McDonald's Corporation

Morning Session - 2024 Meeting

“I always wonder at 93, he's still able to eat those and enjoy the Coca-Cola. Thanks, Warren.”

RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis

“Ray Kroc used to say that there were three stools on which McDonald's stands. He says, my franchisees. My vendors and my employees”

RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis

“Ray Kroc used to say that there were three stools on which McDonald's stands. He says, my franchisees. My vendors and my employees, right?”

RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis

“Ray Kroc used to say that there were three stools on which McDonald's stands. He says, my franchisees. My vendors and my employees, right?”

Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023

“I don't know anybody that went back to flipping burgers at McDonald's or something, you know, after they screwed up the system”

Buffett's health care partnership is "determined" to contain costs | February 26, 2018

“if I'm going to buy a half interest in a McDonald's stand and you're going to run it or a McDonald's franchise and you're going to run it, I look to the business”

Warren Buffett On Investing, Business, and Family

“on the way there's a mcdonald's so i'll pick up something...have a sausage muffin with uh egg and cheese”

Morning Session - 2016 Meeting

“if you own a McDonald's franchise, you don't get a a quote every day.”

"America's never been greater" | February 29, 2016

“if I owned a McDonald's stand here in Omaha, I would not get a quote on it every day. You know, I would try to. to make my service the best.”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“If you and I had a, if we owned a McDonald's stand together, and I bought you out at 80 cents on the dollar”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“McDonald's is one of the most successful educational institutions in the United States. They take people and give them a first job, which enables them to get a second job”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“McDonald's detailing a turnaround plan. Steve Easterbrook says the company's performance has been, in his words, poor.”

Afternoon Session - 2015 Meeting

“largest businesses in the country like Walmart and McDonald's. How concerned are you about income inequality”

Afternoon Session - 2014 Meeting

“if you buy a McDonald's franchise, if you buy General Motors, whatever it may be, the real question is”

"People react too much to short-term things" | March 3, 2014

“Well, McDonald's thought so. I put it that way. I'm not sure the customer of McDonald's felt that way.”

Buffett on Heinz deal: "We've got a great business" | March 4, 2013

“if you owned a McDonald's stand, you know, I mean, would you be worried that somebody came along for five seconds”

Morning Session - 2012 Meeting

“when Ray Kroc started McDonald's, I mean, he was not thinking about the option value of what the McDonald's stock might be”

"Keep asking yourself questions about businesses"

“if you think about what you would pay for a McDonald's stand what you think you would pay for”

Munger: McDonald's is a better educator than universities

“One of the ones I admire most is McDonald's. I had fun once at a major university when I said I thought McDonald's succeeded better as an educator than the people in the university did.”

"We want people who think like we do"

“you might elect to join somebody in buying a McDonald's franchise or a farm or an apartment house”

2010 Annual Meeting Highlight Reel

“One of the ones I admire most is McDonald's. I had fun once at a major university when I said, I thought McDonald's succeeded better as an educator”

Afternoon Session - 2010 Meeting

“you might elect to join somebody in buying a McDonald's franchise or a farm or an apartment house or something.”

Afternoon Session - 2010 Meeting

“what you would pay for a McDonald's stand, what you think you would pay for, you know, think about the businesses in your own hometown”

Morning Session - 2010 Meeting

“One of the ones I admire most is McDonald's. I had fun once at a major university when I said I thought McDonald's succeeded better as an educator than the people in the university did.”

Afternoon Session - 2009 Meeting

“I was buying hamburgers at McDonald's, you know, the other day for X, and they reduced the price to 90% of X”

Warren Buffett 2008 Interview (Ivey Archive)

“lets say you each own half of a McDonalds stand. Every day he quotes a price”

Morning Session - 2007 Meeting

“walked by a McDonald's stand, you know, and you decided, would you pay a million dollars for that McDonald's stand”

Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“the really great educator is McDonald's. They hate me for saying this... McDonald's hires people with bad work habits, trains them”

Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“the really great educator is McDonald's. They hire people with bad work habits, trains them, and teaches them to come to work on time”

Poor Charlie's Almanack

“McDonald's is one of our most admirable institutions...McDonald's, providing first jobs to millions of teenagers...has successfully taught most of them”

Morning Session - 2004 Meeting

“with McDonald's franchises or farms or something. But it's just astounding what can happen”

How to know when you're in your "circle of competence"

“you can understand the Coca-Cola company, you can understand McDonald's, you can understand, you know, you can understand”

How Buffett decides it's a time to sell a stock

“sold McDonald's and Disney after not owning them for long... We think McDonald's has a fine future.”

Morning Session - 2002 Meeting

“you sold McDonald's and Disney after not owning them for long. How do you decide when to hold forever and when to sell?”

Morning Session - 2002 Meeting

“We think McDonald's has a fine future”

Afternoon Session - 2002 Meeting

“you can understand a Coke bottler. You can understand a Coca-Cola company. You can understand McDonald's.”

Warren Buffett | Nightline Interview | 1999

“We owned a piece of McDonald's for a while. It's a good business.”

"It was a mistake" to sell McDonald's

“I decided to sell McDonald's. You know, I said it was a mistake, to sell it, and it was a mistake... that particular decision has cost you in the area of a billion dollars plus.”

Afternoon Session - 1999 Meeting

“I said it was a mistake, to sell it, and it was a mistake... that particular decision has cost you in the area of a billion dollars plus”

Afternoon Session - 1998 Meeting

“capital-intensive companies, like you were mentioning. I'm thinking of things like McDonald's and Walgreens”

Afternoon Session - 1998 Meeting

“McDonald's and Dairy Queen are similar businesses”

Afternoon Session - 1998 Meeting

“Burger King of McDonald's would be much more similar or Wendy in McDonald's, but Dairy Queen is much more of a niche”

Afternoon Session - 1998 Meeting

“would you give us what logic went into your decision to both buy and sell McDonald's? ... the question about McDonald simply is, you know, it's an outstanding business”

Afternoon Session - 1998 Meeting

“McDonald's owns, perhaps in the area of a third of all locations worldwide. I can't tell you the exact percentage, but if they've got 23,000 outlets, they own many, many thousands of them and operate ”

Afternoon Session - 1998 Meeting

“In your description of McDonald's, I mean, you have the sense that there's a great business buried in McDonald's”

Afternoon Session - 1998 Meeting

“I think you should look at McDonald's as being a very good business, but the one that will continue in its present mode”

Afternoon Session - 1998 Meeting

“what that gentleman was talking about in connection with McDonald's applies much more to Berkshire Hathaway”

Afternoon Session - 1998 Meeting

“as I indicated, in the answer to the gentleman on McDonald's”

Slowdown for stocks coming?

“or Gillette is in a dangerous era, or McDonald's or Wells Fargo, or whatever”

Is McDonald's an "inevitable" company?

“McDonald's has the same ability to dominate the way Coca-Cola and Gillette has... you would never get the total certainty of dominance that you would get in products like Coca-Cola and Gillette... in ”

Morning Session - 1997 Meeting

“I'm thinking of expanding to a fourth company... McDonald's... in the food business, you would never get the total certainty of that dominance that you would get in products like Coca-Cola and Gillett”

Afternoon Session - 1997 Meeting

“Gillette travels, Disney travels, McDonald's travels, McDonald's travels, Coke travels”

Afternoon Session - 1997 Meeting

“I wonder if you could comment a little bit further on McDonald's carrying forward your comments of this morning, but more oriented toward how the McDonald's would stack up”

Afternoon Session - 1997 Meeting

“if you are going by a McDonald's or a Burger King or a Wendy's and you happen to be hungry at that point or if you're traveling”

Afternoon Session - 1997 Meeting

“or Gillette is in a dangerous era, or McDonald's or Wells Fargo or whatever”

1996 Berkshire Hathaway Shareholder Letter

“30,156,600 McDonald's Corporation............. 1,265.3 1,368.4”

Afternoon Session - 1996 Meeting

“are we supposed to be buying Big Macs, as the press has reported? Yeah, well, actually”

Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)

“And, clearly, we want more control over our franchisees than Coca-Cola originally got. We want to do it more like McDonald's did way later.”

Afternoon Session - 1995 Meeting

“McDonald certainly did well by deciding to open a second store.”