Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)
“Warren Buffett, the Chairman of Berkshire Hathaway, former CEO of Berkshire Hathaway”
889 mentions across the corpus · positive 275 · negative 14 · neutral 593 · historical 7
Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)
“Warren Buffett, the Chairman of Berkshire Hathaway, former CEO of Berkshire Hathaway”
Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)
“we own a railroad that's worth more money than our Apple position”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“Greg Ael, the new CEO of Berkshire Hathaway, joins us for his first major interview since taking over from the Oracle of Omaha”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“taking all of your take-home pay and putting it into shares of Berkshire”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“the Berkshire Companies investment portfolio and the $370 billion plus cash pile. We really view that as an opportunity.”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“Berkshire Hathaway has begun repurchasing shares of the common stock under the previous policy that had been out there before.”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“Bergkshire shareholders have long realized that it might be Charlie maybe or Warren talking to each other kind of figuring what they thought was a fair value”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“Berkshire and are we comfortable that the value proposition is very strong and we're doing it on behalf of obviously our shareholders”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“So Bergkshire shares up until a minute ago were down maybe 1% over the last year. Market's been up.”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“It's a 20 billion buyback and we we're halfway through...Is that a reasonable number? Could it be a lot more at Birkshire?”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“you have $373 billion in cash as of the last filing. Correct. I guess you're looking around and it tells you that this is something that makes way more sense to you than buying other things, other sto”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“putting it into shares of Berkshire...the CEO, I absolutely obviously believe in Bergkshire...I believe in its, you know, future, the opportunities that exist there”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“I wanted that alignment again believe in Berkshire”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“I wake up, you know, thinking about Berkshire. I go to sleep thinking about Berkshire.”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“well, I believe in Bergkshire, but it is interesting, Becky, and Joe, you're touching like um to me, of course, it's a logical thing to do”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“you sold Bergkshire Hathaway Energy and collected effectively $870 million”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“back in the summer of 2022, uh, there was the decision to sell, uh, B, my Berkshire Hathaway Energy stock”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“we wish we could purchase more shares of our shares, but the intrinsic value has to be there”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“If you think Bergkshire shares, uh, you're going to buy back some, but you're not going to deploy”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“Greg Ael, uh, the new CEO at Berkshire Hathaway, sitting down with us for the first time today.”
The Multidisciplinary Approach to Thinking | Peter D. Kaufman [Outliers]
“building Berkshire Hathaway. What's the formula? It's the exact same one. Dogged incremental constant progress”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“Berkshire is a unique conglomerate, intentionally designed to allocate capital rationally and efficiently. Insurance is our core”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“committed to strengthening the great legacy built by Warren Buffett and his business partner Charlie Munger”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“culture is our most treasured asset, a call to maintain what defines Berkshire”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“our GAAP net earnings – with its sometimes-large annual swings from realized and unrealized investment gains and losses – must be assessed with caution”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“We produced a combined ratio of 87.1% across our property and casualty businesses in 2025, comparing favorably with our five-year average of 90.7%”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“In 2025, Berkshire produced $46 billion of net cash flows from operating activities, compared to a five-year average of more than $40 billion”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“Berkshire's Performance vs. the S&P 500 Annual Percentage Change Year In Per-Share Market Value of Berkshire”
“Warren Buffett made a massive announcement at the end of his annual shareholder meeting in Omaha after six decades as CEO of Berkshire Hathaway”
“Warren Buffett made a massive announcement at the end of his annual shareholder meeting in Omaha after six decades as CEO of Berkshire Hathaway”
TIP717: Berkshire Hathaway 2025 w/ Chris Bloomstran
“the Berkshire weekend is coming up. And what better way to celebrate that than to speak with Chris Bloomstran?”
TIP717: Berkshire Hathaway 2025 w/ Chris Bloomstran
“I've invited Chris to join us to do a deep dive on the career market conditions and Berkshire Hathaway.”
TIP717: Berkshire Hathaway 2025 w/ Chris Bloomstran
“how do you best prepare for the Berkshire Weekend? Well, for years I've been reading Chris Bloomstran's thoughtful letter, analyzing the company”
TIP717: Berkshire Hathaway 2025 w/ Chris Bloomstran
“Berkshire weekend is coming up. And what better way to celebrate that than to speak with Chris Bloomstran?”
TIP717: Berkshire Hathaway 2025 w/ Chris Bloomstran
“If you listen to the last year's annual meeting, which was the first time we didn't have Charlie. It was a pretty emotional day.”
TIP717: Berkshire Hathaway 2025 w/ Chris Bloomstran
“Berkshire Hathaway's annual shareholders meeting is coming up in the first week of May. Value investors across the globe are making the annual pilgrimage to Omaha”
TIP721: Berkshire Hathaway Annual Shareholders Meeting 2025
“we just got back from the Berkshire Hathaway annual shareholders meeting in Omaha, and we'll be sharing our reflections from the meeting”
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”
TIP721: Berkshire Hathaway Annual Shareholders Meeting 2025
“we cover our thoughts on Buffett's announced retirement of CEO at Berkshire Hathaway. How Buffett enables management style might differ as CEO”
TIP721: Berkshire Hathaway Annual Shareholders Meeting 2025
“This was Warren Buffett's 60th annual shareholder meeting. So that, that sat alone is just like mind blowing. And it's no surprise how popular the event was this year”
TIP721: Berkshire Hathaway Annual Shareholders Meeting 2025
“Berkshire Hathaway annual shareholders meeting in Omaha and play a few of their favorite clips from the Q&A session with Warren Buffett”
Morning Session - 2025 Meeting
“Her sister wanted to work for Berkshire some years ago. And then she decided to have a family”
Afternoon Session - 2025 Meeting
“we will have a fortress of a bound sheet. And we want to, I thought Sue Decker, our lead director said it well yesterday, we've got a, we've got a significant set of cash right now, but it's an enormo”
Afternoon Session - 2025 Meeting
“when you think of Berkshire, again, and we've, we've talked about this, where we start from, and I'll clearly touch on the, uh, investment, the related investment allocation, but we start from a great”
Afternoon Session - 2025 Meeting
“we will never be dependent on a bank or some other party for Berkshire to be successful”
Afternoon Session - 2025 Meeting
“strength of Berkshire as we go forward. It's absolutely critical to our to our long-term success.”
Afternoon Session - 2025 Meeting
“from the standpoint of Berkshire. And we haven't figured that out yet.”
Afternoon Session - 2025 Meeting
“My dad owned BRKA shares, and he said, I need to work hard to earn my piece of BRKB.”
Morning Session - 2025 Meeting
“to have actually been part of Berkshire for Warren. It's now 25 plus years had the opportunity to be part of Berkshire”
Morning Session - 2025 Meeting
“you can't even dream all the dreams that you could have about a place like Berkshire”
Morning Session - 2025 Meeting
“when you find something like that and you find something like that, like Berkshire that's so special, it's, it's, you fall in love with it”
Afternoon Session - 2025 Meeting
“Berkshire Hathaway is the second largest utility provider in the United States. And at 2025, Reuters investigation found that it is the Coal fleet is the dirtiest”
Afternoon Session - 2025 Meeting
“when we acquired Mid-American, we acquired, we acquired We hired it in 1999, purchased Mid-American in 2000”
Morning Session - 2025 Meeting
“we can't compete it. the same thing right now. Yeah. People don't want to copy Berkshire's model, but usually they don't want to copy it by also copying the model of the CEO”
Morning Session - 2025 Meeting
“we just had national indemnity a few miles from here, and anybody could have duplicated what we had, but that was before a G. And the G came with us in 1986”
Morning Session - 2025 Meeting
“There is no property casually company that can basically replicate Berkshire. Berkshire. That wasn't the case at the start.”
Morning Session - 2025 Meeting
“what we do here at Berkshire doesn't work, I spend the end of my life regretting what I've created.”
Afternoon Session - 2025 Meeting
“J.P. Morgan and Amazon and Berkshire were not going to have any effect on changing that 20%.”
Morning Session - 2025 Meeting
“When I walked into Geigo's office is in 1950, the average price of a policy was around 40 bucks a year.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“the wholly owned businesses of Berkshire are the 80% of ownership...on average, better than the businesses, say, the S&P”
2024 Berkshire Hathaway Shareholder Letter
“While our ownership in marketable equities moved downward last year from $354 billion to $272 billion, the value of our non-quoted controlled equities increased”
2024 Berkshire Hathaway Shareholder Letter
“Berkshire will never prefer ownership of cash-equivalent assets over the ownership of good businesses, whether controlled or only partially owned.”
2024 Berkshire Hathaway Shareholder Letter
“Berkshire shareholders can rest assured that we will forever deploy a substantial majority of their money in equities – mostly American equities”
2024 Berkshire Hathaway Shareholder Letter
“With marketable equities, it is easier to change course when I make a mistake. Berkshire's present size, it should be underscored, diminishes this valuable option.”
2024 Berkshire Hathaway Shareholder Letter
“We will have much the same group of volunteers to offer you a wide variety of Berkshire products that will lighten your wallet and brighten your day.”
2024 Berkshire Hathaway Shareholder Letter
“This year we will offer 60 Years of Berkshire Hathaway.”
2024 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs. the S&P 500 Annual Percentage Change Year in Per-Share Market Value of Berkshire”
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.”
Afternoon Session - 2024 Meeting
“because it says something about Berkshire. there are, you know, all kinds of public companies and wealthy public companies... what is unusual about Berkshire is that a very significant number of Berks”
2024 Annual Meeting Highlight Reel
“Will Berkshire, through BHE, continue to invest resources and jurisdictions where corporate assets may be subject to confiscatory state policies”
Morning Session - 2024 Meeting
“Chairman Buffett noted the severe earnings disappointment experienced at Berkshire Hathaway Energy last year”
Morning Session - 2024 Meeting
“As Warren said, we don't want to throw good capital after bad capital”
Afternoon Session - 2024 Meeting
“Given the comments from Warren about the clear strengths of BNSF, what explains the decline in revenue and profit”
Morning Session - 2024 Meeting
“So very important issue for Berkshire Hathaway Energy, but at the same time, it is a Pacific Corp issue.”
Afternoon Session - 2024 Meeting
“At Berkshire, we want everybody to have the idea that there's a lot to be done with every business.”
Afternoon Session - 2024 Meeting
“The team at Burlington is working very hard to address the cost structure, just like we have in the past.”
Afternoon Session - 2024 Meeting
“we were able to put it to work in a $35 million, a billion dollars, which was a significant part of our capital”
Afternoon Session - 2024 Meeting
“we'll distribute substantial amounts in relation to what we paid to Berkshire in a very tax-efficient way”
Morning Session - 2024 Meeting
“I got investment in Berkshire thanks to my dad, who brought me down to this meeting.”
Morning Session - 2024 Meeting
“NV Energy energy and which is owned by the Berkshire Hathaway building, new gas plants instead of investing in solar energy”
Morning Session - 2024 Meeting
“that's the way we do it at Berkshire. Okay. Station 8. Greg and Ajik... is Berkshire actively looking for opportunities in the Indian equity market”
Morning Session - 2024 Meeting
“does Berkshire have some kind of advantage in actually pursuing those opportunities against, particularly against people that are using other people's money”
Morning Session - 2024 Meeting
“Berkshire is known, not like it's known in the United States, but it's known around the world. And, you know, our Japanese experience has been fascinating”
Morning Session - 2024 Meeting
“We love being a part of the Berkshire family, and along with the Berkshire family. the 70,000 other agents that sell real estate for the company.”
Morning Session - 2024 Meeting
“As a Berkshire and Tesla shareholder, I would like to hear your thoughts on the potential financial effects to GEICO”
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
“Charlie Munger's success probably has more dimensions to it... Charlie Munger was the notion of you know, if you want to be success, the best way to do that is to deserve it.”
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
“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
“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
“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
“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
“I think we, all of us are very privileged to be living in the time of Warren and Charlie.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“going to the Berkshire Hathaway Annual Meeting in Omaha, I think this is back in 2017”
A Conversation with Charlie Munger & John Collison
“Charlie Munger was the vice chairman of Berkshire Hathaway. In this conversation with Stripe's John Collison, recorded last year, he shares the ingredients for long-term business success”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire, for the good of the entire system, Berkshire is worth cherishing and protecting. It is this virtually sort of unsullied example.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is important. for the reminder that it is of how things ought to be. And it's a great sort of benchmark against which other companies can look towards.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire and other companies that they aren't alone in this, but they, as I say, are the most extreme, they achieved not at the expense of any other constituency.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire, for the good of the entire system, Berkshire is worth cherishing and protecting. It is this virtually sort of unsullied example.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is important. for the reminder that it is of how things ought to be. And it's a great sort of benchmark against which other companies can get something that they can look towards.”
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”
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
“Berkshire, for the good of the entire system, Berkshire is worth cherishing and protecting. It is this virtually sort of unsullied example.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire and other companies that they aren't alone in this, but they, as I say, are the most extreme, they achieved not at the expense of any other constituency.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is important. for the reminder that it is of how things ought to be. And it's a great sort of benchmark against which other companies can get something”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“And I think it will be much, much, much harder when Warren and Charlie aren't here... it's granny's rule, eat your broccoli, then you get dessert. And Berkshire is serving Berkshire”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is serving Berkshire right now is the opposite. You get your dessert first... secure in the conviction that anything that is being done... is being done in an absolutely the highest to the h”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Chris discusses what we can learn from studying Berkshire Hathaway & Warren Buffett; weighs the risks of Berkshire's huge Apple stake”
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
“I think Berkshire should be studied by managements. You know, rarely are companies led by great capital allocators.”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“it embodies how capital should work, and it is probably the best business to study if you want to learn how to invest and how to run a company morally and ethically”
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
“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
“Berkshire's a very conservative 10 to 12, if you hold the current valuation constant”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“It's a business that earns 10 to 12 on equity that trades at a pretty modest premium”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I'm more likely to get to the finish line with Berkshire than with many other things”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“it's a deserving, at least in our world, at present prices of a big position”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Berkshire Hathaway negotiating with creditors...Berkshire ever having to worry about the balance sheet”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I think Berkshire's hands down an easy bet from a valuation climate like you have today”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“best known as one of the world's leading experts on Berkshire Hathaway. Chris's annual letter to clients has developed a cult following”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“it is probably the best business to study if you want to learn how to invest and how to run a company morally and ethically”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Berkshire obviously has been an enormous part of your portfolio going back to 2000... it's clearly a very important anchor position”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“It's run by the world's most skilled and shareholder friendly management team, and that it embodies how capital should work”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Berkshire should be studied by managements... rarely are companies led by great capital allocators”
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, Essentially, we have deserved trust”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I think we've got a better roster of businesses and managers. Berkshire's just a better manager and on a net essentially unlevered basis, you're not going to blow yourself up.”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Berkshire's a very conservative 10 to 12, if you hold the current valuation constant... Berkshire's hands down an easy bet from a valuation climate like you have today.”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I look at it as a bond. It's a business that earns 10 to 12 on equity that trades at a pretty modest premium to equity... it's a deserving, at least in our world, at present prices of a big position.”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I'm more likely to get to the finish line with Berkshire than with many other things. Like, like, Buffett's emphasis on survival resonates pretty deeply with me.”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“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
“I'm more likely to get to the finish line with Berkshire than with many other things”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“It's a business that earns 10 to 12 on equity that trades at a pretty modest premium to equity”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Berkshire's hands down an easy bet from a valuation climate like you have today”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Berkshire's a very conservative 10 to 12, if you hold the current valuation constant”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Berkshire's just a better manager and on a net essentially unlevered basis, you're not going to blow yourself up”
Warren Buffett I HBO Documentary
“Berkshire is an amazing company, a fourth largest company in the Fortune 500. He is the only person who is ever from scratch built a company that is in the top 10 of the Fortune 500.”
Warren Buffett I HBO Documentary
“I bought the first shares of Berkshire in 1962, and it was a northern textile business destined to become extinct”
Warren Buffett I HBO Documentary
“Berkshire Hathaway was closing mills, and as they closed mills, it would free up some capital”
Warren Buffett I HBO Documentary
“In May of 1965, I bought enough so we controlled the company. so we control the company and we change the management.”
Warren Buffett I HBO Documentary
“Warren Buffett says he is giving away most of his fortune to charity. Buffett has pledged to give away the bulk of his fortune”
Warren Buffett I HBO Documentary
“That's a better hand than I get at a Berkshire Hathaway meeting.”
2023 Berkshire Hathaway Shareholder Letter
“Berkshire's strength comes from its Niagara of diverse earnings delivered after interest costs, taxes and substantial charges”
Daily Journal Annual Meeting 2023 — Munger Q&A
“I don't think Berkshire does that. And I don't think we -- [ Garon ] and I did at the Daily Journal... it goes on in Berkshire.”
2023 Berkshire Hathaway Shareholder Letter
“A century from now, BNSF will continue to be a major asset of the country and of Berkshire. You can count on that.”
2023 Berkshire Hathaway Shareholder Letter
“Our insurance business performed exceptionally well last year, setting records in sales, float and underwriting profits.”
2023 Berkshire Hathaway Shareholder Letter
“I made a costly mistake in not doing so. Along with Berkshire's two partners at BHE”
2023 Berkshire Hathaway Shareholder Letter
“Whatever the case at Berkshire, the final result for the utility industry may be ominous”
2023 Berkshire Hathaway Shareholder Letter
“both that company and Berkshire itself are structured to survive negative surprises.”
2023 Berkshire Hathaway Shareholder Letter
“At Berkshire, we have made a best estimate for the amount of losses that have occurred.”
2023 Berkshire Hathaway Shareholder Letter
“Property-casualty insurance provides the core of Berkshire's well-being and growth. We have been in the business for 57 years”
2023 Berkshire Hathaway Shareholder Letter
“Berkshire will always attempt to be accurate in its estimates of future loss payments but inflation”
2023 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 2023 — Munger Q&A
“Berkshire is very lucky to have him. And he's also a tremendous learning machine...the system at Berkshire is working pretty down well.”
TIP551: Berkshire Hathaway Annual Shareholders Meeting 2023
“favorite clips from the 2023 Berkshire Hathaway shareholders meeting in Omaha”
TIP551: Berkshire Hathaway Annual Shareholders Meeting 2023
“the Berkshire meeting this year, I'm sure we'll be there next year as well”
TIP551: Berkshire Hathaway Annual Shareholders Meeting 2023
“covering the 2023 Berkshire Hathaway annual shareholder meeting”
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.”
Afternoon Session - 2023 Meeting
“why hasn't Berkshire Hathaway energy truly invested in the future by accelerating retirement plans for the coal plants”
Afternoon Session - 2023 Meeting
“we'd really put a Berkshire-Hathaway Energy's record against any utility of the United States”
Morning Session - 2023 Meeting
“hope we do come to a true resolution that's fair both to the tribe and to BNSF. On the derailment side, we did have an issue”
Morning Session - 2023 Meeting
“what we're doing across BHE energy and that energy transformation, we have $70 billion of known projects”
Afternoon Session - 2023 Meeting
“if Berkshire shares are selling for less than we think they're worth, that's a pretty – that could be a pretty big way to distribute cash”
Afternoon Session - 2023 Meeting
“when I bought control in the partnership of Berkshire Hathaway. I mean, the tax rate come down dramatically”
Afternoon Session - 2023 Meeting
“we will absolutely figure out a way to pay 15% every year, which generally we've been paying anyway. And as I pointed out, if there were a thousand corporations in the United States that paid what Ber”
Morning Session - 2023 Meeting
“Berkshire historically has participated during these stress times when economic returns are very attractive. This year, it appears, Berkshire has not been interested”
Morning Session - 2023 Meeting
“control your destiny, which we've been able to do at Berkshire. So we have, we feel no pressure from Wall Street”
Afternoon Session - 2023 Meeting
“the most important purchase in retrospect that we may have made was national indemnity. Not because specifically what it did, but what it led to.”
Morning Session - 2023 Meeting
“I have decided to buy into Bersher Halfaway, which has given me a great return of 62 percent. since 2019.”
Morning Session - 2023 Meeting
“This wise statement now applies to Berkshire. Once the second men are running Berkshire, what would you advise owners of Berkshire to watch for”
Morning Session - 2023 Meeting
“99% of my net worth is in that company. So I probably got a stronger interest in it, and perhaps a hundred billion or more of philanthropy”
Morning Session - 2023 Meeting
“I've also seen Greg in action that I feel 100% comfortable and like I say if something happened to Greg I would tell the directors”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“Japan, outside of the U.S. would be Berkshire's second largest place for deploying our capital into equities.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“Adam Wright, who is a 20-year energy veteran with Berkshire Hathaway Energy and really started his career with us back in 1996”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“if that referee wants to have a seat at the Berkshire Hathaway annual meeting, the hell of them”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“When he ran Mid-American, it was earning $700 million a year. a year and nobody never heard of me.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“they'll never let up at BNSF, I can promise you that”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“I'd be crazy to take on that responsibility... Unless I felt that I could do the job of managing risk”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“I've got 99 and a fraction percent of my net worth in Berkshire”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“We are in Japan in Tokyo with Warren Buffett, the chairman and CEO of Berkshire Hathaway.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“it's our job at Berkshire, for example, in all our businesses, and not think about, you take cognizance of what's happened in the past”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“your insurance companies, at this point, how much worse are your payouts for adverse weather events compared to historically”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“we've got a railroad worth a similar amount we've got a utility business worth a similar amount...our ownership goes up a little bit every year”
2022 Berkshire Hathaway Shareholder Letter
“A second positive development for Berkshire last year was our purchase of Alleghany Corporation, a property-casualty insurer”
2022 Berkshire Hathaway Shareholder Letter
“piling up $32 billion, the total of Berkshire's 2012-21 federal income tax payments. Now the stack grows to more than 21 miles in height”
2022 Berkshire Hathaway Shareholder Letter
“We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned.”
2022 Berkshire Hathaway Shareholder Letter
“At Berkshire we hope and expect to pay much more in taxes during the next decade. We owe the country no less: America's dynamism has made a huge contribution to whatever success Berkshire has achieved”
2022 Berkshire Hathaway Shareholder Letter
“had there been roughly 1,000 taxpayers in the U.S. matching Berkshire's payments, no other businesses nor any of the country's 131 million households would have needed to pay any taxes”
Daily Journal Annual Meeting 2022 — Munger Q&A
“Now Berkshire has excess cash. Quite a bit of excess cash. But it's not doing that because it thinks it knows how to time investments.”
Daily Journal Annual Meeting 2022 — Munger Q&A
“Given the valuation and market correction in early 2022, why is Berkshire not picking up or adding any new companies”
Morning Session - 2022 Meeting
“he'd now become CEO of Allegheny Allegheny Corp. I'd been following Allegheny Corp for 60 years. There were annual reports. I had four big file doors full of it because it was an interesting company”
Afternoon Session - 2022 Meeting
“especially with what we have become accustomed to at Berkshire. And I'm curious, if Berkshire owned 100% of Berkshire Hathaway Energy”
Afternoon Session - 2022 Meeting
“we've had various percentages of Berkshire Hathaway energy ever since we bought it around 2000”
Afternoon Session - 2022 Meeting
“I see no behavior from Greg ever that isn't in the best interest of Berkshire”
Afternoon Session - 2022 Meeting
“brookshire hathaway holders will never be taken advantage of and you know you can you can you can sue my estate or something like that”
Afternoon Session - 2022 Meeting
“my interests are 100% with berkshire and the board probably and to some extent a little reluctantly but they just say well Warren thinks”
Afternoon Session - 2022 Meeting
“he would not be the right kind of person to run um berkshire and and uh the problem of course is that you've got lots of process”
Morning Session - 2022 Meeting
“Berkshire Hathaway's 2022 annual meeting of shareholders to discuss Berkshire Hathaway's perspective on governance”
Afternoon Session - 2022 Meeting
“it's been twice in the history of Berkshire Hathaway, 57 years, twice that Berkshire was required to get a fairness opinion”
Morning Session - 2022 Meeting
“a nuclear attack is the greatest risk to berkshire hathaway insurance given the present circumstances what would the fallout be on berkshire hathaway insurance”
Morning Session - 2022 Meeting
“has berkshire hathaway energy suffered any physical or cyber attacks and irrespective of that has any special hardening of security been put into place”
Afternoon Session - 2022 Meeting
“614,692 shares of Class A, Berkshire Hathaway, Common Stock Outstanding...1,287,633,719 shares of Class B, Berkshire Hathaway Common Stock Outstanding”
Afternoon Session - 2022 Meeting
“whether Berkshire Hathaway Energy has been a leader in the field of renewables and so on. And they'd all say yes”
Afternoon Session - 2022 Meeting
“Berkshire is one of the largest providers of coverage to the oil and gas industry, surpassing peers such as Chubb and Liberty Mutual.”
#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”
Daily Journal Annual Meeting 2021 — Munger Q&A
“Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can”
2021 Berkshire Hathaway Shareholder Letter
“That increase sounds like small potatoes. But consider that each 0.1% of Apple's 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion.”
2021 Annual Meeting Highlight Reel
“being hesitant to buy back significant amounts of Berkshire stock at very attractive prices”
2021 Annual Meeting Highlight Reel
“owner of not nearly enough B shares. He says, Mr. Buffett, you're well known for saying to be fearful when others are greedy”
“They own a special stock. And when people talk about how it all gets passed through to customer and everything, in the utility business”
“It hurts the Berkshire shareholders if rates are higher, and that may be quite appropriate.”
“They could set up a company, just call it the Berkshire Hathaway Tax Company, and it would take all the taxes we paid”
“They own part of Berkshire. And they get to determine how much.”
“at Berkshire, it just so happens we are not a big player, but that's in commercial moldable peril”
“Berkshire was fearful when others were most fearful in the early months of COVID. Dumping airline stocks...hesitant to buy back significant amounts of Berkshire stock.”
“reports that Greg gets on Berksor-Oathaway Energy and the railroad. You talk about three of our companies, and you've covered 95%”
“I am probably the only CEO of an S&P 500 company that does not get a consolidated income statement every month”
“we don't do that stuff at Berkshire. We've got, during the pandemic, we probably have about 12 people to come into headquarters”
“of Berkshire Hathaway Energy, and I don't think they know, if I talk about what we're doing in high-voltage transmission”
“Berkshire Hathaway owns by GAAP accounting more property plant equipment, business infrastructure, which the President just got through talking about”
“managing that risk for Berkshire Hathaway's shareholders. Now, as you go through those presentations, there's a common theme”
“the joint venture between Berkshire, J.P. Morgan, Morgan, and Amazon. to investigate what could be done about the current state of medical health care”
“Many of us shareholders feel comfortable now given the privilege of having Mr. Buffett, Mr. Munger, and Mr. Jane looking at these deals. However, there will be a day when this is no longer the case. I”
“why in the recent past did Berkshire sell some of the common stocks owned on Apple?”
“Berkshire Hathaway's board issue a report annually, assessing how the company manages physical and transitional climate-related risks and opportunities”
TIP346: Masterclass in Valuation w/ Chris Bloomstran
“Chris's opinion on Greg Abel's first letter to shareholders”
TIP346: Masterclass in Valuation w/ Chris Bloomstran
“What the intrinsic value of Berkshire Hathaway is, and what type of return you can get going forward”
TIP346: Masterclass in Valuation w/ Chris Bloomstran
“Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show.”
TIP346: Masterclass in Valuation w/ Chris Bloomstran
“How Wise's capital allocation stacks up against Buffett's ultimate litmus test”
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
“Stig's bull case for Berkshire: balance sheet, culture, and Greg Abel (NYSE: BRK.B)”
TIP346: Masterclass in Valuation w/ Chris Bloomstran
“Berkshire bear case: slowing growth and capital allocation risks”
2020 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs.. the S&P 500 Annual Percentage Change Year in Per-Share Market Value of Berkshire”
2020 Berkshire Hathaway Shareholder Letter
“Berkshire now enjoys $138 billion of insurance "float" – funds that do not belong to us, but are nevertheless ours to deploy”
2020 Berkshire Hathaway Shareholder Letter
“BHE, unlike BNSF, pays no dividends on its common stock, a highly-unusual practice in the electric-utility industry... We welcome the challenge and believe the added investment will be appropriately r”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“At Berkshire Hathaway Energy, post the Fed action, we actually issued $4 billion of securities.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire itself has a Fort Knox like balance sheet but some of its operating companies may be tight on cash during the pandemic”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Greg, you've been watching what's been happening around Berkshire. Yeah. Yeah, well, I think your comment on the Fed, Warren, because as you know”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Yet in Berkshire's 10Q released this morning, we do not appear to have reported much of these future expected losses.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“as a long-term shareholder of Berkshire B shares, I'd like to know Warren's viewpoint around smaller holdings”
2020 Berkshire Hathaway Annual Meeting - Part 1
“1,382,352,370 shares of Class B, Berkshire Hathaway Common Stock Outstanding, with each share entitled to 110,000th of one vote”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“You can convert A to B shares, which is exactly what takes place when I give away the money in July to the five foundations.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“You won't see Berkshire paying that. Warren, this question is from Lindsay Schumacher.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Warren Buffett is using his annual letter to shareholders to reassure them about the road ahead for Berkshire Hathaway.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Right now, Berkshire Hathaway has a net. buyer of stocks. You are in a net buying position? We've been a net buyer of stocks”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Do you think the people who are newer, relatively newer shareholders buying the B shares, have the same mentality... We try to because that's who we encourage.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“I want to ask you a question about Todd Combs and his new role at guys. in his new role at Geico.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Berkshire without me is worth essentially the same as Berkshire with me. I mean, my value added is not high”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“I feel terrific about Berkshire after I leave.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Warren Buffett, the chairman and CEO of Berkshire Hathaway. He's just released his shareholder's letter.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“it's very hard to buy blocks in the market of Berkshire. We probably never see blocks, except we do see them from estates”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“The chairman and CEO of Berkshire Hathaway. He's just completed and put out his 55th annual shareholder letter to shareholders of Berkshire Hathaway”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“we are in the Berkshire Hathaway's headquarters building here in Omaha”
Daily Journal Annual Meeting 2019 — Munger Q&A
“it's amazing how well Berkshire Hathaway, and the Daily Journal for that matter, have succeeded with nothing more than basic morality and sturdy common sense.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Berkshire Hathaway holding. Kraft Hines says that it will restate earnings for 2016 and 2017”
2019 Berkshire Hathaway Shareholder Letter
“Since joining Berkshire, Sy has led the company into both new products and new regions of the country”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“that would be bad for everything Berkshire owns. I mean, it isn't a question of Apple or have a very negative effect on our economy”
Daily Journal Annual Meeting 2019 — Munger Q&A
“similar to your Berkshire 50 year essay, can you share a multi-decade vision”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“what the China tariffs potentially mean for business and what they mean for Berkshire.”
Daily Journal Annual Meeting 2019 — Munger Q&A
“not because Berkshire Hathaway owns a big chunk of one of the credit rating agencies”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Berkshire makes a lot of acquisitions and I'd rather buy an attractive business than buy our own stock”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“and he would regularly exercise and take the money and buy Berkshire. Well, he actually wasn't so dumb”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Berkshire's done great. We've all done great. Everything's fine.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Do you just wish he had left it alone and just let Berkshire do its business the way it's been doing?”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Berkshire is in a unique position, and you have people who are doing all kinds of things, some who are managing money, some who are managing operations.”
Daily Journal Annual Meeting 2019 — Munger Q&A
“You gave Robert Cialdini one share of Berkshire for writing influence”
Daily Journal Annual Meeting 2019 — Munger Q&A
“why there's so little health care in the Berkshire portfolio?”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Berkshire Hathaway. No. But you made the comment, Warren, that you would have been a much larger presence had a big deal gone through.”
Afternoon Session - 2019 Meeting
“BNSF had a solid year in 2018... Burlington Northern once again fell short of Union Pacific when it came to profitability”
Morning Session - 2019 Meeting
“In the third quarter of last year, you spent almost $1 billion buying Berkshire B stock at an average price of $207.”
Morning Session - 2019 Meeting
“we think the stock was selling at, say, 25 or 30 percent less than it was worth, and we didn't have something else that was even better”
Morning Session - 2019 Meeting
“As proud shareholders of Berkshire, we cannot understand Mr. Buffett's... silence... Charlie says, there's nothing like incentives... we have 390,000 employees at Berkshire”
Afternoon Session - 2019 Meeting
“Well, I think in Berkshire, the environmental stuff, has done one level down from us. And I think Greg A. A-B is just terrific at it.”
Afternoon Session - 2019 Meeting
“I like our way of doing things better than theirs, and I hope to God we never follow their best practices.”
Afternoon Session - 2019 Meeting
“the $500 billion of market capital is We do not have a consolidated P&L monthly. We don't need it. I can't imagine any other organization doing that”
Afternoon Session - 2019 Meeting
“we trust our managers, and I think the performance is at least decent, and we keep expenses and needless reporting down to a minimum of Berkshire.”
Afternoon Session - 2019 Meeting
“We are the 91% owner, and there are no three owners that are more interested in pouring money into sensible deals within the utility industry”
Morning Session - 2019 Meeting
“Berkshire Hathaway, uh, certainly in 54 years has never and will never made a contribution to a presidential candidate.”
Morning Session - 2019 Meeting
“an average of 3.7 million class B shares doing the same, equivalent to around 622 million, Berkshire is likely to have more opportunities to buy back class B shares than Class A”
Morning Session - 2019 Meeting
“the trading volume and the B is just a lot higher than the A in dollar amounts”
Morning Session - 2019 Meeting
“that will be a significant asset of Berkshire, just like Geico is growing from 2 in a fraction billion of premium to, you know, who knows, but well into the mid-30 billion”
Afternoon Session - 2019 Meeting
“$1,371,651 shares of Class B, Berkshire Hathaway Common Stock Outstanding, with each vote entitled to one 10,000 of one vote”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“Warren Buffett, the chairman and CEO of Berkshire Hathaway in Omaha, Nebraska. Warren, thanks again for your time”
“Have you seen any impact on Berkshire's businesses or higher costs? or higher costs associated with any tariffs that have gone into place? Yeah, there are a few.”
2018 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs. the S&P 500. Annual Percentage Change in Per-Share Book Value of Berkshire”
Daily Journal Annual Meeting 2018 — Munger Q&A
“Berkshire Hathaway owns a lot of them. And buying them we figured on a certain natural decline rate after which the profits would go to zero... We underestimated the rate of decline.”
Buffett recalls his early days as an investor | February 26, 2018
“The company was a Massachusetts corporation, I believe, and so the first, after 1965”
Buffett recalls his early days as an investor | February 26, 2018
“there is more of a family atmosphere to Berkshire than virtually any large corporation. People feel a connection, because we feel a connection to them.”
2018 Berkshire Hathaway Shareholder Letter
“Berkshire earned $4.0 billion in 2018 utilizing generally accepted accounting principles (commonly called "GAAP").”
2018 Berkshire Hathaway Shareholder Letter
“Berkshire has gone down that road dozens of times, and our shareholders have always borne the costs”
Daily Journal Annual Meeting 2018 — Munger Q&A
“I think Berkshire Hathaway will be a big part of it when it happens.”
2018 Berkshire Hathaway Shareholder Letter
“With the whole ensemble – that is, with Ajit and Greg running operations, a great collection of businesses, a Niagara of cash-generation, a cadre of talented managers and a rock-solid culture – your c”
Buffett and Dimon: Why CEOs shouldn't forecast earnings | June 6, 2018
“Joining us right now is Berkshire Hathaway's chairman and CEO Warren Buffett.”
“This contest has become one of the highlights of the Berkshire Hathaway shareholders meeting.”
“As chairman and CEO of Berkshire Hathaway, he's built a corporate empire worth half a trillion dollars.”
“I'm actually in the process of getting the stock next week. Which one? The Berkshire Hathaway.”
Criticizing the cryptocurrency craze | May 7, 2018
“Berkshire Hathaway annual shareholder meeting. Our special guest for the next three hours, Chairman and CEO Warren Buffett will cover Berkshire's biggest holdings”
“who's the best person in the world at investing? How do they do it? And of course, it led me to Warren Buffett.”
“Buffett's investment advice...finds himself drawn more to Buffett's principles. We're looking at him as a moral compass”
“thousands of Berkshire Hathaway shareholders come to town. All right, so it's Monday after Berkshire weekend.”
“Maybe it was because I was so young and dumb and thought I was going to become the next Warren Buffett Jr.”
“Berkshire Hathaway annual meeting is not cheap. How did you guys go about raising the money for it?”
“I'm actually in the process of getting the stock next week. Which one? The Birkshire Hathaway stock. Class B, right?”
Criticizing the cryptocurrency craze | May 7, 2018
“Our special guest this morning is Berkshire Hathaway's chairman and CEO, Warren Buffett.”
Criticizing the cryptocurrency craze | May 7, 2018
“Matt Rose, may have mentioned the other day, that 18 at the 22 are up, and overall they're up”
Criticizing the cryptocurrency craze | May 7, 2018
“Warren, historically, you've allowed all the managers at Berkshire to run their groups autonomously and haven't imposed different programs from headquarters.”
Criticizing the cryptocurrency craze | May 7, 2018
“Berkshire is a sort of painting. And we haven't walked into some huge organization and had to claw through the progressions and the politics.”
"I don't think I have any business speaking for Berkshire"
“you'd be okay with Berkshire owning shares and gun manufacturers. At this meeting years ago, you said you wouldn't buy a tobacco company”
Munger on cryptocurrency trading: "To me it's just dementia"
“Capitalization of cryptocurrencies approached that of Berkshire and Apple last year. And clearly the idea behind crypto will affect conventional banking groups where Berkshire is a shareholder.”
Afternoon Session - 2018 Meeting
“Berkshire Halfaway's best investments on which the company built its reputation...Berkshire's largest recent investments have been departed”
Morning Session - 2018 Meeting
“This question comes from a Berkshire shareholder who says they've been a shareholder for 10 years.”
Morning Session - 2018 Meeting
“it benefited the people in this room enormously because it drove asset prices up, including the price of Berkshire Hathaway stuff. or Berkshire Hathaway stock.”
Morning Session - 2018 Meeting
“we have this incredible company at Geico, which has gone direct in the personal auto field and is, you know, first started at 1936”
Morning Session - 2018 Meeting
“where else but Berkshire, you look for that kind of money... At Berkshire, what counts most are increases in our normalized per share earning power”
Afternoon Session - 2018 Meeting
“I am Warren Buffett, Chairman of the Board of Directors of the Company... 2018 annual meeting of shareholders.”
Afternoon Session - 2018 Meeting
“Jennifer Tolandis is Assistant Secretary of Berkshire Hathaway. She will make a written record of the proceedings.”
Afternoon Session - 2018 Meeting
“It's an advantage at Bercher to keep our individual deals private... That's our system.”
Afternoon Session - 2018 Meeting
“1,344,969,701 shares of Class B, Berkshire Hathaway Common Stock Outstanding, with each share entitled to one 10,000th”
Afternoon Session - 2018 Meeting
“Berkshire is a voluntary member of the EPA's Methane Challenge and One Future Emissions Intensity Commitment Framework”
Buffett tells CNBC he's boosting Apple stake by $13B | May 3, 2018
“the Berkshire-Hathaway index of activity, business activity, is stronger than it's been”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“sell a little piece of Berkshire every year and still end up owning more of it than you had before”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“I've got all my money in Berkshire, 99% plus... in terms of anything bad happening to it, I feel better about Berkshire.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“both you and Charlie have the vast majority of your net worth in Berkshire stock, which means that you share the pain if things go south”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“And he's just bought Berkshires. He's gone along. And Greg has been with Mid-American Energy, now Berkshire Energy, for well over 20 years.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“Berkshire Hathaway's chairman and CEO. chairman and CEO, Warren Buffett.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“Berkshire Hathaway, the original. Yeah, we did, yeah, through the loom, it used to be called Union underwear.”
Setting the stage for CEO succession | January 10, 2018
“Warren Buffett, the chairman and CEO of Berkshire Hathaway, is with us this morning.”
Setting the stage for CEO succession | January 10, 2018
“Berkshire Hathaway has some big news. Two new appointments to the Berkshire Hathaway Board...This is the closest that we've ever heard to a succession plan at Berkshire Hathaway.”
Setting the stage for CEO succession | January 10, 2018
“Berkshire Hathaway making some big changes to its board.”
Setting the stage for CEO succession | January 10, 2018
“chairman and CEO of Berkshire Hathaway. Big news out of Berkshire this morning, but also, obviously, people wonder, Warren, what you think about the markets”
Setting the stage for CEO succession | January 10, 2018
“I love what I do at Berkshire. There's nothing I'd rather be doing, because I could do anything else if I wanted to do something differently.”
Pilot Flying J acquisition | October 3, 2017
“Well, if you do it, you do it with your own money and not Berkshires.”
Pilot Flying J acquisition | October 3, 2017
“Berkshire Hathaway taking a minority stake in that company today”
Pilot Flying J acquisition | October 3, 2017
“Why does Berkshire seem like a good fit for you? Long-term investor. I think I'm right, Warren. Of the companies you bought, not equities. I don't think you've ever sold one”
Pilot Flying J acquisition | October 3, 2017
“Warren Buffett. He's the chairman and CEO of Berkshire Hathaway.”
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.”
"I was wrong" on IBM | August 30, 2017
“in the case of our particular company, we write about 10% of the auto insurance in Texas”
Daily Journal Annual Meeting 2017 — Munger Q&A
“In fact if you look at Berkshire, take out a hundred decisions, which is like two a year, the success of Berkshire came from two decisions a year over 50 years.”
2017 Berkshire Hathaway Shareholder Letter
“use the proceeds to buy 11,200 Berkshire "B" shares. The result: Girls Inc. of Omaha found itself receiving $2,222,279”
2017 Berkshire Hathaway Shareholder Letter
“Keep in mind that most airlines substantially increase prices for the Berkshire weekend.”
Daily Journal Annual Meeting 2017 — Munger Q&A
“we have a block of Berkshire, we have a block of Costco...What are the chances that Berkshire Hathaway's going to fail?”
Daily Journal Annual Meeting 2017 — Munger Q&A
“That has happened to me three times in my Berkshire stock, so I regard it as part of manhood.”
Buying Apple, selling IBM, missing Google | May 8, 2017
“He's the chairman and CEO of Berkshire Hathaway. And this is his first interview sitting down since he spoke to 40,000 or so Berkshire shareholders”
Buying Apple, selling IBM, missing Google | May 8, 2017
“we are live with Warren Buffett this morning in his first sit down since speaking to the Berkshire Hathaway shareholders who made it here to Omaha”
Buying Apple, selling IBM, missing Google | May 8, 2017
“at the NSF, we move 13,000 cars of grain... we'll carry a lot of grain if it happens”
Buying Apple, selling IBM, missing Google | May 8, 2017
“you've got a realtor company, you've got Acme Brick, Shaw Carpet, Clayton Holmes, Benjamin Moore Paint”
Afternoon Session - 2017 Meeting
“She's a shareholder of the Class B stock. And her question is, the primary investment strategy of 3G capital”
Morning Session - 2017 Meeting
“our reputation at Berkshire is in their hands. And Charlie and I believe that if you establish the right sort of culture”
Afternoon Session - 2017 Meeting
“they may build up a position in B for, you know, a fairly significant dollar amount, but they're going to sell it”
Morning Session - 2017 Meeting
“somebody is doing quite a few people are probably doing something wrong at Berkshire. And usually it's very limited.”
Afternoon Session - 2017 Meeting
“depreciation is inadequate at a very capital intensive business like BNSF, which we, I must say, still love anyway”
Morning Session - 2017 Meeting
“at what rate has Berkshire compounded intrinsic value over the last ten years”
Morning Session - 2017 Meeting
“chances of getting a terrible result in Berkshire are probably as low as about anything you can find”
Morning Session - 2017 Meeting
“Charlie in that response said that he thinks the Berkshire businesses on the whole will do better than the S&P 500”
Morning Session - 2017 Meeting
“Clark Cameron from Birmingham and Alabama, who owns 281 shares of Berkshire B, writes in and asks, why have you advised your wife to invest in index funds”
Afternoon Session - 2017 Meeting
“everywhere you look in Berkshire, somebody is being sensible. And that is a great pleasure”
Morning Session - 2017 Meeting
“And because she was in Berkshire, she ended up, she lived in 97. She ended up with, you know, a few hundred million.”
Afternoon Session - 2017 Meeting
“It will help Berkshire, but it's a very useful attitude toward have toward the world”
Morning Session - 2017 Meeting
“Well, as Becky said, the longers are different. I want them to hold the Berkshire.”
Afternoon Session - 2017 Meeting
“I was a kid looking through the stock pages and seeing one crazy stock that traded for $10,000 a share...now I'm a shareholder as an adult”
Afternoon Session - 2017 Meeting
“we'll get a chance. And our utilities are not normal. The way Greg has run those things, they're so much better...It's a pleasure to be associated with people like that”
Afternoon Session - 2017 Meeting
“I love the fact we own Berkshire Hathaway Energy. But it's different, radically different, and better. A lot better, actually.”
Morning Session - 2017 Meeting
“We're not going to change anything at the railroad for some little tax jiggle... since we've owned the railroad.”
Morning Session - 2017 Meeting
“Burlington Northern... This has created problems for Burlington Northern, with coal shipments accounting for just 18% of volume”
Morning Session - 2017 Meeting
“urged by the court uh urged by family members...the court or the lawyer or the family may want to be very very sure that whoever makes that promise is going to be around to keep it and and berkshire h”
Morning Session - 2017 Meeting
“we've got some natural advantage because people trust us more than any other company to make those payments”
Afternoon Session - 2017 Meeting
“and $1,310,304,247 shares of Class B, Brookshire-Hathway Common Stock Outstanding, with each share entitled to one 10th, 1,000th of one vote”
Afternoon Session - 2017 Meeting
“Where Mr. Buffett to follow suit, it would send a profound message to the rest of the global business community”
Afternoon Session - 2017 Meeting
“Berkshire Hathaway and Warren Buffett are rightly admired and respected worldwide.”
Afternoon Session - 2017 Meeting
“I've been a shareholder of Berkshire Hathaway since December 2000. Thank you, sir for your leadership”
Afternoon Session - 2017 Meeting
“When you're doing harm to others, especially at this scale, There is no neutral space. Nor can you simply appeal to the fact that Berkshire is following state and federal laws”
Afternoon Session - 2017 Meeting
“By continuing to invest in and thus promote the extracting, processing, and burning of fossil fuels, Berkshire is doing harm to people around the world”
Afternoon Session - 2017 Meeting
“Mr. Buffett, you're standing on an ethical house of cards and is only a matter of time before it comes tumbling down.”
Buffett buys airlines and Apple | February 27, 2017
“Which company goes to a trillion dollars first? Apple or Berkshire Hathaway? I've been on Apple just because they've got a stronger position.”
Buffett buys airlines and Apple | February 27, 2017
“billionaire investor and Berkshire Hathaway chairman”
Buffett buys airlines and Apple | February 27, 2017
“just take Berkshire Hathaway. We started with 2,000 employees in New Bedford Mast, turning out textiles. And that business was doomed.”
Buffett buys airlines and Apple | February 27, 2017
“But Berkshire doesn't do it, and Unilever wasn't one anyway, but we don't do it”
Buffett buys airlines and Apple | February 27, 2017
“I'm sure something is being done wrong now with 367,000 at Berkshire and I just hope I find out about it”
Buffett buys airlines and Apple | February 27, 2017
“But Berkshire, three times since I took over, it's gone down roughly 50%. Did I feel poor? Then no, not at all.”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“more about the not only berkshire but just the attitude they should have uh toward investments in general”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“we're a berkshire as a corporation but it goes beyond that in in in in terms of our our feeling toward the”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“a berkshire hathaway uh shareholders meeting is partly a um uh a class in business it's partly a fun festival”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“a person who bought berkshire hathaway 50 years ago only had to make one decision”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“berkshire hathaway is is an amazing company and sometimes i think that people don't realize just exactly how amazing it is”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“berkshire is an amazing company his fourth largest company in the fortune 500”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“when berkshire hathaway makes a bid for a company there are people who are out there in the world who think that somehow this bid isn't going to go through and the fact is that bid is always going to ”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“i like running berkshire but i but i can't i can't pretend i'm not a citizen either when”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“our return is slowing down but berkshire is still a collection of businesses that are above the average quality of the indexes”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“so it's a very respectable investment even though it can't work the kind of miracles it did when we were young”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“yeah he it has to be a pleasure for somebody raised in omaha to buy the burlington northern railroad”
Bertie Buffett Interview: Sister of Warren Buffett Reflects on Brother's Drive
“he created berkshire hathaway this incredible company uh and he makes it all work and he's he's a brilliant person”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“warren's initial initial plan when he made the investment to buy berkshire hathaway was to end up selling his stock back to the company”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“there's no telling what berkshire would be today if uh if that if that turn in events uh hadn't occurred”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“charlie's uh influence on warren and pushing him in the direction of good businesses at fair prices was a huge turning point for warren and berkshire”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“the CEO of berkshire hathaway...promised him one price...and then went back on it and that was just something that warren couldn't live with”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“became to think that he would take over control of berkshire hathaway because the ceo seaberry stanton had cheated him”
Howard Buffett Interview: Lessons from My Father
“well ultimately you know when my dad's gone what happens at berkshire would be a decision by the board”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“But but I think Berkshire really stands for culture is complete decency and honesty.”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“shareholders of berkshire uh i i would not want greedy partners i mean if i've got greedy partners i've got a problem”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“berkshire's culture is so deep and some i wouldn't call it unique but it's certainly special”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“we can be a very decent business and i think it can go on for a very very long time without changing its character”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“the basic principles around berkshire it's one of the reasons i stick them in the back of the annual report”
Peter Buffett Interview: His Parents' Love of Music
“my dad sold that farm and we all got Berkshire Hathaway stock. So in a sense he was doing the best thing he could have done for us financially”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“there are more long-term holders of berkshire than any company people consider it a religion they don't want to...it's always been a mistake to sell berkshire hathaway”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“the company has grown into the fourth largest uh in the country the the companies that form berkshire”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“he has had a devotion of one idea he wants to make berkshire better and it is uh is something that for 50 years now”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“warren has expended on berkshire he has never allowed himself to be trapped in any kind of formulaic way he has been opportunistic”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“the companies that form berkshire are a collection of good businesses as identified by a man who undoubtedly has one of the great minds for business”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“anything bad about being a berkshire shareholder it's they they see themselves as a part of a community they see warren and charlie as the the leaders uh they see a great reputation”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“we don't go to dairy queen because berkshire owns it we don't go to dairy”
2016 Berkshire Hathaway Shareholder Letter
“All per-share figures used in this report apply to Berkshire's A shares. Figures for the B shares are 1/1500th of those shown for A.”
Daily Journal Annual Meeting 2016 — Munger Q&A
“What other business models did Berkshire Hathaway try/consider, but ultimately did not pursue? Answer: Well we were always optimistic. We wanted to buy the best thing that was conveniently available”
Daily Journal Annual Meeting 2016 — Munger Q&A
“When Berkshire bought Wells Fargo, the world was coming unglued in banking panic, and again real estate lending had been the source of it.”
2016 Berkshire Hathaway Shareholder Letter
“BHE and BNSF own assets that are of major importance to our country as well as to shareholders of Berkshire.”
Daily Journal Annual Meeting 2016 — Munger Q&A
“Does Berkshire's ownership give Coke some leeway about addressing the declining nature of their business?”
2016 Berkshire Hathaway Shareholder Letter
“Spend the savings on other Berkshire products.”
2016 Berkshire Hathaway Shareholder Letter
“shareholder prices will be available from Monday, May 1st through Saturday, May 13th. During that period, please identify yourself as a shareholder either by presenting your meeting credential or a br”
2016 Berkshire Hathaway Shareholder Letter
“I regularly extol the accomplishments of our operating managers...mindset of our managers to be as shareholder-oriented as can be found in the universe of large publicly-owned companies.”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“when you talk about that, you think about Berkshire's big position in some of the financials, like a Bank of America or Wells Fargo”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“We are with Warren Buffett, the chairman and CEO of Berkshire Hathaway. Again, we're just coming off of the annual shareholders meeting.”
Afternoon Session - 2016 Meeting
“I'm afraid there's probably too much of that in Berkshire, but we can't help it.”
Morning Session - 2016 Meeting
“Berkshire has more leeway in what it can do, simply because it does have capital that's many times what its competitors have”
Morning Session - 2016 Meeting
“I think Berkshire, I think Berkshire is quite well situated. For one thing, one big advantage we have is we didn't ever see ourselves as starting out at one industry.”
Morning Session - 2016 Meeting
“I would say that we failed so thoroughly in retailing when we were young that we pretty well avoided the worst troubles when we're old.”
Morning Session - 2016 Meeting
“Berkshire Energy, which is invested heavily in the segment, is one of the nation's largest producers of both wind and solar power”
Morning Session - 2016 Meeting
“NB Energy, as a subsidiary of an American, of Bercher-Hathaway Energy”
Morning Session - 2016 Meeting
“1999, when the Transportation Board blocked a proposed merger between BNSF and Canadian National”
Afternoon Session - 2016 Meeting
“Burlington Northern has spent more than just about every railroad on capital expenditures... BNSF... what do you believe are the most likely additional investment opportunities for BNSF”
Afternoon Session - 2016 Meeting
“Berkshire's fees figures actually are on the conservative side in relation to real economic earnings.”
Afternoon Session - 2016 Meeting
“Sharon Heck is Secretary of Berkshire Hathaway and she will make a written record of the proceedings.”
Afternoon Session - 2016 Meeting
“I'm Warren Buffett, Chairman, the Board of Directors at the company. I welcome you to this 2016 annual meeting of shareholders.”
Afternoon Session - 2016 Meeting
“They are available to respond to appropriate questions you might have concerning their firm's audit of the counts of Berkshire.”
Afternoon Session - 2016 Meeting
“there were 807,242,242 shares of Class A, B, Brookshire Hathway, Common Stock Outstanding”
Afternoon Session - 2016 Meeting
“We have a shareholder proposal that says, what are the risks to the insurance division from climate change? We're not denying climate change is incredibly important subject.”
Afternoon Session - 2016 Meeting
“We have great faith in our in Berkshire Hathaway, that's why we invested.”
Afternoon Session - 2016 Meeting
“Berkshire is operating in within a larger economy, and that the most important climate analysis”
Afternoon Session - 2016 Meeting
“I do regard myself as the chief risk officer of Berkshire. And I worry about things that can hurt Berkshire”
Afternoon Session - 2016 Meeting
“I have 99% of my net worth in Berkshire that's all destined to go to philanthropic institutions”
Afternoon Session - 2016 Meeting
“urge Berkshire Hathaway to adopt this resolution to show leadership in the insurance industry.”
"America's never been greater" | February 29, 2016
“He's the chairman and CEO of Berkshire Hathaway.”
"America's never been greater" | February 29, 2016
“Warren Buffett, the chairman and CEO of Berkshire Hathaway. He's just out over the weekend with his annual letter”
"America's never been greater" | February 29, 2016
“in your annual letter, you really laid out the strong performance at Burlington, Northern Santa Fe”
"America's never been greater" | February 29, 2016
“Berkshire is much more industrial focused than it was eight years ago.”
"America's never been greater" | February 29, 2016
“thing caught me off guard was GEICO, where the profit fell to $460 million from $1.1 billion. What happened there?”
"America's never been greater" | February 29, 2016
“Berkshire Halfway is sitting with billions of dollars of euros in an insurance company that we have in Europe.”
"America's never been greater" | February 29, 2016
“billionaire investor in Berkshire Hathaway, Chairman and CEO Warren Buffett this morning”
"America's never been greater" | February 29, 2016
“Another similar question that came from Mike Wood, says Berkshire's been a leader in solar investment.”
"America's never been greater" | February 29, 2016
“the reason we're not writing catastrophe insurance at Berkshire Hathaway is because the rates have gone down”
"America's never been greater" | February 29, 2016
“I understand the GEICO issue and the GEICO threat that comes with that, the dealerships.”
2015 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”
2015 Berkshire Hathaway Shareholder Letter
“per-share book value of both our Class A and Class B stock by 6.4%. Over the last 51 years... per-share book value has grown from $19 to $155,501”
2015 Berkshire Hathaway Shareholder Letter
“As much as Charlie and I talk about intrinsic business value, we cannot tell you precisely what that number is for Berkshire shares”
2015 Berkshire Hathaway Shareholder Letter
“Berkshire Hathaway Energy (89.9% owned)... Earnings applicable to Berkshire ..................................... $ 2,132”
2015 Berkshire Hathaway Shareholder Letter
“In 1936, starting with $100,000 of capital, they incorporated Government Employees Insurance Co. (later compressing this mouthful to GEICO).”
2015 Berkshire Hathaway Shareholder Letter
“In its electric utility business, our Berkshire Hathaway Energy ("BHE") operates within a changing economic model.”
2015 Berkshire Hathaway Shareholder Letter
“Every day Berkshire managers are thinking about how they can better compete in an always-changing world. Just as vigorously, Charlie and I focus on where a steady stream of funds should be deployed.”
2015 Berkshire Hathaway Shareholder Letter
“Andy Kilpatrick will introduce (and be glad to sign) the latest edition of his all-encompassing coverage of Berkshire.”
2015 Berkshire Hathaway Shareholder Letter
“shareholder prices will be available from Monday, April 25th through Saturday, May 7th. During that period, please identify yourself as a shareholder either by presenting your meeting credential or a ”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Together, they represent over 60% of Berkshire's $117.5 billion dollar portfolio. I sat down with the group and asked them what it's like to have Warren Buffett as their biggest shareholder.”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“we say that at Berkshire will buy our stock in it, and we'll buy it aggressively at 120% of book value”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Berkshire Hathaway shareholders saw a new name on the exhibit floor this year, IBM.”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“I'm in Omaha with Warren Buffett, who's the chairman and CEO of Berkshire Hathaway, just coming off of this year's annual meeting weekend.”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Berkshire just, when we buy a company, the people that were managing it before keep managing it.”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Dumbican Sue is in town for the Berkshire Hathaway meeting, and he joins us right now.”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“We were listening in to Andrew's comments when we were just hearing about McDonald's. And McDonald's looks like it's changing its corporate structure pretty dramatically. Warren, your comments”
Berkshire's culture is "self-reinforcing"
“when you have 97% of the shareholders vote and say we don't want a dividend, I don't think there's another company like that in the world”
Berkshire's culture is "self-reinforcing"
“I think you will be very pleased with the outcome. part of Berkshire to have a clearly defined, deeply embedded culture that pervades the parent company”
Berkshire's culture is "self-reinforcing"
“it's institutionalized that...it will really continue for decades and decades and decades to come”
Is climate change a risk for Berkshire's insurance subsidiaries?
“Warren, you have said that global warming has not increased Berkshire's payouts for weather-related events.”
Afternoon Session - 2015 Meeting
“my ambition ever since has been to have Berkshire Halfaway Energy earn $35.5 per share. It's never paid a dividend. It will probably earn about $30 a share this year, which is a great tribute to Greg ”
Morning Session - 2015 Meeting
“they will be a very important part of Berkshire and I think will be quite profitable”
Afternoon Session - 2015 Meeting
“my wife and I are stockholders of Berkshire Hathaway. I'm 78 and she's 74.”
Morning Session - 2015 Meeting
“Berkshire's culture runs as deep as any large company could be in the world...our culture that pervades the parent company, the subsidiary companies.”
Afternoon Session - 2015 Meeting
“The labor relations, at Berkshire, we've had hundreds of labor unions over the years. I mean, literally hundreds.”
Afternoon Session - 2015 Meeting
“Berkshire owns many companies that benefit from single-family home construction. Acmead, Johns Manville, Benjamin Moore, MyTech, and Shaw among them”
Morning Session - 2015 Meeting
“the Berkshire employees, just worked day and night improving the safety. They didn't want more pipeline explosions.”
Morning Session - 2015 Meeting
“Berkshire Hathaway Energy, it's extraordinary their safety record in terms of utilities. And every utility we purchased at Berkshire Hathaway Energy”
Morning Session - 2015 Meeting
“one risk to Berkshire and BNSF appears to be a large railroad accident... impact BNSF and Berkshire Hathway, and is the company insured”
Afternoon Session - 2015 Meeting
“running Berks should have been far, far more fun than running, in my case, Buffett Partnership or just an investment fund”
Afternoon Session - 2015 Meeting
“there are 824,920 shares of Class A, Brookshire-Hathaway Common Stock Outstanding... And $1,227,069,442 shares of Class B, Brookshire-Hathway Common Stock”
Fifty years of Buffett's Berkshire | March 2, 2015
“50 years since Berkshire Hathaway has been under your control”
Fifty years of Buffett's Berkshire | March 2, 2015
“Warren Buffett, the Berkshire Hathaway boss ready to dish on the economy, the global markets, and his investments”
Fifty years of Buffett's Berkshire | March 2, 2015
“this is a big year, Andrew for Berkshire Hathaway. Part of the reason that the letter was longer is because of that 50-year anniversary”
Fifty years of Buffett's Berkshire | March 2, 2015
“really kicked off a firestorm of people trying to figure out what the succession of Berkshire Hathaway is”
Fifty years of Buffett's Berkshire | March 2, 2015
“Burlington, Northern, Santa Fay, disappointed many of its customers... we spent more money in 2014 than any railroad is spent to my knowledge trying to solve problems”
Fifty years of Buffett's Berkshire | March 2, 2015
“Matt Rose has been listed as a potential candidate to run as the next CEO of Berkshire”
Fifty years of Buffett's Berkshire | March 2, 2015
“If you go back and read 50 years of the annual report, we've had tough years in insurance.”
Fifty years of Buffett's Berkshire | March 2, 2015
“they love Berkshire and Berkshire loves them. And we are very lucky to have those two.”
Fifty years of Buffett's Berkshire | March 2, 2015
“It's an ad why people who don't like a lot of debt should sell the Berkshire. If you want to get the best price, particularly when money is this cheap”
Fifty years of Buffett's Berkshire | March 2, 2015
“Burlington Northern, which you were somewhat critical of in the report”
Fifty years of Buffett's Berkshire | March 2, 2015
“this is 50 years for Berkshire Hathaway. Looking back, reflecting, you had a very long letter”
Daily Journal Annual Meeting 2014 — Munger Q&A
“You'll never see Berkshire buy a gambling casino. Even though it's profitable and legal we're just not going to go there.”
2014 Berkshire Hathaway Shareholder Letter
“we agreed to purchase two companies that, though smaller than we would normally acquire, have excellent economic characteristics”
2014 Berkshire Hathaway Shareholder Letter
“Last year we fully met this objective at BHE, just as we have in every year of our ownership. Our rates remain low, our customer satisfaction is high”
2014 Berkshire Hathaway Shareholder Letter
“The remarkable vote was that of our B shareholders. They number in the hundreds of thousands – perhaps even totaling one million – and they voted 660,759,855 "no" and 13,927,026 "yes"”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“We don't react to macro factors at Berkshire. Our macro factor is that the country is going to do a lot better over time”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“Warren Buffett live in Omaha at the Nebraska Furniture Mark. This weekend for Berkshire Hathaway is a lot of business, Warren.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“Well, you should. if I talk it through it, it's because down deep, I know I might be doing something dumb. And he'll tell me.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“we talked on a Thursday night about doing Burlington, Northern Santa Fe, and, you know, Charlie was on board and, you know, immediately.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“Warren and Greg Abel did that one. My guess is Warren didn't talk about it for more a minute or two.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“Berkshire Hathaway Vice Chairman Charlie Munger. Plus another special guest is going to join Becky.”
Afternoon Session - 2014 Meeting
“we were able to buy BNSF, which will be an enormous part of our future”
Afternoon Session - 2014 Meeting
“we made the deal in 2006, we took multiple of earnings and allowed for cash and a few things. But, and then we took that formula, and we stuck that in as both a put and call option for the family or B”
Afternoon Session - 2014 Meeting
“Geico continues to gain the most market share of the large auto insurers while delivering attractive margins. It also has the largest advertising budget”
Afternoon Session - 2014 Meeting
“And we do certain transactions which are tax-driven...we follow the rules, but we don't begrudge the taxes we pay.”
Afternoon Session - 2014 Meeting
“Burlington Northern is going to have to get ahead on its own from here on. [BNSF is Berkshire's wholly-owned subsidiary, mentioned in operational context]”
Morning Session - 2014 Meeting
“This Berkshire acquired it in 2010, but its Western competitor of the Union Pacific has actually grown its earnings more”
Morning Session - 2014 Meeting
“We just renamed the company to Berkshire-Hathaway Energy from Mid-American Energy... it's a point of some pride to us that that company, Northern Natural Gas, which originally came from Omaha.”
Morning Session - 2014 Meeting
“The situation with Matt, which was at Matt's suggestion was designed to fit specifically the succession situation at BNSF and the wishes of certain people.”
Afternoon Session - 2014 Meeting
“And if the industry is lacking insurance for such an event, how can the company protect itself and what exposure does Berkshire have should a major accident occur?”
Afternoon Session - 2014 Meeting
“as a longtime Berkshire shareholder, I'm delighted that you've partnered with”
Morning Session - 2014 Meeting
“They're 100% attuned to Berkshire. They know how I think, and if I tell them, you know, here's a deal that I think makes sense.”
Afternoon Session - 2014 Meeting
“there were 857,848 shares of Class A, Brookshire Hathaway, Common Stock Outstanding... and $1,179,267,338 shares of Class B, Brookshire-Hathaway Common Stock Outstanding”
"People react too much to short-term things" | March 3, 2014
“Berkshire Hathaway Investment Managers, Ted Westler and Todd Combs, and Tracy Brick Cool, who is Warren Buffett's financial assistant.”
"People react too much to short-term things" | March 3, 2014
“Berkshire would be okay, but like I say, I'm giving away all the Berkshire shares and Vanguard is fine, and Berkshire would be fine.”
"People react too much to short-term things" | March 3, 2014
“Burlington Northern, has really benefited from the shale boom that we've seen in parts of the country.”
"People react too much to short-term things" | March 3, 2014
“Berkshire employees, what, 330,000 employees? How many of them make minimum wage? Very, very few.”
"People react too much to short-term things" | March 3, 2014
“they each would have made over $300 million. They also would have gotten more favorable tax treatment on it than they got by getting a salary from Wilma, from Berkshire.”
"People react too much to short-term things" | March 3, 2014
“the news that is just out in the last half hour about the billion-dollar bracket deal that Berkshire Hathaway is insuring with quicken loans”
“When you were last here and we talked with Warren, you said you were in the middle of a transition to impact decision makers more effectively.”
2013 Berkshire Hathaway Shareholder Letter
“Berkshire is the financing partner. In that role, we purchased $8 billion of Heinz preferred stock”
2013 Berkshire Hathaway Shareholder Letter
“Berkshire's ownership, has enabled MidAmerican and its utility subsidiaries to significantly lower their cost of debt.”
2013 Berkshire Hathaway Shareholder Letter
“Earnings applicable to Berkshire ........................................ $ 1,470 $ 1,323 $ 1,204”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Mohnish's (Pabrai), which is a copy of the Berkshire Hathaway system down to the last comma.”
2013 Berkshire Hathaway Shareholder Letter
“Berkshire's would have been far different. The 1949 edition of the book also recommended a railroad stock”
2013 Berkshire Hathaway Shareholder Letter
“shareholder prices will be available from Monday, April 28th through Saturday, May 10th. During that period, please identify yourself as a shareholder by presenting your meeting credentials”
2013 Berkshire Hathaway Shareholder Letter
“And we will again have a credentialed bear on Berkshire. We would like to hear from applicants who are short Berkshire”
2013 Berkshire Hathaway Shareholder Letter
“Charlie and I believe that all shareholders should have access to new Berkshire information simultaneously and should also have adequate time to analyze it.”
2013 Berkshire Hathaway Shareholder Letter
“We will also have a panel of three analysts who follow Berkshire. This year the insurance specialist will be Jay Gelb of Barclays.”
2013 Berkshire Hathaway Shareholder Letter
“We will again have the same three financial journalists lead the question-and-answer period at the meeting, asking Charlie and me questions that shareholders have submitted”
2013 Berkshire Hathaway Shareholder Letter
“We will have huge crowds at Borsheims throughout the weekend. For your convenience, therefore, shareholder prices will be available”
Buffett sees "gradual improvement" in economy | May 6, 2013
“The economy, the markets, the business of Berkshire Hathaway. A special presentation begins right now.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“I own shares of J.P. Morgan in your private account, not for Berkshire...at our various enterprises, they all broke records.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“thinking about the future of Berkshire, at least in that way a little bit... It's important at Berkshire because my son Howard were the non-executive chairman”
Buffett sees "gradual improvement" in economy | May 6, 2013
“so many people are coming not only here to the Berkshire Hathaway annual meeting, but also to the Derby”
Buffett sees "gradual improvement" in economy | May 6, 2013
“We reported our earnings after the bell on Friday. One of the things that was very strong were the insurance operations”
Buffett sees "gradual improvement" in economy | May 6, 2013
“we spoke with Charlie Munger, who's the vice chairman of Berkshire, and he talked about how he thinks bankers are like heroin addicts”
Buffett sees "gradual improvement" in economy | May 6, 2013
“lend our time and our reputation to talk about what an enduring incredible company, Berkshire is”
Buffett sees "gradual improvement" in economy | May 6, 2013
“do you imagine you'd still be a board member of Berkshire Hathaway?”
Afternoon Session - 2013 Meeting
“I love thinking about Berkshire. I love thinking about its investments. I love thinking about its businesses. I love thinking about its managers.”
Afternoon Session - 2013 Meeting
“We think that the Burlington Northern will have a computer, a competitive advantage 15 years from now”
Morning Session - 2013 Meeting
“You measure Berkshire's corporate performance based on growth in book value per share. The table on page 103 of the annual report shows book value per share has grown”
Morning Session - 2013 Meeting
“how is the Fed's zero-interest policy affected Berkshire Hathaway's various business segments? For example, has it helped or hurt their operations and profitability? Well, it's helped.”
Morning Session - 2013 Meeting
“The, I wanted to ask you more about the commercial insurance business in Berkshire's interest.”
Afternoon Session - 2013 Meeting
“Berkshire's volume, A and B combined, is probably averages, what, $4 or $500 million a day”
Afternoon Session - 2013 Meeting
“At Brown Berkshire, you'll notice the life operations are where we have our own policies that distinguish and reinsurance are pretty small, right?”
Afternoon Session - 2013 Meeting
“people that were going to try and make a lot of money off of our shareholders by creating their own split shares, so we created the B shares”
Afternoon Session - 2013 Meeting
“our B shares were too expensive. So I think now with one stock, you know, in the $100 range, people can split this, people that own the A stock”
Morning Session - 2013 Meeting
“we sold the zero coupon treasuries and we bought Berkshire the proceeds, and I guarantee that it would be worth a million dollars. Currently, it's worth about a million two”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Our special guest this morning is Berkshire Hathaway Chairman and CEO, Warren Buffett.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“So when I buy a piece of a wonderful business, say Coca-Cola or American Express, it is not a matter of consideration. So Charlie and I will talk about the business.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Warren Buffett, the chairman and CEO of Berkshire Hathaway. Warren, we've talked about a lot of things”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Burlington is going to do quite well on it because we're well situated in respect to where oil has been found. So we are carrying more and more oil.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Rail has turned out to be a very good way of moving oil in this economy because there's such differences in what oil is worth at given refineries.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Berkshire never put out a share or never put out a price for this acquisition, but it was reported to be around a half a billion dollars.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Geico was created by a fellow and his wife back in 1936. It had $100,000.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“the 47 billion we had around at year end was earning nothing. And six or seven years ago it would have been earning five percent. That's a couple billion dollars a year just in terms of that money tha”
"No question" the global economy is slowing | October 24, 2012
“We're going to make a lot more money in carpet this year than we made last year, more than double probably.”
"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
“we'll invest $9 billion almost in the United States at Berkshire this year. So I am a bull on America”
2012 Berkshire Hathaway Shareholder Letter
“The other half will be owned by a small group of investors led by Jorge Paulo Lemann... Berkshire will each contribute about $4 billion”
2012 Berkshire Hathaway Shareholder Letter
“At both BNSF and Marmon, we are benefitting from the resurgence of U.S. oil production.”
2012 Berkshire Hathaway Shareholder Letter
“At Berkshire, however, we have consistently followed a different approach that we know has been sensible”
2012 Berkshire Hathaway Shareholder Letter
“For the last seven years, I have annually given away about 4¼% of my Berkshire shares.”
2012 Berkshire Hathaway Shareholder Letter
“my original position of 712,497,000 B-equivalent shares (split-adjusted) has decreased to 528,525,623 shares.”
2012 Berkshire Hathaway Shareholder Letter
“I now have far more money working for me at Berkshire even though my ownership of the company has materially decreased.”
2012 Berkshire Hathaway Shareholder Letter
“a new Berkshire movie will be shown”
2012 Berkshire Hathaway Shareholder Letter
“Brooks, our running shoe company...Brooks is on fire: Its volume in 2012 grew 34%”
2012 Berkshire Hathaway Shareholder Letter
“we will fill the 194,300-square-foot hall with products from dozens of Berkshire subsidiaries”
2012 Berkshire Hathaway Shareholder Letter
“Berkshire has acquired a large number of newspapers and with them came much tossing talent”
2012 Berkshire Hathaway Shareholder Letter
“we would like to add to the panel a credentialed bear on Berkshire, preferably one who is short the stock”
Does Berkshire share information across its businesses?
“In terms of enterprise risk management at Berkshire, how do you share information across units to make sure that the same mistakes aren't made?”
"You can't bring a lot back if it never left"
“Is Berkshire Hathaway looking at doing that for any job they've shipped out of the United States? Well, I have to finish my fudge here.”
Afternoon Session - 2012 Meeting
“Politics sometimes affects your businesses. Recently, we've seen some coal plant closings, turned down an Excel pipeline, all of which seem to have have potential effect on BNS revenues.”
Afternoon Session - 2012 Meeting
“An investor in Berkshire will not earn the returns implied by the company's book values figure shown. Instead, he or she will earn returns over any given period that depend on the market's assessment ”
Morning Session - 2012 Meeting
“Burlington Northern and Mid-American are two key links in a critical supply chain.”
Morning Session - 2012 Meeting
“Berkshire being a full taxpayer, where a lot of other entities in the U.S. are not...Berkshire pays lots of federal income tax...we have a distinct competitive advantage”
Morning Session - 2012 Meeting
“we felt that it was a mistake, but we were using it for what, in effect, turned out to be about 30% of the deal”
Morning Session - 2012 Meeting
“Berkshire stock is being held down some by your talking about the Buffett rule”
Morning Session - 2012 Meeting
“he suspects that at least 95% of the people in this arena believe that Berkshire Hathaway stock is undervalued”
Morning Session - 2012 Meeting
“When you look at the stable of businesses that Berkshire owns, which business has greatly improved its competitive position”
Morning Session - 2012 Meeting
“Mid-American has done a great job. We bought that stock and $34 or so dollars a share in 1999...not around $250 a share”
Morning Session - 2012 Meeting
“When Berkshire bought BN.S. SF, it raised the surplus of the property casualty industry by about 4%.”
Morning Session - 2012 Meeting
“Berkshire will likely need to offer a stock component for very large acquisitions like Burlington Northern”
Afternoon Session - 2012 Meeting
“huge amounts of money available in the corporate world, including at Berkshire to push forward push forward on opportunities”
Afternoon Session - 2012 Meeting
“maintained Berkshire-Hathaway strong culture. In Mr. Buffett's letter to shareholders earlier this year, he disclosed that the Board of Directors had identified his successor”
2011 Berkshire Hathaway Shareholder Letter
“Berkshire's Corporate Performance vs. the S&P 500. Annual Percentage Change in Per-Share Book Value of Berkshire”
2011 Berkshire Hathaway Shareholder Letter
“we took over at Berkshire in 1965”
2011 Berkshire Hathaway Shareholder Letter
“At our limit price of 110% of book value, repurchases clearly increase Berkshire's per-share intrinsic value”
2011 Berkshire Hathaway Shareholder Letter
“Among large insurance operations, Berkshire's impresses me as the best in the world.”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“BRK is dependent on the modern financial/deposit systems and computer trading systems.”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“Regarding Buffett's comments on future performance, is it unrealistic that BRK will outperform indexes slightly over a few years?”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“Question had to do with the prospect of a BRK dividend. Munger: He said that some of us will live to see a BRK dividend”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“investors have to be wiser than BRK was when it bought Dexter Shoes (and the company soon lost out to cheaper Chinese competitors)”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“Which is the company you love the most outside of BRK? What CEO do you admire the most?”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“Tons of people come to BRK who are very high grade investors but picking a manager is not like shooting fish in a barrel.”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“20% of BRK's Iowa utility's power comes from wind.”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“BRK doesn't get to have perfect managers either. There is always a compromise”
2011 Berkshire Hathaway Shareholder Letter
“At Nebraska Furniture Mart, located on a 77-acre site on 72 nd Street between Dodge and Pacific, we will again be having "Berkshire Weekend" discount pricing.”
2011 Berkshire Hathaway Shareholder Letter
“shareholder prices will be available from Monday, April 30th through Saturday, May 12th. During that period, please identify yourself as a shareholder by presenting your meeting credentials or a broke”
2011 Berkshire Hathaway Shareholder Letter
“This year we are adding a second panel of three financial analysts who follow Berkshire. They are Cliff Gallant of KBW, Jay Gelb of Barclays Capital and Gary Ransom of Dowling and Partners. These anal”
Afternoon Session - 2011 Meeting
“Berkshire maintains something that those in the trading business describe as restricted lists. And down that restricted list are any securities in which Berkshire is buying”
Morning Session - 2011 Meeting
“We had the full ownership of BNSF in the quarter this year. We only had it, I think, from February 12th last year”
Afternoon Session - 2011 Meeting
“different most of what we have at Berkshire”
Afternoon Session - 2011 Meeting
“As an investor from the Asian region, I am concerned that a week a dollar will erode the value of my Berkshire stock”
Morning Session - 2011 Meeting
“We bought Mid-American at the end, Berkshire Hathaway bought Mid-American at the end of 1999. Berkshire Hathaway bought about 80 percent.”
Morning Session - 2011 Meeting
“And Walter Scott, and I've told this story privately a few times, but not, I don't think I've done it publicly. Walter Scott came to me a year or two after we'd bought it”
Afternoon Session - 2011 Meeting
“we've already split it, you know, 1,500 for one, by having the B available... the B shares are going to get treated exactly the same. So there's really no disadvantage to owning the B stock”
Afternoon Session - 2011 Meeting
“Warren is considered to be a controlling shareholder of Berkshire. So every security listed on there shows Warren is one of the owners.”
Afternoon Session - 2011 Meeting
“one of the assets of Berkshire is it that pays a lot of taxes. That doesn't sound like much of an asset, but...We've probably paid something like 2% of the tax...So we have a lot of taxpaying capacity”
Afternoon Session - 2011 Meeting
“$1,59,055,810 shares of Class B, Berkshire Hathaway Common Stock Outstanding, with each share entitled to one 10,000th of one vote”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“Wesco's market cap has grown from $20 million to $2 billion under current management, a "failure" compared to 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.”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“it will be just a blip to Berkshire. "I don't know why you like this sort of thing."”
2010 Berkshire Hathaway Shareholder Letter
“Berkshire's Corporate Performance vs. the S&P 500 by Five-Year Periods”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“Q (New York BRK shareholder) How big a problem are distorted incentives of regulators”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“strategic stuff almost always involves BRK, which is bigger and famous”
2010 Berkshire Hathaway Shareholder Letter
“Berkshire's interest is 89.8%) and its customers...for Berkshire shareholders.”
2010 Berkshire Hathaway Shareholder Letter
“I am proud of what has been accomplished for our society by Matt Rose at BNSF”
2010 Berkshire Hathaway Shareholder Letter
“think of a portion of these funds as contributing to the purchase of BNSF. As I have told you before, almost all of our derivatives contracts”
“We have done that many times at Berkshire. We get paid for it...Berkshire has made a lot of money, guaranteeing things over the years”
Buffett: No standard system for CEO compensation
“we have, whatever it may be, 70 plus or whatever number of businesses we have, they have very different economic characteristics”
Morning Session - 2010 Meeting
“We have done that many times at Berkshire. We get paid for it...Berkshire has made a lot of money, guaranteeing things over the years”
Morning Session - 2010 Meeting
“Now, interestingly enough, Berkshire Hathaway, when these other guys got into trouble, went into the municipal bond insurance business. And we insured things that were almost identical to what ACA or ”
Morning Session - 2010 Meeting
“What's the anticipated impact of pending financial reform legislation on Berkshire? In particular, how much additional collateral may need to be posted on Berkshire's existed, $63 billion of derivativ”
Morning Session - 2010 Meeting
“I would think there might be some other companies that would be just, determined to be dangerous to the system before Berkshire Hathaway would be.”
Morning Session - 2010 Meeting
“Berkshire has significant investments in the Eurozone. The big one of Europe. like Cologne R, Munich re”
Morning Session - 2010 Meeting
“I've never sold a share in my life. And I never plan to sell a share in my life.”
Morning Session - 2010 Meeting
“I regard that degree of stock distribution to aid charity as almost a non-event...getting Berkshire into the Standard and Poor's indexes”
Morning Session - 2010 Meeting
“one and a half percent of the outstanding shares of Berkshire move the price down in a year, it probably deserves to move down.”
Morning Session - 2010 Meeting
“Already we have seen that foundation regularly sell Berkshire stock, and it will sell more because its purpose is to give money to charities”
Morning Session - 2010 Meeting
“of your Berkshire stock to the Gates Foundation, and my understanding is that more will go to the foundation when you die.”
Afternoon Session - 2010 Meeting
“you also own roofing companies and buildings companies, Clarem and Clayton, as well as utilities, Mid-America, Pacific Corp”
Afternoon Session - 2010 Meeting
“She says that he believes that Berkshire Hathaway stock will rise significantly in the next one to two years because of all the smart buys Warren made”
Afternoon Session - 2010 Meeting
“gives great pleasure to all of us shareholders... I don't think that's the last unusual thing that Berkshire will do”
Morning Session - 2010 Meeting
“whatever it may be, 70 plus or whatever number of businesses we have, they have very different economic characteristics”
Afternoon Session - 2010 Meeting
“Berkshire is totally prepared to handle anything that comes along, even if it's considerably worse than what I look.”
Afternoon Session - 2010 Meeting
“if that came along and we had a normal year and everything else, Berkshire would still have positive earnings of some substantial amount.”
Class B stock split was "easy decision" | January 20, 2010
“this could mean that Berkshire Hathaway could now become a member of the S&P 500”
Class B stock split was "easy decision" | January 20, 2010
“for Berkshire Hathaway's special shareholder meeting. This is a very unusual event. The idea of splitting the class B shares 50 for one.”
Class B stock split was "easy decision" | January 20, 2010
“Berkshire could be a Dow component. I don't, I don't stop at the S&P.”
Class B stock split was "easy decision" | January 20, 2010
“At Berkshire, we're down 25,000 maybe or something unemployment from 245,000. Off what base? Off a base. In the last, you know, year and a half.”
Class B stock split was "easy decision" | January 20, 2010
“we did pay right up to the absolute hill for Burlington. No question about it.”
Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“We'll copy Berkshire this year in part. I'll ask a bunch of questions of myself and then I'll answer them.”
Wesco Financial Annual Letter 2009
“National Indemnity Company ("NICO"), an insurance subsidiary of Berkshire Hathaway, Wesco's 80%-owning parent.”
Wesco Financial Annual Letter 2009
“Gen Re"), another insurance subsidiary of Berkshire Hathaway. The arrangement became effective in 2001 and has covered domestic hull, liability and workers' compensation exposures”
2009 Berkshire Hathaway Shareholder Letter
“Berkshire's results would look better, showing a gain since the start of fiscal 1965 of 22% compounded annually”
Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Berkshire is better. Wesco sells too high because you people are cultists. If I were buying today, I'd buy Berkshire.”
Wesco Financial Annual Letter 2009
“its entrée to the business community as a Berkshire Hathaway company”
Wesco Financial Annual Letter 2009
“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 2009
“Wesco is not an equally-good-but-smaller version of Berkshire Hathaway, better because its small size makes growth easier”
Wesco Financial Annual Letter 2009
“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 2009
“quality disparity in book value's intrinsic merits has, in recent years, continued to widen in favor of Berkshire Hathaway”
Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“I don't think I want Berkshire to insure an endless amount of municipal bonds.”
Afternoon Session - 2009 Meeting
“they get a check every month from Berkshire. And that's a lot more important than whether we earn X or X plus”
Morning Session - 2009 Meeting
“Berkshire seems to have done quite well in the past few years, but the stock price seems to have not quite kept pace.”
Morning Session - 2009 Meeting
“The closing price of Berkshire on 1231, 2003 was 84,250, and since Berkshire closed on 1231, 2008 at 96,600”
Morning Session - 2009 Meeting
“we are now the third largest auto insurer in the country. I think we'll end up the year, maybe at 8.5% of the market.”
Afternoon Session - 2009 Meeting
“14,749,861 shares of Class B, Berkshire Hathaway Common Stock Outstanding, with each share entitled to 1-200th of one vote”
2008 Berkshire Hathaway Shareholder Letter
“Berkshire's Corporate Performance vs. the S&P 500 — Annual Percentage Change in Per-Share Book Value of Berkshire”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“Mr. Warren Buffett, the chairman and CEO of Berkshire Hathaway”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“Your shareholders have lost 73% of the value in the stock from the peak to today... Mr. Buffett has held important. Reputation within business is certainly under... significant criticism.”
2008 Berkshire Hathaway Shareholder Letter
“Berkshire is always a buyer of both businesses and securities, and the disarray in markets gave us a tailwind”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“I am now going to turn to a more interesting subject, the Berkshire Hathaway phenomenon. What are the lessons?”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Commercial real estate is not a good business for us but ok for the entrepreneurial types. We shouldn't be doing it.”
2008 Berkshire Hathaway Shareholder Letter
“highly-rated companies, such as Berkshire, are experiencing borrowing costs that, in relation to Treasury rates, are at record levels”
2008 Berkshire Hathaway Shareholder Letter
“includes $92 million in 2008 and $85 million in 2007 of fees that Berkshire charges Clayton for the use of Berkshire's credit”
2008 Berkshire Hathaway Shareholder Letter
“Though Berkshire's credit is pristine – we are one of only seven AAA corporations in the country”
2008 Berkshire Hathaway Shareholder Letter
“That is why companies are rushing to convert to bank holding companies, not a course feasible for Berkshire.”
2008 Berkshire Hathaway Shareholder Letter
“Burlington Northern has also repurchased shares, but our increase to 20% primarily occurred because we continued to buy this stock.”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“They have been diligent in terms of what I have seen at the Berkshire Hathaway level. the Berkshire-Hathaway level.”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“the problems that you and the other people at Berkshire-Hathaway experience with the General Ray derivatives position”
How to take a small business to the next level
“Berkshire was a small business at one time...we've never tried to do in some master stroke convert Berkshire into something four times as large”
Morning Session - 2008 Meeting
“most people that own Berkshire, do not see themselves as owning something with a little ticker symbol”
Morning Session - 2008 Meeting
“Well, Berkshire was a small business at one time. I mean, it just takes time. I mean, it's the nature of compound interest”
Morning Session - 2008 Meeting
“Charlie and I have, you know, we have never tried to do in some master stroke. convert Berkshire into something four times as large”
Morning Session - 2008 Meeting
“we've got 76 or so, in most cases, pretty darn wonderful businesses. And like I say, we'll have more as we go along”
Afternoon Session - 2008 Meeting
“and 14,33,3,343 shares of Class B, Berkshire Hathaway, Common Stock Outstanding, with each share entitled to 1,200th of one vote”
Morning Session - 2008 Meeting
“got a chance to do that working with the kinds of money that Berkshire does. We try to load up on things.”
Wesco Financial Annual Letter 2007
“Effective in 2006, insurance subsidiaries of Berkshire Hathaway became KBS's sole reinsurers.”
Wesco Financial Annual Letter 2007
“its entrée to the business community as a Berkshire Hathaway company, CORT's rental relocation operations”
Wesco Financial Annual Letter 2007
“quality disparity in book value's intrinsic merits has, in recent years, continued to widen in favor of Berkshire Hathaway.”
Wesco Financial Annual Letter 2007
“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 2007
“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 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire's investment in railroads”
2007 Berkshire Hathaway Shareholder Letter
“To obtain the Berkshire discount, you must make your purchases between Thursday, May 1st and Monday, May 5th inclusive, and also present your meeting credential.”
Morning Session - 2007 Meeting
“I don't think you'll find a casino soon in Berkshire Hathaway.”
Afternoon Session - 2007 Meeting
“voting on on Mid-American Holding Corp or Berkshire-Hathway Board of Director matters concerning Pacific Corporate activities”
Afternoon Session - 2007 Meeting
“what effect, if any, does that have on Berkshire's insurance subsidiaries?”
Afternoon Session - 2007 Meeting
“There were 1,113,240 shares of Class A, Berkshire stock outstanding...and 12,888,424 shares of Class B, Berkshire Hathaway Common Stock Outstanding”
Afternoon Session - 2007 Meeting
“You and the company are viewed as exemplars of ethical behavior. If Berkshire were to take the lead and divest, others would follow.”
Afternoon Session - 2007 Meeting
“owner of three shares of Berkshire Class B Stock”
Afternoon Session - 2007 Meeting
“Please, Mr. Buffett and Berkshire Hathaway shareholders. shareholders get involved to bring the hope and peace”
Wesco Financial Annual Letter 2006
“risk pools managed by an insurance subsidiary of Berkshire Hathaway, our 80%-owning parent”
Wesco Financial Annual Letter 2006
“insurance subsidiaries of Berkshire Hathaway became KBS's sole reinsurers”
Wesco Financial Annual Letter 2006
“The Berkshire subsidiary provides a portion of the upper-level reinsurance protection”
Wesco Financial Annual Letter 2006
“business and human quality in place at Wesco continues to be not nearly as good as that in place at Berkshire Hathaway”
Wesco Financial Annual Letter 2006
“websites of Wesco's subsidiaries and parent, Berkshire Hathaway, from Wesco's website”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire did do some fixed-income arbitrage and distressed debt. It's not like nothing at all has gone on”
2006 Berkshire Hathaway Shareholder Letter
“The composition of our board will change in two ways this spring. One change will involve the Chace family, which has been connected to Berkshire and its predecessor companies for more than a century.”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“looking back at Berkshire over the past 10 years, since it was recently the 10-year anniversary of the Berkshire B shares. Sure, the rate of growth has come down, but we have added a lot of value”
2006 Berkshire Hathaway Shareholder Letter
“Gorat's will again be open exclusively for Berkshire shareholders on Sunday, May 6th”
Afternoon Session - 2006 Meeting
“Since May 99, I got interested in Brookshire Hathaway,”
Morning Session - 2006 Meeting
“We were the biggest shareholder at Solomon. Two of us were on the board, and Warren was on the comp committee.”
Morning Session - 2006 Meeting
“how do you train your... managing Berkshire Hathaway in the future.”
Afternoon Session - 2006 Meeting
“8,407,392 shares of Class B for Hathaway stock outstanding, with each share until to 1,200th of one vote”
2005 Berkshire Hathaway Shareholder Letter
“Berkshire's Corporate Performance vs. the S&P 500 — Annual Percentage Change in Per-Share Book Value of Berkshire”
2005 Berkshire Hathaway Shareholder Letter
“Charlie Munger, Berkshire's Vice Chairman and my partner, and I want to increase the figures in both tables”
2005 Berkshire Hathaway Shareholder Letter
“Berkshire's two elements of value have changed in the last decade, a result reflecting our ever-increasing emphasis”
2005 Berkshire Hathaway Shareholder Letter
“the base year of 1965 was abnormally good; Berkshire earned more money in that year than it did”
2005 Berkshire Hathaway Shareholder Letter
“When a management proudly acquires another company for stock, the shareholders of the acquirer are concurrently selling”
2005 Berkshire Hathaway Shareholder Letter
“MedPro has financial strength far exceeding that of its competitors, a quality assuring doctors that as part of Berkshire”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“By no means have we given up on putting our cash to work.”
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)
“How can Berkshire Hathaway work with only 15 people at headquarters? Nobody can operate this way. But we do.”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“At Berkshire Hathaway, we've lowered our standards a little – we're willing to invest with lower standards than in the past.”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Would anyone want us to reduce Berkshire Hathaway's assets to cash and sit around waiting for a calamity?”
2005 Berkshire Hathaway Shareholder Letter
“PUHCA was repealed on August 8, 2005, a milestone that allowed Berkshire to convert its MidAmerican preferred stock into voting common shares”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“There's a modest and increasing trickle. People are not as credit-leery as they should be. Berkshire Hathaway has an AAA credit rating advantage in insurance.”
2005 Berkshire Hathaway Shareholder Letter
“My conviction, however, cost Berkshire $955 million pre-tax in 2005. That amount is included in our earnings statement”
“His fingers encircle a Diet Coke, pinch peanut brittle or the stick of a Dilly Bar, or try to search incognito through a See's Candies' box”
“At the 2004 Berkshire Hathaway annual meeting, a young shareholder asked Buffett how to succeed in life.”
“Personally, I think Berkshire will be a lot bigger and stronger than it is. Whether the stock will be a good investment from today's price is another question.”
“I'm happy having ninety percent of my net worth in Berkshire stock. We're going to try to compound it at a reasonable rate.”
“Berkshire Hathaway's value will be higher in twenty years, but it is certain that the annual rate of percentage growth will be much lower.”
“We like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value.”
“being controlling owners is key, it would be hard for a committee to make these kinds of decisions. Berkshire Hathaway Repurchasing shares”
“It's a crazy idea for people who are already rich-like Berkshire-to be in this business.”
“I'd say that Berkshire Hathaway's system is adapting to the nature of the investment problem as it really is.”
“One other aspect of Berkshire's equity investment practice deserves comparative mention. So far there has been almost no direct foreign investment at Berkshire”
“Berkshire Hathaway just opened a furniture and appliance store in Kansas City, Kansas. At the time Berkshire opened it, the largest selling furniture and appliance store in the world was another Berks”
“The new store in a strange city opened up selling at the rate of more than $500 million a year. From the day it opened, the 3,200 spaces in the parking lot were full. It's hugely successful.”
Morning Session - 2005 Meeting
“in connection with the investigation into the insurance industry practices...I or other people associated with Berkshire have disclosed to the investigators.”
Morning Session - 2005 Meeting
“if you have the opportunities of Berkshire Hathaway, averaged out gold is a dumb investment”
Morning Session - 2005 Meeting
“we don't worry about the economics of the businesses we have. We've got a very diverse group.”
Morning Session - 2005 Meeting
“in relation to the operations of Berkshire Hathaway, what are your greatest fears?”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has been remarkably free of scandal over the decades.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has created this system, and the intellectual content has been limited to a fairly short catechism: low pay for the people at the top and a high sense of duty.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire's headquarters is a tiny little suite. We just came back from Berkshire's board meeting”
2004 Berkshire Hathaway Shareholder Letter
“Indeed, had we not made this acquisition, Berkshire would be lucky to be worth half of what it is today.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has more in intrinsic value per dollar of book value than Wesco, and the gap is widening.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I think Berkshire has a way better chance of maintaining its culture than just about any company.”
2004 Berkshire Hathaway Shareholder Letter
“Berkshire shareholders receive an 8% discount. So gamble fifteen minutes of your time and go to GEICO.com – or call 800-847-7536 – to see whether you can save big money (which you might want to use, o”
Morning Session - 2004 Meeting
“I'll first introduce the Berkshire Hathaway directors that are present in addition to myself and Charlie.”
Afternoon Session - 2004 Meeting
“at Berkshire when we have 30-odd-billion dollars around. If we can't figure out a way to employ that over time”
Morning Session - 2004 Meeting
“if it gets repealed that Berkshire Hathaway is necessarily worth a lot more money”
Morning Session - 2004 Meeting
“the whole Berkshire-Hathaway model where we leave our subsidiary companies quite autonomous”
Afternoon Session - 2004 Meeting
“Paul Berkshire Hathaway bought 129.5 million ounces of silver. And at the time, you said, supply demand, fundamentals were good.”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“in addition to being Vice Chair at Berkshire Hathaway, he's the chair of a major legal newspaper corporation”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“He's – after Warren Buffett – the largest shareholder in Berkshire Hathaway”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Most have actually been to the Berkshire meeting [last Saturday], sat through hours and hours of questions”
Morning Session - 2003 Meeting
“6,763,493 shares of Class B, Berkshire Hathaway Common Stock Outstanding, with each share entitled to 1-200th of one vote”
Afternoon Session - 2003 Meeting
“Berkshire has meaningful free cash flow, a short-duration bond portfolio, and your buyer of low-multable, high-quality private businesses”
Afternoon Session - 2003 Meeting
“are there any concerns on both of your parts about investors inadequately understanding the conglomerate structure of Berkshire”
Afternoon Session - 2003 Meeting
“Berkshire seems very well positioned to benefit. benefit. Would you comment?”
Afternoon Session - 2003 Meeting
“we have 16 billion of cash, not because we want 16 billion of cash, or because we expect interest rates to go up, or because we expect equities to go down”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire's competitive advantages in reinsurance... we get some advantage in reinsurance because people trust our willingness”
Optimism Has No Place in Accounting (2002)
“The writer is vice chairman of Berkshire Hathaway Inc.”
Wesco Financial Annual Letter 2002
“Beginning in 2003, KBS revised the allocation of its reinsurance between a Berkshire insurance subsidiary and a non-affiliate”
Morning Session - 2002 Meeting
“6,290,415 shares of Class B, Berkshire Hathaway, Common Stock Outstanding, with each share entitled to one-two-hundredth”
Afternoon Session - 2002 Meeting
“there's been a suggestion that somebody may do a book on some of the things that have flowed from various Berkshire shareholders”
Wesco 2001 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It's been a long slog to a perfectly respectable outcome -- not as good as Berkshire Hathaway”
Wesco 2001 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Even GEICO and Gen Re get caught sometimes." Insurance reserves "In the past, we've under-reserved, but more often been overly conservative. Consequently, Berkshire and especially Wesco have been reve”
Wesco Financial Annual Letter 2001
“our 80%-owning parent, Berkshire Hathaway, sold several times as much reinsurance to the same customers”
Wesco Financial Annual Letter 2001
“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 2001 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“We [at Berkshire and Wesco] have experienced people with the right models.”
Morning Session - 2001 Meeting
“791 shares of Class B, Berkshire Hathaway Common Stock Outstanding, with each share entitled the 1-200th of one vote”
Morning Session - 2001 Meeting
“If you want to trade a share of Berkshire A for 30 shares of Berkshire B, as you had mentioned before, a personal stock split”
Morning Session - 2001 Meeting
“Berkshire with a very limited headquarters staff, at that pretty old. We are especially partial to laying out large sums of money under circumstances where we won't have to be smart again”
Morning Session - 2001 Meeting
“thank you for all the apparently wonderful acquisitions you've made on our behalf in the last year”
Wesco Financial Annual Letter 2000
“subsidiaries of our 80%-owning parent, Berkshire Hathaway, sold several times as much reinsurance”
Wesco Financial Annual Letter 2000
“cessors not including Berkshire Hathaway). The balance of Wes-FIC's after-tax underwriting profit”
A Perverse Use of Antitrust Law (2000)
“Charles T. Munger is vice chairman of Berkshire Hathaway Inc. and chairman and part owner of Daily Journal Corp.”
Wesco Financial Annual Letter 2000
“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 is the "Metropolitan Museum of 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.”
Morning Session - 2000 Meeting
“5,385,320 shares of Class B, Berkshire Hathaway Common Stock Outstanding, with each share until to 1-200th of one vote”
Afternoon Session - 2000 Meeting
“executive pay at Berkshire hasn't risen, except perhaps for the CFO who last got a raise, I believe, in 1997”
Morning Session - 2000 Meeting
“I bought your B stock at 2308. Then, because the market dropped, I bought some more on the 4th of December at 2229”
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
“we've got a stock you can buy for the B stock for $2,400. So one share of that cost $2,400.”
How can Berkshire capitalize on the internet?
“Berkshire Hathaway, if it behaves itself properly, can get a reputation for trust that will be far greater than that possessed by the average company.”
"We look at change as a threat"
“Berkshire's businesses, on average, are less likely to be obsoleted by new technology than businesses generally”
How Berkshire adds value to its subsidiaries
“How does Berkshire Hathaway add value to the various wholly owned companies in the manufacturing services and retail division?”
Morning Session - 1999 Meeting
“5,266,338 shares of Class B, Berkshire Hathaway Common Stock Outstanding, with each share entitled to one two hundredth”
Afternoon Session - 1999 Meeting
“Berkshire B is selling at about a three to four percent discount. I also notice that certain people are shorting Berkshire A and Berkshire B.”
Afternoon Session - 1999 Meeting
“the most the B can be worth is 1.30th of the A, because you can always convert an A into 30 shares of B”
Afternoon Session - 1999 Meeting
“B will be treated on the same basis as the A. We have no, even though Charlie and I own a lot of A and we don't want any B to speak of”
Afternoon Session - 1999 Meeting
“what might be the ultimate cost to Berkshire Hathaway shareholders?”
Afternoon Session - 1999 Meeting
“Berkshire Hathaway brand...have you thought about ways to use the Berkshire Hathaway name, you know, further on the internet to capitalize on the reputation you've built”
Afternoon Session - 1999 Meeting
“We had a question earlier today that that made certain suppositions about what could happen at Berkshire. And the formulation was was exactly right”
Afternoon Session - 1999 Meeting
“I watched Hathaway A, and I looked at Hathaway B on January 1st, and again on the 23rd of April.”
Afternoon Session - 1999 Meeting
“when the B is it more than a 2% discount, I would rather buy the B if it was me.”
Afternoon Session - 1999 Meeting
“earlier this year, I repurchased the same share for $70,000. And I intend to own it for the rest of my life.”
Afternoon Session - 1999 Meeting
“My first equity ever purchased was a share of Berkshire Hathaway for $5,500 in 1990, and I sold it three months later for something over $8,000”
Afternoon Session - 1999 Meeting
“How does Berkshire Hathaway add value to the various wholly owned companies in the manufacturing services and retail division?”
Investment Practices of Leading Charitable Foundations (1998)
“Charles T. Munger, Vice Chair, Berkshire Hathaway, at Miramar Sheraton Hotel”
Wesco Financial Annual Letter 1998
“Insurance Group of Berkshire Hathaway, Wesco's ultimate parent. Wes-FIC's entry into the super-cat reinsurance”
Wesco Financial Annual Letter 1998
“Berkshire Hathaway, in dealing with partly owned subsidiaries, tries to lean over a little backward”
Wesco Financial Annual Letter 1998
“has, in recent years, been widening in favor of Berkshire Hathaway. All that said, we make no attempt to appraise relative attractiveness”
Wesco Financial Annual Letter 1998
“provide much less intrinsic value than a similar dollar of book value at Berkshire Hathaway. Moreover, the quality disparity in book value's intrinsic merits”
Investment Practices of Leading Charitable Foundations (1998)
“The foundation can follow the example of Berkshire Hathaway, and thus get total annual croupier costs below 0.1 percent of principal per annum”
Morning Session - 1998 Meeting
“1,245,081 shares of Class B, Berkshire Hathaway Common Stock Outstanding, with each share entitled to 1,200th of one vote”
Afternoon Session - 1998 Meeting
“the issuance of Class B stock has achieved the objective which you announced for it when it was created”
Afternoon Session - 1998 Meeting
“I think the B stock was the best thing we could have done, and I feel good about how it's worked out.”
Afternoon Session - 1998 Meeting
“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 love Berkshire Hathaway, and of course I've got mine on too, but what seems to be the problem in lack of recommendations?”
Morning Session - 1998 Meeting
“cost of capital at Berkshire Hathaway when we keep drowning in this torrent of cash, which we have to reinvest?”
Morning Session - 1998 Meeting
“what is the cost of capital for Berkshire Hathaway. I've been on the internet, and I look at Yahoo and they give you recommendations for companies. And when I search for Berkshire Hathaway”
Afternoon Session - 1998 Meeting
“I don't know what Berkshire is selling for today. And it really makes no difference.”
Morning Session - 1998 Meeting
“Mr. Buffett, you talk about you can never be smarter than your dumbest competitor. Right. And these are some potentially dumb competitor.”
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.”
Morning Session - 1998 Meeting
“There was an article I think about last year in the New York Times that regarded Westcoe as a Berkshire Class C share type company.”
Morning Session - 1998 Meeting
“the advantages of investing in Berkshire Hathaway as opposed to investing in the stocks that Berkshire owns”
Morning Session - 1998 Meeting
“whether Brookshire is worth X or X minus 1,000 or plus 1,000, because 1,000 now is over a billion dollars in terms of valuation”
Afternoon Session - 1998 Meeting
“Berkshire's Hathaway's earnings in 1997 is less than that of 1996”
Morning Session - 1998 Meeting
“I don't worry about the fact that 99% plus of my estate will be in Berkshire Hathaway stock”
Morning Session - 1998 Meeting
“what are your recommendations of Berkshire Hathaway if Charlie Munger were in charge”
Morning Session - 1998 Meeting
“I want to commit 99% of what I have to Berkshire Hathaway and I will.”
Morning Session - 1998 Meeting
“I can't think of a place I'd rather have it. And that's... includes my appraisal of the managers”
Morning Session - 1998 Meeting
“Berkshire Hathaway looks a great bargain. at these prices, especially based on look through earnings.”
Afternoon Session - 1998 Meeting
“applies much more to Berkshire Hathaway, even by far than McDonald's, in terms of detaxing part of the income”
Afternoon Session - 1998 Meeting
“to the extent that you've owned Berkshire, that's 65 cents, and now 20 percent off that becomes 52 cents”
Wesco Financial Annual Letter 1997
“large and plain giveaways of Berkshire Hathaway assets or business to a partially owned subsidiary like Wes-FIC.”
Wesco Financial Annual Letter 1997
“wholly owned Berkshire Hathaway subsidiaries must retain at least 80% of the identical risk”
Wesco Financial Annual Letter 1997
“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.”
Morning Session - 1997 Meeting
“815,015 shares of Class B, Berkshire-Hathaway Common Stock, outstanding with each year in 1,200th of a vote”
Afternoon Session - 1997 Meeting
“Berkshire, by Berkshire, of a $500 million, as you mentioned, of a very low coupon note”
Morning Session - 1997 Meeting
“we got pushed into, in effect, issuing the Class B shares last year... it's worked out very well from our standpoint.”
Afternoon Session - 1997 Meeting
“there are things gravely wrong with American education that I hope that Berkshire Hathaway is slowly helping to fix.”
Afternoon Session - 1997 Meeting
“that's the concept we like to think about around Berkshire. We haven't figured out of attain it.”
Afternoon Session - 1997 Meeting
“If we'd operated Berkshire with considerable borrowed money over the years, you know, it would have done very much better than it has”
Morning Session - 1997 Meeting
“Sounds to me like he's a seller. No, Berkshire.”
Morning Session - 1997 Meeting
“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
“You can always exchange a share of A for 30 shares of B. You cannot do it in reverse. You cannot shift 30 shares of B into one share of A.”
Afternoon Session - 1997 Meeting
“75 million people are drinking Berkshire-Hathaway share of Coca-Cola products today in a day.”
Morning Session - 1997 Meeting
“I would argue that the Berkshire-Hathaway compensation system, considering what the people at the top already have, it would be better if we saw a little more of it”
1996 Berkshire Hathaway Shareholder Letter
“Berkshire stock, we will split his age 2-for-1 when he hits 100”
1996 Berkshire Hathaway Shareholder Letter
“Our issuance of the B shares not only arrested the sale of the trusts, but provided a low-cost way for people to invest in Berkshire”
1996 Berkshire Hathaway Shareholder Letter
“This year, our new Class B shares have caused a doubling of our stockholder count”
1996 Annual Meeting Highlight Reel
“Our hope is that the Class B shareholders that we attract are of the same quality as the people in this room, that they have an investment attitude”
“We came upon the idea of the Class B shares, which would create a supply that would match the demand for, in effect, split shares”
Morning Session - 1996 Meeting
“we came upon the idea of the Class B shares, which would create a supply that that would match the demand for in effect split shares”
Morning Session - 1996 Meeting
“it would be impossible for the B to sell much above 1 30th of the A because people would buy the A and sell the B, if more than a very small, with even the smallest of arbitrage differentials.”
Morning Session - 1996 Meeting
“I see no way that the unit trust could offer people as an efficient and and an expensive way of participating in Berkshire as direct purchase of the B.”
Morning Session - 1996 Meeting
“the unit trust, if a unit trust were established, it would have to buy Berkshire shares in the market.”
Morning Session - 1996 Meeting
“with Berkshire paying nothing in the way of dividends, but with the trust incurring expenses”
Morning Session - 1996 Meeting
“somebody would flag. our past record in front of them or show them some chart on Berkshire stock price”
Morning Session - 1996 Meeting
“At present prices, Charlie and I do not think Berkshire stock is undervalued.”
Morning Session - 1996 Meeting
“owning Berkshire. But we do not want, we do not want want people to think that when they buy into Berkshire that they're buying something that's undervalued”
Morning Session - 1996 Meeting
“Charlie and I expect to be holders for a very long time... That is our attitude toward Berkshire. We do not want people to come in who think it's going to be a hot stock”
Morning Session - 1996 Meeting
“we think that it's a perfectly sensible thing to do because we're doing it ourselves... Berkshire attracts a special class of shareholder that really looks at themselves as owning a part interest in a”
Morning Session - 1996 Meeting
“And then I see this offering of the class B, and I sort of wonder whether, from your perspective, you feel you might be in the same boat”
Morning Session - 1996 Meeting
“on this offering of Berkshire. So it's almost as if you're buying it, a class B holder is buying it from us”
Morning Session - 1996 Meeting
“what the symbol will be for the class B...BRB and just keep it a simple, three-letter symbol”
Morning Session - 1996 Meeting
“I did have a concern about the B shares that's less business and more, I guess it would be concerned with your and Mr. Munger's personal safety.”
Morning Session - 1996 Meeting
“the sale of the B shares at the price they will probably be sold will give an immediate boost to the book value of Berkshire Hathaway”
Morning Session - 1996 Meeting
“there's no way that the B stock can go up and not really force some conversion from the A”
Afternoon Session - 1996 Meeting
“The comment is that I think you may be considerably underestimating the interest there will be in purchases of Class B stock later this week”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“Warren Buffett decided early on that ideology was dangerous... Warren adored his father—who was a wonderful man. But he was a very heavy ideologue... Warren observed this as a kid. And he decided that”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“That is radically different from Berkshire Hathaway. Berkshire is a holding company”
1995 Berkshire Hathaway Shareholder Letter
“to obtain the replacement equity, we would have needed to sell many new shares of Berkshire. The net result - more shares, equal assets and lower earnings - would have materially reduced the value of ”
Morning Session - 1995 Meeting
“through Berkshire Hathaway own the preferred shares of several companies solomon u.s air american express”
Afternoon Session - 1995 Meeting
“They own a significant part of Berkshire Hathway. We write them a check every year.”
Morning Session - 1995 Meeting
“what are the fundamental rules of economics you used to make money for Berkshire? And I'm not talking about Ben Graham's principles here”
1994 Berkshire Hathaway Shareholder Letter
“Our gain in net worth during 1994 was $1.45 billion or 13.9%. Over the last 30 years (that is, since present management took over) our per-share book value has grown from $19 to $10,083”
Morning Session - 1994 Meeting
“we will find Berkshire at a silly price as we go along”
Morning Session - 1994 Meeting
“Do you think the stock price of Berkshire Hathaway is trading within 15% of its intrinsic value currently?”
Morning Session - 1994 Meeting
“if you think Berkshire Hathaway is undervalued with the amount of cash you have on your balance sheet”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“we - by which I mean Berkshire Hathaway - are the largest shareholder in Capital Cities/ABC.”
1993 Berkshire Hathaway Shareholder Letter
“On the next page we show the numbers that count in an evaluation of Berkshire's insurance business. We calculate our float”
1992 Berkshire Hathaway Shareholder Letter
“The parent company made one purchase in 1991, buying H. H. Brown”
Warren Buffett | Testimony | Salomon Brothers | Securities Trading Investigation | 1991
“I know that Warren Buffett and his new team at Solomon Brothers already have instituted procedures to stop abuses”
Warren Buffett | Testimony | Salomon Brothers | Securities Trading Investigation | 1991
“I bought them for the account of Berkshire Hathaway, and I think I get good price information.”
1991 Berkshire Hathaway Shareholder Letter
“About 97.7% of all eligible shares participated in Berkshire's 1991 shareholder-designated contributions program.”
1989 Berkshire Hathaway Shareholder Letter
“Berkshire's financial data into four segments. These correspond to the way Charlie and I think about the business”
1989 Berkshire Hathaway Shareholder Letter
“each bond is convertible into .4515 shares of Berkshire Hathaway. Because a $10,000 bond cost $4,431, this means that the conversion price was $9,815 per Berkshire share”
1989 Berkshire Hathaway Shareholder Letter
“Berkshire can call the bonds at any time after September 28, 1992 at their accreted value”
1989 Berkshire Hathaway Shareholder Letter
“For tax purposes, Berkshire is entitled to deduct the 5.5% interest accrual each year”
1986 Berkshire Hathaway Shareholder Letter
“Capital allocation at Berkshire was tough work in 1986. We did make one business acquisition - The Fechheimer Bros.”
1985 Berkshire Hathaway Shareholder Letter
“Neither do we look at the price of Berkshire stock when we write bonus checks.”
1983 Berkshire Hathaway Shareholder Letter
“At Berkshire, at the beginning of fiscal 1965 when the present management took over, the $19.46 per share book value considerably overstated intrinsic business value.”
1983 Berkshire Hathaway Shareholder Letter
“WESCO owns shares in these companies. Based upon present holdings and present dividend rates - excluding any special items such as the GEICO proportional redemption last year”
1982 Berkshire Hathaway Shareholder Letter
“National Indemnity has been the most important operation in Berkshire's growth.”
Blue Chip Stamps Annual Letter 1981
“At the end of 1981, the portion of Blue Chip's consolidated net worth represented by its interest in See's amounted to $38.3 million”
1980 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Operating earnings improved to $41.9 million in 1980”
1979 Berkshire Hathaway Shareholder Letter
“To the Shareholders of Berkshire Hathaway Inc.: Again, we must lead off with a few words about accounting.”
1979 Berkshire Hathaway Shareholder Letter
“external conditions affecting the stability of currency may very well be the most important factor in determining whether there are any real rewards from your investment in Berkshire Hathaway”