction of its current size, you spoke of the difficulty in playing a game you did not understand”
Afternoon Session - 2007 Meeting
“I'm Warren Buffett, Chairman, the Board of Directors. With the company, I welcome you to this 2007 annual meeting of shareholders.”
Afternoon Session - 2007 Meeting
“Berkshire Hathway not invest in the securities of any foreign corporation or subsidiary thereof that engages in activities”
Afternoon Session - 2007 Meeting
“Berkshire Hathaway can play a role in ending this slaughter by divesting in PetroChina, as we'll shortly describe.”
Afternoon Session - 2007 Meeting
“Berkshire Hathaway is the major non-Chinese investor in CNPC's subsidiary, PetroChina.”
Afternoon Session - 2007 Meeting
“Berkshire Hathaway was asked, which is, what's not? Next, if we engage PetroChina, ask them about these questions”
Afternoon Session - 2007 Meeting
“Mr. Buffett, this morning, you said a great thing... You were talking about gambling. We urge you to think the same way about genocide.”
Afternoon Session - 2007 Meeting
“If a shareholder of Westco were to complain to the management of Westco, which is analogous to PetroChina, about the fact that, let's say, that Berkshire bought”
Afternoon Session - 2007 Meeting
“If somebody complained to Berkshire about something that was going on at Westco, we could certainly introduce action.”
Afternoon Session - 2007 Meeting
“The people here who have come, who own stock in Berkshire Hathaway, have obviously made the choice, even though they disagree”
Afternoon Session - 2007 Meeting
“I see no effect whatsoever in Berkshire Hathaway trying to tell the Chinese government how to conduct their business.”
Afternoon Session - 2007 Meeting
“We do not have a Berkshire-Hathaway funding just because we believe that women should have the right to choose”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Warren Buffett and his creation, Berkshire Hathaway, so unusually successful... in the top five. It's a lollapalooza.”
2007 Berkshire Hathaway Shareholder Letter
“Berkshire's Corporate Performance vs. the S&P 500... Annual Percentage Change in Per-Share Book Value of Berkshire”
2007 Berkshire Hathaway Shareholder Letter
“Our gain in net worth during 2007 was $12.3 billion, which increased the per-share book value of both our Class A and Class B stock by 11%.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Warren Buffett of Singapore... Warren is very objective... being a great investor. The money comes in, people look up to you”
Wesco Financial Annual Letter 2007
“participation in several risk pools managed by an insurance subsidiary of Berkshire Hathaway, our 80%-owning parent”
2007 Berkshire Hathaway Shareholder Letter
“we will need large and sensible acquisitions to get the growth in operating earnings we wish. Here, we made little progress in 2007 until very late in the year. Then, on Christmas day, Charlie and I f”
2007 Berkshire Hathaway Shareholder Letter
“I think our rare and hard-to-replicate managerial structure gives Berkshire a real advantage.”
2007 Berkshire Hathaway Shareholder Letter
“managers who have joined Berkshire. This is an unusual group in several ways. First, most of them have no financial need”
2007 Berkshire Hathaway Shareholder Letter
“Charlie Munger, my partner at Berkshire, and I will continue to measure our progress by the two yardsticks”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I think almost anybody can draw those lessons from Warren's achievement at Berkshire. The interesting thing is you could go to the top business schools”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire's a very reputable place, full of the right kind of people with the right kind of values. If your expectations are moderate and you like to sleep well at night, it's not a bad place to have ”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“The Munger family has the better part of $2 billion in Berkshire...I'm quite content to hold that position and I hope my family members will hold an overwhelming amount of that for a long time”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“if you get Warren Buffett for 40 years and the bastard finally dies on you, you don't really have a right to complain”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has bought somewhat faster. The two companies have never followed the same path.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire is full of places that are likely to be alright.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I'm continuously bullish. Berkshire is a great place.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Gen Re is a hell of a good place. Joe said to me that with $11 billion of net worth and Berkshire's name and reputation”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire is a better business operation by far. First of all, the guy there is 76. The momentums are way better.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“we don't have the same prospects as Berkshire, but you cult members make that hard to do because you keep bidding up its shares”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“We're looking for a few people to manage money for a few years, hoping that one or more of them turn into the next Warren. [context: Berkshire CIO]”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It's very unlikely that Berkshire will be making large distributions of what you call excess capital”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I'm hopeful we can do this, though we won't do as well as Berkshire.”
2007 Berkshire Hathaway Shareholder Letter
“All of that, except for the $32 million, has been sent to Berkshire (or, in the early years, to Blue Chip).”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Warren is actually still improving. I know it's hard to believe, but he's in a field where one can actually improve at Warren's age.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“If Salomon had gone under, it wouldn't have been trouble for Berkshire but would have been terrible for the country and Warren.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“very small ones (which are not much use to Berkshire, with its $120 billion)”
2007 Berkshire Hathaway Shareholder Letter
“Since joining Berkshire in 1986, Ajit Jain has built a truly great specialty reinsurance operation”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Andy was decisive, he bought all the Berkshire stock he could on margin, it went up”
2007 Berkshire Hathaway Shareholder Letter
“Berkshire has an 87.4% (diluted) interest in MidAmerican Energy Holdings, which owns a wide variety of utility operations.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It's a different lifestyle than Berkshire's. We almost never sell – we don't want to do that.”
2007 Berkshire Hathaway Shareholder Letter
“We agreed to purchase 35,464,337 shares of MidAmerican at $35.05 per share in 1999... to Berkshire.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“If you're really wise and fortunate, you get to be like Berkshire. We have high opportunity costs.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“How did Berkshire's track record happen? If you were an observer, you'd see that Warren did most of it sitting on his ass and reading.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Considering its size, Berkshire has supported fewer lawyers than any company I can think of.”
2007 Berkshire Hathaway Shareholder Letter
“At yearend 2007, we show an insurance liability of $56 billion that represents our guess as to what we will eventually pay for all loss events that occurred before yearend”
2007 Berkshire Hathaway Shareholder Letter
“Having laid out the failures of an "honor system" in American accounting, I need to point out that this is exactly the system existing at Berkshire for a truly huge balance-sheet item.”
Sometimes "character and talents jump off the page"
“whether the first quarter or the second quarter was that good at Berkshire Hathaway. But what did happen in which we announced last night, which was very important, the acquisition”
"Our country can easily handle the Social Security question"
“the acquisition of a large, extremely well-managed, profitable, really extraordinary company called ISCAR...We understood that this is the right combination for us”
Housing market: "We see a slowdown every place"
“in which we announced last night, which was very important, the acquisition of a large, extremely well-managed, profitable, really extraordinary company called ISCAR”
2006 Annual Meeting Highlight Reel
“whether the first quarter or the second quarter was that good at Berkshire Hathaway. But what did happen in which we announced last night, which was very important, the acquisition”
Morning Session - 2006 Meeting
“we released our earnings yesterday after the close... we don't pay any attention to realize gains or losses. We had some gains this year.”
Morning Session - 2006 Meeting
“five years from now, nobody will remember whether the first quarter or the second quarter was that good at Berkshire Hathaway”
Afternoon Session - 2006 Meeting
“I have no concern about the next CEO of Berkshire Hathaway to take this company forward, but I do wonder about this phone”
Afternoon Session - 2006 Meeting
“I bought B.S. years till March 3, 2000, at 1410 before they hit the low on March 10th. And it became at that time 40% of my portfolio. And I still own all those shares”
Afternoon Session - 2006 Meeting
“joining Berkshire is going to be the same experience with their companies as it's been in the past... Berkshire is sort of one of a kind, and it's continuing to be one of a kind”
Afternoon Session - 2006 Meeting
“They can't find that elsewhere. And they'll continue to find it at Berkshire.”
Morning Session - 2006 Meeting
“somebody came to us and asked, have you heard about Berkshire Hathaway and Mr. Buffett? We said, yes, we heard, but we never thought about it. And when we started starting about the company, we unders”
Afternoon Session - 2006 Meeting
“We will have, at Berkshire, a fair amount of our earning power coming from other countries with other currencies, but we will always be primarily in the United States.”
Afternoon Session - 2006 Meeting
“I made a couple of billion dollars. Yes, I was, as I was about to say that as I was, as it's happened, so far, it's been a very profitable, uh, non-event.”
Afternoon Session - 2006 Meeting
“about half of our surplus cash was stashed short term in currencies other than the dollar. I regard that as almost a non-event.”
Morning Session - 2006 Meeting
“We designed compensation systems at Berkshire. We have dozens and dozens and dozens of companies.”
Afternoon Session - 2006 Meeting
“he knew about Berkshire Hathaway from having been a family shareholder with the Chase's way, way back. And that had caused him to follow the matter with interest”
Morning Session - 2006 Meeting
“Berkshire has that, although it's so minor that it doesn't really make any difference. But we've been on other boards.”
Afternoon Session - 2006 Meeting
“how you would look at the Berkshire annual report, what numbers in the balance sheet or the cash flows would tell you that Berkshire is underpriced”
Afternoon Session - 2006 Meeting
“if you regard yourself as a serious owner of Berkshire, it's really worth reading the whole report, thinking about what is there?”
Afternoon Session - 2006 Meeting
“if I were sitting with all of my net worth in Berkshire and had been on a desert island for a year and the manager was reporting to me”
Afternoon Session - 2006 Meeting
“what is Berkshire is going to be worth 10 years from now will depend on the earnings that we have developed”
Morning Session - 2006 Meeting
“the system is aided greatly by Berkshire's subsidiary MITEC. So, and stick-built housing is amazingly efficient”
Morning Session - 2006 Meeting
“With 40 billion cash, I'm wondering whether Berkshire Hathaway should have a similar closet rule for deployment of surplus shareholder cash.”
Morning Session - 2006 Meeting
“normal level of cash at Berkshire as being about $10 billion...we have $37 billion at the end of March”
Morning Session - 2006 Meeting
“we managed to put an awful lot of wonderful stuff into Berkshire in the last 10 years”
Morning Session - 2006 Meeting
“how do I value the Berkshire-Hathaway reinsurance group in light of the deferred charges on retroactive policies”
Morning Session - 2006 Meeting
“NetJets is a substantial part of our operations. Unfortunately, its value is obscured by losses in recent years”
Afternoon Session - 2006 Meeting
“we have no objection to anybody selling Berkshire short at all. The more shorts, the better, because they have to buy the stock later on.”
Morning Session - 2006 Meeting
“NetJets has grown rapidly, and so far, our expenses have grown faster than our revenue... I did not anticipate. I thought we would have economies of scale”
Afternoon Session - 2006 Meeting
“Anybody wants to do that with Berkshire? You know, they, they, more power to them.”
Afternoon Session - 2006 Meeting
“1,260,704 shares of Class A, Berkshire Hathaway, common stock outstanding, with each share until to one vote”
Morning Session - 2006 Meeting
“we won't be thinking about what Berkshire did that day in the stock market.”
Morning Session - 2006 Meeting
“When Berkshire has gotten cheap, and cheap. We found other even cheaper stocks to buy.”
Morning Session - 2006 Meeting
“Berkshire is better set to survive than anybody else, but it won't make much difference.”
Morning Session - 2006 Meeting
“you both felt Walmart and Budweiser were trading at a deeper discount to their intrinsic values than Berkshire was”
Morning Session - 2006 Meeting
“we've got a wonderful company, and so we're just going to buy the stock, come hell or high water”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Welcome to the Wesco annual meeting for the die-hard groupies of Berkshire Hathaway.”
2006 Berkshire Hathaway Shareholder Letter
“Berkshire's Corporate Performance vs. the S&P 500 / Annual Percentage Change in Per-Share Book Value of Berkshire”
2006 Berkshire Hathaway Shareholder Letter
“Our gain in net worth during 2006 was $16.9 billion, which increased the per-share book value of both our Class A and Class B stock by 18.4%.”
2006 Berkshire Hathaway Shareholder Letter
“Charlie and I measure Berkshire's progress and evaluate its intrinsic value in a number of ways”
Wesco Financial Annual Letter 2006
“its entrée to the business community as a Berkshire Hathaway company, CORTline now seems to be moving in the right direction”
2006 Berkshire Hathaway Shareholder Letter
“Berkshire has become "the buyer of choice" for business owners and managers. Initially, we were viewed that way only in the U.S.”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“that is nuts by the standards of Berkshire Hathaway and Wesco.”
2006 Berkshire Hathaway Shareholder Letter
“That left Berkshire. Paul and I met on the morning of November 15th and made a deal before lunch.”
2006 Berkshire Hathaway Shareholder Letter
“the all-important cost of Berkshire's float over time is likely to be significantly below that of the industry”
2006 Berkshire Hathaway Shareholder Letter
“Last year – we are getting now to Equitas – Berkshire agreed to enter into a huge retroactive reinsurance contract”
2006 Berkshire Hathaway Shareholder Letter
“And how will Berkshire fare? That depends on how much "known" claims will end up costing us”
2006 Berkshire Hathaway Shareholder Letter
“At Berkshire, and at a number of our subsidiaries, NetJets aircraft are an indispensable business tool.”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“so we can't merge it into Berkshire. There are a lot of irritating conflicts. But I like you and I don't feel guilty because you can always sell your stock”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“We love having the float at Berkshire. If we didn't have it, Berkshire would be worth less than it is.”
2006 Berkshire Hathaway Shareholder Letter
“Berkshire couldn't have better partners. Somewhat incongruously, MidAmerican owns... Interest on Berkshire junior debt”
2006 Berkshire Hathaway Shareholder Letter
“Frankly, we are not as well-prepared on the investment side of our business. There's a history here: At one time, Charlie was my potential replacement for investing, and more recently Lou Simpson has ”
2006 Berkshire Hathaway Shareholder Letter
“we hope will succeed me as Berkshire's chief investment officer when the need for someone to do that arises”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Look at Berkshire's Gen Re derivative book. It was valued at $400 million on the balance sheet [but when he reached for the money, it wasn't there].”
2006 Berkshire Hathaway Shareholder Letter
“We now own $61 billion of equities at Berkshire, whose value can easily rise or fall by 10% in a given year.”
2006 Berkshire Hathaway Shareholder Letter
“Last year, in Berkshire's $98 billion of revenues, all of $25,920 came from Blue Chip.”
2006 Berkshire Hathaway Shareholder Letter
“At Berkshire, after all, I am a one-man compensation committee who determines the salaries and incentives for the CEOs of around 40 significant operating businesses.”
2006 Berkshire Hathaway Shareholder Letter
“And we're certainly going to keep it that way at Berkshire. Though Charlie still favors sackcloth and ashes, I prefer to be spoiled rotten.”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It's not as good as the kind of stocks Berkshire would own, but it's not crazy.”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Look at Berkshire and our paper record, which is obviously much better [than the investment track records of the pension fund managers]: we use 6.5%.”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It doesn't affect Berkshire because we don't offer Directors & Officers coverage, though we do cover product liability.”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It's not a problem we've had at Berkshire, but look at how far it's spread.”
2006 Berkshire Hathaway Shareholder Letter
“By both our policies and shareholder communications, Charlie and I will do our best to ensure that Berkshire sells at neither a large discount nor large premium”
2006 Berkshire Hathaway Shareholder Letter
“Berkshire also tends to sell at an appropriate price, but with annual volume that is only 15% of shares outstanding.”
2006 Berkshire Hathaway Shareholder Letter
“A few shareholders have expressed concern that sales of Berkshire by the foundations receiving shares will depress the stock.”
2006 Berkshire Hathaway Shareholder Letter
“Overall, Berkshire's business performance will determine the price of our stock, and most of the time it will sell in a zone of reasonableness.”
2006 Berkshire Hathaway Shareholder Letter
“Walter meanwhile went on overperforming, his job made easier by the misguided instructions that had been given to those young minds.”
2006 Berkshire Hathaway Shareholder Letter
“We will help you do that by filling the 194,300 square foot hall that adjoins the meeting area with the products of Berkshire subsidiaries.”
Afternoon Session - 2005 Meeting
“To what degree do you expect a large decline in the value of the dollar to trigger inflation that would adversely impact Berkshire's equity holdings and its businesses?”
Rejecting traditional asset allocation strategies
“Well, if you look at Berkshire, you will find that it really doesn't do much of conventional asset allocation to categories.”
Why Berkshire doesn't sell its businesses
“if we owned 100% of Berkshire, we wouldn't do it that way. And we don't, we just, we want the shareholders to know that we have this, this mindset”
What has been your best investment?
“the Berkshire system is we have a tax-efficient and kind of frictionless way of moving money to the best opportunities”
Being a director is a "tough job"
“At Berkshire, all the directors are rich, and they own a lot of stock in Berkshire, and they're all very smart, and they don't get any liability insurance”
Rejecting traditional asset allocation strategies
“back for many years, we had more than the net worth of Berkshire in equity positions.”
Rejecting traditional asset allocation strategies
“if the junk bond thing had gone on a little longer instead of having $7 billion in there, we might have had $30 billion in”
"Do they love the money or do they love the business?"
“We don't have any contracts at Berkshire. They don't work as far as far as I'm concerned.”
2005 Annual Meeting Highlight Reel
“we try to run Berkshire that way”
Morning Session - 2005 Meeting
“people associated with Berkshire may have told the authorities”
Afternoon Session - 2005 Meeting
“I think most of us here, having our savings in Berkshire Hathaway. Thank you.”
Afternoon Session - 2005 Meeting
“Mr. Buffett and Mr. Munger... I believe an important part of Berkshire's success has been your skillful oversight of the wholly owned subsidiaries.”
Afternoon Session - 2005 Meeting
“run the businesses that we buy as well as, or nearly as well as, the people that have been running them over time”
Morning Session - 2005 Meeting
“how you see Berkshire positioned versus others... how you see Berkshire positioned are returns in strategies”
Afternoon Session - 2005 Meeting
“I think the Berkshire system will work very well after we're gone. It's a very simple system.”
Morning Session - 2005 Meeting
“your Berkshire stock will not do as well under these conditions as it would do if the conditions of five years ago or 20 years ago existed”
Morning Session - 2005 Meeting
“Charlie and I are at a disadvantage in buying businesses because we have almost all of our net worth in the downside as well as the upside... that's a different equation that exists at Berkshire.”
Afternoon Session - 2005 Meeting
“that's the view from Berkshire's Democratic chairman. And the odd part of Berkshire on this issue is that the right-wing Republican”
Afternoon Session - 2005 Meeting
“our auditors at Berkshire, how many hours did they spend last year? I don't know what it would be, probably 60, 70,000 hours.”
Afternoon Session - 2005 Meeting
“aside from your holdings in Berkshire Hathaway, you got completely out of the market and stayed out”
Afternoon Session - 2005 Meeting
“But for Berkshire Hathaway sitting here in 2005, it just doesn't interest us at all.”
Afternoon Session - 2005 Meeting
“how come Berkshire doesn't invest in real estate. And I believe the answer was that we like operating business.”
Morning Session - 2005 Meeting
“that's why we have only 21 billion in foreign exchange contracts. Charlie might have a little less, or maybe none, if he were running it entirely...at Berkshire might well be quite positive.”
Morning Session - 2005 Meeting
“Well, yeah, there's one of the Berkshire directors lives adjacent to what I regard is a pretty modest little house”
Afternoon Session - 2005 Meeting
“At Berkshire, all the directors are rich, and they own a lot of stock in Berkshire, and they're all very smart”
Afternoon Session - 2005 Meeting
“we have the best board in the country”
Morning Session - 2005 Meeting
“we would have paid $75 million. Same thing at the Grammys. I mean, we take on risks that very few people want to write.”
Afternoon Session - 2005 Meeting
“we have a group that has, every one of them has significant money invested in Berkshire. They all bought it in the market just like you did.”
Afternoon Session - 2005 Meeting
“Charlie and I in managing Berkshire try to do things, put money in things that we understand...we'll stick within what we consider to be our circle of competence”
Afternoon Session - 2005 Meeting
“If we owned 100% of Berkshire, we wouldn't do it that way. And we don't, we just, we want the shareholders to know that we have this, this mindset”
Morning Session - 2005 Meeting
“maybe a merger of some sorts between Berkshire and Microsoft is in the works”
Afternoon Session - 2005 Meeting
“they did not have the capital strength of Berkshire, and that contract went before the Pennsylvania insurance department”
Afternoon Session - 2005 Meeting
“where you envision Berkshire Hathaway going. Yeah, I'll be glad to. But we are hoping to build a powerhouse”
Morning Session - 2005 Meeting
“Well, if you look at Berkshire, you will find that it really doesn't do much of conventional asset allocation to categories.”
Morning Session - 2005 Meeting
“we have 80% of our money or more, well over 80%, tied to this country and to the dollar. So it's, it's not like, you know, we've left the country”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“corporate governance, the investment world, how we're adapting at Berkshire Hathaway and Wesco”
“Berkshire Hathaway and Wesco Financial Annual Meetings By Whitney Tilson”
“Berkshire is drowning in money-we have great businesses pounding out money.”
2005 Berkshire Hathaway Shareholder Letter
“Over the last 41 years (that is, since present management took over) book value has grown from $19 to $59,377, a rate of 21.5% compounded annually.”
2005 Berkshire Hathaway Shareholder Letter
“Berkshire had a decent year in 2005. We initiated five acquisitions (two of which have yet to close) and most of our operating subsidiaries prospered.”
2005 Berkshire Hathaway Shareholder Letter
“Our gain in net worth during 2005 was $5.6 billion, which increased the per-share book value of both our Class A and Class B stock by 6.4%.”
“remarks he has made at past Berkshire Hathaway and Wesco Financial annual meetings”
Wesco Financial Annual Letter 2005
“Berkshire Hathaway, our 80%-owning parent, recently covering hull, liability and workers' compensation exposures relating to the aviation industry”
Wesco Financial Annual Letter 2005
“other Berkshire subsidiaries have sold several times as much reinsurance to the same customers on the same terms”
Wesco Financial Annual Letter 2005
“another Berkshire insurance subsidiary, as intermediary without profit, covering certain multi-line property and casualty risks”
“Since 1964, when Warren, and some years later, Charlie, assumed management of Berkshire, its market value has increased an astonishing 13,500 times, from $10 million to roughly $135 billion”
“Behind the extraordinary story of Berkshire Hathaway are two financial geniuses: the widely acclaimed Warren Buffett and his "silent partner," Charlie Munger”
2005 Berkshire Hathaway Shareholder Letter
“I won't be telling Pete how to manage his operation. Forest River has 60 plants, 5,400 employees and has consistently gained share in the RV business, while also expanding into other areas such as boa”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“At Berkshire Hathaway we do not like to compete against Chinese manufacturers. They learn fast and are good at getting things to you.”
2005 Berkshire Hathaway Shareholder Letter
“When an insurer earns an underwriting profit – as has been the case at Berkshire in about half of the 39 years we have been in the insurance business”
2005 Berkshire Hathaway Shareholder Letter
“I told you last year about GEICO's entry into New Jersey in August, 2004... That simple formula immediately impressed me 55 years ago when I first discovered GEICO.”
Wesco Financial Annual Letter 2005
“Due to the current size of Wesco and its parent, Berkshire Hathaway, Wesco's opportunities for growing shareholders' equity are unlikely to be as attractive”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Look at Berkshire Hathaway – the last five things Warren has done have generated returns that are splendid by historical standards, but now give him $100 billion in assets and measure outcomes across ”
Wesco Financial Annual Letter 2005
“quality disparity in book value's intrinsic merits has, in recent years, continued to widen in favor of Berkshire Hathaway”
Wesco Financial Annual Letter 2005
“each dollar of book value at Wesco continues plainly to provide much less intrinsic value than a similar dollar of book value at Berkshire Hathaway”
Wesco Financial Annual Letter 2005
“Business and human quality in place at Wesco continues to be not nearly as good, all factors considered, as that in place at Berkshire Hathaway”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“That's how we operate Berkshire – a seamless web of deserved trust. We get rid of the craziness, of people checking to make sure it's done right.”
2005 Berkshire Hathaway Shareholder Letter
“Rod Eldred of Berkshire Hathaway Homestate Companies”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Despite my words, I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.”
2005 Berkshire Hathaway Shareholder Letter
“one that reflects the subsequent conversion of our preferred. All future financial reports of Berkshire will include MidAmerican's figures.”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“that's not how they think at Berkshire Hathaway. There're very rational. We don't use standard actuarial tables”
“Berkshire Hathaway ended up acquiring the company. Charlie built the Wheeler, Munger partnership from 1962 through 1975.”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I don't think Berkshire Hathaway will blow its hand in this way. It would never do that.”
“the story of Berkshire Hathaway's extraordinary success under Warren and Charlie's leadership has been told many times”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire Hathaway is always trying to create a seamless web of deserved trust.”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Despite my words, I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It's amazing how well for Berkshire and Clayton. If Clayton were an independent company, they'd have trouble.”
“Warren Buffett, as a sort of modern baton carrier for a Ciceronian point of view, is now doing a good job in intimating Cicero and Franklin in old age.”
2005 Berkshire Hathaway Shareholder Letter
“It's been an easy matter for Berkshire and other owners of American equities to prosper over the years.”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I don't think Berkshire Hathaway will blow its hand in this way. It would never do that. We would do some very unpleasant things to prevent something that would have very bad consequences far into the”
2005 Berkshire Hathaway Shareholder Letter
“As we consolidate MidAmerican, our new balance sheet may suggest that Berkshire has expanded its tolerance for borrowing.”
2005 Berkshire Hathaway Shareholder Letter
“We are not interested in incurring any significant debt at Berkshire for acquisitions or operating purposes.”
2005 Berkshire Hathaway Shareholder Letter
“Whatever occurs, though, Berkshire will have the net worth, the earnings streams and the liquidity to handle the problem with ease.”
2005 Berkshire Hathaway Shareholder Letter
“Charlie and I have faced this situation from time to time at Berkshire's subsidiaries.”
2005 Berkshire Hathaway Shareholder Letter
“Every share of Berkshire that I own is destined to go to philanthropies, and I want society to reap the maximum good from these gifts and bequests.”
2005 Berkshire Hathaway Shareholder Letter
“We have an outstanding group of directors, and they will always do what's right for shareholders.”
“long appreciative letter from a Berkshire Hathaway shareholder in Sweden”
“When my friend Buffett and I left our respective graduate schools, we found huge predictable patterns”
“Others may try to duplicate Berkshire Hathaway, but they won't be able to duplicate these two exceptional minds.”
“we're not willing to manipulate in any way just to make some quarter look a little better. And that's a very different ethos from the standard... at Berkshire, I'll bet as I sit here at least one of t”
“You cite the Warren Buffett rule for outcry auctions: 'Don't go.' Then you say, 'We don't go to the closed bid auctions either'”
“Warren Buffett and Charlie Munger are undoubtedly the greatest investment duo ever, so any investor who fails to learn as much as possible about these two men”
“you can read the last thirty of them for free at www.berkshirehathaway.com”
“On stage at the Berkshire annual meeting, Warren generally takes the first stab at answering a question”
“at the special meeting for the Gen Re acquisition in September 1998”
“he comments extensively on Berkshire Hathaway and many business- and investing related topics”
“Warren does most of the talking at the Berkshire meeting, I always like to attend the Wesco annual meeting”
“I hate to be an optimist, but we have added a lot of wonderful businesses to Berkshire over the past few years.”
“Berkshire Is a Hell of a Business... The businesses that Berkshire has acquired will return thirteen percent pretax on what we paid for them, maybe more.”
“The future will be harder for Berkshire Hathaway for two reasons: 1) We're so big. It limits our investment options”
“Berkshire's Acquisition Strategy Two-thirds of acquisitions don't work. Ours work because we don't try to do acquisitions-we wait for no-brainers.”
“Berkshire is full of people who have a peculiar passion for their own business. I would argue passion is more important than brain power.”
“Berkshire Shareholders We like our current shareholders and don't want to entice anyone to become one. I think our reporting, considering the complexity of the enterprise, is better than that of any ”
“When Warren is gone, the acquisition side of Berkshire will not do as well, but the rest will do well.”
“I'd be horrified if it isn't bigger and better over time, even after Warren dies.”
“Berkshire is drowning in money-we have great businesses pounding out money. If the stock went down, Berkshire could buy it back.”
“Warren once said to me, "I'm probably misjudging academia generally [in thinking so poorly of it] because the people that interact with me have bonkers theories."”
“Berkshire and Wesco are full of cash that we don't know what to do with. Berkshire has $70 billion if you count the bonds”
“he claimed to have owned a lot of berkshire stock and to have made a lot of money on it, but I checked the shareholder records”
“If it's a sin, then I hope all of Berkshire Hathaway subsidiaries are sinners.”
“we-by which I mean Berkshire Hathaway-are the largest shareholder in Capital Cities/ABC.”
“Berkshire Hathaway, by and large, does not invest in these people that are "surfing" on complicated technology.”
“one of the greatest economists of the world is a substantial shareholder in Berkshire Hathaway and has been from the very early days after Buffett was in control”
“His textbook always taught that the stock market was perfectly efficient and that nobody could beat it. But his own money went into Berkshire and made him wealthy.”
“If you look at Berkshire Hathaway and all of its accumulated billions, the top ten insights account for most of it.”
“If you invested Berkshire Hathaway-style, it would be hard to get paid as an investment manager as well as they're currently paid”
“the bulk of the billions in Berkshire Hathaway has come from the better businesses”
“Berkshire's Christmas present for Uncle Sam: On my right, Berkshire 2004 Federal tax return- l0,249 pages and three billion plus total tax.”
“Berkshire would be a pale shadow of its present self. Warren would have gotten rich... But he wouldn't have the kind of enterprise Berkshire Hathaway is”
“Look at what General Electric has achieved-and, for that matter, what Berkshire Hathaway has achieved.”
“top ten business investments Berkshire Hathaway's ever made. We would be very rich”
“You and Buffett have said that Berkshire stock is overvalued and you don't recommend buying it.”
“We didn't say [we thought it was overvalued]. We just said that we wouldn't buy it or recommend that our friends buy it at the prices then prevailing.”
“But that just related to Berkshire's intrinsic value as it was at that time.”
“Berkshire annual report got a lot of praise for being pessimistic and for expressing concern about the shrinking pool of opportunities”
“Look at Berkshire Hathaway. I call it the ultimate didactic enterprise. Warren's never going to spend any money.”
“one of whom kept explaining Berkshire Hathaway's investing success by adding standard deviations of luck”
“The foundation can follow the example of Berkshire Hathaway, and thus get total annual croupier costs below one-tenth of one percent of principal per annum”
“imitation of the investment practices of Berkshire Hathaway in maintaining marketable equity portfolios with virtually zero turnover”
“I tend to prefer over direct foreign investment Berkshire's practice of participating in foreign economies through the likes of Coca-Cola and Gillette.”
“One is Berkshire Hathaway, and the other is my personal educational history. Berkshire, of course, has finally gotten interesting. When Warren took over Berkshire, the market capitalization was about ”
“And forty-something years later, there are not many more shares outstanding now than there were then, and the market capitalization is about a $100 billion, ten thousand for one.”
“Berkshire Hathaway's success as follows: First, he said Berkshire beat the market in common stock investing through one sigma of luck”
“Yet, believe it or not, like the Jules Stein doctor, people once believed this stuff... But Berkshire never paid any attention to it.”
“Well, Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory”
“in my history and Berkshire's history, Berkshire went on and on into considerable economic success while ignoring the hard-form efficient markets doctrine”
“Berkshire had this former savings and loan company, and it had made this loan on a hotel right opposite the Hollywood Park Racetrack.”
“Buffett said that the genie's out of the bottle and the hangover may be proportional to the binge.”
“Consider Berkshire Hathaway', one of the best-regarded corporations in the world. It may have the best long-term. big-assets-involving investment record”
“You don't want your Berkshire Hathaway's run that way either. You want to provide a lot of playing time for your best players.”
“You don't want your Berkshire Hathaway's run that way either. You want to provide a lot of playing time for your best players.”
“I also gave Cialdini a share of Berkshire stock [Class A] to thank him for what he had done for me and the public.”
“As I have shared the observation of life with Warren Buffett over decades, I have heard him wisely say”
“At Berkshire, there is a common injunction: "Always tell us the bad news promptly. It is only the good news that can wait."”
“many Berkshire Hathaway shareholders I know never sell or give away a single share after immense gains”
“Susan Buffett was a director of Berkshire Hathaway, the second largest stockholder.”
Morning Session - 2004 Meeting
“Dudley is a regular at Berkshire Hathaway. We don't count him in the 15.8”
Could Bill Gates do Buffett's job?
“we've got at least four people within the Berkshire organization that in many respects could do my job better than I do”
Berkshire stock vs. index fund
“Well, we never recommend buying or selling Berkshire. But I would say that among the various propositions offered you a very low-cost index fund”
2004 Annual Meeting Highlight Reel
“I'm Warren Buffett, Chairman of the Board of Berkshire Hathaway, and I welcome you to this meeting.”
Afternoon Session - 2004 Meeting
“we're managing so much of our own money at Berkshire that to take on the responsibility for managing another group of people”
Afternoon Session - 2004 Meeting
“I believe it is our responsibility as shareholders to think for ourselves and ensure that Berkshire is run as respectively in the future it has been until now.”
Morning Session - 2004 Meeting
“you will see in the first quarter report of Berkshire the charge for the $73 million of last year, plus the $30 million in the first quarter of this year”
Morning Session - 2004 Meeting
“Berkshire has gotten so large that we, there are all kinds of things that are lumped together in the consolidated statements”
Morning Session - 2004 Meeting
“we try to write everything in plain English at Berkshire, and we try to explain things within the body of the letter”
Morning Session - 2004 Meeting
“Mr. Forrest Crutter is Secretary of Berkshire. He will make a written record of the proceedings.”
Afternoon Session - 2004 Meeting
“Thank you, Warren and Charlie, for providing this forum and teaching over the years. It's much appreciated. In a recent New York Times magazine cover story titled Up and Smoke, David Sokol, who runs B”
Afternoon Session - 2004 Meeting
“We've got the lowest turnover of any large American corporation... people who understand their investment in Berkshire better than any other large American corporation.”
Morning Session - 2004 Meeting
“Mr. Buffett, who accounted for 31% of the equity of the company, was giving away almost 55% of the charitable gifts.”
Afternoon Session - 2004 Meeting
“We've got the best group of shareholders in the world. And I think that a meeting like this, to some extent, is evidence of it.”
Afternoon Session - 2004 Meeting
“not splitting and some other things we do at Berkshire has attracted a group of shareholders that really come the closest to an investment-oriented group”
Afternoon Session - 2004 Meeting
“Berkshire trades, on average, $50 million or so of stock a day. So there's very few people that are going to have any problem with Berkshire, the liquidity in the stock.”
Afternoon Session - 2004 Meeting
“Excluding the Buffett's stake, I'm going to combine A and B shares. And there are approximately 1 million A shares outstanding”
Afternoon Session - 2004 Meeting
“I would be willing to pay you $0.25 an A share. That way you could save a little extra money”
Afternoon Session - 2004 Meeting
“we're paying you 10 cents a share to manage a $90,000 investment. That's remarkable in today's corporate culture.”
Afternoon Session - 2004 Meeting
“Slide number one is the situation at Berkshire, and surely I'll give you one of these, but that's the situation at Berkshire shortly before we bought National Indemnity.”
Morning Session - 2004 Meeting
“If Berkshire Hathaway owns 200 million shares of Coca-Cola, $10 billion worth, to not be able, it's a little silly not to think that the interest that Berkshire Hathaway has”
Afternoon Session - 2004 Meeting
“There's a lot in Berkshire that is like that. It's just a little different from the way other people do it.”
Morning Session - 2004 Meeting
“the ultimate generational transfer of Berkshire away from its current base of long-term self-sufficient. selected and well-informed shareholders”
Morning Session - 2004 Meeting
“You can make a lot of money working for Berkshire. Not if you're chairman or vice chairman, but there's a chance to make a lot of money”
Morning Session - 2004 Meeting
“John Holland took over fruit of the loom a couple of years ago...that's what we'll have with John the rest of his life”
Morning Session - 2004 Meeting
“use this specific example as a reminder about Berkshire's compensation philosophy related to pay for performance versus the more popular approaches”
Afternoon Session - 2004 Meeting
“I sent you my business analysis of your investment in Scott Fetzer Company... you were very kind to write me that my analysis”
Afternoon Session - 2004 Meeting
“It's been simple for us at Berkshire. We've had these principles in mind for a long time, And we really want people to understand those principles”
Afternoon Session - 2004 Meeting
“most of the world does not, in the world. any way imitate Berks or Hathaway. This is a quirky few.”
Morning Session - 2004 Meeting
“keep the masterpiece that you've assembled together, as well as keep these very talented managers of all the Berkshire Hathaway companies together”
Morning Session - 2004 Meeting
“Berkshire, as we noted in the report, as a heavy contributor to the Treasury, as I mentioned, if only 540 entities in the country paid what we pay in income tax”
Morning Session - 2004 Meeting
“In this year's annual report, you defended Berkshire's tax payment record against criticism from certain newspaper columnists”
Afternoon Session - 2004 Meeting
“would your answer be different in its applicability to Berkshire Hathaway as a company as opposed to us”
Afternoon Session - 2004 Meeting
“if Warren is looking at them, I don't know about it. Yeah, they, I mentioned earlier how you, an”
Afternoon Session - 2004 Meeting
“would the attitude of Berkshire Hathaway be different if supposed to invest it? Yeah, because the IPOs are”
Afternoon Session - 2004 Meeting
“could we as investors and Berkshire Hathaway not apply some of your disciplines to look at investing”
Afternoon Session - 2004 Meeting
“We kind of view ourselves as the Berkshire Hathaway of Infertility treatment... I'm happy to have our savings safe with you”
Morning Session - 2004 Meeting
“we're going to make a lot of mistakes at Berkshire. And we've made them in the past, we'll make them in the future.”
Morning Session - 2004 Meeting
“some of the people in this room loaded up on Berkshire many years ago. And the truth was they didn't need diversification, you know. I loaded up on it that Charlie did.”
Afternoon Session - 2004 Meeting
“Jean-Rie, which had been rated AAA, it still is because Berkshire is involved, but which had been rated AAA”
Morning Session - 2004 Meeting
“I feel especially tied to Berkshire Hathaway, as I am both a vendor to Nebraska Furniture Mart, Star Furniture, and R.C. Willey”
Afternoon Session - 2004 Meeting
“He claimed, incidentally, to be a huge shareholder of Berkshire Hathaway, and have made all this money. And I went to the shareholders list”
Morning Session - 2004 Meeting
“Gen Re had written a lot of workers' comp reinsurance. And it's been a bit of a bloodbath.”
Afternoon Session - 2004 Meeting
“the $600 million investment Berkshire made in value capital”
Morning Session - 2004 Meeting
“we're not going to have something around Berkshire that's hurting a bunch of people that have devoted their lives to working with us”
Afternoon Session - 2004 Meeting
“We ended 2003 with about 5.422 billion of operating earnings...I knocked off 103 billion of liabilities and minority interest. I divided by 1,537,000 shares to arrive at what I thought was a conservat”
Morning Session - 2004 Meeting
“Berkshire Hathaway stock to your charitable Foundation, along with your 30% of the votes of the company...what assurance do the Berkshire-Hathaway shareholders have that the company will continue to b”
Afternoon Session - 2004 Meeting
“the kind of funds that keep flowing into Omaha. Charlie? Yeah, and you shouldn't necessarily get overly excited about last year. As Warren said, that is a, yeah. It was a very unusual year when everyt”
Morning Session - 2004 Meeting
“I would far rather bet on the integrity of the family that succeeds me, plus the managers that succeed me, at Berkshire, remaining true”
Morning Session - 2004 Meeting
“would you recommend that they buy a low-cost S&P index fund or Berkshire Hathaway and why? Well, we never, we never recommend buying her. We never recommend buying or selling Berkshire”
Afternoon Session - 2004 Meeting
“Berkshire, I think, is an extreme extraordinarily strong position in respect to any kind of a financial cataclysm. I think we would be definitely the last man standing and then some.”
2004 Berkshire Hathaway Shareholder Letter
“Berkshire's Corporate Performance vs. the S&P 500 Annual Percentage Change in Per-Share Book Value of Berkshire”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has created an annual meeting that has cult-like attractions – attractions that attract an enormous number of people.”
2004 Berkshire Hathaway Shareholder Letter
“Our gain in net worth during 2004 was $8.3 billion, which increased the per-share book value of both our Class A and Class B stock by 10.5%.”
2004 Berkshire Hathaway Shareholder Letter
“Berkshire's long-term performance versus the S&P remains all-important. Our shareholders can buy the S&P through an index fund at very low cost.”
Wesco Financial Annual Letter 2004
“Berkshire Hathaway, our 80%-owning parent, covering hull, liability, workers' compensation and satellite exposures relating to the aviation industry”
2004 Berkshire Hathaway Shareholder Letter
“Berkshire therefore ended the year with $43 billion of cash equivalents, not a happy position. Charlie and I will work to translate some of this hoard”
2004 Berkshire Hathaway Shareholder Letter
“I didn't do that job very well last year. My hope was to make several multi-billion dollar acquisitions that would add new and significant streams of earnings”
2004 Berkshire Hathaway Shareholder Letter
“Last year, Berkshire's book-value gain of 10.5% fell short of the index's 10.9% return. Our lackluster performance was not due to any stumbles by the CEOs”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has $70 billion if you count the bonds, and Wesco is drowning in cash.”
2004 Berkshire Hathaway Shareholder Letter
“As managers, Charlie and I want to give our owners the financial information and commentary we would wish to receive if our roles were reversed.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has never believed in extreme diversification.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“invested it in insurance and many years later, a business with a $10 million market cap become one with $100 billion”
Wesco Financial Annual Letter 2004
“Business and human quality in place at Wesco continues to be not nearly as good, all factors considered, as that in place at Berkshire Hathaway”
2004 Berkshire Hathaway Shareholder Letter
“Since Berkshire purchased National Indemnity ("NICO") in 1967, property-casualty insurance has been our core business”
2004 Berkshire Hathaway Shareholder Letter
“This is not Donald Trump's sort of place.) NICO is not labor-intensive, and, as the table suggests, can live with excess overhead.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“COMMENTS ON BERKSHIRE HATHAWAY & ITS SUBSIDIARIES”
2004 Berkshire Hathaway Shareholder Letter
“at Berkshire, we are fully prepared. Our share of the loss would probably be 3% to 5%, and earnings from our investments and other businesses would comfortably exceed that cost.”
2004 Berkshire Hathaway Shareholder Letter
“Ajit's value to Berkshire is enormous.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“If we know enough to beat the market over time, we know enough not to tell everyone, who could act in ways that might hurt us.”
2004 Berkshire Hathaway Shareholder Letter
“Because one major lender after another has fled the field, financing continues to be devil manufacturers... Here Berkshire's support has proven valuable to Clayton.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I'd argue that's the board we have at Berkshire and to a lesser extent at Wesco. Warren said to me once, "I think we may have the best board in the country"”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I think boards would be better if they were run like Berkshire Hathaway's.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“The investment advisors who come to the Berkshire meeting are not a cross-section”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I would bet a lot of money that both Gen Re and Berkshire are way more conservative than average”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“That being said, Berkshire has a hedge fund that's like a private fixed arb account.”
2004 Berkshire Hathaway Shareholder Letter
“Berkshire bought NetJets in 1998”
2004 Berkshire Hathaway Shareholder Letter
“Lou Simpson manages about $2½ billion of equities that are held by GEICO, and it is his transactions that Berkshire is usually reporting.”
2004 Berkshire Hathaway Shareholder Letter
“a prompt solution would likely cause Berkshire to record losses on its foreign-exchange contracts. But Berkshire's resources remain heavily concentrated in dollar-based assets”
2004 Berkshire Hathaway Shareholder Letter
“Berkshire purchases life insurance policies from individuals and corporations who would otherwise surrender them for cash.”
2004 Berkshire Hathaway Shareholder Letter
“Berkshire's extreme decentralization makes this system particularly valuable both to me and the committee. (In a sprawling "city" of 180,000 – Berkshire's current employee count”
2004 Berkshire Hathaway Shareholder Letter
“the counterweight is the well-being of $8 billion of Coke stock held by Berkshire... the Berkshire board is a model”
2004 Berkshire Hathaway Shareholder Letter
“my successor at Berkshire may well receive much of his pay via options, albeit logically-structured ones”
2004 Berkshire Hathaway Shareholder Letter
“Kelly Muchemore, the Flo Ziegfeld of Berkshire, put on a magnificent shopping extravaganza last year”
2004 Berkshire Hathaway Shareholder Letter
“shareholder-partners at Berkshire's annual meeting. So join us on April 30th at the Qwest for our annual Woodstock for Capitalists.”
“But as head of Berkshire Hathaway, I am in charge of investing its money in ways that make sense.”
“this time backing it with Berkshire Hathaway's money. Through the spring of 2002, I had lived nearly 72 years without purchasing a foreign currency. Since then Berkshire has made significant investmen”
“Any profits Berkshire might make from currency trading would pale against the losses the company and our shareholders, in other aspects of their lives, would incur from a plunging dollar.”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“Non-use of Efficient Market Theory at Berkshire”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“Berkshire, of course, has finally gotten interesting. When Warren took over Berkshire, the market capitalization was about ten million dollars.”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“Berkshire beat the market in common stock investing through one sigma of luck, because nobody could beat the market except by luck.”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form.”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“Berkshire never paid any attention to it. And now I think the world is coming our way and the idea of perfection in all market outcomes is going the way of the DoDo.”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“Berkshire Hathaway just opened a furniture and appliance store in Kansas City”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“the largest selling furniture and appliance store in the world was another Berkshire Hathaway store”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“Berkshire had this former savings and loan company, and it had made this loan on a hotel right opposite the Hollywood Park Racetrack.”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“Buffett said that the genie's out of the bottle and the hangover may be proportionate to the binge.”
The cost of Berkshire's lost opportunities is "awesome"
“the amount of money that's been blown by dumb decisions at headquarters at Berkshire Hathaway is awesome”
Buffett wants managers who "love their businesses the way I love Berkshire"
“They are not going to let anything happen to their businesses. They can, you know, they'll tell me to butt out if I'm going to screw up something in their operations... Certainly, Berkshire is full of”
Morning Session - 2003 Meeting
“Those are the directors of Berkshire Hathaway. As we mentioned in the annual report, we will be adding some directors”
Morning Session - 2003 Meeting
“concerning their firm's audit of the accounts of Berkshire. And I might say that almost any question would be appropriate.”
Morning Session - 2003 Meeting
“1,309,423 shares of Class A, Berkshire Hathaway Common Stock Outstanding, with each share entitled to one vote”
Morning Session - 2003 Meeting
“a proposal put forth by Berkshire shareholder, Christopher J. Freed... the shareholder-designated contributions program”
Afternoon Session - 2003 Meeting
“you said you'd buy shares back at 45,000. You weren't saying that Berkshire Hathway's intrinsic value was 45,000, you were saying it was significantly more”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire and Wesco never have and never will [behave this way].”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has raised the opportunity bar by looking at stocks, bonds, private companies, public companies, etc.”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“There's no reason to think it will go to hell in a bucket, and I think there's reason to believe it could go on quite well.”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I think Berkshire is structured so that it's unlikely to fall back the way GM has.”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“We like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value.”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Warren is actually improving. It's remarkable: most almost-72-year-old men are not improving, but Warren is.”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire can handle a big number loss. I'm quite comfortable watching those two people do it.”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“There have been two times that my Berkshire stock holdings have fallen by more than 50%.”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has way more value per dollar of book value [than Wesco].”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“At Berkshire, there's been a deafening silence [on what we think of the stock price]. Berkshire is trading in a reasonable way”
Wesco Financial Annual Letter 2003
“the quality disparity in book value's intrinsic merits has, in recent years, continued to widen in favor of Berkshire Hathaway.”
Wesco Financial Annual Letter 2003
“Business and human quality in place at Wesco continues to be not nearly as good, all factors considered, as that in place at Berkshire Hathaway.”
Wesco Financial Annual Letter 2003
“each dollar of book value at Wesco continues plainly to provide much less intrinsic value than a similar dollar of book value at Berkshire Hathaway.”
Wesco Financial Annual Letter 2003
“the websites of Wesco's subsidiaries and parent, Berkshire Hathaway.”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire's SQUARZ deal in 2002... Berkshire issued... not many people are able to do that.”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“He likes these guys [Buffett and Munger], gets to know them better, doesn't ask a consultant if he should buy a burlap bag manufacturer”
Stock Options and Common Sense
“chief executive officer of Berkshire Hathaway Inc., a diversified holding company”
The effects of 9/11 on Berkshire and the insurance industry
“We have written, the first thing we had to do, of course, is we had lots of policies on the books that left us exposed to this”
Afternoon Session - 2002 Meeting
“I wanted to tell you personally what Berkshire Hathway has meant for me. By owning it, we have become philanthropists in Cleveland.”
The effects of 9/11 on Berkshire and the insurance industry
“the area at Berkshire that it affects most significantly by miles is insurance. And prior to 9-11, even though we recognize that there could be huge monetary damages”
How Buffett decides it's a time to sell a stock
“I've never sold a share of Berkshire. having bought the first shares in 1962”
How to know when you're in your "circle of competence"
“using Berkshire's credit and so on. So even though I could understand every individual”
Morning Session - 2002 Meeting
“their firm's audit of the accounts of Berkshire. Mr. Forrest Crutter is Secretary of Berkshire.”
Morning Session - 2002 Meeting
“Gloria Patrick, a Berkshire Hathaway shareholder, has asked me to present for action at this meeting the following proposal.”
Morning Session - 2002 Meeting
“The directors are recommended that the shareholders vote against this proposal. We will now open the floor to recognize Ms. Patrick or her designee to present her proposal.”
Morning Session - 2002 Meeting
“this is already Berkshire Hathaway policy with regard to its operating subsidiaries. As Chairman Buffett explained”
Morning Session - 2002 Meeting
“charitable contributions should serve to enhance shareholder value. Whereas, the company has given money”
Morning Session - 2002 Meeting
“ongoing boycott of Berkshire Hathaway company products are not a good thing”
Morning Session - 2002 Meeting
“if you invest in Berkshire Hathaway stock, you won't need Social Security”
Morning Session - 2002 Meeting
“shareholder money is entrusted to the Board of Directors to be investment in a prudent manner for the shareholders”
Morning Session - 2002 Meeting
“our company is being boycotted by Life Decisions International and Investment-related groups like ProVita Advisors”
Morning Session - 2002 Meeting
“Charitable contributions to simple-minded population control programs, in which governments impose restrictions on childbearing, are not in Berkshire Hathaway's interest.”
Morning Session - 2002 Meeting
“Ralph is in the Berkshire Hathaway Hall of Fame. I mean, this is like being at Cooperstown”
Afternoon Session - 2002 Meeting
“more money was made by people that had options on General Re stock during a period when General Re contributed to a decrease in value of Berkshire”
Morning Session - 2002 Meeting
“our stock turns over, is less turnover in the shares of Berkshire than any other company of major size in the country, which means, in effect, we have more what I would call real owners.”
Morning Session - 2002 Meeting
“I've never sold a share of Berkshire, having bought the first shares in 1962”
Morning Session - 2002 Meeting
“There's nothing more important to Berkshire than to have that float at least be maintained”
Morning Session - 2002 Meeting
“it's not impossible that that asbestos litigation actually produces some opportunities for Berkshire in terms of buying companies out of bankruptcy”
Morning Session - 2002 Meeting
“it gets more interesting if Berkshire, it could get more interesting if Berkshire is involved”
Afternoon Session - 2002 Meeting
“whether I can continually fund it, you know, on a basis independent from using Berkshire's credit and so on”
Morning Session - 2002 Meeting
“the area at Berkshire that it affects most significantly by miles is insurance. And prior to 9-11, even though we recognize that there could be huge monetary damages”
Afternoon Session - 2002 Meeting
“One of the drawbacks to Berkshire, of course, is that Charlie and I, our circles largely overlap.”
Morning Session - 2002 Meeting
“if we ever do anything really foolish and in danger, take an aggregation that would cause us to lose the net worth of Berkshire, we would not only not be able to pay the claims”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“If Berkshire were owned by institutions, it would already be in the S&P 500”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“We don't like our stocks [Berkshire and Wesco] to get too high -- only deservedly high”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“in the prospectus for the Berkshire B shares, we said we wouldn't advise anyone to buy our stock”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“there would be more opportunity to buy back Wesco and Berkshire shares”
Wesco Financial Annual Letter 2002
“A three-year arrangement entered into in 2000 through an insurance subsidiary of Berkshire Hathaway, our 80%-owning parent”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Losses crept up on everybody. You'd think that under Berkshire, their reserving, which was always very good, would be more conservative”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It's a crazy idea for people who are already rich -- like Berkshire -- to be in this business.”
Wesco Financial Annual Letter 2002
“going back to a time before Berkshire Hathaway had any interest in Wesco”
Wesco Financial Annual Letter 2002
“excerpt from Warren Buffett's recent letter to shareholders of our parent company”
Wesco Financial Annual Letter 2002
“each dollar of book value at Wesco continues plainly to provide much less intrinsic value than a similar dollar of book value at Berkshire Hathaway.”
Wesco Financial Annual Letter 2002
“Business and human quality in place at Wesco continues to be not nearly as good, all factors considered, as that in place at Berkshire Hathaway.”
Berkshire's long-term advantages
“Bercher. The investment game is getting more and more competitive. And I see no sign that that is going to change.”
Morning Session - 2001 Meeting
“I'm Warren Buffett, Chairman of the Board of Directors of the company, I welcome you to this 2001 annual meeting of shareholders.”
"Growth and value, they're indistinguishable"
“Berkshire with a very limited headquarters staff, and that staff pretty old, we are especially partial to laying out large sums of money under circumstances where we won't have to be smart again.”
Afternoon Session - 2001 Meeting
“if you look at Berkshire Hathaway as a portfolio of you've got wholly owned subsidiaries as operating businesses, marketable securities”
Morning Session - 2001 Meeting
“That number represents 1,116,384 Class A shares, and 4,507,896 Class B shares are represented at this meeting”
Morning Session - 2001 Meeting
“the eight businesses that we bought over the last six. 16 or 18 months. Our first preference is and has been for many decades”
Morning Session - 2001 Meeting
“Berkshire Hathaway, fistful of dollars. And she says, what should we invest in now”
Morning Session - 2001 Meeting
“What should she invest in or what should Berkshire invest in? And what should Berkshire invest in? Well, Berkshire, Berkshire would like very much to buy businesses”
Morning Session - 2001 Meeting
“we've really not been impeded in any way by the fact that Berkshire Hathaway itself is not an insurance company”
Morning Session - 2001 Meeting
“As an insurance holding company, Berkshire Hathaway is subject to regulation by insurance departments in every state”
Morning Session - 2001 Meeting
“I don't think there's anything, frankly, pro-social about limiting Berkshire's ability to buy into other utilities.”
Afternoon Session - 2001 Meeting
“there's really true synergy in General R. Colon being married to Berkshire Hathaway and you put your finger on really one point that has two aspects to it”
Morning Session - 2001 Meeting
“Berkshire seems to have an enormous long-term advantage in spite of its large size and high equity prices.”
Afternoon Session - 2001 Meeting
“that's still what we're trying to do at Berkshire. I mean, that is what it's all about. Our instructions to our managers”
Morning Session - 2001 Meeting
“I bought a Brookshire-Hathaway stock with my profits.”
Afternoon Session - 2001 Meeting
“Charlie was on the audit committee at Solomon, and we found positions, single positions, missed marked by close to $20 million”
Afternoon Session - 2001 Meeting
“Berkshire Hathaway's investment in Finova Group or this year? Finova's back appears to be against the wall.”
Morning Session - 2001 Meeting
“I think he's going to do well in both. He's all in five. Good morning. My name is Thomas Kamai.”
Morning Session - 2001 Meeting
“Back in 1994, there was a PBS video interview of you at the Flagler Business School. And I believe you said Berkshire was not an insurance company.”
Morning Session - 2001 Meeting
“I've been a shareholder since 93 and have loved every minute of it.”
Morning Session - 2001 Meeting
“there'll be way more strength and value behind each Berkshire share. I also think it is an absolutely sure thing that the annual percentage rate of progress will go way down”
Afternoon Session - 2001 Meeting
“the top 15 out of Berger-Hathaway. Most of you people wouldn't be here. So roughly one every two years.”
Morning Session - 2001 Meeting
“satisfied to have more than 95% of our family savings in Berkshire.”
Afternoon Session - 2001 Meeting
“it would never work on a Berkshire scale anyway. I mean, you could never do it for the kind of money that would be necessary to do it with in order to have a real effect on Berkshire's overall value.”
Afternoon Session - 2001 Meeting
“I know if I own all of Berkshire myself, I wouldn't dream of trading around businesses with people that have trusted in me”
Afternoon Session - 2001 Meeting
“the stock ownership situation with me, it sets that it can...the stability of the organization in terms of the stock ownership situation, because that is insured”
Afternoon Session - 2001 Meeting
“I'm very comfortable with 99% of my estate being in Berkshire shares. And I think it's an intelligent holding eventually for the foundation”
Morning Session - 2001 Meeting
“if we predicted 15% from Berkshire, you know, 15% means that, assuming the same multiples, I mean, that means”
Morning Session - 2001 Meeting
“In order for Berkshire to have an opportunity to hopefully grow its earnings by about 15 percent per year, if we can do that, at least for the next few years.”
Afternoon Session - 2001 Meeting
“we would prefer Berkshire shares to fluctuate far less than they do, because we would like the, ideally, we would like the experience of every investor”
Afternoon Session - 2001 Meeting
“when this stock price at $45,000 a share, you can considered buying but thought it was unfair until the annual report came out”
Afternoon Session - 2001 Meeting
“my question has to do with the intrinsic value of Berkshire Hathaway. You stated several times that you would prefer the stock to be neither overvalued nor undervalued”
Afternoon Session - 2001 Meeting
“I think Berkshire is easier to value than most businesses actually, because we give you all the information that at least is important to us in valuing it”
Afternoon Session - 2001 Meeting
“We don't know the exact intrinsic value of Berkshire, obviously. And if you looked at the figures, we, if we'd written down secret figures over the, ever since 1965”
Afternoon Session - 2001 Meeting
“it would be a mistake for us to do anything...to ever recommend buying or selling the stock...our stock track its intrinsic value”
Afternoon Session - 2001 Meeting
“it's not a crazy approach to say that if Berkshire has billions of dollars to invest, that it might be a net plus for the availability of electricity”
Wesco 2001 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire Hathaway's increasing size is an anchor on the percentage rate of return it will be able to generate”
Wesco 2001 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“the foundation at Berkshire [Buffett's stake in Berkshire will pass to the Buffett Foundation upon his death] will be a plus because there will be a continuation of the culture.”
How will the internet impact newspapers?
“I'm Warren Buffett, Chairman of the Board of Directors of this company.”
The internet is "probably a net negative" for capitalists
“the Internet, from what I see now, is unlikely to increase the cost of Berkshire's float. It will have different effects on different aspects of our insurance business”
The internet is "probably a net negative" for capitalists
“the competitive advantages we have among our group of insurance companies, net will not be hurt by the Internet. It's a good business for us.”
"The original purchase of Berkshire was a terrible mistake"
“The original purchase of Berkshire was a terrible mistake, and my mistake... Berkshire was selling below working capital, had a history of repurchasing shares”
"We are enormously risk averse"
“I'm Warren Buffett, Chairman of the Board of Directors of this company.”
"We have this quirk" when it comes to selling businesses
“I'm Warren Buffett, Chairman of the Board of Directors of this company.”
"We've got the best job in the world"
“I'm Warren Buffett, Chairman of the Board of Directors of this company.”
2000 Annual Meeting Highlight Reel
“I'm Warren Buffett, Chairman of the Board of Directors of this company.”
Munger: "If you mix raisins with turds, they're still turds"
“I'm Warren Buffett, Chairman of the Board of Directors of this company.”
Will Berkshire take advantage of the weak dollar?
“I'm Warren Buffett, Chairman of the Board of Directors of this company.”
Will the internet hurt Berkshire's businesses?
“Our insurance business, particularly at GEICO, will be very affected by the Internet”
Buffett and Gates "hit it off immediately"
“We like to think that we're the metropolitan museum of businesses and that we can get really outstanding creations to reside in our museum”
2000 Annual Meeting Highlight Reel
“what I think is amazing about Berkshire is how well these very old-fashioned ideas still work.”
How will the internet impact newspapers?
“what I think is amazing about Berkshire is how well these very old-fashioned ideas still work”
Morning Session - 2000 Meeting
“I'm Warren Buffett, Chairman of the Board of Directors of this company. I welcome you to this 2000 annual meeting of shareholders.”
Morning Session - 2000 Meeting
“1,341,174 shares of Class A, Berkshire Hathaway, Common Stock Outstanding, with each share entitled to one vote”
How will the internet impact newspapers?
“now that Berkshire Hetherway is more and more buying companies on this, how you make sure that it's true love”
2000 Annual Meeting Highlight Reel
“Berkshire Hetherway is more and more buying companies on this, how you make sure that it's true love and how you pick people.”
Will Berkshire take advantage of the weak dollar?
“we like to think that we're the metropolitan museum of businesses and that we can get really outstanding creations to reside in our museum”
Will Berkshire take advantage of the weak dollar?
“what I think is amazing about Berkshire is how well these very old-fashioned ideas still work”
Will Berkshire take advantage of the weak dollar?
“now that Berkshire Hetherway is more and more buying companies on this, how you make sure that it's true love”
2000 Annual Meeting Highlight Reel
“the businesses we buy are kind of cranky like us and old-fashioned and I hope we continue it that way”
Munger: "If you mix raisins with turds, they're still turds"
“what I think is amazing about Berkshire is how well these very old-fashioned ideas still work”
Munger: "If you mix raisins with turds, they're still turds"
“we like to think that we're the metropolitan museum of businesses and that we can get really outstanding creations to reside in our museum. our culture is very old-fashioned”
Munger: "If you mix raisins with turds, they're still turds"
“Berkshire Hetherway is more and more buying companies on this, how you make sure that it's true love and how you pick people”
2000 Annual Meeting Highlight Reel
“we've got the best job in the world we get to work with people we like and admire and trust every day of the year”
"We have this quirk" when it comes to selling businesses
“I hope we continue it that way they're sitting out there charlie no i was very lucky early very early in life”
"We have this quirk" when it comes to selling businesses
“what I think is amazing about Berkshire is how well these very old-fashioned ideas still work.”
"We have this quirk" when it comes to selling businesses
“Berkshire Hetherway is more and more buying companies on this, how you make sure that it's true love and how you pick people.”
Afternoon Session - 2000 Meeting
“If we were issuing options at Berkshire and we issued options on $100 million worth of stock a year, we would figure it was costing us probably in our case”
Buffett and Gates "hit it off immediately"
“Berkshire Hetherway is more and more buying companies on this, how you make sure that it's true love and how you pick people”
Buffett and Gates "hit it off immediately"
“what I think is amazing about Berkshire is how well these very old-fashioned ideas still work”
Morning Session - 2000 Meeting
“I'm Berkshire shareholder and this is my six year coming to this meeting. I'd like to thank you for all your time and advice through the years.”
Morning Session - 2000 Meeting
“those wonderful people who sold Berkshire this year for giving us an opportunity to purchase more of the world's greatest company for dirt cheap prices”
Afternoon Session - 2000 Meeting
“We will run Berkshire in a rational manner. And we have yet to hire a compensation consultant, and we've yet to lose an important manager.”
Afternoon Session - 2000 Meeting
“I'm a shareholder since 1990 since 1992 and this is my first meeting. I came here being inspired by Robert Miles' book, 101 Reasons to Own Berkshire Heatherway.”
Afternoon Session - 2000 Meeting
“now that Berkshire Heatherway is more and more buying companies on this, how you make sure that it's true love and how you pick people.”
Morning Session - 2000 Meeting
“In 1999, Berkshire Hathaway managed to produce a positive gain in net worth of one-half of 1%. That means that since present management took over 35 years ago, Berkshire Hathaway has realized a positi”
Morning Session - 2000 Meeting
“for Berkshire Hathaway's account, of the blade and razor business in the world, and it'll go up. So I don't worry about the businesses”
Morning Session - 2000 Meeting
“the company has owned marketable securities in excess of its net net worth. And so you have this extraordinary liquidity in a company that is performed very well”
Morning Session - 2000 Meeting
“Eight percent of those are for the account of Berkshire. So over 80 million eight-ounce servings of soft drinks per day are being consumed”
Morning Session - 2000 Meeting
“We think all of our businesses, virtually all of our businesses have a pretty darn good moats and we think the managers are widening them.”
Afternoon Session - 2000 Meeting
“my estate at that point would be 99 and three-quarters percent invested in Berkshire, and I feel totally comfortable”
Afternoon Session - 2000 Meeting
“Berkshire has benefited enormously over the years from the low cost of its float. Do you think the Internet will make the insurance business more competitive”
Morning Session - 2000 Meeting
“we will acquire and utilize float at a cost that's very, very attractive”
Afternoon Session - 2000 Meeting
“that is bad for Berkshire Hathaway to the extent that it's a passive shareholder in big corporations.”
Afternoon Session - 2000 Meeting
“Berkshire was selling below working capital, had a history of repurchasing shares periodically on tender offers”
Morning Session - 2000 Meeting
“One of the best buys we ever made was in 1976 when we bought a significant percentage what became through repurchases 50% of GEICO”
Afternoon Session - 2000 Meeting
“The original purchase of Berkshire was a terrible mistake and my mistake. No one pushed me into it.”
Afternoon Session - 2000 Meeting
“First purchase was, I think, at $7.5 a share, and like I've got the broker's ticket up in the office, 2,000 shares.”
Afternoon Session - 2000 Meeting
“we wouldn't have bought it, the company, if they'd actually tendered at that price. We had a somewhat similar thing happened with Blue Chip, actually, later on, too. Now, we would have been much bette”
Morning Session - 2000 Meeting
“made up all of my 1999 losses on Berkshire Hathaway. Are we asking too much as shareholders of Berkshire Hathaway”
Afternoon Session - 2000 Meeting
“I would invest with you because you're honest...what would you tell a single mother to exchange her Berkshire shareholds for gold coins?”
Afternoon Session - 2000 Meeting
“But float, if you look at our historical record, and our future record can't be as good, but it's the cost of float and it's the amount of growth of float.”
Afternoon Session - 2000 Meeting
“Was anybody dumb enough to sell you Berkshire at less than $45,000 a share? We did not repurchase any shares.”
Afternoon Session - 2000 Meeting
“When you think about float in terms of intrinsic value, do you have a lot of, in many years, except last year, possibly. When you think about float, Do you have an idea in mind when you add new float ”
Afternoon Session - 2000 Meeting
“we spend a lot of time thinking about that, and we'll continue to as long as we run Berkshire. It's a big part of our strategy.”
Morning Session - 2000 Meeting
“What is Berkshire's philosophy on paying dividends and under what circumstances would Berkshire pay a dividend in the future?”
Morning Session - 2000 Meeting
“we have retained money because to date we have felt that if we keep a dollar and use it in buying other businesses or whatever it may be, that it becomes worth more than a dollar on a present value ba”
Morning Session - 2000 Meeting
“We paid a dividend in, what, 1969, Charlie, and 10 cents a share... We will pay – we would be very likely to pay – either very large dividends or none at all”
Morning Session - 2000 Meeting
“how many insurance companies does Berkshire Hathaway own? I can't figure out the total.”
Afternoon Session - 2000 Meeting
“And he is a huge, huge asset to Berkshire, and he's working with a business model that's very, very powerful.”
Afternoon Session - 2000 Meeting
“we've got the right management to do it. We've got the financial wherewithal to do it, and we'll see what happens.”
Morning Session - 2000 Meeting
“my performance at Berkshire Hathaway or anything in the future. And so we try to make plans that are very rational.”
Morning Session - 2000 Meeting
“things that are totally absent from the Berkshire Hathaway annual report”
Morning Session - 2000 Meeting
“working very hard at some very small job at Berkshire with our aggregate market value of $90 billion”
Morning Session - 2000 Meeting
“there's probably any company in the United States of size that has had better luck on that than Berkshire”
Morning Session - 2000 Meeting
“I've been a Berkshire shareholder since 1987 and always battling with the idea of what really is the intrinsic value for the company.”
Morning Session - 2000 Meeting
“Berkshire's book, Berkshire's intrinsic value in a very general way and trends in it are better reflected in book value”
Morning Session - 2000 Meeting
“over the previous 30 years or so, Berkshire has been a tactical participant in the insurance business. With the acquisition of Genree and the broadening of Geico's scope.”
Morning Session - 2000 Meeting
“I know that we will play it out at the Buffalo News, for example, as strongly as we can.”
Afternoon Session - 2000 Meeting
“I'm a shareholder for six years at Berkshire Hathaway. My questions are, what are Daico Sustainable Competitive Advantage?”
Afternoon Session - 2000 Meeting
“do you think that if Tiger or Quantum were structured the way that Berks or Hathway is that they might still be in business”
Afternoon Session - 2000 Meeting
“It's just not what Berkshire is necessarily about. Ideally, you know, I would love it if we could move all the money and securities into businesses that we like.”
Afternoon Session - 2000 Meeting
“At Berkshire, we've usually bought businesses that are insulated to some degree from easy entry by new competitors”
Afternoon Session - 2000 Meeting
“we have been actually in the reinsurance business at Berkshire Hathaway for 30 years...we've done extremely well”
Afternoon Session - 2000 Meeting
“We have huge amounts of capital behind us so we can take large pieces of attractive business and keep them all for our own accounts”
Afternoon Session - 2000 Meeting
“I can't think of a case where there's been any problem with having Berkshire or General Rhee write a check very promptly”
Afternoon Session - 2000 Meeting
“There are no volume goals at Berkshire Hathaway at all, and that is not true at most insurance organizations”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire Hathaway (NYSE: BRK.A) shareholder, I make a point of attending the company's annual meetings”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Both Berkshire Hathaway and Wesco write amazingly low amounts of insurance relative to our surplus.”
A Perverse Use of Antitrust Law (2000)
“I am an officer and part owner of Berkshire Hathaway Inc., publisher of the World Book Encyclopedia, a product I much admire”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“In the past, when Berkshire has gotten cheap, we've found other even cheaper stocks to buy.”
Wesco Financial Annual Letter 2000
“under arrangements whereby other Berkshire subsidiaries take 50% and unrelated reinsurers take the other 50%”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having.”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“The future will be harder for Berkshire Hathaway for two reasons: 1) We're so big.”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire Hathaway now owns the leading furniture retailer in six states and, through CORT, has a substantial position”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Asked to elaborate on his comments at the Berkshire Hathaway meeting on Stern Stewart and their concept of Economic Value Added”
Wesco Financial Annual Letter 2000
“each dollar of book value at Wesco continues plainly to provide much less intrinsic value than a similar dollar of book value at Berkshire Hathaway”
Afternoon Session - 1999 Meeting
“their reputation, which was as good as could be found...will be further enhanced by Berkshire's capital strength”
Successors "would be ready to run Berkshire tomorrow morning"
“I've got 99 and 3 quarters percent of my net worth in Berkshire. And, you know, I don't want any of it sold.”
Morning Session - 1999 Meeting
“Proxy cards have been returned through last Friday representing 1,133,684 Class A, Berkshire shares, and 3,485,85,000 Class B, Berkshire shares”
Morning Session - 1999 Meeting
“I welcome you to this 1999 annual meeting of shareholders. I will first introduce the Berkshire Hathaway Director, that are present in addition to myself.”
Keep asking, "Why? Why? Why? Why?"
“starting with the Berkshire Hathaway Annual Reports. I was always so interested in it from such a young age”
Buffett wants shareholders who are "in sync" with Berkshire
“we want are informed owners who are in sync with our objectives... we want people that are going to be comfortable owning Berkshire”
Successors "would be ready to run Berkshire tomorrow morning"
“They'd be ready to run Berkshire tomorrow morning, and I think you'd be quite pleased with the job they did”
Successors "would be ready to run Berkshire tomorrow morning"
“I feel very comfortable with the businesses and the managers and the successor top management that we have at Berkshire.”
Morning Session - 1999 Meeting
“1,343,5192 shares of Class A, Berkshire Hathaway Common Stock Outstanding, with each share entitled to one vote”
Afternoon Session - 1999 Meeting
“We obviously think Berkshire 10 years from now will be worth more on a per-share basis with General Re-included than if we had not made the deal.”
Afternoon Session - 1999 Meeting
“Berkshire's businesses, on average, are less likely to be obsoleted by new technology than businesses generally.”
Afternoon Session - 1999 Meeting
“I have close to 100% of my net worth in Berkshire. I'm comfortable with it because I like the businesses we own.”
Morning Session - 1999 Meeting
“value that we receive for Berkshire. And when we can't find things, the money piles up”
Afternoon Session - 1999 Meeting
“Berkshire has done in terms of philanthropy and charities? Yes, there are figures in the annual report that bear on that.”
Morning Session - 1999 Meeting
“The reinsurance business does not have the same potential for growth as we have at GEICO”
Afternoon Session - 1999 Meeting
“I do think that Berkshire stacks up pretty well in that respect.”
Morning Session - 1999 Meeting
“at Berkshire, we've never used any real amount of borrowed money. Now, if we'd use somewhat more, you know, we'd be really rich.”
Morning Session - 1999 Meeting
“I've attempted to calculate the intrinsic value of Berkshire using the discount of present value”
Afternoon Session - 1999 Meeting
“People have tried to do that with Berkshire over the years. And I've had some friends that thought it was getting a little ahead of itself”
Morning Session - 1999 Meeting
“I read Alice Schroeder's analysis of Berkshire Hathaway with great interests this last year.”
Afternoon Session - 1999 Meeting
“what its likely impact would be on the economy, Berkshire, Hathaway, and personal investment decisions.”
Afternoon Session - 1999 Meeting
“Berkshire, incidentally was inefficiently priced for a long time. And it wasn't on the radar screen.”
Afternoon Session - 1999 Meeting
“looking at the historical data you've provided us for Jen Ray and Berkshire regarding the amount of float and its cost, it's grown at a great rate”
Afternoon Session - 1999 Meeting
“It's very much a goal of Berkshire to grow that float at as fast as it can while maintaining a very low cost”
Afternoon Session - 1999 Meeting
“relationship of Berkshire A and Berkshire B. Last year, there was a slight premium for Berkshire B over Berkshire A. About now, Berkshire B is selling at about a three to four percent discount.”
Morning Session - 1999 Meeting
“I'm looking for things that Berkshire can put its money in”
Afternoon Session - 1999 Meeting
“you are certain to get paid from Berkshire and you're not necessarily certain to get paid from various other entities”
Afternoon Session - 1999 Meeting
“I would rather buy A because you can always go one direction and you can't go the other direction... if I was getting 4% more in the economic equivalent on B.”
Afternoon Session - 1999 Meeting
“What counts is the intrinsic value of Berkshire. And if we increase the value of Berkshire at a reasonable rate”
Morning Session - 1999 Meeting
“pay somebody that's got the responsibility for all of Berkshire in a way that reflected the prosperity of all of Berkshire”
Afternoon Session - 1999 Meeting
“Wall Street Journal on March 19 published an article entitled, When Insurers Pass Trash, Some Are Left Holding the Bag. And that some included Berkshire Hathaway.”
Morning Session - 1999 Meeting
“if Berkshire-Hathaway was a partnership of 100 partners instead of a corporation, would you consider disbanding it”
Afternoon Session - 1999 Meeting
“references for us on the Berkshire Hathaway website that might help us increase our knowledge about insurance”
Afternoon Session - 1999 Meeting
“you can learn something, frankly, by reading the Berkshire Hathaway annuals for 20 years and reading the insurance section”
Afternoon Session - 1999 Meeting
“I don't think it's the tip of the general re or Berkshire Hathaway iceberg. It's our best estimate today of what that loss will be.”
Afternoon Session - 1999 Meeting
“Just as at Berkshire, we think the Omni Affair was a rare lapse. I don't think we've repeated it since”
Morning Session - 1999 Meeting
“you can look at the older letters. And you will see a discussion of what I think should be the way goodwill is handled...at Berkshire”
Afternoon Session - 1999 Meeting
“the question of share repurchase for Berkshire Hathaway. We have heard today your comment about the price of Berkshire having been inefficiently priced”
Afternoon Session - 1999 Meeting
“I like the Berkshire meetings is I find fewer of those silly people”
Afternoon Session - 1999 Meeting
“I'm a rookie as an investor with Berkshire Hathaway, because I only started investing last November”
Afternoon Session - 1999 Meeting
“the record of Berkshire, to the extent it's been good, has been because we've, not because we've done brilliant things, but we've probably done fewer dumb things than most people”
Afternoon Session - 1999 Meeting
“Berkser Hathaway and an investor. But I may have made a slight error in which issue to buy, A or B.”
Morning Session - 1999 Meeting
“our shareholders, unfortunately, there's no way around this, unless they go to the Internet on the Saturday that we designate to read the annual report and where it's up on our home site, Berkshire Ha”
Afternoon Session - 1999 Meeting
“a premium above the A of any significant amount because then conversion occurs, and we've had a lot of conversion occur.”
Morning Session - 1999 Meeting
“the certainty that Berkshire will be both solvent and liquid after a catastrophe of unthinkable proportions is a major competitive advantage for us”
Morning Session - 1999 Meeting
“Berkshire's check undoubtedly will clear. So it is a big, the reputation has never been better.”
Morning Session - 1999 Meeting
“Berkshire is the largest company to not be included in the S&P 500. Do you gentlemen have... have an opinion as to whether Berkshire should be included”
Morning Session - 1999 Meeting
“I feel very comfortable with the businesses and the managers and the successor top management that we have at Berkshire.”
Morning Session - 1999 Meeting
“prospects for continuity of corporate culture at Berkshire is higher than prospects for continuity of corporate culture at most other large public companies.”
Morning Session - 1999 Meeting
“I've got 99 and 3 quarters percent of my net worth in Berkshire. And, you know, I don't want any of it sold.”
Morning Session - 1999 Meeting
“6 to 7% of the company, or roughly 100,000 shares of A. That would not be good. You know, the stock would obviously spike up dramatically”
Morning Session - 1999 Meeting
“the liquidity problem that might be particularly acute at Berkshire, but that prevails throughout the market”
Afternoon Session - 1999 Meeting
“as Berkshire shareholders, we're going to lose it ourselves, and we're going to come back and look you in the eye”
Morning Session - 1999 Meeting
“My guess is that Berkshire will eventually be in the S&P Index. Somebody will figure out how to do that sensibly.”
Afternoon Session - 1999 Meeting
“with Berkshire's competencies in the insurance industry and with the health care services sector being relatively depressed, is, although the dynamics would be different”
Afternoon Session - 1999 Meeting
“we've mentioned the fact that the word trust, which Berkshire Hathaway and the brand has, we've mentioned basically health and the importance of health”
Afternoon Session - 1999 Meeting
“that's a good practice around Berkshire. We do rub our own noses in it. that they don't even need the help of the counters. We believe in post-mortems at Berkshire.”
Afternoon Session - 1999 Meeting
“I bought a piece of the company. But I must admit that in studying Berkshire”
Afternoon Session - 1999 Meeting
“we simply can create an ownership, we think we can create the best ownership environment, frankly, that can exist other than maybe owning it 100% yourself for any business.”
Morning Session - 1999 Meeting
“they were a group of institutions that were coming to the meeting, which I liked. I mean, the fact that they were serious enough about their investment to come and see what Berkshire was all about.”
Afternoon Session - 1999 Meeting
“Berkshire, which has basically crystal clear clarity, it's quite refreshing to read honesty, and it's quite refreshing to see accounting that's actually presented in a clear fashion”
Morning Session - 1999 Meeting
“that are going to be comfortable owning Berkshire. And we don't want people who are owning it for reasons different”
Wesco 1999 Annual Meeting — Notes of Charlie Munger's Remarks (simpleinvestor)
“1999 Wesco Shareholder Meeting, Pasadena CA 1999 By simpleinvestor posted on www.fool.com | about stocks: BRK.A / BRK.B / WSC”
Warren Buffett | Nightline Interview | 1999
“My wife and I bought a few shares of Berkshire Hathaway about 12 years ago, and Warren owns a few million shares”
Wesco Financial Annual Letter 1999
“other subsidiaries of our 80%-owning parent, Berkshire Hathaway, sold four times as much reinsurance”
Wesco 1999 Annual Meeting — Notes of Charlie Munger's Remarks (simpleinvestor)
“Mr. Munger said that Berkshire Hathaway is not buying REITS but Mr. Buffett was personally buying some.”
Wesco 1999 Annual Meeting — Notes of Charlie Munger's Remarks (simpleinvestor)
“Berkshire releases all public information on the Internet after market hours for all interested parties”
Warren Buffett | Nightline Interview | 1999
“Berkshire Hathaway, what... I mean, for the longest time, I thought you made shirts... It's a company that owns a wide variety of businesses”
Wesco 1999 Annual Meeting — Notes of Charlie Munger's Remarks (simpleinvestor)
“When Berkshire acquired Gen Re it declared upfront $63 million of compensation expenses to inform shareholders”
Wesco 1999 Annual Meeting — Notes of Charlie Munger's Remarks (simpleinvestor)
“Berkshire loves companies that have earnings at the end of the year in cash.”
Warren Buffett | Nightline Interview | 1999
“if you run a public company, like Burtshire is, anybody can buy the stock. But by following certain policies and communicating in certain ways...”
Warren Buffett | Nightline Interview | 1999
“I would rather have people who are pleasantly surprised in Berkshire Hathaway anytime that people are disappointed.”
Wesco Financial Annual Letter 1999
“Business and human quality in place at Wesco continues to be not nearly as good, all factors considered, as that in place at Berkshire Hathaway”
Warren Buffett | Nightline Interview | 1999
“If you had invested $10,000 in Berkshire stock in 1965, you would have $51 million...today.”
What's the difference between the A and B shares?
“The difference between the Berkshire A and B is simply that an A can be converted to a B at any time in the ratio of 1A into 30 B's.”
Morning Session - 1998 Meeting
“I welcome you to this 1998 annual meeting of shareholders of Berkshire-Hathaway”
Morning Session - 1998 Meeting
“We keep costs down at Berkshire.”
Morning Session - 1998 Meeting
“I'm Warren Buffett, Chairman of Berkshire, and this is my partner, this hyperactive fellow over here is Charlie Munger.”
Y2K problem won't have a huge impact on Berkshire
“I don't think it's going to affect Berkshire in any material way, and I certainly have a feeling that the world will get past it very easily”
"We don't have any strategic plan"
“insurance operation is the most important business in Berkshire's portfolio...insurance, as far as the eye can see, will be by far the most significant business at Berkshire”
"The B has worked out as well as possible"
“I don't think in any way that the group we have here is diminished in the least by having a mix of B and A shareholders as opposed to A only.”
"That is a seven or eight foot bar that I can't clear"
“I'm Warren Buffett, Chairman of Berkshire, and this is my partner, this hyperactive fellow over here, is Charlie Munger.”
Phil Fisher's "scuttlebutt" method
“I'm Warren Buffett, Chairman of Berkshire, and this is my partner, this hyperactive fellow over here, is Charlie Munger.”
Operating from a "Norman Rockwell frame of mind"
“I'm Warren Buffett, Chairman of Berkshire, and this is my partner, this hyperactive fellow over here, is Charlie Munger.”
Operating from a "Norman Rockwell frame of mind"
“the insurance operation is the most important business in Berkshire's portfolio... Insurance, as far as the eye can see, will be by far the most significant business at Berkshire.”
Phil Fisher's "scuttlebutt" method
“Insurance, as far as the eye can see, will be by far the most significant business at Berkshire.”
Phil Fisher's "scuttlebutt" method
“the insurance operation is the most important business in Berkshire's portfolio”
Phil Fisher's "scuttlebutt" method
“I also want to say proudly that we have no mission statement.”
Phil Fisher's "scuttlebutt" method
“I can't think of anything I'm worried about at Berkshire.”
"That is a seven or eight foot bar that I can't clear"
“the insurance operation is the most important business in Berkshire's portfolio... Insurance, as far as the eye can see, will be by far the most significant business at Berkshire.”
Morning Session - 1998 Meeting
“1,199,680 shares of Class A, Berkshire Hathaway, Common Stock Outstanding, with each share entitled to one vote”
Afternoon Session - 1998 Meeting
“The question I'm going to ask does not pertain to Berkshire Hathaway.”
1998 Annual Meeting Highlight Reel
“insurance operation is the most important business in Berkshire's portfolio... Insurance, as far as the eye can see, will be by far the most significant business at Berkshire.”
Afternoon Session - 1998 Meeting
“Charlie and I, our directors are paid $900 a year, but I tell them on an hourly basis they're making a fortune because we don't work”
Afternoon Session - 1998 Meeting
“the people at Berkshire Hathaway. He didn't take any salary at all. He thought it was beneath him as a significant shareholder”
Afternoon Session - 1998 Meeting
“we have here is diminished in the least by having a mix of B and A shareholders as opposed to A only.”
Morning Session - 1998 Meeting
“Berkshire was a mistake, believe it or not. I mean, we went into Berkshire because it was cheap statistically just as a general investment back in the early 60s.”
Afternoon Session - 1998 Meeting
“on the list of stocks, there were Burke A and Burke B. Can you explain what the difference the two stocks are?”
Morning Session - 1998 Meeting
“will be by far the most important business at Berkshire. We said that many, many years ago, and it's proven to be the case.”
Morning Session - 1998 Meeting
“I'm a proud shareholder of Berkshire Hathaway.”
Morning Session - 1998 Meeting
“I don't think it's going to affect Berkshire in any material way, and I certainly have a feeling that the world will get past it very easily”
Morning Session - 1998 Meeting
“This is personal. This has nothing to do with Berkshire, but that Jerry Colberg is spearheaded”
Morning Session - 1998 Meeting
“We are lucky, basically, to be in a business that's relatively unaffected by legislation... Berkshire... would take care of the entire budget.”
Afternoon Session - 1998 Meeting
“Berkshire's price should not be way different if 10% trades a year as opposed to the present 3%.”
Afternoon Session - 1998 Meeting
“We had one shareholder die about a year, year and a half ago that had three-quarters of 1% of the company, for example. It was sold in, I don't know, six weeks”
Afternoon Session - 1998 Meeting
“there should be a reasonable amount of trading that can take place annually without affecting the price of the stock materially or the price of the stock price of the stock”
Afternoon Session - 1998 Meeting
“let's just say that 3% of Berkshire were to be added to the supply annually. I don't think that makes much difference.”
Afternoon Session - 1998 Meeting
“I don't think that the price of Berkshire would be materially different if there were a seller of, that would be, there's in this case 2% of Berkshire's capitalization.”
Afternoon Session - 1998 Meeting
“If my charitable foundation were operatives today, it would have to sell, it would have to give away 5% of the value of the foundation of the foundation every year. Berkshire paid no dividend”
Morning Session - 1998 Meeting
“since I became a Berkshire Hathaway shareholder, I've been coming to these meetings.”
Morning Session - 1998 Meeting
“it makes no difference to us whether the price of Berkshire is going up or down. We're trying to figure out ways to make the company worth more money”
Morning Session - 1998 Meeting
“I can't think of anything I'm worried about at Berkshire. That doesn't mean that I have any good ideas as to what we should be doing with a whole lot of money that we have around.”
Morning Session - 1998 Meeting
“consolidation in the insurance industry, how do you think that will affect Berkshire's insurance businesses and the long-term development”
Afternoon Session - 1998 Meeting
“If you decide to buy Berkshire, I don't think it really makes much difference whether you buy A or B.”
Afternoon Session - 1998 Meeting
“compared to the record of most businesses that are publicly owned, I would say that over with a 33 or so year span, our market price has tracked intrinsic value”
Afternoon Session - 1998 Meeting
“do you foresee in the near future a split for Berkshire Hathaway Class A? Well, that's an easy one. No”
Afternoon Session - 1998 Meeting
“You regularly compare Berkshire Hathaway's performance to the S&P 500, which is very helpful and very interesting.”
Morning Session - 1998 Meeting
“We've got some good institutions as holders, and it's really one that's run by a very good friend of ours”
Morning Session - 1998 Meeting
“It's not a great stock to get rich on if you're a broker. Yeah, I think the reason...it's so little recommended”
Morning Session - 1998 Meeting
“We prefer people who figure out for themselves why they themselves want to buy Berkshire, because they're much more likely to stick around”
Morning Session - 1998 Meeting
“I can't think of a lot of brokerage reports that have recommended Berkshire. I'm not looking for any reports at all.”
Afternoon Session - 1998 Meeting
“Berkshire closed yesterday. The A share was about – or Friday, 69,000. $69,000 and the V share was about $2,300.”
Afternoon Session - 1998 Meeting
“the cash flows of Berkshire Hathaway are enormous, but that possibly in the last 12 months you've been investing less”
Morning Session - 1998 Meeting
“I don't think it's hurt Berkshire yet, but that may be because we're in a slow period generally.”
Morning Session - 1998 Meeting
“I own shares in a wonderful company, that's Berkshire. Should I be hoping that you buy your own shares back?”
Afternoon Session - 1998 Meeting
“talked about the caliber of the shareholders of Berkshire Hathway. How do you define the caliber and what difference does it really make?”
Morning Session - 1998 Meeting
“I've probably been not optimistic enough in respect to Berkshire compared to other things we were doing with money.”
Morning Session - 1998 Meeting
“We've got all our money in the company... we have never felt that we wanted to leverage up this company”
Afternoon Session - 1998 Meeting
“how you would feel about those, were you to believe that a materially higher value would be ascribed to one of your operating companies in the public arena than as part of Berkshire Hathaway?”
Morning Session - 1998 Meeting
“Well, I think this whole episode will have about as much impact on Berkshire Hathaway's future as Warren's bridge playing.”
Afternoon Session - 1998 Meeting
“I think that the Berkshire Hathaway identification can help people feel comfortable on it.”
Morning Session - 1998 Meeting
“It's a hypothetical question about Berkshire... I would choose the operating businesses anytime because it's more fun.”
Afternoon Session - 1998 Meeting
“my parents, in the late 70s, made them a wise choice of buying some Berkshire stock and putting it in a college fund”
Afternoon Session - 1998 Meeting
“wealth that the two of you created, and we owe you. Although we'd probably all have a lot better to skip college and keep stock”
Morning Session - 1998 Meeting
“it would not, if we were running Berkshire absent a capital gauge tax,”
Morning Session - 1998 Meeting
“But that's not the case at Berkshire. We've got very good businesses, and both directly and partially owned, and those businesses are going to do well for a long, long time.”
Afternoon Session - 1998 Meeting
“I don't think it has any investment consequences for Berkshire Hathway that we should be considering now.”
Wesco Financial Annual Letter 1998
“wholly owned subsidiaries of Berkshire Hathaway. Moreover, each retrocession will be made at a 3%-of-premiums ceding commission.”
Investment Practices of Leading Charitable Foundations (1998)
“The foundation can follow the example of Berkshire Hathaway, and thus get total annual croupier costs below 1/10 of 1% of principal per annum”
Investment Practices of Leading Charitable Foundations (1998)
“imitation of the investment practices of Berkshire Hathaway in maintaining marketable equity portfolios with virtually zero turnover”
Investment Practices of Leading Charitable Foundations (1998)
“if some of you make your investment style more like Berkshire Hathaway's, in a long-term retrospect”
Wesco Financial Annual Letter 1998
“Wesco's parent corporation, Berkshire Hathaway, obtained additional amounts of the same stock at the same price per share”
Investment Practices of Leading Charitable Foundations (1998)
“Berkshire Hathaway's vice chairman shreds the conventional wisdom on foundation investing”
Wesco Financial Annual Letter 1998
“Business and human quality in place at Wesco continues to be not nearly as good...as that in place at Berkshire Hathaway”
Investment Practices of Leading Charitable Foundations (1998)
“imitation of the investment practices of Berkshire Hathaway in maintaining marketable equity portfolios with virtually zero turnover”
Investment Practices of Leading Charitable Foundations (1998)
“if some foundations make their investment style more like Berkshire Hathaway's, in a long-term retrospect”
Investment Practices of Leading Charitable Foundations (1998)
“Charles T. Munger is vice chairman of Berkshire Hathaway Inc., and president of the Los Angeles-based Alfred C. Munger Foundation.”
"It's share of mind that counts"
“It is at Disneyland, a Disney, world and it's at ballparks and it's every place that you're likely to have a smile on your face, including the Berkshire-Hathaway meeting, I might add.”
Morning Session - 1997 Meeting
“I'm Warren Buffett, the chairman of Berkshire Hathaway, as you probably have gathered by now.”
Afternoon Session - 1997 Meeting
“you have written that perhaps you would come up with different answers. You write and speak a great deal about intrinsic value, and you indicate that you try to give shareholders the tools in the annu”
1997 Annual Meeting Highlight Reel
“I'm Warren Buffett, the chairman of Berkshire Hathaway, as you probably have gathered by now.”
Buffett and Munger on the capital gains tax
“somebody else does nothing but own Berkshire Hathaway shares and sit on the country club porch and peel off a few every year”
Morning Session - 1997 Meeting
“I'm Warren Buffett, Chairman of the Board of Directors of the Company. I welcome you to this 1997 annual meeting shareholders. I will first introduce the Berkshire Hathaway directors”
“Berk's the extent, Burk's the importance of a few simple, big ideas. Hatcher Hathaway is a didactic enterprise teaching the right systems of thought.”
Morning Session - 1997 Meeting
“there were 1,205,078,000 of Class A, Berkshire-Hathaway Common Stock, outstanding with each chair in council of one vote”
Afternoon Session - 1997 Meeting
“in looking at Berkshire, we try to tell you as much as possible as we can about our business”
Afternoon Session - 1997 Meeting
“in the history of Berks-Rathaway, we bought things at 20% of then liquidating value.”
Afternoon Session - 1997 Meeting
“our prospects for return would be considerably better than they are running Berkshire.”
Afternoon Session - 1997 Meeting
“If Mr. Market goes in a depressed phase, the Berksha-Hathaway has got an investment portion of its book value about $28,000 per Class A share.”
Afternoon Session - 1997 Meeting
“If the market went in the tank, Berkshire stock would go in the tank, too.”
Afternoon Session - 1997 Meeting
“That would put the Berkshire-Hathaway share much lower than what it is now. Would Berkshire-Hathaway consider buying back its own share”
Morning Session - 1997 Meeting
“Class B shareholders, as was pointed out in the prospectus originally the B shares do not participate in the program. The A shares that are held by the beneficial owner do participate.”
Afternoon Session - 1997 Meeting
“Berkshire stock may have been cheap then... unlikely that among the thousands of possible investments that Berkshire will be the most attractive”
Morning Session - 1997 Meeting
“Between the two of us, we control the company, so I'm glad to have you here... We could have a department to 50 people... But we get thousands and thousands of requests for annual reports, and they al”
Morning Session - 1997 Meeting
“throughout your life, you are repeatedly under-promised and over-delivered. For many recent years, for example, you have targeted Bershier Hetherway's long-term book value growth at 15%. Yet, you have”
Afternoon Session - 1997 Meeting
“The beauty of the Berkshire Hathaway system is that such businesses are very welcome here because the cash comes into headquarters and is allocated there.”
Morning Session - 1997 Meeting
“we could make a deal to increase the intrinsic value of Berkshire at 15% a year over the next 10 years, we would sign up now”
Morning Session - 1997 Meeting
“We have, as a director, Kim Chase, and his family's holdings in Berkshire, go back to what? Kim, where are you down here? There we are. What year would you? The 20s, yeah. The Chase family has been in”
Morning Session - 1997 Meeting
“We have, as a director, Kim Chase, and his family's holdings in Berkshire, go back to what? Kim, where are you down here? There we are. What year would you? The 20s, yeah. The Chase family has been in”
Morning Session - 1997 Meeting
“you're going to be disappointed in Berkshire. And we don't want to disappoint you. So that's the reason we try to be realistic about expectations.”
Afternoon Session - 1997 Meeting
“I am a proud shareholder of Berkshire Hathaway. In light of the upcoming capital gains tax reduction, do you envision any increased selling pressure, such as buying opportunities for Berkshire stock?”
Afternoon Session - 1997 Meeting
“I'm a recent stockholder of Berkshire. I'm sorry to say that, but it does not diminish my admiration for past performance or my confidence in future performance.”
Afternoon Session - 1997 Meeting
“I don't think we've got the main Supercat risks at all at Berkshire.”
Morning Session - 1997 Meeting
“We will not be splitting Berkshire stock. Incidentally, we do not consider splitting the stock a pro-shareholder move.”
Afternoon Session - 1997 Meeting
“we're in certain businesses...overall Berkshire Hathaway scheme of things, that we can intelligently use the money”
Morning Session - 1997 Meeting
“Berkshire, we have no master plan. And Charlie and I did not sit down in 1960, early 65, and say, we're going to do this”
Morning Session - 1997 Meeting
“we've got our costs almost to zero, and many of you have gotten it to zero. Yeah, we, Charlie and I would be glad to take any money management organization in the world that manages, oh, just been han”
Morning Session - 1997 Meeting
“Considering Berkshire Hathway is well-run at low cost and is diversified, why should anyone do anything but put all their money into Berkshire Hathaway”
Morning Session - 1997 Meeting
“I've got 99% of my money in Berkshire... we like the idea of having it all in there... You do get a great group of businesses.”
Afternoon Session - 1997 Meeting
“the same reason, Charlie and I run Berkshire. They love doing it. They jump out of bed in the morning”
Morning Session - 1997 Meeting
“a couple of years ago or within the recent times, you have said you would not necessarily buy Berkshire Hathaway”
Morning Session - 1997 Meeting
“a year ago, well, it was about March 1st because that's when I wrote the annual report in 1996, the stock was 36,000, and I said it was not undervalued at that point.”
Morning Session - 1997 Meeting
“the intrinsic value of Berkshire changed quite dramatically, and the price didn't change. In other words, the stock, after years of overperforming the business”
Morning Session - 1997 Meeting
“I would rather own or purchase Berkshire myself than I would most other securities, I can tell you that, Charlie.”
Morning Session - 1997 Meeting
“It's very reassuring to know that Uncle Warren and Uncle Charlie are taking care of her college fund... my daughter's one share of Berkshire A.”
Morning Session - 1997 Meeting
“to the extent Berkshire Hathaway is a didactic enterprise, teaching the right systems of thought”
Afternoon Session - 1997 Meeting
“Westco is 80% owned by Berkshire. And in terms of. In terms of operating businesses now, it's got two”
Afternoon Session - 1997 Meeting
“my stockbroker, who's a value in devastating devotee, tried to talk me out of it, telling me that it was overvalued. So I feel lucky to be here.”
Afternoon Session - 1997 Meeting
“they're going to want to do it probably with Berkshire rather than Westco. At Westco, we had small acquisitions”
Morning Session - 1997 Meeting
“in terms of Berkshire, it would have been perfectly appropriate if a properly designed option had been given to me or to Charlie”
Morning Session - 1997 Meeting
“With a company that pays no dividend, like Berkshire, if you're going to leave all your capital in every year”
Wesco Financial Annual Letter 1997
“Generally, Berkshire Hathaway, in dealing with partly owned subsidiaries, tries to lean over a little backward”
Wesco Financial Annual Letter 1997
“Berkshire Hathaway, for some reason (usually a policy of overall risk limitation), desires lower amounts of business”
Wesco Financial Annual Letter 1997
“Berkshire Hathaway, owning 100% of its Insurance Group and only 80% of Wesco and Wes-FIC, does not, for some philanthropic reason”
Wesco Financial Annual Letter 1997
“Insurance Group of Berkshire Hathaway, Wesco's ultimate parent. Wes-FIC's entry into the super-cat reinsurance business early in 1994”
"We really feel the fairer, the better"
“Our goal is that every shareholder participates in the progress that Berkshire makes as a business during their holding period.”
“one backed away and then came out a few months later with something that was a combination of Berkshire and some other securities”
“creation of these and that push on the demand would, might very well create some speculative spurt in the stock”
“these unit trusts would go out and buy Berkshire shares. That would create a considerable demand against a fixed supply”
“a combination of Berkshire's past record which cannot be repeated and high sales commissions and a low denomination and a lot of publicity about Berkshire”
“these unit trusts would have owned nothing but Berkshire shares and then been sold to the public small denominations”
“creation of an all-Berkshire investment company or a unit trust. In other words, an entity that would hold nothing but Berkshire stock”
No layoffs because of "a drop in volume"
“We are willing at Berkshire, and we do it. We are willing to sit on the sidelines in... in the reinsurance business.”
How does the issuance of Class B shares affect A shareholders?
“the issuance of the B in any way penalizes the A shareholders...Berkshire has evolved over a long period of time. We had 12 shareholders at the annual meeting 15 years ago”
Buffett on the future of World Book
“the Class B shareholders that we attract are of the same quality as the people in this room”
Buffett on the future of World Book
“Berkshire's past record, which cannot be repeated”
1996 Annual Meeting Highlight Reel
“I'm Warren Buffett Chairman of the Board of Directors, and I do welcome you to this meeting. I'm sure you recognize Charlie Munger, the vice chairman of Berkshire Hathaway.”
Afternoon Session - 1996 Meeting
“in 1988, he bought me one share of Berkshire so that I could learn something about investing”
Afternoon Session - 1996 Meeting
“Berkshire is selling at a price at which Charlie and I would not consider buying it”
Buffett on the future of World Book
“creation of an all, Berkshire Investment Company or Unit Trust, in other words, an entity that would hold nothing but Berkshire stock”
Buffett on the future of World Book
“Charlie Munger, the vice chairman of Berkshire Hathaway. You can leave any time, obviously”
“To date with Berkshire, in the 29 years we've been in the business, it appears never certain, because you don't know for sure what's going to happen, but it appears that our float has not cost us anyt”
"Berkshire is not a one-man show"
“Berkshire is not a one-man show. It's a two-man show in terms of capital allocation.”
Morning Session - 1996 Meeting
“I'm Warren Buffett Chairman of the Board of Directors, and I do welcome you to this meeting”
Morning Session - 1996 Meeting
“Charlie Munger the vice chairman of Berkshire Hathaway who also I had not seen that movie before showed”
Buffett on the future of World Book
“How would you respond to the question of a stockholder that's really concerned about Berkshire being a one-man show? Berkshire is not a one-man show.”
1996 Annual Meeting Highlight Reel
“How would you respond to the question of a stockholder that's really concerned about Berkshire being a one-man show? Berkshire is not a one-man show.”
Morning Session - 1996 Meeting
“1,193,512 shares, of Berkshire-Hathaway Common Stock Outstanding, with each share entitled to one vote”
Morning Session - 1996 Meeting
“we've had probably half a dozen people one time or another proposed that the creation of an all Berkshire investment company or a unit trust, in other words, an entity that would hold nothing but Berk”
Morning Session - 1996 Meeting
“The proposed amendment would add a provision to the restated certificate of incorporation, authorizing the Board of Directors to issue up the 50 million shares of a new Class B common stock”
Afternoon Session - 1996 Meeting
“on a personal portfolio basis, you know, I own one stock, you know, but it's a business I know.”
Afternoon Session - 1996 Meeting
“And within Berkshire, I could pick out three of them. our businesses and I would be very happy if they were the only businesses we owned”
Morning Session - 1996 Meeting
“these unit trusts would go out and buy Berkshire shares. That would create a considerable demand against a fixed supply”
Morning Session - 1996 Meeting
“a combination of of Berkshire's past record, which cannot be repeated, and high sales commissions”
Morning Session - 1996 Meeting
“The trusts would have owned nothing but Berkshire shares and then been sold to the public in small denominations”
Morning Session - 1996 Meeting
“a combination of Berkshire and some other security. securities, which were at least thought to be in our portfolio. And we started hearing from people that it was clear, had no understanding”
Afternoon Session - 1996 Meeting
“I mean, GEICO is going to add people over time, and I think Berkshire Hathaway is going to add people over time.”
Morning Session - 1996 Meeting
“the stock will, we expect, will be listed on the New York Stock Exchange, probably Thursday morning. And we have the world's greatest specialist here, I believe, Jimmy McGuire, at who who handles the ”
Afternoon Session - 1996 Meeting
“We are willing at Berkshire, and we do it. We are willing to... to sit on the sidelines in the reinsurance business.”
Afternoon Session - 1996 Meeting
“I have been the shareholder of your company since it was traded on the NASDAQ.”
Afternoon Session - 1996 Meeting
“Berkshire Hathaway is having a very big slice of insurance investments”
Afternoon Session - 1996 Meeting
“The reinsurance business of Berkshire Hathaway is totally international.”
Morning Session - 1996 Meeting
“We would not sell a part of your interest in Berkshire at a price which we did not feel was adequate for the present shareholders.”
Morning Session - 1996 Meeting
“the cap cities transaction, but it was certainly well over a billion dollars that came in. that came in on a single day”
Afternoon Session - 1996 Meeting
“It is not worth $7 billion to us to forego being an insurance business for forever at Berkshire Hathaway, even though it would all be, you know, it would be, if it were non-taxed profits”
Morning Session - 1996 Meeting
“Regarding the conversion privilege, is there a time limit on the converting from the A to the B?”
Afternoon Session - 1996 Meeting
“Imagine Berkshire Hathaway advertising brain surgery,”
Morning Session - 1996 Meeting
“As an A shareholder, I can only see really two reasons to convert A shares into B shares”
Morning Session - 1996 Meeting
“the accounting treatment, how this will affect the book value of Berkshire? Well, any shares we sell at the equivalent per A share of, of in the range of 33,000”
Afternoon Session - 1996 Meeting
“The money all gets invested. We do not have anything sitting around in the safe or anyplace else. So it's all invested.”
Morning Session - 1996 Meeting
“Berkshire is a collection of businesses and some of which we own in their entirety, some of which we own part of... the value of our insurance business... the most significant asset that been develope”
Afternoon Session - 1996 Meeting
“in Berkshire's figures. You would, I don't think you'd have necessarily seen any down year”
Afternoon Session - 1996 Meeting
“If we had options for me and Charlie at Berkshire, which would not, it's not going to happen, but it would not be illogical.”
Afternoon Session - 1996 Meeting
“well, we really invented a more extreme system, and that is the exact can buy Berkshire Hathaway stock in the market for cash.”
Morning Session - 1996 Meeting
“$40 billion total market valuation for Berkshire. It's dramatic relative to the carrying price”
Morning Session - 1996 Meeting
“if it were to get the $1,200 there is no way that the A could be selling appreciably below $36,000”
Afternoon Session - 1996 Meeting
“I didn't want to give up sleep or eating, or Berkshire, so the reading has been kind of light.”
Afternoon Session - 1996 Meeting
“We have such a finger. fingers and toes style around Berger-Hathaway.”
Afternoon Session - 1996 Meeting
“what market share does Brookshire have in Supercat insurance business?”
Morning Session - 1996 Meeting
“Our goal is that every shareholder participates in the progress that Berkshire makes as a business during their holding period.”
Afternoon Session - 1996 Meeting
“they frequently, and in our view, logically, think of Berkshire. So we have become much better known in that over the last couple of years. It's not a big business and it won't be a big business, but ”
Morning Session - 1996 Meeting
“To date with Berkshire in the 29 years we've been in the business, it appears never certain, because you don't know for sure what's going to happen, but it appears that our flow does not cost us anyth”
Morning Session - 1996 Meeting
“we do not consider Berkshire undervalued at this price... we do not think it exceeds present price”
Morning Session - 1996 Meeting
“I've owned your shares for many years and appreciate the good job you've done.”
Morning Session - 1996 Meeting
“would offset an enormous set of problems that we would encounter at Berkshire. We can handle the present system. We've got 12 people”
Morning Session - 1996 Meeting
“straightening shares not being able to participate in the charitable contributions by Berkshire Hathaway? We submitted a request for ruling to the IRS”
Afternoon Session - 1996 Meeting
“GEICO became part of Berkshire, because at that time, there were certain ratios that were necessary for”
Afternoon Session - 1996 Meeting
“Berkshire owns several companies, stock and several companies, which are called permanent holdings.”
Afternoon Session - 1996 Meeting
“the prospect that most shareholders will stick to the A stock suggests that it will enjoy a somewhat more liquid market than the B”
Morning Session - 1996 Meeting
“having owned Berkshire since Blue Chip stamp days”
Morning Session - 1996 Meeting
“we do identify these managers and hopefully we make it attractive for them to stay and work for Berkshire”
Morning Session - 1996 Meeting
“we've got 33,000 people working for Berkshire out there”
Morning Session - 1996 Meeting
“I will die with all of my Berkshire stock, essentially”
Morning Session - 1996 Meeting
“It's run by many managers that are doing an outstanding job”
Morning Session - 1996 Meeting
“many people would characterize Berkshire as a one-man company with all due respect to Charlie”
Afternoon Session - 1996 Meeting
“I've got virtually everything in Berkshire and I own a few municipal bonds outside and a few other things, but I don't want to buy anything that Berkshire's involved”
Afternoon Session - 1996 Meeting
“Berkshire's outstanding 23% annual growth in book value per share, and the industry's roughly 8% to 9% growth”
Morning Session - 1996 Meeting
“Berkshire is not a one-man show. It's a two-man show in terms of capital allocation”
Afternoon Session - 1996 Meeting
“we wonder why would Berkshire exchange stock for securities such as these when the growth and the net worth of the acquired companies”
Morning Session - 1996 Meeting
“Berkshire, slightly different, it's a variant on it, but essentially at Berkshire headquarters you need someone overseeing”
Morning Session - 1996 Meeting
“it would take a significant amount of time that otherwise would be spent on Berkshire to reply to that sort of thing”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“Without learning, Berkshire wouldn't be what it is today... Berkshire would be a pale shadow of its present self... the kind of enterprise Berkshire Hathaway is”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“Read the annual letters from Jack Welch and Warren Buffett relating to General Electric and Berkshire Hathaway, respectively.”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“For example, take the top 10 business investments Berkshire Hathaway's ever made. We would be very rich if we'd never done anything else”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“You and Buffett have said that Berkshire's stock is overvalued and you wouldn't recommend buying it.”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“We didn't say (we thought it was overvalued). We just said that wouldn't buy it or recommend that our friends buy it at the prices then prevailing.”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“Berkshire's annual report got a lot of press for being pessimistic and for expressing concern about the shrinking pool of opportunities”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“Look at Berkshire Hathaway. I call it the ultimate didactic enterprise. Warren is never going to spend any money.”
1996 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1996 was $6.2 billion, or 36.1%.”
1996 Berkshire Hathaway Shareholder Letter
“Berkshire's gain in market value in recent years had outstripped its gain in intrinsic value”
1996 Berkshire Hathaway Shareholder Letter
“our shareholders, in total, reap from their ownership of Berkshire, we wish also to minimize the benefits”
1996 Berkshire Hathaway Shareholder Letter
“Berkshire's insurance business has been a huge winner. For the table, we have calculated our float - which we generate in large amounts”
1996 Berkshire Hathaway Shareholder Letter
“Berkshire's layer of approximately $1 billion will be called upon if the Authority's aggregate losses in the period ending March 31, 2001 exceed about $5 billion.”
1996 Berkshire Hathaway Shareholder Letter
“It is also why I felt Berkshire should pay $2.3 billion last year for the 49% of the company that we didn't then own.”
1996 Berkshire Hathaway Shareholder Letter
“options on Berkshire shares, whose ultimate value - which could range from zero to huge - is totally out of the control”
1996 Berkshire Hathaway Shareholder Letter
“our stock price has risen correspondingly. Had those gains in earnings not materialized, there would have been little increase in Berkshire's value.”
1996 Berkshire Hathaway Shareholder Letter
“The trusts would have meanwhile indiscriminately poured the proceeds of their offerings into a supply of Berkshire shares that is fixed and limited.”
1996 Berkshire Hathaway Shareholder Letter
“About 97.2% of all eligible shares participated in Berkshire's 1996 shareholder-designated contributions program.”
1996 Berkshire Hathaway Shareholder Letter
“To participate in future programs, you must own Class A shares that are registered in the name of the actual owner”
"You ought to be doing what you like"
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
The secret to avoiding lawsuits
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Why Buffett and Munger don't trust financial projections
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Why are Buffett's family members on the board?
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Should Berkshire start another Borsheims store?
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
1995 Annual Meeting Highlight Reel
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
"It's not that complicated to figure out where it makes sense to put money"
“whether the concept of market value added and economic value added is a concept that's applicable and useful to Berkshire Hathaway as a whole or in analyzing its line of business segments.”
"Less than likely" Berkshire will buy outside the U.S.
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
"Most moats aren't worth a damn"
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Newspapers "still making exceptional money"
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Morning Session - 1995 Meeting
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Buffett prefers "obvious" business decisions
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Afternoon Session - 1995 Meeting
“Philip Corray made the statement that his favorite American stock is Berkshire Hathaway. And one of the major reasons he stated was that Berkshire has never paid a dividend”
Morning Session - 1995 Meeting
“The meeting will come to order, and I'll first introduce the directors of Berkshire in addition to myself”
Afternoon Session - 1995 Meeting
“Cash at Berkshire is a residual. I mean, we would like to have no cash at all times... when you see cash on our balance sheet of any size, that's an acknowledgement by Charlie and me”
Afternoon Session - 1995 Meeting
“I know part of that is that Berkshire Hathaway won't participate in unfriendly takeovers.”
Afternoon Session - 1995 Meeting
“in the case of Berkshire, Malcolm Chase, the chairman, was all in favor of us buying our stock in Berkshire”
Morning Session - 1995 Meeting
“for a triple a credit like berkshire uh you know it would be somewhere uh in the area of of seven percent or thereabouts”
Morning Session - 1995 Meeting
“we issued some some debt a few years back and there's a question of weighing whether the common shareholders are going to be better off”
Morning Session - 1995 Meeting
“in the history of berkshire uh we've borrowed money to to buy something or to buy a business and when we do that we are placing a bank”
Afternoon Session - 1995 Meeting
“I gave away the Berkshire because I thought it was the right way to behave, and I sold some because I had uses for the money.”
Afternoon Session - 1995 Meeting
“I've noticed in the insider sales activity sheets that you've been a rather a consistent seller of your Berkshire stock over the last few months.”
Afternoon Session - 1995 Meeting
“Charlie has a very high percentage of his net worth, and Berkshire is do I.”
Afternoon Session - 1995 Meeting
“the ability of Lloyds to attract capital with the problems they had has been diminished, although they're working on that problem. But we regard Lloyds as a competitor, just like we would regard any o”
Afternoon Session - 1995 Meeting
“Does your current philosophy of not buying back your own shares, suggest that maybe you think Berkshire is overpriced”
Morning Session - 1995 Meeting
“Hellsburgs become a very big factor in Berkshire over time”
Morning Session - 1995 Meeting
“Helsburgs to join in with Berkshire into what we think is a particularly advantageous way for them to conduct a business”
Afternoon Session - 1995 Meeting
“while I was building Berkshire that was being done to end up in some other spot I'd have been there by now”
Afternoon Session - 1995 Meeting
“Recently, I've noticed you wearing an IZOT shirt with Berkshire Hathaway, and in the middle of there was a fist grasping cash.”
Afternoon Session - 1995 Meeting
“Tone 5. I'm Ken Donovan, a Cincinnati investor. You've addressed the subject of your feelings about buying entire foreign corporations. I wonder if you'd say something about, are, is Berkshire looking”
Afternoon Session - 1995 Meeting
“we think over time that it's going to be a very decent acquisition. It's the same line of reasoning we've applied in other businesses.”
Afternoon Session - 1995 Meeting
“the price of Berkshire in relation to its intrinsic value I think probably offers as much value as as or more than the majority of stocks”
Afternoon Session - 1995 Meeting
“do you consider the price of Burkshire? the price of Berkshire at this level to be fair?”
Afternoon Session - 1995 Meeting
“I'd like to ask you, Mr. Buffett, if you would care to divulge what you believe is the intrinsic value of Berkshire.”
Afternoon Session - 1995 Meeting
“on the stock as we all know is the first month this year we ramped up about 25 percent and then we've pulled back I guess about 20”
Morning Session - 1995 Meeting
“Berkshire is really one of a kind in terms of its capital strength in the business...we probably have close to 13 billion of net worth and considerably more of value.”
Afternoon Session - 1995 Meeting
“How much has Berkshire Hathaway been confident? either in investing America or corporate America.”
Morning Session - 1995 Meeting
“whether the concept of market value added and economic value added as such or any of its variance is a concept that's applicable and useful to Berkshire Hathaway as a whole”
Morning Session - 1995 Meeting
“We added about $4 billion sum of value to Berkshire. That's good enough for me.”
Afternoon Session - 1995 Meeting
“the Berkshire Hathaway technique for minimizing lawsuits. When I was a very young boy”
Morning Session - 1995 Meeting
“Berkshire-Hathaway will, if we think something makes sense and Charlie and I understand it, we may find ways to use them”
Morning Session - 1995 Meeting
“Berkshire Hathaway was a large customer of Solomon Lung before we bought the preferred, and that we've had marvelous service”
Morning Session - 1995 Meeting
“all of the people who worked for Berkshire Hathaway in stock, and therefore record no wage expense”
Morning Session - 1995 Meeting
“if we've been issuing options over a period of time at Berkshire for things unrelated to the performance”
Morning Session - 1995 Meeting
“the value, both intrinsic and extrinsic, of Berkshire Hathaway, is the result of your combined skills in acquiring growth companies”
Afternoon Session - 1995 Meeting
“I would not rule out Berkshire buying more. I don't have any plans to do it right now, but I wouldn't rule that out”
Morning Session - 1995 Meeting
“kudos to Berkshire Hathaway for picking up the Hellsburgs and thanks to the Hellsburgs for everything they've done to Kansas City”
Afternoon Session - 1995 Meeting
“I have a few eggs in your basket... suppose I had $100,000 and I decided to buy four or five more of your shares... I would say that if you're right in the sense that if you're buy Berkshire, you shou”
Afternoon Session - 1995 Meeting
“when we own Berkshire, we don't think of all our eggs being in one basket. I mean, because we have got a lot of good businesses.”
Afternoon Session - 1995 Meeting
“to have the price per share on a stock that exists with Berkshire. And, you know, we're aware of it.”
Morning Session - 1995 Meeting
“now in berkshire we feel we've enunciated that position we want to get that cross to everybody who might join with us”
Afternoon Session - 1995 Meeting
“I would like very much to be able to bring my grandchildren as shareholders, but I find it difficult to get shares into their hands with the current per unit.”
Afternoon Session - 1995 Meeting
“I understand the position you've taken over the years, and the fact that it adds no value to make the split. In this case, however, it could be a tax savings”
Afternoon Session - 1995 Meeting
“they had their Berkshire in an IRA account, and now they were getting into the mandatory payout arrangement”
Afternoon Session - 1995 Meeting
“We don't want the stock to sell it twice intrinsic value or 50% above intrinsic value. We want the intrinsic value to grow a lot.”
Afternoon Session - 1995 Meeting
“you can keep a shareholder base like Berkshire, but you can't reconstruct it if you, if you, if you just destroy it”
1995 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1995 was $5.3 billion, or 45.0%.”
1995 Berkshire Hathaway Shareholder Letter
“At Berkshire, we've instituted ABWA (acquisitions by walking around).”
1995 Berkshire Hathaway Shareholder Letter
“Berkshire was made to order for him. It took us awhile to get together on price, but there was never any question in my mind that, first, Helzberg's was the kind of business that we wanted to own”
1995 Berkshire Hathaway Shareholder Letter
“Berkshire's insurance business has been a huge winner. For the table, we have calculated our float”
1995 Berkshire Hathaway Shareholder Letter
“Berkshire would not be where it is today if Davy had not been so generous with his time on a cold Saturday in 1951.”
1995 Berkshire Hathaway Shareholder Letter
“Berkshire is sought out for many kinds of insurance, both super-cat and large single-risk, because: (1) our financial strength is unmatched”
1995 Berkshire Hathaway Shareholder Letter
“At Berkshire, it's our money.”
1995 Berkshire Hathaway Shareholder Letter
“Berkshire's other insurance operations, though relatively small, performed magnificently in 1995.”
1995 Berkshire Hathaway Shareholder Letter
“Berkshire paid a heavy tuition for my education in the business.”
1995 Berkshire Hathaway Shareholder Letter
“we entered 1995 with an exceptional insurance operation of moderate size. By adding GEICO, we entered 1996 with a business still better in quality”
1995 Berkshire Hathaway Shareholder Letter
“At Berkshire, we believe in Charlie's dictum - "Just tell me the bad news; the good news will take care of itself"”
1995 Berkshire Hathaway Shareholder Letter
“Berkshire is selling at a price at which Charlie and I would not consider buying it.”
1995 Berkshire Hathaway Shareholder Letter
“We expect to list the B shares on the New York Stock Exchange, where they will trade alongside the A stock.”
1995 Berkshire Hathaway Shareholder Letter
“a recapitalization of Berkshire, creating two classes of stock. If the plan is adopted, our existing common stock will be designated as Class A Common Stock”
1995 Berkshire Hathaway Shareholder Letter
“Though the per-share intrinsic value of our stock has grown at an excellent rate during the past five years, its market price has grown still faster.”
1995 Berkshire Hathaway Shareholder Letter
“About 96.3% of all eligible shares participated in Berkshire's 1995 shareholder-designated contributions program.”
1995 Berkshire Hathaway Shareholder Letter
“At Berkshire, we have no investor relations department and don't use financial analysts as a channel for disseminating information”
1995 Berkshire Hathaway Shareholder Letter
“Shareholders from 49 states attended our 1995 meeting - where were you, Vermont? - and a number of foreign countries”
"We don't think we can improve on this group"
“Is there any point at which your stock would rise to the point where you might split the stock? I think the idea of carving ownerships in an enterprise and a little tiny $20 pieces is almost insane.”
How Berkshire holds onto its managers
“that's pretty much what happens at Berkshire. Reinsurance business by its nature will be a business in which some very stupid things are done”
"Charlie and I never have an opinion about the market"
“That's pretty much what happens at Berkshire. Reinsurance business by its nature will be a business in which some very stupid things are done en masse periodically.”
Buffett and Munger's book recommendations
“That's pretty much what happens at Berkshire. Reinsurance business by its nature will be a business in which some very stupid things are done”
1994 Annual Meeting Highlight Reel
“that's pretty much what happens at Berkshire. Reinsurance business by its nature will be a business in which some very stupid things are done”
Buffett's Blue Chip Stamps "wizardry"
“That's pretty much what happens at Berkshire. Reinsurance business by its nature will be a business in which some very stupid things are done en masse periodically.”
"You judge management by two yardsticks"
“That's pretty much what happens at Berkshire. Reinsurance business by its nature will be a business in which some very stupid things are done”
"We'd rather multiply by three than by pi"
“That's pretty much what happens at Berkshire. Reinsurance business by its nature will be a business in which some very stupid things are done en masse periodically.”
"We look at what the market says is the utility"
“That's pretty much what happens at Berkshire. Reinsurance business by its nature will be a business in which some very stupid things are done”
Afternoon Session - 1994 Meeting
“breaking up Berkshire into smaller entities, which would allow you to make those nice, small, wonderful trades”
Morning Session - 1994 Meeting
“I will first introduce the Berkshire Hathaway directors that are President in addition to myself. First of all, there's Charlie, who is the Vice Chairman of Berkshire.”
Afternoon Session - 1994 Meeting
“the Berkshire is incredibly decentralized in the in terms of power and decisions resting in the operating divisions”
Afternoon Session - 1994 Meeting
“we could distribute it out to the shareholders and let them make their own decisions, obviously. any time we thought”
Afternoon Session - 1994 Meeting
“there was more volatility in the price of Berkshire last year. And as I put in the annual report, the stock overperformed the business last year”
Afternoon Session - 1994 Meeting
“using stop loss orders with Berkshire obviously tells me that we've got some people in that that are using it as a trading vehicle”
Afternoon Session - 1994 Meeting
“the stock was around 16,000 or something like that. And he had some rather significant stop-loss orders on the books at 15-5 or thereabouts”
Afternoon Session - 1994 Meeting
“we have some people that, in my view, are not really the kind of owners that we would like to attract”
Afternoon Session - 1994 Meeting
“Do you expect that Burke-Chile would become one of the standard in poor 500 stocks or a Dow Jones stock. Well, I think it's unlikely that ever becomes a Dow Jones stock.”
Morning Session - 1994 Meeting
“we have, we don't think we can improve on this group. And we followed certain policies that we think attracted certain types of shareholders and actually pushed away others. And that is part of our eu”
Afternoon Session - 1994 Meeting
“Berkshire has a substantial shareholder who's father accumulated the original position. And when he died, he left a very large estate, practically all of which was in two securities, Berkshire and one”
Morning Session - 1994 Meeting
“Pretty much what happens at Berkshire. So with any of the manager, you might name here. We try to make it interesting and fun”
Afternoon Session - 1994 Meeting
“Does Berkshire have key man insurance on? Oh, no, no, no, we have no life insurance, to my knowledge”
Afternoon Session - 1994 Meeting
“Does Berkshire Hathaway, or any of its subsidiaries, have key man insurance on you and Mr. Munger?”
Afternoon Session - 1994 Meeting
“Just with respect to Berkshire's large, non-permanent holdings that are therefore illiquid, I'm just wondering what your strategy is”
Morning Session - 1994 Meeting
“Berkshire Hathaway has been a good investment up to now, but what happens to your investment if, God forbid, something happens to Mr. Warren Buffett?”
Morning Session - 1994 Meeting
“Charlie has never done that for us... really cause me to really reassess succession plans at Berkshire.”
Morning Session - 1994 Meeting
“Charlie and I entered this trading stamp business to apply our wizardry to it in, what, 1969 or so... we're going to do, what, about 400,000 this year?”
Morning Session - 1994 Meeting
“article in the April 18th Barron's that attempted to calculate the value behind each Berkshire Hathaway share”
Afternoon Session - 1994 Meeting
“The chief financial officer of Berkshire Hathaway is handling the microphones.”
Afternoon Session - 1994 Meeting
“any other product that Berkshire Hathaway makes in any subsidiary”
Morning Session - 1994 Meeting
“in light of the multiple disasters that have taken place in LA, has that had any impact on the cats for Berkshire? On our super cat business?”
Morning Session - 1994 Meeting
“Well, I'd just say if you judge the existing portfolio as indicating what the future is likely to be like... certainly a lot of essentials were sold out of Borsham yesterday.”
Morning Session - 1994 Meeting
“You mentioned earlier that Berkshire's shoe business was great”
Morning Session - 1994 Meeting
“how will that affect Berkshire's interest in the company? Well, U.S. Air has a cost structure...”
Morning Session - 1994 Meeting
“what your plans for the future concerning Berkshire are”
Morning Session - 1994 Meeting
“You as shareholders of Berkshire, unless you own your shares on borrowed money or are going to sell them in a very short period of time, are better off if stocks get cheaper”
Morning Session - 1994 Meeting
“would you compare the intrinsic value of Berkshire to its current market price? Well, the answer to that is no. Berkshire has never calculated”
Morning Session - 1994 Meeting
“how much of Berkshire's network would we put on that flip? Well, we would, it would sound like a big”
Morning Session - 1994 Meeting
“We would, it would sound like a big number to you. it would not be a huge percentage of the net worth”
Morning Session - 1994 Meeting
“I've heard Berkshire Hathaway referred to as nothing more than a high-priced rich man's mutual fund. Would you care to comment on that also?”
Morning Session - 1994 Meeting
“The question about Berkshire being a, I think was it, rich man's mutual fund or something like, we don't look at it that way at all.”
Morning Session - 1994 Meeting
“Berkshire's business. Did I answer what you were driving at there?”
Morning Session - 1994 Meeting
“How does Berkshire Hathaway feel about times of relative financial insecurity? Do you arrange for more cash reserves looking forward to a time when you might be able to buy”
Morning Session - 1994 Meeting
“if you read the Berkshire reports, you essentially, you have all the information that Charlie and I would use in making a decision”
Morning Session - 1994 Meeting
“Ufield, Berkshire, Hathaway, won't fall into? Well, the first question about our primary insurance”
Morning Session - 1994 Meeting
“Berkshire stands unique in American business as a company whose name has become synonymous with management excellence.”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“MODELS FROM BERKSHIRE HATHAWAY INVESTMENTS: COKE, GILLETTE, GEICO & THE WASHINGTON POST”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“Berkshire Hathaway, by and large, does not invest in these people that are "surfing" on complicated technology”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“one of the greatest economists of the world is a substantial shareholder in Berkshire Hathaway and has been from the very early days”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“his own money went into Berkshire and made him wealthy”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“Berkshire Hathaway and all of its accumulated billions, the top ten insights account for most of it.”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“We operate that way - I'm talking about Buffett and Munger...Most of Berkshire's billions came from a handful of ideas.”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“If you invested Berkshire Hathaway-style, it would be hard to get paid as an investment manager as well as they're currently paid”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“Bulk of Berkshire's billions brought by better businesses...the bulk of the billions in Berkshire Hathaway have come from the better businesses.”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“I'd say that Berkshire Hathaway's system is adapting to the nature of the investment problem as it really is.”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“Munger: And the Berkshire system is not "bonkers". It's so damned elementary that even bright people are going to have limited, really valuable insights”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“Munger: We've really made the money out of high quality businesses... what happened, the big money's been made in the high quality businesses.”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“it doesn't work for Berkshire Hathaway anymore because we've got too much money”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“At Berkshire Hathaway, Warren and I raised the prices of See's Candy a little faster than others might have.”
1994 Berkshire Hathaway Shareholder Letter
“during your ownership of Berkshire, you will fare just as Charlie and I do. If you suffer, we will suffer; if we prosper, so will you.”
1994 Berkshire Hathaway Shareholder Letter
“Ten years ago, in 1984, Berkshire's insurance companies held securities having a value of $1.7 billion...Now we hold securities worth $18 billion”
1994 Berkshire Hathaway Shareholder Letter
“our personal fortunes will remain overwhelmingly concentrated in Berkshire shares: We will not ask you to invest with us and then put our own money elsewhere.”
1994 Berkshire Hathaway Shareholder Letter
“When we paid a $142.6 million premium over book value for Scott Fetzer, that figure had to be recorded on Berkshire's balance sheet.”
1994 Berkshire Hathaway Shareholder Letter
“the current carrying value of Scott Fetzer on Berkshire's books. That amount is less than half of our carrying value for the company”
1994 Berkshire Hathaway Shareholder Letter
“At Berkshire, our managers will continue to earn extraordinary returns from what appear to be ordinary businesses.”
1994 Berkshire Hathaway Shareholder Letter
“As the numbers in the following table show, Berkshire's insurance business has been an enormous winner.”
1994 Berkshire Hathaway Shareholder Letter
“At Berkshire, on the other hand, we will quote prices for coverage as great as $500 million on the same day”
1993 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Our per-share book value increased 14.3% during 1993.”
1993 Berkshire Hathaway Shareholder Letter
“During the year, Berkshire's net worth increased by $1.5 billion, a figure affected by two negative and two positive non-operating items.”
1993 Berkshire Hathaway Shareholder Letter
“So how should Berkshire's over-performance in the market last year be viewed? Clearly, Berkshire was selling at a higher percentage of intrinsic value at the end of 1993”
1993 Berkshire Hathaway Shareholder Letter
“Berkshire, in contrast, can diversify with ease...shifting their ownership to Berkshire, Dexter's shareholders solved a reinvestment problem.”
1993 Berkshire Hathaway Shareholder Letter
“The table below shows the major sources of Berkshire's reported earnings...amortization of Goodwill and other major purchase-price accounting adjustments”
1993 Berkshire Hathaway Shareholder Letter
“At Berkshire, we do not tell .400 hitters how to swing.”
1993 Berkshire Hathaway Shareholder Letter
“they know they will be treated as partners and that we will follow owner-oriented practices...investment result from the merger date forward will exactly parallel my own”
1993 Berkshire Hathaway Shareholder Letter
“Look-Through Earnings We've previously discussed look-through earnings, which we believe more accurately portray the earnings of Berkshire than does our GAAP result.”
1993 Berkshire Hathaway Shareholder Letter
“Berkshire and its shareholders, in combination, would pay a much smaller tax if Berkshire operated as a partnership”
1993 Berkshire Hathaway Shareholder Letter
“the 35% federal tax rate that Berkshire pays”
1993 Berkshire Hathaway Shareholder Letter
“I suspect many Berkshire shareholders figured that out long ago.”
1993 Berkshire Hathaway Shareholder Letter
“Berkshire is ideally positioned to write super-cat policies. In Ajit Jain, we have by far the best manager in this business.”
1993 Berkshire Hathaway Shareholder Letter
“At Berkshire, we naturally believe we are obtaining adequate premiums and giving more like 3 1/2-for-1 odds.”
1993 Berkshire Hathaway Shareholder Letter
“as Berkshire's capital mushroomed and the universe of investments that could significantly affect our results shrank dramatically.”
1993 Berkshire Hathaway Shareholder Letter
“Since Berkshire falls into the second category, however, and will someday fall into the third, we will discuss all three variations.”
1993 Berkshire Hathaway Shareholder Letter
“The second case is that existing at Berkshire, where the controlling owner is also the manager.”
1993 Berkshire Hathaway Shareholder Letter
“At Berkshire we operate in the second mode now and will for as long as I remain functional”
1993 Berkshire Hathaway Shareholder Letter
“At Berkshire, we believe that the company's money is the owners' money”
1993 Berkshire Hathaway Shareholder Letter
“About 97% of all eligible shares participated in Berkshire's 1993 shareholder-designated contributions program”
1993 Berkshire Hathaway Shareholder Letter
“When my stock is transferred to either my wife or the foundation, Berkshire will enter the third governance mode”
1993 Berkshire Hathaway Shareholder Letter
“Last fall, for two months, we borrowed one person from National Indemnity to help us implement the instructions”
1993 Berkshire Hathaway Shareholder Letter
“Berkshire shareholders can give under our designated-contributions program and asked for your comments.”
1992 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Our per-share book value increased 20.3% during 1992.”
1992 Berkshire Hathaway Shareholder Letter
“our goal is to increase our per-share intrinsic value - for which our book value is a conservative, but useful, proxy - at a 15% annual rate... because of the accounting rules that apply to the common”
1992 Berkshire Hathaway Shareholder Letter
“Charlie Munger, Berkshire's Vice Chairman and my partner, and I are virtually certain that the return over the next decade”
1992 Berkshire Hathaway Shareholder Letter
“Of all our activities at Berkshire, the most exhilarating for Charlie and me is the acquisition of a business”
1992 Berkshire Hathaway Shareholder Letter
“Currently, Berkshire is second in the U.S. property-casualty industry in net worth...we have the capacity to assume risk on a scale that interests virtually no other company.”
1992 Berkshire Hathaway Shareholder Letter
“In Berkshire's 1985 annual report, I laid out my opinions about the use and misuse of options.”
1992 Berkshire Hathaway Shareholder Letter
“On the day of issue, Berkshire will pay him or her a substantial sum for the right to any future gain”
1992 Berkshire Hathaway Shareholder Letter
“Give us a call at Berkshire and we will happily sell you insurance in exchange for a bundle of long-term options”
1992 Berkshire Hathaway Shareholder Letter
“our stock consistently trades in a price range that is sensibly related to intrinsic value.”
1992 Berkshire Hathaway Shareholder Letter
“we believe that our shares turn over far less actively than do the shares of any other widely-held company.”
1992 Berkshire Hathaway Shareholder Letter
“Overall, we believe our owner-related policies - including the no-split policy - have helped us assemble a body of shareholders that is the best associated with any widely-held American corporation.”
1992 Berkshire Hathaway Shareholder Letter
“Imagine, for example, that Berkshire is selling for $12,000 and that one wishes to make only a $10,000 gift.”
1991 Berkshire Hathaway Shareholder Letter
“Berkshire's operating managers are so outstanding that I knew I could materially reduce the time I was spending at the company”
Warren Buffett | Testimony | Salomon Brothers | Securities Trading Investigation | 1991
“Mr. Buffett was nodding with some concern, $3.7 billion.”
Warren Buffett | Testimony | Salomon Brothers | Securities Trading Investigation | 1991
“So, Mr. Buffett, you clearly have a great opportunity and a great responsibility. And your past reputation would indicate that you're up for the task.”
1991 Berkshire Hathaway Shareholder Letter
“We prefer to buy for cash, but will consider issuing stock when we receive as much in intrinsic business value as we give.”
1991 Berkshire Hathaway Shareholder Letter
“Berkshire itself was an innocent all too often when I was personally running the insurance operation.”
1991 Berkshire Hathaway Shareholder Letter
“Berkshire continues to be a very large writer - perhaps the largest in the world - of "super-cat" insurance”
Warren Buffett | Testimony | Salomon Brothers | Securities Trading Investigation | 1991
“His company, Berkshire Hathaway, is considered to be on the leading edge of efficient, honest, profitable business practices.”
Resignation of Mutual Savings from US League of Savings Institutions (1989)
“Wesco Financial Corporation, listed ASE, and Berkshire Hathaway Inc., listed NYSE, which are no longer willing”
1989 Berkshire Hathaway Shareholder Letter
“A large portion of our book value is represented by equity securities that, with minor exceptions, are carried on our balance sheet at current market values.”
1989 Berkshire Hathaway Shareholder Letter
“Back when Berkshire's book value was $19.46, intrinsic value was somewhat less because the book value was entirely tied up in a textile business”
1989 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1989 was $1.515 billion, or 44.4%.”
1989 Berkshire Hathaway Shareholder Letter
“Even on bad days, Charlie Munger (Berkshire's Vice Chairman and my partner) and I do not think of Berkshire as a bacterium.”
1989 Berkshire Hathaway Shareholder Letter
“From Berkshire's present base of $4.9 billion in net worth, we will find it much more difficult to average 15% annual growth”
1989 Berkshire Hathaway Shareholder Letter
“Berkshire's share of the income taxes paid by its five major investees totaled about $175 million.”
1989 Berkshire Hathaway Shareholder Letter
“Berkshire's premium volume may drop to $150 million or so in 1990 (from a high of $1 billion in 1986)”
1989 Berkshire Hathaway Shareholder Letter
“Berkshire Hathaway offered to write up to $250 million of catastrophe coverage, advertising that proposition in trade publications.”
1989 Berkshire Hathaway Shareholder Letter
“Berkshire's policy, conversely, is to retain the business we write rather than lay it off. When rates carry an expectation of profit, we want to assume as much risk as is prudent.”
1989 Berkshire Hathaway Shareholder Letter
“A drop in their prices would not disturb us at all - it might in fact work to our eventual benefit - but it would cause at least a one-year reduction in Berkshire's net worth”
1989 Berkshire Hathaway Shareholder Letter
“Berkshire's investment will also help and that the other shareholders of each investee will profit over the years ahead from our preferred-stock purchase.”
1989 Berkshire Hathaway Shareholder Letter
“My first mistake, of course, was in buying control of Berkshire. Though I knew its business - textile manufacturing - to be unpromising, I was enticed to buy because the price looked cheap.”
1989 Berkshire Hathaway Shareholder Letter
“trading Berkshire's stock on the New York Stock Exchange”
1988 Berkshire Hathaway Shareholder Letter
“Under one major change mandated by GAAP for 1988, we have been required to fully consolidate all our subsidiaries in our balance sheet and earnings statement.”
1988 Berkshire Hathaway Shareholder Letter
“the less able investors are to answer the three questions posed earlier. Indeed, the only reason we ever prepare consolidated figures at Berkshire is to meet outside requirements.”
1988 Berkshire Hathaway Shareholder Letter
“Because of both this acquisition and some internal growth, sales at Fechheimer should be up significantly in 1989. o All of the operations managed by Ralph Schey - World Book, Kirby, and The Scott Fet”
1988 Berkshire Hathaway Shareholder Letter
“Borsheim's new links to Berkshire will change nothing in the way this business is run.”
1988 Berkshire Hathaway Shareholder Letter
“the continuous 63-year arbitrage experience of Graham-Newman Corp. Buffett Partnership, and Berkshire illustrates just how foolish EMT is”
1988 Berkshire Hathaway Shareholder Letter
“Berkshire's shares were listed on the New York Stock Exchange on November 29, 1988.”
1988 Berkshire Hathaway Shareholder Letter
“If our stock price instead consistently mirrors business value, each of our shareholders will receive an investment result that roughly parallels the business results of Berkshire”
1988 Berkshire Hathaway Shareholder Letter
“Berkshire shares should consistently sell at prices reasonably related to business value”
1988 Berkshire Hathaway Shareholder Letter
“Of course, some Berkshire owners will need or want to sell from time to time, and we wish for good replacements”
1988 Berkshire Hathaway Shareholder Letter
“Running a public company, we feel the same way. Our goal is to attract long-term owners...plan instead to stay with us indefinitely”
1988 Berkshire Hathaway Shareholder Letter
“we do not want to maximize the price at which Berkshire shares trade. We wish instead for them to trade in a narrow range centered at intrinsic business value”
1987 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1987 was $464 million”
1987 Berkshire Hathaway Shareholder Letter
“the returns that Berkshire earns from these seven units are not as high as their underlying returns”
1987 Berkshire Hathaway Shareholder Letter
“Charlie Munger's letter to Wesco shareholders, describing the various businesses of that subsidiary”
1987 Berkshire Hathaway Shareholder Letter
“At Berkshire, we work to escape the industry's commodity economics in two ways. First, we differentiate our product by our financial strength”
1987 Berkshire Hathaway Shareholder Letter
“Among those, Berkshire will lead the pack. Our second method of differentiating ourselves is the total indifference to volume that we maintain.”
1987 Berkshire Hathaway Shareholder Letter
“Our insurance business has also made some important non-financial gains during the last few years.”
1987 Berkshire Hathaway Shareholder Letter
“Thus, Berkshire's insurance profits are quite likely to improve during 1988 and 1989”
1987 Berkshire Hathaway Shareholder Letter
“he would not have bought our stock. Berkshire's underwriting experience was excellent in 1987”
1987 Berkshire Hathaway Shareholder Letter
“a shareholder of Berkshire. This man handles a number of large risks that are candidates for placement with our New York office.”
1987 Berkshire Hathaway Shareholder Letter
“If they want to participate in whatever Berkshire actually is buying, they can always purchase Berkshire stock.”
1987 Berkshire Hathaway Shareholder Letter
“About 97.2% of all eligible shares participated in Berkshire's 1987 shareholder-designated contributions program.”
1987 Berkshire Hathaway Shareholder Letter
“Fade to 24 years later: The scene is K & W Products, a small Berkshire subsidiary that produces automotive compounds.”
1986 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1986 was $492.5 million”
1986 Berkshire Hathaway Shareholder Letter
“the allocation of capital, which at Berkshire is a considerably more important challenge than at most companies”
1986 Berkshire Hathaway Shareholder Letter
“Berkshire's Share of Net Earnings (after taxes and minority interests) - operating earnings table for 1986 and 1985”
1986 Berkshire Hathaway Shareholder Letter
“before you mark your ballot at the 2024 annual meeting of Berkshire”
1986 Berkshire Hathaway Shareholder Letter
“about 98% of the stock at the end of each year is owned by people who were owners at the start of the year”
1986 Berkshire Hathaway Shareholder Letter
“Bob, having dutifully read Berkshire's annual reports, thought of us... Fechheimer is exactly the sort of business we like to buy.”
1986 Berkshire Hathaway Shareholder Letter
“following recent advances in the price of Berkshire stock, transactions involving stock issuance may be quite feasible”
1986 Berkshire Hathaway Shareholder Letter
“the net financial effect for Berkshire is negative: our rate of increase in business value is likely to be at least moderately slower”
1986 Berkshire Hathaway Shareholder Letter
“Berkshire's 1986 shareholder-designated contributions program. Contributions made through the program were $4 million”
1986 Berkshire Hathaway Shareholder Letter
“Shares not so registered on September 30, 1987 will be ineligible for the 1987 program.”
1986 Berkshire Hathaway Shareholder Letter
“our shareholders' meeting, up from about 250 the year before (and from about a dozen ten years ago)”
Warren Buffett's First National Television Appearance - PBS (1985)
“If you had put $10,000 in 1965 into his company, Berkshire Hathaway, you would have $1 million today.”
1985 Berkshire Hathaway Shareholder Letter
“Historically, Berkshire shares have sold modestly below intrinsic business value.”
1985 Berkshire Hathaway Shareholder Letter
“Charlie Munger, my partner in managing Berkshire, and I are reasonably optimistic about Berkshire's ability to earn returns superior”
1985 Berkshire Hathaway Shareholder Letter
“the market price for Berkshire stock has almost always been sensible. This unusual result has been achieved by a shareholder group with unusual demographics”
1985 Berkshire Hathaway Shareholder Letter
“there has been a more consistent relationship between Berkshire's market value and business value than has existed for any other publicly-traded equity”
1985 Berkshire Hathaway Shareholder Letter
“These buyers today are attracted to Berkshire because of its strong capital position... we also are finding buyers drawn to us because our ability to insure substantial risks sets us apart”
1985 Berkshire Hathaway Shareholder Letter
“At Berkshire we have never played the lay-it-off-at-a-profit game and, until recently, that put us at a severe disadvantage in certain lines. Now the tables are turned: we have the underwriting capabi”
1985 Berkshire Hathaway Shareholder Letter
“we are delighted to be associated with him. The history of the Scott Fetizer acquisition is interesting, marked by some zigs and zags before we became involved.”
1985 Berkshire Hathaway Shareholder Letter
“following recent advances in the price of Berkshire stock, transactions involving stock issuance may be quite feasible”
1984 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1984 was $152.6 million, or $133 per share.”
1984 Berkshire Hathaway Shareholder Letter
“Berkshire Share Berkshire Share 1984 1983 1984 1983 1984 1983 — financial statement showing Berkshire's earnings and subsidiaries”
1984 Berkshire Hathaway Shareholder Letter
“At Berkshire, we have added what we thought were appropriate supplemental reserves but in recent years they have not been adequate.”
1984 Berkshire Hathaway Shareholder Letter
“The loss-reserving errors of other property/casualty companies are of more than academic interest to Berkshire. Not only does Berkshire suffer from sell-at-any-price competition”
1984 Berkshire Hathaway Shareholder Letter
“Let's now turn to Berkshire Hathaway and examine how these dividend principles apply to it. Historically, Berkshire has earned well over market rates”
1984 Berkshire Hathaway Shareholder Letter
“Berkshire's meetings are a different story. The number of shareholders attending grows a bit each year”
1984 Berkshire Hathaway Shareholder Letter
“Berkshire's 1984 shareholder-designated contributions program. Total contributions made through this program were $3,179,000”
1983 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: This past year our registered shareholders increased from about 1900 to about 2900.”
1983 Berkshire Hathaway Shareholder Letter
“Charlie and I believe that Berkshire possesses very significant economic Goodwill value above that reflected in our book value.”
1983 Berkshire Hathaway Shareholder Letter
“Stan worked with Henry for several years, and has worked for Berkshire Hathaway since 1969.”
1983 Berkshire Hathaway Shareholder Letter
“One of our goals is to have Berkshire Hathaway stock sell at a price rationally related to its intrinsic business value.”
1983 Berkshire Hathaway Shareholder Letter
“we think it is in both your interest and ours to minimize their occurrence in the market for Berkshire.”
1983 Berkshire Hathaway Shareholder Letter
“just as you purchased your Berkshire shares in a market populated by rational informed investors”
1983 Berkshire Hathaway Shareholder Letter
“Contrast the hyperactive stock with Berkshire. The bid-and-ask spread in our stock currently is about 30 points”
1983 Berkshire Hathaway Shareholder Letter
“The Blue Chip/Berkshire merger went off without a hitch. Less than one-tenth of 1% of the shares of each company voted against the merger”
1982 Berkshire Hathaway Shareholder Letter
“If you have owned .01 of 1% of Berkshire during the past decade, you have benefited economically in full measure”
1982 Berkshire Hathaway Shareholder Letter
“Berkshire's insurance subsidiaries owned only $18 million in market value of equities, excluding their interest in Blue Chip Stamps.”
1982 Berkshire Hathaway Shareholder Letter
“Were Berkshire to issue shares tomorrow for an acquisition, Berkshire would own everything that it now owns plus the new business”
1982 Berkshire Hathaway Shareholder Letter
“the Berkshire-Blue Chip combination is intended to be. Such a merger attempts to be fair to shareholders of both parties”
Blue Chip Stamps Annual Letter 1982
“merger with Berkshire Hathaway Inc., long a 59.6%-owner of Blue Chip Stamps. If such a merger occurs, our shareholders will become holders of common shares of Berkshire Hathaway Inc.”
1982 Berkshire Hathaway Shareholder Letter
“At Berkshire, or any company whose policies we determine (including Blue Chip and Wesco), we will issue shares only if our owners receive”
1981 Berkshire Hathaway Shareholder Letter
“During the present management's term of seventeen years, book value has increased from $19.46 per share to $526.02 per share, or 21.1% compounded annually.”
1981 Berkshire Hathaway Shareholder Letter
“Berkshire continues to retain its earnings for offensive, not defensive or obligatory, reasons. But in no way are we immune from the pressures”
Blue Chip Stamps Annual Letter 1981
“By the time Blue Chip Stamps purchased the News in 1977”
1981 Berkshire Hathaway Shareholder Letter
“The Treasury Department ruling allowing us to proceed without tax uncertainty was received early in October. The ruling did not cover participation by shareholders whose stock was registered”
1980 Berkshire Hathaway Shareholder Letter
“In the sixteen years since present management assumed responsibility for Berkshire, book value per share with insurance-held equities valued at market has increased from $19.46 to $400.80, or 20.5% co”
1980 Berkshire Hathaway Shareholder Letter
“Indexing is the insulation that all seek against inflation. But the great bulk (although there are important exceptions) of corporate capital is not even partially indexed... And Berkshire Hathaway is”
Blue Chip Stamps Annual Letter 1980
“Our consolidated balance sheet retains a strength befitting a company whose consolidated net worth supports large outstanding promises to others.”
1980 Berkshire Hathaway Shareholder Letter
“Our own position in this respect is satisfactory. We believe our net worth... is the strongest relative to premium volume among all large property-casualty stockholder-owned groups.”
Blue Chip Stamps Annual Letter 1980
“Our total percentage return on shareholders' investment is now depressed by our substantial commitment to the Buffalo Evening News”
1980 Berkshire Hathaway Shareholder Letter
“exchange of 41,086 shares of Rockford Bancorp Inc. (which owns 97.7% of Illinois National Bank) for a like number of shares of Berkshire Hathaway Inc.”
1980 Berkshire Hathaway Shareholder Letter
“Our method of exchange allowed all Berkshire shareholders to maintain their proportional interest in the Bank”
1979 Berkshire Hathaway Shareholder Letter
“a business earning 20% on capital can produce a negative real return for its owners under inflationary conditions not much more severe than presently prevail. If we should continue to achieve a 20% co”
1979 Berkshire Hathaway Shareholder Letter
“During 1979, NASDAQ trading was initiated in the stock of Berkshire Hathaway. This means that the stock now is quoted on the Over-the-Counter page”
1979 Berkshire Hathaway Shareholder Letter
“we feel is owed to us at Berkshire Hathaway by managers of our business units”
1979 Berkshire Hathaway Shareholder Letter
“It would be hard to find a better group to sit in the Berkshire Hathaway shareholder "seats" than those already occupying them.”
1978 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: First, a few words about accounting. The merger with Diversified Retailing Company, Inc.”
1978 Berkshire Hathaway Shareholder Letter
“Berkshire's long-term growth in equity per share has been greater than would be indicated by compounding the returns from operating earnings”
1978 Berkshire Hathaway Shareholder Letter
“A copy of the full annual report of either company will be mailed to any shareholder of Berkshire upon request”
1978 Berkshire Hathaway Shareholder Letter
“Berkshire's overall excellent results in 1978 was the segment of National Indemnity Company's insurance operation”
1978 Berkshire Hathaway Shareholder Letter
“our insurance company net worth to equities only when we find (1) businesses we can understand... Berkshire's insurance subsidiaries amounted to only $10.7 million”
1977 Berkshire Hathaway Shareholder Letter
“Operating earnings in 1977 of $21,904,000, or $22.54 per share, were moderately better than anticipated”
1977 Berkshire Hathaway Shareholder Letter
“Shareholders of Berkshire Hathaway Inc. may obtain the annual report of Blue Chip Stamps by requesting it from Mr. Robert H. Bird”