Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)
“Warren Buffett, the Chairman of Berkshire Hathaway, former CEO of Berkshire Hathaway”
1660 mentions across the corpus · positive 538 · negative 17 · neutral 1091 · historical 14
Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)
“Warren Buffett, the Chairman of Berkshire Hathaway, former CEO of Berkshire Hathaway”
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
“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
“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
“you are buying 21 class A shares. This is the disclosure of that $15.3 million... reinvested it or purchased Berkshire shares with the after tax dollars.”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“I took a portion of those proceeds on an after tax dollar basis and purchased Berkshire stock.”
Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26
“Warren's been riding that lever for 60 years, and it's something that had a huge following. was a tough letter to write.”
“Warren Buffett made a massive announcement at the end of his annual shareholder meeting in Omaha after six decades as CEO of Berkshire Hathaway”
“passing the torch to Greg Abel is really kind of epochal...Buffett's historic decision to retire after 60 years as Berkshire Hathaway's CEO”
“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
“Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show.”
U.S. needs to reduce its budget deficits
“Big corporations, you know, overwhelmingly, most of them look like they could be run better. I'm sure Berkshire does in many respects.”
Berkshire will be patient with its big cash pile
“Today, Berkshire holds over $300 billion in cash and short-term investments representing about 27% of total assets”
Market moves in first months of Trump's second term are 'really nothing'
“Has the recent market volatility presented Berkshire with opportunities? What has happened in the last 30, 45 days... There's been three times since we acquired Berkshire. The Berkshire has gone down ”
“So Berkshire, in effect, got its money's worth, but we didn't kill the tapeworm.”
'I think the time has arrived'
“Hercur Hathaway will get given away gradually... I've got all my money in the company and that I think it's smart”
2025 Annual Meeting Highlight Reel
“Out of all the companies that Berkshire Hathaway owns, there was one that you acquired, the Chicago-based company Portillo's Hot Dogs.”
Morning Session - 2025 Meeting
“somebody needs to sell 20,000 shares of Berkshire or something and they call us, and the price is right, it's done in five seconds”
Morning Session - 2025 Meeting
“Out of all the companies that Berkshire Hathaway owns, there was one that you acquired, the Chicago-based company Portillo's Hot Dogs.”
Afternoon Session - 2025 Meeting
“Berkshire Hathaway has got plenty of material out there for you to read. And when you get through reading it all, you'll know way more than most”
Afternoon Session - 2025 Meeting
“we are responsible. responsibilities with the shareholders of Berkshire Hathaway”
Afternoon Session - 2025 Meeting
“as compared to reported net income measures for Berkshire... our underlying earning power was affected negatively here a while back by what happened in the utility field.”
Afternoon Session - 2025 Meeting
“if Berkshire went down 50 percent next week, I would regard that as a fantastic opportunity, and it wouldn't bother me in the least.”
Afternoon Session - 2025 Meeting
“Berkshire will increase its earning power over time as we retain money... We'll build the earning power, but it won't be coming in any even stream”
Afternoon Session - 2025 Meeting
“if all of you were paying 1% for investment management fees at Berkshire last year you had to pay $8 billion for managing”
Morning Session - 2025 Meeting
“Berkshire currently borrows in Japanese yen to offset its currency risk and its Japanese stock investments”
Morning Session - 2025 Meeting
“is Berkshire Hathaway taking steps to minimize this currency risk and its impact on quarterly and annual earnings”
Morning Session - 2025 Meeting
“Martin Devine, a shareholder from Scotland, who was attending the meeting today, wants to know, has the recent market volatility presented Berkshire with opportunities?”
Morning Session - 2025 Meeting
“There's been three times since we acquired Berkshire, that Berkshire has gone down 50% in a very short period of time”
Morning Session - 2025 Meeting
“you mentioned Berkshire almost invested $10 billion recently and wanting to know if you could talk more about that”
Afternoon Session - 2025 Meeting
“I have no intention zero of selling one share of Berkshire...I think the prospects are sure will be better”
Morning Session - 2025 Meeting
“When I walked into Geigo's office is in 1950, the average price of a policy was around 40 bucks a year.”
Morning Session - 2025 Meeting
“The railroad is earning a little more than last year...it's still an incredible asset for Berkshire.”
Morning Session - 2025 Meeting
“we have on that thing, our float, which continues to build. I don't think any kind, there's no company that has, property casualty company that has our float”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“Berkshire only has 460,000 employees. Why? It's a lot of employees.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“the size of a fund like Berkshire limits you to large companies. He just doesn't think that there's the same opportunities”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“if you pick people as late in the game as Berkshire Hathaway, buying our limitations caused by size.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“Berkshire has helped you. And Berkshire has helped by its past behavior to see things that other people don't see.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“what the Berkshire stock is worth... we're the main charity in Maine, if you call us. But at the time, it was 2% of one year's performance.”
RARE Charlie Munger 2017 Daily Journal AFTER Interview
“I don't think that's true at Berkshire. I think that's true at Berkshire. at Berkshire, if you asked me and Warren for our best ideas, that would have worked.”
2025 Berkshire Hathaway Shareholder Letter (Greg Abel)
“We seek the best managers to run our operating businesses... We operate a decentralized model with autonomy grounded in deserved trust.”
TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024
“Clay and Kyle give a recap of the 2024 Berkshire Hathaway shareholder meeting and share their favorite clips from the Q&A session”
TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024
“During this episode, we'll cover what we did in Omaha, the tribute Berkshire did for Charlie Munger”
TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024
“the 2024 Berkshire Hathaway shareholders meeting and share our favorite clips from the Q&A session with Warren Buffett, Greg Abel, and Ajit Jain”
TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024
“the future of capital allocation at Berkshire, and how Buffett would invest if he were managing a smaller pool”
TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024
“Clay and Kyle give a recap of the 2024 Berkshire Hathaway shareholder meeting and share their favorite clips from the Q&A session with Warren Buffett.”
Morning Session - 2024 Meeting
“the goal of Berkshire, economic goal, is to increase the operating earnings and decrease the shares outstanding”
Morning Session - 2024 Meeting
“we've been retaining earnings ever since we took control of Berkshire Athaway except one day as I remember I think it was maybe 1968 or nine”
Morning Session - 2024 Meeting
“the people in this room really uh they don't think about selling they probably would hold many of you don't even check the price daily uh or weekly uh you know it uh the people who check the price dai”
Afternoon Session - 2024 Meeting
“wouldn't move the needle anyway at berkshire so we may we would we would have been happy”
Afternoon Session - 2024 Meeting
“we're very happy. We did. And we still don't know what the price of oil is going to be next year... it could be a worthwhile investment for for Berkshire.”
Morning Session - 2024 Meeting
“So very important issue for Berkshire Hathaway Energy, but at the same time, it is a Pacific Corp issue.”
Afternoon Session - 2024 Meeting
“by Berkshire Hathaway. And if they were around now, and they still had their 1% deal, they'd be collecting $8 billion a year”
Afternoon Session - 2024 Meeting
“you have a wonderful hand at Berkshire Hathaway but you have to you have to be able to think your way”
Morning Session - 2024 Meeting
“The two problems we face in Florida and all the risk barriers face in Florida”
Morning Session - 2024 Meeting
“Since the Florida market seems to be so mismanaged, is this an opportunity for Berkshire?”
Morning Session - 2024 Meeting
“What has changed for Berkshire's operating CEOs since Greg Abel and Ajit Jane became vice chairman?”
Warren Buffett's Tribute to Charlie Munger (2024)
“Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.”
Warren Buffett's Tribute to Charlie Munger (2024)
“he told me – correctly! – that I had made a dumb decision in buying control of Berkshire. But, he assured me, since I had already made the move, he would tell me how to correct my mistake.”
Warren Buffett's Tribute to Charlie Munger (2024)
“Charlie, in 1965, promptly advised me: "Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses"”
Warren Buffett's Tribute to Charlie Munger (2024)
“Many years later, Charlie became my partner in running Berkshire and, repeatedly, jerked me back to sanity when my old habits surfaced.”
Warren Buffett's Tribute to Charlie Munger (2024)
“In reality, Charlie was the "architect" of the present Berkshire, and I acted as the "general contractor" to carry out the day-by-day construction of his vision.”
2024 Berkshire Hathaway Shareholder Letter
“In a very minor way, Berkshire shareholders have participated in the American miracle by foregoing dividends, thereby electing to reinvest rather than consume.”
2024 Berkshire Hathaway Shareholder Letter
“Berkshire's activities now impact all corners of our country. And we are not finished. Companies die for many reasons but, unlike the fate of humans, old age itself is not lethal. Berkshire today is f”
2024 Berkshire Hathaway Shareholder Letter
“Berkshire would not have achieved its results in any locale except America whereas America would have been every bit the success it has been if Berkshire had never existed.”
2024 Berkshire Hathaway Shareholder Letter
“P/C insurance continues to be Berkshire's core business.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Charlie was one half of the greatest investment partnership in history. He and Warren Buffett built Berkshire Hathaway into an iconic company with a market value of almost 800 billion dollars”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“to the Daily Journal meeting and the Berkshire Hathaway meeting in Omaha and he ran into Charlie”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“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
“Charlie Munger's praise of William Green's book, referencing Buffett and Munger as examples of inner scorecard philosophy”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“it's a small fraction of the stake that I've had for a while in in Berkshire Hathaway”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“living in the time of Warren and Charlie. I mean it'd be kind of like living in the time of Newton, Einstein”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“at the Berkshire Meeting or the Daily Journal Meeting, there's no F word because it's so natural the way he speaks”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Charlie brought to Berkshire Hathaway, Warren famously would refer to him as the abominable no man because he could get excited about an investment”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Eventually a lot of those positions got converted into Berkshire stock, and they were big home runs”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“on the board of Berkshire and knows them both very well”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Warren and Charlie have operated for all these decades at Berkshire Hathaway”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Berkshire was the first stock that Tom bought at Markel back in 1990, and he's owned it ever since”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“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
“whether it was your father, or Buffett or, some, someone at Graham Holdings”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Part of the success, actually, of Berkshire Hathaway is really that Warren kept Charlie around for all those decades to challenge him”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Buffett has Munger and I'm sure he, even though he's one of the world's great investors, he's thrilled to have a partner of that caliber.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Berkshire Hathaway's success over all these decades”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the Berkshire Hathaway meeting in Omaha and he ran into Charlie I think in an elevator”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Sees obviously was a really important investment for Berkshire.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“living in the time of Warren and Charlie. I mean it'd be kind of like living in the time of Newton, Einstein”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“at the Berkshire Meeting or the Daily Journal Meeting, there's no F word because it's so natural the way he speaks”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the way that Warren and Charlie have operated for all these decades at Berkshire Hathaway”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Berkshire was the first stock that Tom bought at Markel back in 1990, and he's owned it ever since. If I remember rightly, over 34 years, his stake in Berkshire has ballooned”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Charlie Munger...He said, look, we were two guys talking on the phone, and now we are bigger than General Electric.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“One thing that's very distinctive, obviously, about the culture of Berkshire that I guess comes a lot from Charlie is this habit of rubbing their nose in their mistakes”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“he said Charlie, who had one glass eye and terrible vision, had gone to the DMV...where he said that Charlie...had gone to the DMV, the Department of Motor Vehicles...Charlie looks at him and says, no”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Sees obviously was a really important investment for Berkshire.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Lou Simpson, who was an absolutely legendary investor who ran GEICO, the Berkshire unit”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“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
“at the Berkshire Meeting or the Daily Journal Meeting, there's no F word because it's so natural the way he speaks”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“this ability to see weakness in companies Was really a critical part of what Charlie brought to Berkshire Hathaway, Warren famously would refer to him”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Berkshire was the first stock that Tom bought at Markel back in 1990, and he's owned it ever since...his stake in Berkshire has ballooned into an enormous position”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the way that Warren and Charlie have operated for all these decades at Berkshire Hathaway”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the whole of Bookstore is based on this idea of destroying your best loved ideas and upgrading them”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“if Berkshire has made modest progress, a good deal of it is because Warren and I are very good at destroying our own best loved ideas”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the success, actually, of Berkshire Hathaway is really that Warren kept Charlie around for all those decades to challenge him”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Buffett has Munger and I'm sure he, even though he's one of the world's great investors, he's thrilled to have a partner of that caliber.”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“the culture of Berkshire that I guess comes a lot from Charlie is this habit of rubbing their nose in their mistakes, of admitting when they've gone wrong”
RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
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”
Charlie Munger's final CNBC interview | November 14, 2023
“Berkshire's history, is what turned the first $300 million of Berkshire net worth into the first $3 billion”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“member of the board of directors of a small obscure company that some of you may have heard of, namely Berkshire Hathaway”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“I mean, I remember asking Charlie, what can we learn from you and Warren about how to have a happy life”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“I have a picture in our conference room from the depths of the financial crisis and it was with Warren.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“watching the way that operates and watching it as scale at a company like Berkshire. It's staggering the efficiency”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“I think Berkshire is an example that all of the foregone due diligence trips and investment banking and auditors”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Imagine the record that he's achieved with almost no enemies...Warren to have built this fortune and still have so much of the world viewing him”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“there is no CEO in America that thinks about risk in a more profoundly broad way than Warren and Charlie...He is really building something that he wants to last through almost any conceivable scenario”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“And I think that is how I think of Berkshire, and how I think of the board's job and the management's job.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire makes us go strong is it embodies not just being fair to shareholders and the like and being transparent about mistakes, but trying to be honorable and decent”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire as an example is just to think of a phrase of Charlie's that I've always liked is that investing is a subset of worldly wisdom.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Chris Davis, a renowned investor at Davis Advisors who also serves on Berkshire Hathaway's board of directors”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“member of the board of directors of a small obscure company that some of you may have heard of, namely Berkshire Hathaway”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“appointed to Berkshire Hathaway's board of directors, where he gets to hear Buffett and Munger opine”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“the Berkshire annual general meeting, which I guess that's where you and I last chatted... Buffett said a couple of times”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“the influence of Warren and Charlie is so dramatic. It's not a coincidence that we have shaped decisions that we've made in our own lives”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is incredibly important as, well, as an exemplar, but as an icon of how capitalism should work. Right? In other words, a company that hasn't taken shortcuts”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is serving Berkshire right now is the opposite. You get your dessert first... anything that is being done that they know about is being done in an absolutely the highest ethical standards”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“they run it assuming that Berkshire is the only asset of the shareholders because in many ways it really was”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“And I think that is how I think of Berkshire, and how I think of the board's job and the management's job.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“thinking about Berkshire as an example is just to think of a phrase of Charlie's that I've always liked is that investing is a subset of worldly wisdom”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Chris Davis, a renowned investor at Davis Advisors who also serves on Berkshire Hathaway's board of directors”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“he was appointed to Berkshire Hathaway's board of directors, where he gets to hear Buffett and Munger opine”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“member of the board of directors of a small obscure company that some of you may have heard of, namely Berkshire Hathaway”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“I think Berkshire is an example that all of the foregone due diligence trips and investment banking and auditors”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“watching the way that operates and watching it as scale at a company like Berkshire. It's staggering the efficiency”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is a kind of iconic, emblematic teaching institution, right? It's there to show us capitalism done right in many ways.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Berkshire is incredibly important as, well, as an exemplar, but as an icon of how capitalism should work. Right? In other words, a company that hasn't taken shortcuts”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“they run it assuming that Berkshire is the only asset of the shareholders because in many ways it really was”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“Not like Berkshire, where Warren sat at a table and knew his original investors.”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“you mentioned Munger Tolls and Ron Olson, how does Munger Tolls rank literally as, I believe in one ranking I just read recently, the best law firm in the country?”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“David Hawkins kind of terminology Berkshire makes us go strong is it embodies not just being fair to shareholders and the like and being transparent about mistakes, but trying to be honorable”
Learning from Warren Buffett & Charlie Munger w/ Chris Davis
“as a longtime shareholder in Berkshire, I'm happy that you'll be helping to safeguard the culture down the road”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“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
“the comparison was so maligned and so unethically done that, you know, I kind of reflexively, you know, I never would have even heard of the guy had he not made the comparison and I'd seen the compari”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“his returns were better than Warren's, your takedown that actually kind of analyzed the distortion of the returns and the, you know, it was very powerful”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“in the latest chairman's letter outta Berkshire, and even the last several, I mean, Warren has said”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“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 Hathaway negotiating with creditors...Berkshire ever having to worry about the balance sheet”
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 think Berkshire's hands down an easy bet from a valuation climate like you have today”
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
“Warren Buffett ran Berkshire to grow its book value per share and to not Put the business in harm's way”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“how a company Berkshire, that's very rational about cost of capital, return on capital, how it embodies this kind of just much more logical and intelligent way”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I mean, look, I own Berkshire, right. And I and I love Berkshire, I'm totally biased”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“you know, the light went on when I was looking at like this footnote about the tax treatment of the Burlington Northern Railroad that Berkshire owns”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I trust the values of Berkshire and Buffett and Munger. And I trust that they're not out to screw me”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“There are prices at which I would sell down my Berkshire position, especially from an opportunity cost standpoint”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Should I, over the next 10 years, still feel happy to own Berkshire? Oh, in Berkshire's stock portfolio is up 20 percent this year.”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“one of the world's leading experts on Berkshire Hathaway... Chris has an excellent long-term record... devoted 59 pages to analyzing Berkshire”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“Berkshire obviously has been an enormous part of your portfolio going back to 2000...it's run by the world's most skilled and shareholder friendly management team”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“I had a chart in this year's letter. which looked at the last five years of capital allocation at Berkshire”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“how a company Berkshire, that's very rational about cost of capital, return on capital, how it embodies this kind of just much more logical and intelligent way”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“his returns were better than Warren's, your takedown that actually kind of analyzed the distortion of the returns...it was very powerful”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“in the latest chairman's letter outta Berkshire, and even the last several, I mean, Warren has said”
RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran
“invaluable if you want to understand Berkshaw Hathaway as he analyzes the company in exhaustive detail”
Warren Buffett I HBO Documentary
“Well, Berkshire is a holding company of sorts. It owns a large number of separate businesses that operate independent of each other and to a great extent from the parent company, Berkshire Hathaway. I”
Warren Buffett I HBO Documentary
“We have 25 people in the office, and if you go back, it's the exact same 25, the exact same ones. We don't have any committees at Berkshire.”
Warren Buffett I HBO Documentary
“I took on the title of Chairman for Berkshire Hathaway. Well, I think the modern Berkshire is pretty much all a reflection over on. I have constructed a business that fits me.”
Warren Buffett I HBO Documentary
“Berkshire shares have increased more than 2,000% in value. One of the largest market capitalizations in the world”
Warren Buffett I HBO Documentary
“The purpose of Wednesday's meeting was to discuss Buffett's company. Berkshire Hathaway's plan to purchase railroad giant Burlington Northern.”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“only Chris Bloomstran understands Berkshire Hathaway better.”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“The company has the largest equity position for both Chris and me”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show.”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“we bought the stock for the first time in February 2000 after it had been cut in half”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“today's episode will be all about Berkshire.”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“we buy the stock you know, I've followed the company since they issued the eShares in '96 and it finally got cheap enough to buy”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“The company has the largest equity position for both Chris and me and I hope you'll enjoy this masterclass in valuing Berkshire Hathaway”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“we bought the stock for the first time in February 2000 after it had been cut in half...Berkshire was out of fashion”
TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran
“we buy the stock you know, I've followed the company since they issued the eShares in '96 and it finally got cheap enough to buy”
2023 Annual Meeting Highlight Reel
“the 58 years we've been running Berkshire, I would say there's been a great increase in the number of people doing dumb things”
2023 Annual Meeting Highlight Reel
“I can't recall any time in the history of Berkshire, we made an emotional decision.”
Morning Session - 2023 Meeting
“berkshire hathaway especially and uh it's just remarkable so anyway with that let's go on give him a hand”
Morning Session - 2023 Meeting
“i don't anticipate huge effects on berkshire but i do think that the hollowing out of the downtowns in the united states and elsewhere”
Afternoon Session - 2023 Meeting
“come to Berkshire Hathaway, so it, it's, it's, it's, I hate to say this when Charlie's around me, but it's straight out of Ben Franklin”
Morning Session - 2023 Meeting
“we just aren't going to have big maturities of debt that come along. We aren't going to have insurance policies that can be cashed in en masse”
Morning Session - 2023 Meeting
“I've got a model in my mind of what Berkshire has been. That model's been modified plenty of times over 58 years.”
Morning Session - 2023 Meeting
“I think we're handing it something very secure over to the future. And I think we've got the shareholder base like nobody has.”
Morning Session - 2023 Meeting
“we don't have some formula at Berkshire people. We just, but we can also tell in 10 seconds whether it's something of interest”
Morning Session - 2023 Meeting
“we hope there's long-term opportunities but fundamentally as you highlighted uh they're an incredible uh they've been a very good investment”
Morning Session - 2023 Meeting
“undervalued great company is a very good thing, as Berkshire has found out again and again and again”
Morning Session - 2023 Meeting
“Half our family's wealth is in Berkshire Hathaway. Well, it doesn't make Charlie nervous.”
Morning Session - 2023 Meeting
“State Farm, and still has it next to Berkshire. It's the leader in having net worth.”
Morning Session - 2023 Meeting
“probably double, leaving Berkshire out of the picture. It's probably double the next guy”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“Berkshire will be proud of it 20, 50, 100 years from now...they've been amazing in establishing a base and then continuing to grow it.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“And yes, I always will continue to invest in Berkshire.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“recently, you increased your stake to even above $100 million of stock that you have purchased with your own money in Berkshire”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“Greg just, you know, says if, if there's no need for them any of our subsidiaries to keep any cash around with the best bank of the world. We got a hundred billion dollars plus and Greg's better enfor”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“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
“They work through Berkshire with Berkshire's resources with our support”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“I feel good about berkshire when i when i when i look at the guy like adam and went to north high”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“that prevention and detection becomes so important. And I think we have a very strong culture around that in BNSF. The quarterly report I get every, ever since we bought it”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“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
“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
“Again, Greg Abel, who is vice chairman of Berkshire Hathaway. But Warren, in the meantime, this is the first time”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“Berkser cannot make the deal with our credit than you can make if you qualify for making a Freddie or Fannie Mae.”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“I don't worry about them because I can't do anything about them but I actually that's what I originally thought my money could be best used for but I don't know any answers now after 40 or 50 years of”
Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023
“berkshire had a hundred and twenty eight billion almost in cash at the end of the year equation and treasury and and and and a bit in money market”
Why America Should Ban Crypto (2023)
“Mr. Munger is vice chairman of Berkshire Hathaway.”
2023 Berkshire Hathaway Shareholder Letter
“Three years later he told me – correctly! – that I had made a dumb decision in buying control of Berkshire.”
2023 Berkshire Hathaway Shareholder Letter
“In reality, Charlie was the "architect" of the present Berkshire, and I acted as the "general contractor"”
2023 Berkshire Hathaway Shareholder Letter
“Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited”
2023 Berkshire Hathaway Shareholder Letter
“Many years later, Charlie became my partner in running Berkshire and, repeatedly, jerked me back to sanity”
2023 Berkshire Hathaway Shareholder Letter
“Nevertheless, Charlie, in 1965, promptly advised me: "Warren, forget about ever buying another company like Berkshire."”
Daily Journal Annual Meeting 2023 — Munger Q&A
“It's not a crazy evaluation considering what everything else is selling for these days. So I have no feeling that it's -- almost foolishly I have some crazy mystique, somebody, well, it's a small Berk”
Daily Journal Annual Meeting 2023 — Munger Q&A
“Berkshire has unloaded the bank stocks. If it's not good enough for Berkshire shareholders, why is it good for us?”
Daily Journal Annual Meeting 2023 — Munger Q&A
“we've been partners for years and years. And we took no fees, no directors fees, no expenses, no nothing. And so it was a very user-friendly Berkshire-type place.”
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.”
Daily Journal Annual Meeting 2023 — Munger Q&A
“Berkshire's a pretty damn good bet for shareholders as a whole of long term in the future... Everybody that bought Berkshire and held it for 20 years has done well.”
Daily Journal Annual Meeting 2023 — Munger Q&A
“to the extent they ask Berkshire who is that, I wish they'd stop... I'm just not interested in their view as to how Berkshire should behave.”
Daily Journal Annual Meeting 2023 — Munger Q&A
“If I recall correctly, he says, I believe you had stated that Berkshire thought it was a good alternative to cash at that time. Is the same type of thinking with Berkshire's new position in Occidental”
Daily Journal Annual Meeting 2023 — Munger Q&A
“throughout your experience with Berkshire Hathaway, what are a few of the things that have surprised you most”
Don't tell us Buffett can't be chairman and CEO
“Berkshire Hathaway's 2022 annual meeting of shareholders to discuss Berkshire Hathaway's perspective on governance and sustainability.”
Afternoon Session - 2022 Meeting
“I want to take the job as CEO of Berkshire. But I've also learned that you can make a whole lot more people sustainably mad than you can make temporarily happy by speaking on any subject.”
2022 Annual Meeting Highlight Reel
“And occasionally Berkshire gets a chance to do something and it's it's not because we're smart, it's because we're, the only thing I'd say we qualify on”
Afternoon Session - 2022 Meeting
“We've got one dramatic illustration of that within Berkshire...I think Berkshire's culture is going to last a long time after we're gone.”
Morning Session - 2022 Meeting
“Berkshire Hathaway will be there at that time. We run it on the basis that if things just behave slightly very, very... we want Berkshire Hathaway to be there and in a position to operate when the eco”
Morning Session - 2022 Meeting
“stan lipsy ran those of you follow berkshire ran the buffalo news and a partner for 40 or 50 years”
Morning Session - 2022 Meeting
“it's not going to have an economic impact on Berkshire, but they love it, they care, you can see it, you can feel it”
Afternoon Session - 2022 Meeting
“who knew that Geico would come along later and who knew it? There's just all kinds of things... When opportunity comes, you really do have to just, you just move.”
Afternoon Session - 2022 Meeting
“I look at Berkshire as a painting, you know, and it's, it's unlimited in size. It's kind of ever-expanding canvas and I get to paint what I want.”
Afternoon Session - 2022 Meeting
“The relative absence of bureaucracy at Berkshire. Unbelievable. has made the company a lot of extra money for a very, very long time.”
Afternoon Session - 2022 Meeting
“we are extraordinarily well positioned to do exactly what we want to do with float, while at the same time, never putting ourselves in the position”
Morning Session - 2022 Meeting
“our shareholders long-term, our partners. And that's what our team is focused on building that franchise out... it will be a very big part, very important part of Berkshire.”
Afternoon Session - 2022 Meeting
“at Berkshire, we stick down something, you know, there's certain hedging that even the regulators want us to do”
Afternoon Session - 2022 Meeting
“it's been twice in the history of Berkshire Hathaway, 57 years, twice that Berkshire was required to get a fairness opinion”
Afternoon Session - 2022 Meeting
“you did it for diversified retailing in Berkshire, and why in the world should we pay you $2 million”
Morning Session - 2022 Meeting
“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”
Morning Session - 2022 Meeting
“charlie is in charge of lost control at berkshire that's a we have no solution for it”
Afternoon Session - 2022 Meeting
“he recently listened to the berkshire hathaway 2008 annual meeting where you talked about global oil production”
Morning Session - 2022 Meeting
“Berkshire is built forever. There is no finish point, you know. Nobody's waiting to retire or have their options vested”
Afternoon Session - 2022 Meeting
“this is my 20th berkshire annual meeting and i'm delighted that we're able to once again be here in person”
Afternoon Session - 2022 Meeting
“Berkshire isn't going to get the chance to do that because we, if people think we're buying, we've got sensible shareholders”
Afternoon Session - 2022 Meeting
“And tomorrow, Monday, I can tell you, it's almost certain that if anybody offers us, well, there'll be shares trade of Berkshire, and we won't buy any”
Afternoon Session - 2022 Meeting
“Berkshire's got the, our shareholders are too smart. That's one of our problems. That's what we want to repurchase shares.”
Afternoon Session - 2022 Meeting
“we own 9% at Berkshire Hathaway. We obviously cared about the future of the Coca-Cola company.”
Afternoon Session - 2022 Meeting
“That is what allowed Mr. Buffett to advocate for higher taxes, even though they will fall in the middle class”
Afternoon Session - 2022 Meeting
“If I thought Berkshire-Hathaway energy was behaving in a way that was bad for society, worse than other utility companies”
Afternoon Session - 2022 Meeting
“of the more than 60 companies Berkshire owns, only one has publicly released this form. One company. This is not the leadership that Mr. Buffett is known for.”
Afternoon Session - 2022 Meeting
“The board has released insufficient information to assure investors that it is attentive to diversity, equity, and inclusion at Berkshire Hathaway companies.”
Warren Buffett (Charlie Rose Returns)
“Who had practically all their money in Berkshire. They trusted me 60 years ago.”
Warren Buffett (Charlie Rose Returns)
“I wrote the report and people can go to the BerkshireHathaway.com and they can see exactly what I think.”
Warren Buffett (Charlie Rose Returns)
“I need to know that I think the Berkshire Hathaway is going to be worth more money someday down the road.”
Warren Buffett (Charlie Rose Returns)
“Berkshire and Warren Buffett emerged to a point where your reputation and your credibility...Which is an essential part of who you are and Berkshire Hathaway is.”
Warren Buffett (Charlie Rose Returns)
“And Berkshire is the outgrowth of that. I went to the house that I was renting it for $175 a month”
Warren Buffett (Charlie Rose Returns)
“Berkshire is much bigger than it's ever been, and therefore that defines... The size restricts the kind of things”
Warren Buffett (Charlie Rose Returns)
“The record of Berkshire. That's what I've done. The money flows out of it... The legacy is Berkshire Hathaway?”
#227 The Essays of Warren Buffett
“Buffet and Charlie Munger built this sprawling enterprise by investing in businesses with excellent economic characteristics and run by outstanding managers.”
#227 The Essays of Warren Buffett
“Experienced readers of Warren Buffett's letters to the shareholders of Berkshire Hathaway have gained an enormously valuable informal education.”
#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 2022 — Munger Q&A
“The practice at Daily Journal and Berkshire is the same. We disclose what we have to under the rules”
2022 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs. the S&P 500 Annual Percentage Change Year in Per-Share Market Value of Berkshire”
Daily Journal Annual Meeting 2022 — Munger Q&A
“in the tradition that's come to both the Daily Journal and Berkshire Hathaway. So you're on for the first question.”
Daily Journal Annual Meeting 2022 — Munger Q&A
“If you look at Berkshire and the Daily Journal...the Berkshire Hathaway system of managing a subsidiary is just short of abdication. And look at how well it's worked.”
Daily Journal Annual Meeting 2022 — Munger Q&A
“And Berkshire has like 30 people in headquarters who aren't internal auditors and look at how well Berkshire has done.”
#111 Joel Greenblatt: Investing Made Simple
“lessons learned from Warren Buffett and what scares him the most in today's market. Now available on: YouTube | Apple Podcasts | Spotify | Transcript”
“a majority of the Berkshire shareholders, a great majority. had a boat on dividend from them. We've got savers... We've advertised ourselves as being that sort of a vehicle.”
2021 Annual Meeting Highlight Reel
“Anybody expects that of Berkshire Hathaway is out of his mind. Yeah, Charlie and I never were very good at dancing”
“we have a class A stock and a class B stock...when I was first starting, they used to take 52% the federal government did of corporate profits...the government's class A double A stock...the future ta”
“how will a 25 to 28% corporate tax rate affect Berkshire's companies? Well, I don't think it would be the end of the world.”
2021 Annual Meeting Highlight Reel
“We don't do that stuff at Berkshire. We got a chance to buy it, and I, I sold some stock last year”
“So, Berkshire Hathaway, where was the place to be in 1903 when my dad was born”
“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.”
“I do not consider it a great moment in Berkshire's history, but I also don't know we've got more net worth than any company”
“Berkshire didn't make the mistake. I made the mistake, incidentally... in terms of the earning power on average.”
“imagine if Perkshire was the ten percent holder, which they had been of everyone the airlines, they said, to get a brochure”
“Elon Musk has stated that Berkshire Hathaway's energy proposal for Texas, spending more than $9 billion for new generating capacity is wrong.”
“we spent about 25 billion in the first quarter and more money since and we it's the best thing we can't buy companies as cheap”
“Anybody expects that of Berkshire Hathaway is out of his mind. Yeah, Charlie and I never were very good at dancing”
“I personally prefer holding Berkshire to holding the market. So I'm quite comfortable holding Berkshire. I think our businesses are better than the average”
“I'm very happy having my future contributions to a group of charities that will be spread over 12 years or so after my death, to stay in Berkshire. I think the odds are, Berkshire is, yeah, I like, I ”
“that's what we try and do at Berkshire Hathaway. We do not think we can make money by making macro-economic predictions.”
“Berkshire Hathaway Energy and 12 other companies, including the apples of the world, Google, Walmart, committed to Paris”
“As you two are clear leaders of the next generation at Berkshire Hathaway, can you please tell us about how you interact”
“One of the successful features of Berkshire is the strong bond between Mr. Buffett and Mr. Munger who managed the company better”
“consider hiring a quant lieutenant in Berkshire to work alongside with Ted or Todd”
“climate risk may be material to the parent company. And we have a question for the chair. Will you please change your mind and vote your personal shares in support of item two?”
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”
2021 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs. the S&P 500 Annual Percentage Change Year in Per-Share Market Value of Berkshire”
Daily Journal Annual Meeting 2021 — Munger Q&A
“In recent years, Berkshire Hathaway has provided much greater insight into the company's succession thoughts and has made available at the annual meeting”
Daily Journal Annual Meeting 2021 — Munger Q&A
“Everyone knows this isn't a small cap Berkshire Hathaway. I'm just trying to get a feel for what the long-term capital allocation is.”
2021 Berkshire Hathaway Shareholder Letter
“Berkshire's prosperity has been fostered mightily because the company has operated in America”
2021 Berkshire Hathaway Shareholder Letter
“Deb Bosanek, my assistant, scheduled our board's opening dinner for October 22.”
2021 Berkshire Hathaway Shareholder Letter
“TTI was soon to lead Berkshire to its most important acquisition.”
2021 Berkshire Hathaway Shareholder Letter
“I want to sell to Berkshire because you are the only guy left. So, I made an offer and Paul said "Yes."”
2021 Berkshire Hathaway Shareholder Letter
“Despite that large stake, I had never visited the railroad's headquarters.”
2021 Berkshire Hathaway Shareholder Letter
“In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF... was the third-largest holding among our marketable equities.”
2021 Berkshire Hathaway Shareholder Letter
“Berkshire would offer the railroad a better long-term home than it could expect as a public company”
Daily Journal Annual Meeting 2021 — Munger Q&A
“I hope we don't have fewer truck stocks because Berkshire Hathaway is deeply involved in truck stops.”
Daily Journal Annual Meeting 2021 — Munger Q&A
“through their efforts to create business success at Berkshire that they have been involved in saving millions of lives”
Daily Journal Annual Meeting 2021 — Munger Q&A
“Rose Blumpkin had quite an effect on the Berkshire culture. She created a business with like 500 depression dollars that became a huge business.”
Daily Journal Annual Meeting 2021 — Munger Q&A
“These actions have given some shareholders more visibility and comfort on their investment...Can you provide similar insight...like those at Berkshire”
Daily Journal Annual Meeting 2021 — Munger Q&A
“In recent years, Berkshire Hathaway has provided much greater insight into the company's succession thoughts and has made available at the annual meeting”
Daily Journal Annual Meeting 2021 — Munger Q&A
“Everyone knows this isn't a small cap Berkshire Hathaway. I'm just trying to get a feel for what the long-term capital allocation is.”
Daily Journal Annual Meeting 2021 — Munger Q&A
“Why is Berkshire Hathaway selling shares of Wells Fargo as quickly as one can and the Daily Journal has sold one share?”
Daily Journal Annual Meeting 2021 — Munger Q&A
“One of the great advantages of the way Berkshire operates is that we associate with a lot of marvelous people.”
Daily Journal Annual Meeting 2021 — Munger Q&A
“through their efforts to create business success at Berkshire that they have been involved in saving millions of lives”
Daily Journal Annual Meeting 2021 — Munger Q&A
“Rose Blumpkin had quite an effect on the Berkshire culture. She created a business with like 500 depression dollars that became a huge business.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire Hathaway, it's interests in four different airlines”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I pointed out that there have been three times in Berkshire's history when the price of Berkshire stock went down 50%.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire actually raised some more money. We don't need it, but we'll, I think it's still a good idea over time.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Brookshire will never get in a position where it needs money... our position will be to be to stay of Fort Knox”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“five years from now, I think Berkshire will be employing considerably more people. And I don't see where we'll have large depths.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“Berkshire's been pretty accurate in its reserving. And I have no reason to think that we're otherwise than that currently.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“like many, I'm a proud Berkshire Hathaway shareholder. However, in comparing the performance of Berkshire with the S&P 500”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“when I look at the assets we have in place, and the teams that are in place, we have a great chance of sure giving a good effort”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I've got 99% of my money in Berkshire and most members of my family are not be quite that extreme, but they're close to it.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I happen to believe that Berkshire is as about a sound as any single investment can be.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“our book net worth at Berkshire at the quarter end, I think, was $370 some billion, which is down.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I can't imagine ever selling my Berkshire stock. At some point, money is money.”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I've been disappointed in Berkshire's underperformance. Even year to date, Berkshire is trailing the S&P 5th by 8%.”
2020 Berkshire Hathaway Annual Meeting - Part 1
“I will bet on America the rest of my life, and I hope my successors at Berkshire do it.”
2020 Berkshire Hathaway Annual Meeting - Part 1
“We're prepared at Berkshire. We always prepare on the ad. on the basis that maybe the bed will not have a chairman that acts like that”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“you're very concerned about Berkshire's long-term health, too. This question came in from Drew Estes in Atlanta, Georgia, who says, there's already speculation of a post-Buffet breakup of Berkshire.”
2020 Berkshire Hathaway Annual Meeting - Part 1
“that explains those sales, which are relatively minor, but I want to make sure that nobody thinks that that involves a market prediction. And that pretty well wraps it up for for Berkshire.”
2020 Berkshire Hathaway Annual Meeting - Part 1
“I'm Warren Buffett, Chairman of the Board of Directors of the Company, and I welcome you to this 2020 annual meeting of shareholders. Mark Hamburg is Secretary of Berkshire Hathaway”
2020 Berkshire Hathaway Annual Meeting - Part 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
“because we own it within berkshire to redeploy it elsewhere didn't require a lot of tax expense”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“repurchasing, and that doesn't mean we're repurchasing all the time or the view doesn't change. There could be a price relative to the value at the time, not relative to what it was worth a year ago. ”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“I don't think Berkshire shares relative to present value are at a significantly different a discount than they were”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“can you ask Warren why he didn't purchase, repurchase Berkshire shares in March when they dropped to a price”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“it's more, far more compelling to buy Berkshire shares now than I would have felt three months or six months”
2020 Berkshire Hathaway Annual Meeting - Part 2 - Q&A
“It's going to be way better than any investment idea I've got. And that wasn't what she wanted to hear...It's contrary to my own or Berkshire interests in certain cases”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Warren the chairman and CEO of Berkshire Hathaway. He's just released his 55th annual shareholder letter”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Berkshire has retained earnings ever since we started. That's the only reason Berkshire is worth a lot more as we retain earnings.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“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
“Our margins are close to what the better railroads...we've gained share. Because the customers don't like it...the railroad customers like us better.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Let's talk a little bit about Berkshire Hathaway. We were in the middle of a conversation when we had to go to a break before, but there has been this question raised, not only by Barron's in the cove”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“I am leaving every share of Berkshire up goes to charity, and it's 99.99% of my net worth... I say keep it all in Berkshire.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“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
“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
“I feel terrific about Berkshire after I leave.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“anything we were buying Friday, we will be buying today and feeling better about buying it. You know, one of the things you talked about in the annual letter was stock buybacks of Berkshire Hathaway.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“That was Berkshire Hathaway, Vice Chairman Charlie Munger, about a week and a half ago”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“You in your shareholder letter for Berkshire Hathaway also wrote about how you don't believe in gap earnings.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“the gap numbers would show us earning 80 billion, which is more than any company's ever earned in history”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“If I get them all right, you give me Berkshire Hathaway, which would be cool for me.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“Berkshire couldn't borrow money. I mean, everything stopped.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“I'll give you my Berkshire Hathaway shares, all the way to 64.”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“news agencies have reported that Berkshire Hathaway purchase two ETFs. So can you talk about if this purchase happened”
Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020
“we are in the Berkshire Hathaway's headquarters building here in Omaha”
2020 Berkshire Hathaway Shareholder Letter
“Jack liked the idea of joining Berkshire, and we made a deal in 1967, taking all of 15 minutes to reach a handshake.”
Daily Journal Annual Meeting 2020 — Munger Q&A
“Daily Journal and Berkshire own a lot of the very large banks. I suspect many people in this room do”
2020 Berkshire Hathaway Shareholder Letter
“At Berkshire, we have been serving hamburgers and Coke for 56 years. We cherish the clientele this fare has attracted.”
2020 Berkshire Hathaway Shareholder Letter
“Two of Stan's comrades from Emdee are now in their high-90s and continue to hold Berkshire shares.”
2020 Berkshire Hathaway Shareholder Letter
“they did know that at Berkshire they would be treated as partners.”
2020 Berkshire Hathaway Shareholder Letter
“When our partnership distributed its Berkshire shares in 1969, all of the doctors kept the stock they received.”
2020 Berkshire Hathaway Shareholder Letter
“Berkshire's unusual and valued family of individual shareholders may add to your understanding of our reluctance to court Wall Street”
2020 Berkshire Hathaway Shareholder Letter
“Could it be that Berkshire ownership fosters longevity?”
2020 Berkshire Hathaway Shareholder Letter
“When seats open up at Berkshire – and we hope they are few – we want them to be occupied by newcomers who understand and desire what we offer.”
Daily Journal Annual Meeting 2020 — Munger Q&A
“would it make sense for Berkshire Hathaway to buy out Kraft Heinz completely and take advantage of a low price? Charlie Munger: Well, I don't think I can comment of what Berkshire Hathaway might do”
#100 Warren Buffett (The Snowball)
“Berkshire Hathaway, a moneymaking machine spraying up without design. It's elegant structure of true partnership with like-minded shareholders”
Berkshire's Amazon buy isn't a shift away from "value" investing
“the full understanding that Warren had no input on the Amazon purchase and that relative to Berkshire, it's likely a small stake”
2019 Annual Meeting Highlight Reel
“Good morning and welcome to Berkshire Hathaway. I understand that in the room adjacent that Charlie has been conducting a little insurgency campaign.”
Morning Session - 2019 Meeting
“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
“I also have a question on Berkshire Hathaway. I'm sorry, on share buybacks. Warren, in a recent Financial Times article, your quote is saying that the time may come when the company buys back as much ”
Morning Session - 2019 Meeting
“Brooke is a proud Berkshire shareholder and read the letter and had some questions regarding investments”
Afternoon Session - 2019 Meeting
“capital we clearly earn on behalf of the Berkshire shareholders as we deploy it”
Afternoon Session - 2019 Meeting
“by your having Berkshire holds such a large amount of cash and T-bills, it seems to me you don't practice what you preach.”
Afternoon Session - 2019 Meeting
“at the end of 2018, the company's 112 billion balance in cash, cash equivalents, and short-term investments in T-bills, would have instead been worth about $155 billion. The difference between the two”
Afternoon Session - 2019 Meeting
“for you to invest most of Berkshire's excess cash in a well-diversified index fund until you find an attractive acquisition or buyback stock.”
Afternoon Session - 2019 Meeting
“it might well make sense at the future at Berkshire to operate that way. You know, we committed 10 billion a week ago”
Afternoon Session - 2019 Meeting
“I would like to see Berkshire Hathaway, better known in both the UK and Europe.”
Afternoon Session - 2019 Meeting
“Berkshire now, or Blue Chip Snaps when we owned it, or even diversified, redeemed. We wanted them all to be compounding machines... I think Berkshire is better situated than it's ever been”
Morning Session - 2019 Meeting
“we've got $124 billion of float”
Morning Session - 2019 Meeting
“nobody worries about doing any kind of financial transaction with Berkshire... people know we'll be there with $10 billion... they know Berkshire we'll pay”
Afternoon Session - 2019 Meeting
“when it's the total return of the S&P over 10-year period and Berkshire's growth in intrinsic value would outperform.”
Morning Session - 2019 Meeting
“Berkshire we built on that base. So we've got a, we've really got a great insurance business... it's worth more within Berkshire than it would be worth as an independent operation”
Morning Session - 2019 Meeting
“Berkshire is so very peculiar. There's only one thing like it. We have a different kind of unbureaucratic way of making decisions.”
Morning Session - 2019 Meeting
“to be the one place, I think, in the world almost, where somebody can call on a Saturday morning and meet on Sunday morning and have a $10 billion commitment.”
Morning Session - 2019 Meeting
“Warren manages a large chunk of Berkshire's $200 billion-dollar equity portfolio”
Afternoon Session - 2019 Meeting
“a lot of Berkshire's success over the years has come from the fact that you and Charlie have had the luxury of being patient”
Morning Session - 2019 Meeting
“if we plan to buy a business, we are not about giving business information that's proprietary to Berkshire. We don't give it unless we're required by law.”
Afternoon Session - 2019 Meeting
“I'm betting my entire net worth on that, and that doesn't give me pause at all”
Afternoon Session - 2019 Meeting
“my estate will have basically nothing but Berkshire in it for some time as it gets to disperse to philanthropies”
Afternoon Session - 2019 Meeting
“I have a lot of confidence in the ability of the Berkshire culture to endure and that we have the right people”
Morning Session - 2019 Meeting
“Berkshire Hathaway will profit without being unduly exposed to catastrophic risk? Furthermore, Mr. Buffett, would you want a future CEO to continue”
Buffett: We need to help free trade's "roadkill" | March 28, 2019
“you wrote about BNSF as one of the towering redwoods in the grove that is Berkshire Hathaway”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“We are live in Omaha, Nebraska, with Berkshire Hathaway's chairman and CEO, Warren Buffett.”
Buffett: We need to help free trade's "roadkill" | March 28, 2019
“Berkshire Hathaway was a textile mill in New Bedford, Mass, and there aren't any textile mills in New England anymore.”
Buffett: "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”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“corporations benefited a lot, including Berkshire, including the banks”
Buffett: "I was wrong" on Kraft Heinz | February 25, 2019
“Warren Buffett, the chairman and CEO of Berkshire Hathaway.”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs. the S&P 500 Annual Percentage Change Year in Per-Share Market Value of Berkshire”
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.”
Daily Journal Annual Meeting 2019 — Munger Q&A
“At a place like Berkshire Hathaway or even the Daily Journal, we've done better than average.”
Buffett: I didn't pull the trigger to buy Amazon | May 2, 2019
“even with berkshire i mean so i was pleased with what they reported”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“What will it mean for Berkshire businesses specifically? And I just think on Friday we spoke with Jim Weber, who's the head of Brooks running.”
2019 Berkshire Hathaway Shareholder Letter
“Today, we have most of your money deployed in controlled businesses that achieve good-to-excellent returns”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire has acquired many dozens of companies, all of which I initially regarded as "good businesses."”
2019 Berkshire Hathaway Shareholder Letter
“Berkshire's original textile business. When we acquired control of the company in early 1965”
Daily Journal Annual Meeting 2019 — Munger Q&A
“it wasn't very many per year that were meaningful. It's a game of being there all the time and recognizing the rare opportunity when it comes and recognizing that the normal human allotment is to not ”
2019 Berkshire Hathaway Shareholder Letter
“Since joining Berkshire, Sy has led the company into both new products and new regions of the country”
2019 Berkshire Hathaway Shareholder Letter
“I myself feel comfortable that Berkshire shares will provide a safe and rewarding investment during the disposal period.”
Daily Journal Annual Meeting 2019 — Munger Q&A
“One of the reasons that Berkshire has been so successful is there's practically nobody at headquarters. We have almost no corporate bureaucracy.”
Daily Journal Annual Meeting 2019 — Munger Q&A
“You mentioned that in an interview with CNBC on May 2018, Berkshire too restrained on buying more Apple stock.”
Daily Journal Annual Meeting 2019 — Munger Q&A
“I think Warren, who is after all a mere boy of 89, thinks that Berkshire can do a little better than the S&P.”
Daily Journal Annual Meeting 2019 — Munger Q&A
“Has the Berkshire Hathaway equity portfolio outperformed the S&P over the last five or ten years?”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“a lot of questions came up about share buybacks yeah people were asking specifically about berksher why don't you buyback more shares of Berkshire especially when you have $110 billion in cash”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“with Berkshire I've got a reasonable idea I try to give the shareholders the same information that I regard as important”
Daily Journal Annual Meeting 2019 — Munger Q&A
“Berkshire Hathaway had the long-term investment in the Washington Post and Capital Cities”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Warren Buffett is our guest again this morning, the chairman and CEO of Berkshire Hathaway.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Right now, we're joined by Charlie Munger, who's the vice chairman of Berkshire Hathaway.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“if you're buying Berkshire, you have to say, I am buying Berkshire Hathaway at $500 billion”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“we have some things wrong at Berkshire now that i don't know about the Charlie beats this into me all the time”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Berkshire Hathaway. No. But you made the comment, Warren, that you would have been a much larger presence had a big deal gone through.”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“Warren Buffett, the chairman and CEO of Berkshire Hathaway”
Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019
“That's a problem you've been focused on at Berkshire along with J.P. Morgan and Amazon.”
“showed Berkshire Hathaway was continuing to buy shares of Apple... It's the biggest holding for Berkshire Hathaway at $56 billion.”
“dangerous to start commenting on Berkshire daily, which I never would do”
Buffett and Dimon: Why CEOs shouldn't forecast earnings | June 6, 2018
“For 53 years at Berkshire, you know, I consider Berkshire an unfinished painting all the time and the horizon really is infinity as far as I'm concerned.”
Buffett and Dimon: Why CEOs shouldn't forecast earnings | June 6, 2018
“the three of us and the new CEO are, we've basically reached agreement. So we're just tidying up a couple of things. But we should have an announcement on that matter within maybe two weeks”
“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”
“Walking the floor at last year's Berkshire Hathaway meeting, we noticed someone stopping traffic”
Criticizing the cryptocurrency craze | May 7, 2018
“We are in Omaha with Berkshire's chairman and CEO, Warren Buffett.”
“alongside Warren Buffett... understand what's going on and not just a person that just always wants to take great advice, which I've been lucky enough to know somebody”
Criticizing the cryptocurrency craze | May 7, 2018
“I'm sure it's a problem from time to time at Berkshire at other places.”
“Warren Buffett was afraid to speak in public. Well, Not anymore. And it's very important to surround your people”
Criticizing the cryptocurrency craze | May 7, 2018
“Berkshire, Hathaway, kryptonite, I'm killing me, L.O.L. What do you think about all of this?”
Criticizing the cryptocurrency craze | May 7, 2018
“Our special guest this morning is Berkshire Hathaway's chairman and CEO, Warren Buffett.”
Criticizing the cryptocurrency craze | May 7, 2018
“Charlie Munger, the vice chairman of Berkshire Hathaway. Stick around. Good morning again, everybody, and welcome back to Omaha, Nebraska, where we have been live for almost the last two hours with Wa”
Criticizing the cryptocurrency craze | May 7, 2018
“Charlie Munger is the vice chairman of Berkshire Hathaway. And still with us this morning, Warren Buffett, who's the chairman and CEO of Berkshire Hathaway.”
Criticizing the cryptocurrency craze | May 7, 2018
“So what does Berkshire do that gives it that advantage? We're less crazy. There are certain bad habits we don't have.”
Criticizing the cryptocurrency craze | May 7, 2018
“I think Berkshire's going to do a little better. Bill, you agree with that too? Oh, absolutely.”
Criticizing the cryptocurrency craze | May 7, 2018
“Warren pointed out that it looks pretty expensive to him on a lot of private deals that come along, and it's pretty hard to find bargains in the market.”
Criticizing the cryptocurrency craze | May 7, 2018
“the company's not adding a lot of staff, you know, under Greg and under Ajit. You just have three great business minds managing, you know, over 50 business entities. So it's still one of the leanest m”
Criticizing the cryptocurrency craze | May 7, 2018
“I welcome the fact that Berkshire is trying to make it a little better in some ways.”
Morning Session - 2018 Meeting
“At the formal meeting that will begin at 3.45, we will elect 14 directors. Charlie and I are two of them.”
Why Berkshire has gone into capital-intensive businesses
“Berkshire's largest recent investments have been departed from your old capital efficient philosophy”
Morning Session - 2018 Meeting
“Berkshire-related and is timely. And this question seemed to fill a bill. The question came from William Anderson of Salem, Oregon, and he said, Mr. Buffett”
Morning Session - 2018 Meeting
“Berkshire, the reputation belongs to Berkshire now, and that, and we are, for somebody that cares about a business...we absolutely are the first call”
Morning Session - 2018 Meeting
“the trust and prestige of doing a deal with Warren Buffett and Charlie Munger allow Berkshire to get a hometown discount and beat out other firms”
Morning Session - 2018 Meeting
“I think the reputation of Berkshire as being a very good home for companies, particularly private companies, good home for companies.”
Morning Session - 2018 Meeting
“basically, we've got the money to do the deals. We'll have the money to do the deals subsequently. People can see how our subsidiaries operate”
Morning Session - 2018 Meeting
“We do some business in that arena in Berkshire Hathaway specially. But if you're doing something for competitive reasons”
Afternoon Session - 2018 Meeting
“TTI has been a nice growth story since Berkshire acquired it 11 years ago”
Afternoon Session - 2018 Meeting
“in the case of our regulated public utilities the benefits are all supposed to go and will go to the utility customer because we're entitled to a return on equity”
Afternoon Session - 2018 Meeting
“the change in the corporate tax law was good for shareholders. generally and Berkshire shareholders.”
Afternoon Session - 2018 Meeting
“some will benefit Berkshire shareholders. Charlie? I have nothing to add.”
Afternoon Session - 2018 Meeting
“Berkshire's culture, but in finding firms that would fit in well with what you've built. I think the culture is very, very strong”
Morning Session - 2018 Meeting
“the company has been shareholders in Berkshire since 1989. The stock is currently the largest holding in their stocks”
Morning Session - 2018 Meeting
“how will Donald Trump's terrorists affect the manufacturing business of Berkshire-Hathaway?”
Morning Session - 2018 Meeting
“you prefer sherry purchases over dividends as a means for returning capital to shareholders should Berkshire's cash balances continue to rise”
Morning Session - 2018 Meeting
“it would lead to an immediate decline in book value and book value per share, whereas a larger share repurchase purchase effort while depressing book value would reduce Berkshire's share count”
Morning Session - 2018 Meeting
“ever at the parent company level, we have never made a political contribution”
Morning Session - 2018 Meeting
“I don't think I'm speaking for Berkshire. I'm speaking as a private citizen, and I don't think I have any business speaking for Berkshire.”
Morning Session - 2018 Meeting
“after we are gone, sell your Berkshire stock and do something else with it, helped by your many friends, I think are going to do worse. So I would advise you to keep the faith.”
Afternoon Session - 2018 Meeting
“your shareholder, Bill Gates, has a family office, which helping his wealthing. So my question is, do you have a family office, and can we know what they do, something for you?”
Afternoon Session - 2018 Meeting
“Berkshire Hathaway Energy is both sensitive and effective, sensitive to and effective in reducing methane emissions”
Afternoon Session - 2018 Meeting
“motion requests that Berkshire adopt a policy to encourage more Berkshire subsidiary companies to issue annual sustainability reports”
Afternoon Session - 2018 Meeting
“reported to the board directors of Berkshire Hathaway Energy quarterly, and I'm on that board, and we believe in achieving”
Buffett tells CNBC he's boosting Apple stake by $13B | May 3, 2018
“you had a hundred and sixty odd million shares in Berkshire wait so you bought a lot more in the first quarter quite a bit more”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“I'm here with Berkshire Hathaway CEO Warren Buffett. He's going to be answering your questions for the next three hours.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“it's really good for Berkshire and I wonder if you can just agree with with me on that no it's really it's really good for Berkshire there's no question about it”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“we've been a net buyer, although we sold a chunk of Phillips to get below 10%... So we've bought more than that... we've got 170 billion of stocks”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“We are live in Omaha, Nebraska with Berkshire Hathaway's chairman and CEO Warren Buffett”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“Berkshers made mistakes. And, you know, I got involved in Solomon when they made a mistake.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“four times in the 53 years I've been at Berkshire, the stock has gone down anywhere from 40 to 60%. Berkshire shares.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“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
“They not only have done a good job of managing the money in trusted home, but they've contributed to Berkshire in just dozens of ways. They were sensational hires.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“I personally at Berkshire, I'd like to see them get the first reduction if we find something better.”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“of the equities that Berkshire Hathaway currently holds, which one, one in all caps, do you wish you could purchase more of”
Buffett's health care partnership is "determined" to contain costs | February 26, 2018
“Berkshire Hathaway's chairman and CEO, Warren Buffett.”
Setting the stage for CEO succession | January 10, 2018
“somebody will move up to the head of Berkshire Hathaway Energy...succession planning at Berkshire Hathaway...when I'm not CEO, there'll be another CEO”
Setting the stage for CEO succession | January 10, 2018
“Charlie Munger, the vice chairman of Berkshire Hathaway... this is a very good idea, and although the Berkshire shareholders should be very happy about it.”
Setting the stage for CEO succession | January 10, 2018
“Berkscher's always looked peculiar and it's done better than...”
Setting the stage for CEO succession | January 10, 2018
“It's a huge plus for Berkshire to do it and it's a deserved recognition coming to people.”
Setting the stage for CEO succession | January 10, 2018
“I actually like this tax reduction that Berkscher's gotten. I'm an unabashed appreciator.”
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.”
Warren Buffett On The 2008 Crisis
“I love to have short sellers in Berkshire. How can a short seller hurt you?”
2018 Berkshire Hathaway Shareholder Letter
“Investors who evaluate Berkshire sometimes obsess on the details of our many and diverse businesses – our economic "trees," so to speak.”
2018 Berkshire Hathaway Shareholder Letter
“it's not necessary to evaluate each tree individually to make a rough estimate of Berkshire's intrinsic business value. That's because our forest contains five "groves" of major importance”
2018 Berkshire Hathaway Shareholder Letter
“the most valuable grove in Berkshire's forest remains the many dozens of non-insurance businesses that Berkshire controls... Those subsidiaries earned $16.8 billion last year.”
2018 Berkshire Hathaway Shareholder Letter
“Berkshire's market price... Over time, however, Berkshire's stock price will provide the best measure of business performance.”
2018 Berkshire Hathaway Shareholder Letter
“Berkshire is now far better managed than when I alone was supervising operations. Ajit and Greg have rare talents, and Berkshire blood flows through their veins.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“The only institution that exceeds Berkshire Hathaway and the Daily Journal in terms of old directors in office”
Daily Journal Annual Meeting 2018 — Munger Q&A
“commercial banks, obviously Berkshire has a very large $60 billion portfolio there, and Daily Journal has a very sizable one.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“the Buffett formula that ever existed and that's the formula in Warren Buffett's original partnership”
Daily Journal Annual Meeting 2018 — Munger Q&A
“I think Berkshire Hathaway will be a big part of it when it happens.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“He talked every night to Warren Buffett.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“for Berkshire it's hard. And for the Daily Journal we don't have any cinch either.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“The most recent annual report for Berkshire, as in the past reports, the growth in book value was shown and over the past 52 years it has grown from $19 to $172,000.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“There were some years when some remarkable synergies between the insurance business and Berkshire Hathaway.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“Berkshire succeeded because there were very few big errors…there were like no big errors, really big.”
Daily Journal Annual Meeting 2018 — Munger Q&A
“Berkshire had their first annual meeting. What is your thinking, or outlook, or comments about the U.S. high speed rail”
Daily Journal Annual Meeting 2018 — Munger Q&A
“people like Berkshire just totally avoid any position where anybody else would start selling our securities”
Daily Journal Annual Meeting 2018 — Munger Q&A
“given the conditions of Berkshire Hathaway where it was drowning in money, we thought it was ok to buy a bunch of airline stocks.”
Pilot Flying J acquisition | October 3, 2017
“Warren Buffett, the chairman and CEO of Berkshire Hathaway. And Warren, we want to thank you very much for your time this morning.”
Pilot Flying J acquisition | October 3, 2017
“it's an actual factor at Berkshire and it's very, very, very, very seldom. By 87 years, there's ever been a factor.”
Pilot Flying J acquisition | October 3, 2017
“Well, if you do it, you do it with your own money and not Berkshires.”
Pilot Flying J acquisition | October 3, 2017
“Most of Berkshire you own anyway, Buffett. What are you talking about?”
Pilot Flying J acquisition | October 3, 2017
“Warren Buffett. He's the chairman and CEO of Berkshire Hathaway.”
Pilot Flying J acquisition | October 3, 2017
“I think that if you have a company, a very large company, Berkshire's large, you have a hotline.”
Pilot Flying J acquisition | October 3, 2017
“I've got a million, I got a million shareholders of Berkshire. And they would all love to see a corporate tax stock.”
Bill Gates + Warren Buffett + Charlie Rose @ Columbia University 2017 Video (Best Quality)
“Warren Buffett is chairman and CEO Berkshire Hathaway. The company is one of the most successful companies of the last five decades.”
Bill Gates + Warren Buffett + Charlie Rose @ Columbia University 2017 Video (Best Quality)
“I enjoy running Berkshire. I mean, if you get right down into my psyche... I've got a good deal. I'm hanging on to it.”
Bill Gates + Warren Buffett + Charlie Rose @ Columbia University 2017 Video (Best Quality)
“we have a text, we started with a textile mill at Berkshire. Half our workers only spoke Portuguese.”
Bill Gates + Warren Buffett + Charlie Rose @ Columbia University 2017 Video (Best Quality)
“Bill Gates and Warren Buffett for the hour. Thank you for joining us. I should mention on HBO on January 30th, there is a film. call becoming Warren Buffett”
"I was wrong" on IBM | August 30, 2017
“Warren Buffett, the chairman and CEO of Berkshire Hathaway, is here to pay off on a lunch”
"I was wrong" on IBM | August 30, 2017
“in the case of our particular company, we write about 10% of the auto insurance in Texas”
"I was wrong" on IBM | August 30, 2017
“Berkshire went ahead and converted its warrants into shares of Bank of America, making you the largest shareholder”
Buying Apple, selling IBM, missing Google | May 8, 2017
“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
“you've got a realtor company, you've got Acme Brick, Shaw Carpet, Clayton Holmes, Benjamin Moore Paint”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Berkshire Hathaway's chairman and CEO, Warren Buffett, who is sitting down with us for his first interview since speaking to the Berkshire faithful”
Buying Apple, selling IBM, missing Google | May 8, 2017
“getting rid of 2,000 people working at Berkshire's textile mills or other businesses we were in”
Buying Apple, selling IBM, missing Google | May 8, 2017
“we have in Berkshire's businesses, some of them, a certain amount of slop. You know, I mean, we don't, we don't drive it as hard”
Buying Apple, selling IBM, missing Google | May 8, 2017
“assuming Berkshire isn't in there, you're probably... the five largest businesses in the country by market value”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Berkshire Hathaway's chairman and CEO, Warren Buffett, in his first sit-down interview. in speaking to the Berkshire faithful”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Charlie Munger is the vice chair of Berthshire Hathaway.”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Warren has talked about his worst trades in the past. And Warren, I believe you said it was Berkshire Hathaway itself. It was your worst trade.”
Buying Apple, selling IBM, missing Google | May 8, 2017
“I thought Berkshire would do fine under either person as president. And now, that doesn't mean you can't have recessions under either one.”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Berkshire Hathaway Parent has never, to my knowledge, employed a lobbyist and certainly has never made a contribution in 52 years”
Buying Apple, selling IBM, missing Google | May 8, 2017
“Berkshire Hathaway parent now, at the subsidiars where they have specific interests in railroads or utility. They've employed lobbyists”
Why 3G cuts jobs and Berkshire doesn't
“With the current U.S. President focusing on retention of U.S. jobs, will Berkshire Hathaway still consider future investments in 3G capital”
Afternoon Session - 2017 Meeting
“Since Todd and Ted joined Berkshire, the market cap of the company has doubled and cash on hand is now nearly $100 billion.”
Afternoon Session - 2017 Meeting
“increase all of our Berkshire holdings, or the value of the Berkshire holdings, what are you going to consider”
Afternoon Session - 2017 Meeting
“concern I have regarding Berkshire Hathaway's Kraft-Heinz investment”
Morning Session - 2017 Meeting
“somebody is doing quite a few people are probably doing something wrong at Berkshire. And usually it's very limited.”
Morning Session - 2017 Meeting
“I think Berkshire has gained enormously from these investment decisions by learning through a long, long period.”
Morning Session - 2017 Meeting
“a little bit after the original one, when they went public, a little bit after Berkshire even. And so I had plenty of ways”
Afternoon Session - 2017 Meeting
“Warren, during the past five years, Berkshire Energy's investments in solar and wind generation have been about equal”
Afternoon Session - 2017 Meeting
“we are destined at Berkshire Hathaway's specialty to be one of the leading PC firms...There is no stronger company in the insurance world”
Afternoon Session - 2017 Meeting
“It will help Berkshire, but it's a very useful attitude toward have toward the world”
Morning Session - 2017 Meeting
“Berkshire certainly will do reasonably well because it, it won't, and we won't be, we won't get fearful.”
Morning Session - 2017 Meeting
“Coal, our shipments of coal are up fairly substantially this year on the BNSF, but they were very low last year.”
Morning Session - 2017 Meeting
“Every Berkshire shareholder knows about the stock market value of Berkshire. But my question is about the value of Berkshire to the world.”
Morning Session - 2017 Meeting
“if we had 50 people out there, all of who wanted to be running Berkshire Hathaway, it would not work very well.”
Afternoon Session - 2017 Meeting
“Our proposal, number four, on the proxy ballot, calls on Berkshire Hathaway to fully disclose the extent of its political spending.”
Afternoon Session - 2017 Meeting
“Berkshire Hathaway has storage facilities that face similar risks, as it is estimated to hold the 11th highest volume of natural gas in the country.”
Morning Session - 2017 Meeting
“BNSF has traditionally carried through to exchange points for the eastern U.S. railroads”
Morning Session - 2017 Meeting
“Capital allocation is incredibly important at Berkshire. Right now we have 280 years, 90 billion of whatever may be of shareholders equity.”
Afternoon Session - 2017 Meeting
“Where Mr. Buffett to follow suit, it would send a profound message to the rest of the global business community”
Buffett buys airlines and Apple | February 27, 2017
“Warren Buffett and Berkshire Hath had been buying a lot of shares of Apple”
Buffett buys airlines and Apple | February 27, 2017
“your vice chairman of Berkshire Hathaway, was speaking at the Daily Journal meeting”
Buffett buys airlines and Apple | February 27, 2017
“if you invest in it, you don't think they're going out of business. So you don't even have to like a chemical company, do you?”
Buffett buys airlines and Apple | February 27, 2017
“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
“what Kraft Heinz and 3G and Berkshire's involvement with that, simply by them being there and watching”
Buffett buys airlines and Apple | February 27, 2017
“I've owned Berkshire forever, I mean, for 52 years. So I followed myself and a lot of my families followed it.”
Bill and Melinda Gates Interview: Warren Buffett's Friendship & Impact
“meet kay graham and warren buffett and he was resisting because as he said he was really busy”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“if he bought it in his partnership which he owed more of he would have made a lot more money...instead of in berkshire”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“the ceo of berkshire hathaway tried to cheat him out of an eighth and he got angry and said well hell will they all just buy more”
Susie Buffett Interview: How Warren Buffett Handled Money with His Kids
“you know i've always said she is the reason berkshire hathaway is berkshire hathaway because my mother”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“but it was an accident that he chose berkshire hathaway if if if the chairman hadn't tried to cheat him out of an eighth on the 11 price”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“When he bought Berkshire, he had become very interested in the insurance business.”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“berkshire when it was a textile company and he when he was at the harvard business school determined it was a lousy business”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“i was in charge of berkshire hathaway we owned control of it so”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“drove berkshire without really issuing much stock to anybody from virtually nothing into hundreds of billions of dollars of market cap nobody else has a record like that”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“acquiring control of berkshire so there was no reason to”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“the partnership had acquired control of berkshire hathaway in 1965”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“And after Warren got to 10% in Berkshire, and he had to disclose his holdings, he decided maybe it was a good opportunity to sell it.”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“well i think the modern berkshire is pretty much all a reflection”
Bill and Melinda Gates Interview: Warren Buffett's Friendship & Impact
“warren's also very clear that susie behind the scenes helped him think through who should be on the berkshire board”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“i constantly talk about berkshire a seamless web of deserved trust it's such a simple idea”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“running a system that has practically no bureaucracy at headquarters is hugely advantageous to berkshire”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“running berkshire hathaway making one this big decision a year as he has”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“my partner charlie munger in business for example we don't keep score”
Bertie Buffett Interview: Sister of Warren Buffett Reflects on Brother's Drive
“runs the berkshire hathaway berkshire hathaway berkshire hathaway and and is a genius of what he does”
Charles Munger Interview: The Power of Partnership with Warren Buffett
“listen berkshire is a lollapalooza effect there are several factors that intertwine all moving in the same direction”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“and we have no retirement agent berkshire so uh it isn't like at 65 i can say you know you're just terrific but we've got this rule”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“he had a big company in omaha and he was going to be in new york handling solomon he said”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“doing at berkshire which he never considered work it was part of his tap dancing to work routine”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“And that's really what what Berkshire is and what some of the companies that Warren's bought.”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“if berkshire was to be built into any kind of important company what made the turn was that warren got to know charlie munger”
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
“berkshire the mills must be shut down the mill must be shut down and the textile business disappeared”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“from berkshire hathaway and moved it into insurance and insurance turned out to be uh just ideal for warren”
Howard Buffett Interview: Lessons from My Father
“he's somebody who will absolutely be remembered for berkshire hathaway and what he built and that's been the most important thing to him in his life”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“berkshire meanwhile was there he'd been he'd taken control of that in 1965.”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“people were getting very rich on owning Berkshire, particularly those people who were started out in the early days with a few dollars in his partnership”
Becoming Warren Buffett Interview | Rule #1: Never Lose Money
“i have to be honest with our shareholders i've got i think over a million shareholders of berkshire hathaway they're my partners”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“for berkshire um insurance is in itself a profitable business”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“Warren and Charlie both handled themselves extremely well... he used that opportunity to build the build Berkshire. And of course, Berkshire is a fortress. It's impregnable”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“warren has had a real knack for getting good people uh to run his insurance companies but it has the additional uh advantage of creating something that's called float”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“to build berkshire he had to move into companies like the railroad and the utility that do require large capital expenditures”
Susie Buffett Interview: How Warren Buffett Handled Money with His Kids
“he had to do stuff with um mark hamburg at berkshire and make sure that whatever stock-wise”
Carol Loomis Interview: Warren Buffett's Principles and Ethics
“lot of time spent away from the reading and the thinking about berkshire that made it grow”
Sandy Gottesman Interview: A Friendship in Finance with Warren Buffett
“Warren said to me, "Look, come to Berkshire, you can be go a vice chairman just like Charlie, and we're happy to have you."”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“prices for berkshire they're getting close to 100 and i don't know 125 or 100 probably closer to 150 million of stock a year”
Warren Buffett's Investment Strategy: How to Live and Invest like a Legend (Full Interview)
“i hope that berkshire hathaway is is something that people uh study in terms of a business operation”
Bill Gates and Warren Buffett (Columbia Town Hall)
“He sits on the Berkshire board, and we have a lot of fun talking about a lot of things.”
Bill Gates and Warren Buffett (Columbia Town Hall)
“Warren Buffett is chairman and CEO of Berkshire Hathaway. The company is one of the most successful companies of the last five decades.”
Bill Gates and Warren Buffett (Columbia Town Hall)
“I enjoy running Berkshire. I mean if you get right down into my psyche. And that's what I want to do.”
Daily Journal Annual Meeting 2017 — Munger Q&A
“that's what Berkshire's done if you stop and think about it. We have a lot of businesses at Berkshire that neither Warren nor I could contribute much to”
2017 Berkshire Hathaway Shareholder Letter
“If a corporation such as Berkshire were simply to have owned the S&P 500 and accrued the appropriate taxes, its results would have lagged”
2017 Berkshire Hathaway Shareholder Letter
“We currently estimate Berkshire's losses from the three hurricanes to be $3 billion (or about $2 billion after tax).”
2017 Berkshire Hathaway Shareholder Letter
“Berkshire Hathaway Energy (of which we own 90.2%). You can read more about these businesses on pages K-5 – K-10”
2017 Berkshire Hathaway Shareholder Letter
“Prior to 2017, Berkshire had recorded 14 consecutive years of underwriting profits, which totaled $28.3 billion pre-tax.”
2017 Berkshire Hathaway Shareholder Letter
“Our unparalleled financial strength explains why other p/c insurers come to Berkshire – and only Berkshire – when they need reinsurance.”
2017 Berkshire Hathaway Shareholder Letter
“No company comes close to Berkshire in being financially prepared for a $400 billion mega-cat.”
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
“We simply decided to sell our bond investment...to move our money into a single security – Berkshire – that, in turn, owned a diversified group of solid businesses.”
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
“Berkshire Hathaway was a shareholder in Irish banks pre-2008. I'm wondering if you could you comment on how the Irish economy”
Daily Journal Annual Meeting 2017 — Munger Q&A
“That has happened to me three times in my Berkshire stock, so I regard it as part of manhood.”
Daily Journal Annual Meeting 2017 — Munger Q&A
“Berkshire, the public securities keep going down and down as a percentage of the total value, so it doesn't matter, we're getting to be sort of a normal corporation”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Berkshire shares and when you choose to buy Berkshire shares. You have a very clear formula that you lay out for anybody to say, we will buy back shares at this point.”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“economic principles of Berkshire Hathaway. And it says we will not sell controlled businesses”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Warren Buffett, the chairman and CEO of Berkshire Hathaway, who is fresh off of his annual shareholder meeting.”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“He's also compared, he's been compared to an expert Sher Hathaway. When people look at Bill Ackman and look at what he's done, there was a magazine cover”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“the beauty of Berkshire is the consistency of its approach, the commitment to its managers”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Berkshire annual meeting, I have to say I had a little bit of a tougher time trying to pick out the top headline”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Berkshire Vice Chair of Charlie Munger, also board member and Microsoft founder, Bill Gates”
Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016
“Berkshire Hathaway's chairman and CEO, Charlie Munger, the vice chairman of Berkshire Hathaway”
2016 Annual Meeting Highlight Reel
“Please explain directly why we Berkshire Hathaway shareholders should be proud to own Coke.”
Buffett and Munger defend Coca-Cola
“why we Berkshire Hathaway shareholders should be proud to own Coke”
Munger: "If you have a dumb incentive system, you get dumb outcomes"
“And of course, Warren's good at that. And so is Tony nicely. Yeah. And just thinking about, you know, I mean, very, somebody comes and said”
Morning Session - 2016 Meeting
“insurance underwriting, these are after-tax figures by category are down somewhat. The basic underwriting at Geico is actually improving”
Afternoon Session - 2016 Meeting
“while Berkshire Hathaway was one of the worst. You've explicitly stated that you do not consider diversity when hiring”
Afternoon Session - 2016 Meeting
“And every share of the Berkshire that our shareholders own, they bought just like everybody else in this room.”
Afternoon Session - 2016 Meeting
“Berkshire is authorized the share repurchase program originally aimed at buying back shares at price is no higher than 10% premium to the firm's most recent book value per share.”
Afternoon Session - 2016 Meeting
“I'll put it that way at Berkshire. And we don't, we may have a PowerPoint someplace, I haven't seen it and I wouldn't know how to use it anyway.”
Afternoon Session - 2016 Meeting
“Clearly, in my view, Charlie's view, the board's, the stock is worse significantly more than 1.2, but it should be worse significantly more”
Afternoon Session - 2016 Meeting
“Given your belief that Berkshire's intrinsic value continues to exceed its book value, with the difference continuing to widen over time”
Morning Session - 2016 Meeting
“that's a different sort of operation than something like Berkshire Hathaway Energy, which may earn 11 or 12% on capital”
Morning Session - 2016 Meeting
“for that company to be a subsidiary of Berkshire and not be a public company. And I think he would say, and I think Charlie and I would agree with him, that over time, there could be some significant ”
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”
Afternoon Session - 2016 Meeting
“Warren's good at that. And so is Tony Nicely... the very top person is getting paid based on those same two variables... that people there know that... the guys at the top have got a cushy deal”
Afternoon Session - 2016 Meeting
“The cash in Berkshire Hathaway Energy, the cash in the railroad, we have independent levels that we don't guarantee”
Afternoon Session - 2016 Meeting
“counterparties have to buy protection on Berkshire's credit it through CDS. Now, the people they buy it from, their credit probably isn't as good as Berkshire.”
Afternoon Session - 2016 Meeting
“Back in 2008 and nine, our CDS prices went up to a crazy level. And I even commented here at the annual meeting that I would love to be selling them”
Afternoon Session - 2016 Meeting
“our CDS is, that's an insurance premium against our debt that people buy. A, there's a fair amount of activity in it from time to time.”
Morning Session - 2016 Meeting
“You are the Berkshire 18,000 or whatever it is, that it somehow managed to accumulate all the wealth in the country.”
Afternoon Session - 2016 Meeting
“he's done a tremendous amount for Berkshire, but I can, you know, start with Tony. You go to all, there have been a lot of managers that have created billions and billions of dollars of value for Berk”
Morning Session - 2016 Meeting
“We have two managers at Berkshire that each manage $9 billion for us. They both ran hedge funds before.”
Afternoon Session - 2016 Meeting
“they have a very similar approach to investing. They've both been enormously helpful in doing several things... They're smart at what they do, and, you know, they're a big addition to Berkshire.”
Morning Session - 2016 Meeting
“We're talking to a bunch of people who have solved their problem by buying Berkshire Hathaway. That worked even better.”
Afternoon Session - 2016 Meeting
“the Nebraska Peace Foundation, the owner of 1A share of Berkshire Hathaway. We are the sponsor of the shareholder resolution”
"America's never been greater" | February 29, 2016
“Berkshire Hathaway's chairman and CEO, Warren Buffett. And Warren, we've talked about a lot of different issues.”
"America's never been greater" | February 29, 2016
“Berkshire itself has gone down 50%, three different times since I've been in control of it.”
"America's never been greater" | February 29, 2016
“when we get down to where there's maybe a hundred or something like that, we'll have how many are from Geico and how many are from Burlington Northern”
"America's never been greater" | February 29, 2016
“billionaire investor in Berkshire Hathaway, Chairman and CEO Warren Buffett this morning”
"America's never been greater" | February 29, 2016
“You took a lot of time and space in the letter to tackle the differences between Berkshire Hathways operating style and 3G's operating style.”
"America's never been greater" | February 29, 2016
“We are live in Omaha, Nebraska with Warren Buffett, the chairman and CEO of Berkshire Hathaway.”
"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
“a proposition that's put forth on the proxy statement of Berkshire by a shareholder”
"America's never been greater" | February 29, 2016
“In the annual report, I've gone into quite extensively...it's not a risk to our insurance business”
"America's never been greater" | February 29, 2016
“shareholders that are mad that you don't have climate change as one of the key risks to Berkshire Hathaway's insurance business”
"America's never been greater" | February 29, 2016
“I understand the GEICO issue and the GEICO threat that comes with that, the dealerships.”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire's Performance vs. the S&P 500 Annual Percentage Change in Per-Share Book Value of Berkshire in Per-Share Market Value of Berkshire”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire's results through 1978 have been restated to conform to the changed rules”
Daily Journal Annual Meeting 2016 — Munger Q&A
“those were not established companies that were sure to succeed and relatively fool proof. If we were going to make our venture capital type assault on this kind of peculiar part of the software market”
Daily Journal Annual Meeting 2016 — Munger Q&A
“Berkshire doesn't do this kind of venture Capital stuff. And I hope the Daily Journal will work out half as well as I expect BYD to work out.”
2016 Berkshire Hathaway Shareholder Letter
“when we purchased BNSF. That, I'm happy to say, was one issuance of stock that made good sense.”
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
“Berkshire has several hundred such executives at its subsidiaries and pays them similar amounts, but uses only cash to do so.”
2016 Berkshire Hathaway Shareholder Letter
“Clayton and Berkshire have been a wonderful partnership. Kevin Clayton came to us with a best-in-class management group and culture.”
Daily Journal Annual Meeting 2016 — Munger Q&A
“As a Berkshire shareholder I'm worried about the implications about the entire auto insurance”
Daily Journal Annual Meeting 2016 — Munger Q&A
“In those days, we (Berkshire Hathaway) had a lot of declining businesses and one of them was trading stamps.”
2016 Berkshire Hathaway Shareholder Letter
“Berkshire loves to pay fees – even outrageous fees – to investment bankers”
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
“Charlie and Munger and myself at the meeting”
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 Hathaway is the primary investors, the leading investor in. Of those four, though, only one of these was not there before Buffett started buying.”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Berkshire itself was semi-hostile, although the chairman of the board and the brother of the president both were on my side”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“10 shares of Berkshire is what? It's over $2 million. If they sell their house for 10 shares of Berkshire A”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“We have Warren Buffett here, and he's just come off of the 50th anniversary of his annual shareholders' meeting. This was a packed town. There were more than 40,000 Berkshire faithful”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Warren Buffett, the chairman and CEO of Berkshire Hathaway. Also joining us right now is Vice Chairman, Charlie Munger”
Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015
“Well, Berkshire is having a board meeting at a couple of hours, and we don't like to get one-up by Cisco”
"It is a grain of sand type thing"
“building the culture and values at Berkshire Hathaway... We've got 340,000 people now working for Berkshire.”
What businesses do best in times of high inflation?
“Which of Berkshire's businesses are best suited to thrive during a period of high inflation”
On "behaving well" as you go through life
“that was true in Berkshire's case. And in any individual, you just have to get the best reputation you can in the years you're allotted”
"Three extraordinary pieces of luck" in insurance
“Charlie talked about Berkshire's insurance success, quote, being so astoundingly large”
Buffett on his biggest failures
“I gave the purchase price in stock, and I guess that stock would be worth me, I don't know, maybe $6 or $7 billion now. It makes me feel better when the stock goes down”
Buffett would rather give up his plane than the internet
“It's changed Geico's business very, very dramatically. And it's affecting, it affects them all to one degree or another.”
Afternoon Session - 2015 Meeting
“Congratulations on 50 years... Charlie wrote about the peculiar attributes that made the Berkshire system and the leader of the system a historically organizing entity”
Afternoon Session - 2015 Meeting
“it has helped Berkshire a whole lot, that it has gotten a reputation to be a somewhat different sort of company”
Morning Session - 2015 Meeting
“in terms of Berkshire companies or anybody else is where we said that there should be more people working than are needed in a company.”
Morning Session - 2015 Meeting
“Berkshire's insurance success, quote, being so astoundingly large that I believe that Buffett would now fail to recreate it”
Afternoon Session - 2015 Meeting
“there have been eight, I think it was eight, contracts written with premiums of a billion dollars or more, and we've written all eight of them. So there, we do, there's a certain corner of the world t”
Morning Session - 2015 Meeting
“We, Berkshire Hathaway, I believe, was the largest shareholder of general foods from about 1981 or thereabouts to about 1984”
Afternoon Session - 2015 Meeting
“Berkshire Hathaway had tax advantages in doing the deal this way.”
Morning Session - 2015 Meeting
“questions that have been asked about culture and stewardship at Berkshire Hathaway. Because I'm currently in Year 5 of helping build a firm”
Morning Session - 2015 Meeting
“We've got 340,000 people now working for Berkshire.”
Morning Session - 2015 Meeting
“about what characteristics you thought about 45 years ago when you were building the culture and values at Berkshire Hathaway.”
Morning Session - 2015 Meeting
“At Geico we're going to send out millions and millions and millions of claims. And I will guarantee you that when two people are in an auto accident...”
Morning Session - 2015 Meeting
“Berkshire, if Warren and I had stayed frozen in time, particularly Warren, it would have been a terrible place. It's what we kept learning that made it work.”
Afternoon Session - 2015 Meeting
“carroll the questioner's name is and he's a berkshire shareholder would it make sense”
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”
Morning Session - 2015 Meeting
“Well, there are a lot of things at Berkshire that the why now is answered by, can be answered by the fact, well, we just got around to it.”
Afternoon Session - 2015 Meeting
“With the Van Tile acquisition are now Bersher-Hathaway Automotive, there may be some natural synergies with Geico”
Afternoon Session - 2015 Meeting
“Warren is giving away his shares to charity over a 10-year period through his estate plan and activists become increasingly more powerful, how will Berkshire defend itself”
Morning Session - 2015 Meeting
“If we had used the leverage that a lot of successful operators did, Berkshire would be a lot bigger.”
Afternoon Session - 2015 Meeting
“would have benefited Berkshire, thanks to the investment capabilities of the present management”
Afternoon Session - 2015 Meeting
“what was the right level for leverage at Berkshire Hathaway? And why not to increase it?”
Morning Session - 2015 Meeting
“how would the consequences for Berkshire compared to those for most large companies?”
Afternoon Session - 2015 Meeting
“the equity put options we have? I'm speaking about them, but it's just an example”
Afternoon Session - 2015 Meeting
“index put at Berkshire sold between 2004 and 2008 generated a premium of almost $5 billion. Few years down the line, Berkshire benefited”
Afternoon Session - 2015 Meeting
“using part of the cash sitting on the balance sheet...to reduce some of the liabilities currently on its balance sheet”
Morning Session - 2015 Meeting
“we try to avoid all that kind of behavior at Berkshire. We just seen too much trouble with it.”
Morning Session - 2015 Meeting
“I do not think Berkshire Hathaway comes within miles of qualifying as a SIFI.”
Morning Session - 2015 Meeting
“I think if the more China copies the way Berkshire operates, I think the better it will be for China.”
Afternoon Session - 2015 Meeting
“I think Berkshire is sort of a temple of rationality. What's really admired around Berkshire is somebody who sees it the way it is.”
Afternoon Session - 2015 Meeting
“what matters to be most now...is that Berkshire does well...we've probably got a million or more people that are involved with us”
Afternoon Session - 2015 Meeting
“I would not be happy if Berkshire were doing poorly...we weren't building something every year that was better than what we had”
Afternoon Session - 2015 Meeting
“if I do something that actually costs Berkshire in terms of its long-term value, then I feel...I do not feel good about life”
Afternoon Session - 2015 Meeting
“You both had success in investing, even before Berkshire Hathaway as investors and as fund managers.”
Morning Session - 2015 Meeting
“every year at Berkshire has now constituted, the owned and controlled businesses get more and more important”
Morning Session - 2015 Meeting
“in charge of an operation like Berkshire who had not had any also significant operating experience”
Morning Session - 2015 Meeting
“the two investment managers, aside from myself at Berkshire, are very, very smart about businesses”
Morning Session - 2015 Meeting
“people of Berkshire, and we've seen them self-destruct to make money they didn't need when they were already rich”
Morning Session - 2015 Meeting
“they identify with Berkshire and not with themselves, and that's a, it's a huge factor over time”
Fifty years of Buffett's Berkshire | March 2, 2015
“when we merged Blue Chip stamps, which Berkshire had an interest in, I had an interest in, Charlie had an interest in. At that point, he now had a lot of Berkshire stock”
Fifty years of Buffett's Berkshire | March 2, 2015
“He is the chairman and CEO of Berkshire Hathaway. We've been talking with Mr. Buffett about his investments”
Fifty years of Buffett's Berkshire | March 2, 2015
“We're not running a stock advisory service at Berkshire... let's talk a little bit more about Berkshire Hathaway and Succession”
Fifty years of Buffett's Berkshire | March 2, 2015
“Warren Buffett, the chairman and CEO of Berkshire Hathaway. We've been talking about some of Berkshire's ownership stakes”
Fifty years of Buffett's Berkshire | March 2, 2015
“does it still make sense for the insurance companies to be part of Berkshire? because obviously the insurance companies have done very well.”
Fifty years of Buffett's Berkshire | March 2, 2015
“we can take on anything. And then the question is, does the math make sense? And we'll always, that's the way we'll evaluate things forever.”
Fifty years of Buffett's Berkshire | March 2, 2015
“when you look out 10 to 20 years, you can see in your mind how much money Berkshire will have coming. Right. What's the ballpark figure?”
Fifty years of Buffett's Berkshire | March 2, 2015
“Berkshire Hathaway is a conglom. [discussing conglomerate structure]”
Fifty years of Buffett's Berkshire | March 2, 2015
“Berkshire would not be where it is today if we'd had a bunch of directors over the years that had two-year time horizons”
Fifty years of Buffett's Berkshire | March 2, 2015
“The biggest security that Berkshire Hathaway owns, the biggest stock that it owns, stock investment is in Wells Fargo.”
Daily Journal Annual Meeting 2015 — Munger Q&A
“With Berkshire Hathaway's annual meeting showcasing in a few weeks, I thought it would be instructive to hear what was on Berkshire Vice-Chairman Charlie Munger's mind”
2015 Berkshire Hathaway Shareholder Letter
“Considering this favorable tailwind, Berkshire (and, to be sure, a great many other businesses) will almost certainly prosper.”
2015 Berkshire Hathaway Shareholder Letter
“Berkshire has now operated at an underwriting profit for 13 consecutive years, our pre-tax gain for the period having totaled $26.2 billion.”
Daily Journal Annual Meeting 2015 — Munger Q&A
“As a long time Berkshire shareholder, I was delighted to see the latest deal with the 3G guys announced last night.”
2015 Berkshire Hathaway Shareholder Letter
“Berkshire's great managers, premier financial strength and a variety of business models protected by wide moats amount to something unique”
2015 Berkshire Hathaway Shareholder Letter
“Depreciation charges are a more complicated subject but are almost always true costs. Certainly they are at Berkshire.”
2015 Berkshire Hathaway Shareholder Letter
“non-existent at Berkshire, have become significant because of the many acquisitions we have made”
Daily Journal Annual Meeting 2015 — Munger Q&A
“This is the fiftieth year for the Berkshire Hathaway report. You and Warren each wrote a letter”
Daily Journal Annual Meeting 2015 — Munger Q&A
“Berkshire has put a lot of money behind MidAmerican Energy...I think it will work out very well for Berkshire.”
2015 Berkshire Hathaway Shareholder Letter
“Berkshire would now own an auto insurer doing $600 million of business annually rather than one doing $23 billion.”
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
“when you step away from the company to be the protector of the culture there”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“So it's a big plus for Berkshire to have an association with Georgi Paolo Lemon and his associates. How much cash do you have on hand at Berkshire right now?”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“we do almost $200 billion worth of business and we pay normal rights on most. We have certain deals that are tax advantage in terms of wind power and solar power. We are not in a competitive disadvant”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“American business, I will tell you, whether it's Berkshire Hathaway or Pfizer or Apple, are doing wonderfully under this tax code”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“We are spending the morning with Berkshire Hathaway, Chairman and CEO Warren Buffett. And now we're adding another special guest, Berkshire Hathaway, Vice Chairman Charlie Munger.”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“One of the things I've always wondered is how Berkshire Hathaway really works. With the chairman and the vice chairman, how often do you two talk?”
We'll never want to "go to war" with Coca-Cola | May 5, 2014
“We are speaking to Warren Buffett, the chairman and CEO of Berkshire Hathway.”
Morning Session - 2014 Meeting
“our operating earnings were down a bit. And that was more than accounted for in insurance underwriting”
Morning Session - 2014 Meeting
“there's a lot of information about Berkshire every quarter, and it's contained primarily in a 10-Q that we make available”
Morning Session - 2014 Meeting
“the insurance business now has a float of $77 billion...the insurance businesses is marvelous for us”
Morning Session - 2014 Meeting
“Berkshire has a track record of buying successful companies and leaving them alone... we want to maintain that... It's one that's growing over time.”
Afternoon Session - 2014 Meeting
“you mentioned at one of the annual meetings that a concerted effort was being made to make non-U.S. companies more aware of Berkshire's positive attributes”
Afternoon Session - 2014 Meeting
“comparison of Berkshire's book value per share versus the S&P average”
Morning Session - 2014 Meeting
“You have said Howard will become non-executive chairman of Berkshire after you step down as it's quote, protector of culture”
Morning Session - 2014 Meeting
“dedication to the culture of Berkshire, which is clearly defined. It's one of the reasons I want it clearly defined”
Morning Session - 2014 Meeting
“Berkshire has historically done a good job of generating outsized returns, but as you've noted in the past, the sheer size of the firm's operations”
Morning Session - 2014 Meeting
“we don't have that lever at Berkshire. So we'll answer two questions there. In terms of cost of capital, Charlie and I always figure”
Afternoon Session - 2014 Meeting
“Geico continues to gain the most market share of the large auto insurers while delivering attractive margins. It also has the largest advertising budget”
Morning Session - 2014 Meeting
“The real test in overtime is whether what the capital we retain produces more than a dollar of market value as we go along. And if we keep putting billions in”
Afternoon Session - 2014 Meeting
“I think it would be crazy to be as prosperous as Berkshire and get our tax to zero while we remain this prosperous.”
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
“I think the Berkshire model, as now constructed, we'll have, they instead of show business was legs. It will go a long time. And I think it will be quite creditable.”
Afternoon Session - 2014 Meeting
“Jonathan in evaluating the after-tax returns Berkshire earns on his acquisitions of non-insurance businesses whether it be the utilities the railroad or the manufacturers”
Morning Session - 2014 Meeting
“Berkshire is better off because the two of us have worked together than if either one of us have been working individually.”
Morning Session - 2014 Meeting
“Berkshire's cash balances are an issue for some investors, especially with excess cash being in the $25 to $30 billion range”
Morning Session - 2014 Meeting
“with Mid-American funding the remainder with debt, was there something that kept Berkshire from providing all the capital”
Afternoon Session - 2014 Meeting
“Berkshire plans to substantially expand the Berkshire Hathaway Specialty Insurance Unit and has also become a major insurer of Lloyd's business”
Morning Session - 2014 Meeting
“acquisition of BNSF a few years ago, which was partially financed by Berkshire stock, shortly after, there was plenty of cash around.”
Afternoon Session - 2014 Meeting
“as a longtime Berkshire shareholder, I'm delighted that you've partnered with”
Morning Session - 2014 Meeting
“I don't think in making an investment decision on Berkshire Hathaway, or most companies, virtually all of the companies I can think of, that climate change should be a factor”
Afternoon Session - 2014 Meeting
“we are very fortunate to be associated with them...that is a reputation that Berkshire deserves. I mean, Charlie and I do our part”
Afternoon Session - 2014 Meeting
“if Berkshire breaks that record and basically doubles over the next 10 years...it will have to have a market cap of $1.2 trillion”
Morning Session - 2014 Meeting
“we can allocate capital without tax consequences...nobody else really better situated to do that than Berkshire Hathaway, and it makes perfectly good sense”
Afternoon Session - 2014 Meeting
“I see some of the old shareholders and they are waiting to get a dividend... I do not feel it's entirely fair for them to sell their shares. I remember the case study you have in last year's letter to”
Afternoon Session - 2014 Meeting
“Berkshire is worth more as presently constituted than in any other form that I can conceive of unless we engage in something to de-tax the whole place”
Morning Session - 2014 Meeting
“we put that all in berkshire stock i guarantee them that they would have a million dollars at the end of 10 years”
Morning Session - 2014 Meeting
“at berkshire uh matt might have a different view on that i'll ask charlie to talk it”
"People react too much to short-term things" | March 3, 2014
“It just fits into Berkshire. And our problem is putting money to work. So we're not looking to take money out of things.”
"People react too much to short-term things" | March 3, 2014
“We're with a different company, Marman, we're in the tank car manufacturing business.”
"People react too much to short-term things" | March 3, 2014
“the committee that looks at systemically important financial institutions said that it was considering Berkshire”
"People react too much to short-term things" | March 3, 2014
“Warren Buffett, the chairman and CEO of Berkshire Hathaway to talk about what's happening.”
"People react too much to short-term things" | March 3, 2014
“they've made Berkshire billions of dollars already that we wouldn't have otherwise made, and they'll make us many billions more.”
"People react too much to short-term things" | March 3, 2014
“why you chose Berkshire Hathaway and maybe how you found your way to Berkshire, because each of you had a very different path.”
"People react too much to short-term things" | March 3, 2014
“Warren Buffett of Berkshire Hathaway this morning, wrapping up what has been three hours”
"People react too much to short-term things" | March 3, 2014
“if anyone would see the effects of climate change, I would think Berkshire would in terms of, especially because we've built out the population so much bigger”
"People react too much to short-term things" | March 3, 2014
“In terms of our insurance business, it has no effect in terms of the prices we're charging this year versus five years ago.”
Daily Journal Annual Meeting 2014 — Munger Q&A
“The other rare example, of course, is Berkshire Hathaway. Berkshire started with three failing companies... Out of those three failing businesses came Berkshire Hathaway. That's the most successful fa”
Vice Chairman's Thoughts — Past and Future (2014)
“Why did Berkshire under Buffett do so well? Only four large factors occur to me: (1) The constructive peculiarities of Buffett”
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.”
Daily Journal Annual Meeting 2014 — Munger Q&A
“Most of the Munger money – I don't count the Daily Journal, it's just a little asterisk — is in Berkshire Hathaway, Costco”
Daily Journal Annual Meeting 2014 — Munger Q&A
“We had a person do that at Berkshire. The nice Mormon gentleman who sold us the furniture company in Utah”
Daily Journal Annual Meeting 2014 — Munger Q&A
“Berkshire has been a huge exception. In this year's annual report Warren intends to deal extensively with: Why did it happen at Berkshire?”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire's promises have no equal... when major insurers have needed an unquestionable promise, Berkshire has been the party – the only party – to call”
Daily Journal Annual Meeting 2014 — Munger Q&A
“The interesting thing about Berkshire is that the results are prodigious and the people who are getting the results aren't prodigies.”
2014 Berkshire Hathaway Shareholder Letter
“I found myself with more than 25% of BPL's capital invested in a terrible business about which I knew very little.”
2014 Berkshire Hathaway Shareholder Letter
“Charlie's most important architectural feat was the design of today's Berkshire. The blueprint he gave me was simple: Forget what you know about buying fair businesses at wonderful prices; instead, bu”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire, it should be noted, would have been a highly satisfactory "date": If we had taken Seabury Stanton's $11.375 offer for our shares”
2014 Berkshire Hathaway Shareholder Letter
“Consequently, Berkshire has been built to Charlie's blueprint. My role has been that of general contractor”
2014 Berkshire Hathaway Shareholder Letter
“Overall, Berkshire's acquisitions have worked out well – and very well in the case of a few large ones.”
2014 Berkshire Hathaway Shareholder Letter
“The unrecorded gains in the value of Berkshire's subsidiaries have become huge, with these growing at a particularly fast pace in the last decade.”
2014 Berkshire Hathaway Shareholder Letter
“I can promise you that long after I'm gone, Berkshire's CEO and Board will carefully make intrinsic value calculations before issuing shares in any acquisitions.”
2014 Berkshire Hathaway Shareholder Letter
“Berkshire's ambitions were unreasonably extreme and, even so, it got what it wanted. Casualty insurers often invest in common stocks”
2014 Berkshire Hathaway Shareholder Letter
“Why did Berkshire under Buffett do so well? Only four large factors occur to me: (1) The constructive peculiarities of Buffett”
“Warren Buffett is a chairman and CEO of Berkshire Hathaway and a longtime friend of mine in this program.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Why isn't that preferable all the time instead of just some other time? Well, I think if you do it once a year, it's often enough. No, I'm sorry. I mean, that's set up in that situation. situation, wh”
Buffett sees "gradual improvement" in economy | May 6, 2013
“It's been good at Berkshire. How long were you out of the room the last time this happened at Berkshire?”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Warren Buffett, the chairman and CEO of Berkshire Hathaway. And Warren, we've been talking about some of the Berkshire businesses”
Buffett sees "gradual improvement" in economy | May 6, 2013
“It's been a terrific acquisition for Berkshire. Is it still not back to the peak just because of the housing situation?”
Buffett sees "gradual improvement" in economy | May 6, 2013
“We are speaking to Warren Buffett, Chairman and CEO, Berkshire Hethway. Fresh off this weekend's big shareholder meeting.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Berkshire itself, I mean, we have 200 billion a net worth. We always have at least 20 billion of... We have 200 derivative contracts.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Berkshire Hathaway, General Motors, IBM does not make more money because somebody is front running by a nanosecond”
Buffett sees "gradual improvement" in economy | May 6, 2013
“Berkshire Hathaway Chairman and CEO Warren Buffett and Microsoft Chairman Bill Gates, who is on the Board of Directors for Berkshire Hathaway.”
Buffett sees "gradual improvement" in economy | May 6, 2013
“do you imagine you'd still be a board member of Berkshire Hathaway?”
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”
“We have had so much fun running Berkshire. I mean, it's almost sinful, and, but we were lucky to, you know, my dad happened to be in a business.”
Afternoon Session - 2013 Meeting
“there's nothing more fun for me than finding something new to add to Berkshire. And that was true 40 years ago.”
Afternoon Session - 2013 Meeting
“should we expect Berkshire's future market returns to be greatly constrained not only by its size, also by much lower equity returns overall”
Morning Session - 2013 Meeting
“we have to do better for you than you would do in an index fund. And if we don't, we aren't earning our pay... I think we'll do that in the future”
Morning Session - 2013 Meeting
“I think you will see Berkshire, in addition to all of the – other insurance businesses that it has had over the years, I think you'll see has become a very significant factor worldwide in the commerci”
Afternoon Session - 2013 Meeting
“Our intrinsic business value is very considerably above book value. And we have signaled that, we'll say it right here, we said it before”
Morning Session - 2013 Meeting
“Berkshares purchased cheap or wholesale. For example, Geico, Mid-American, your initial purchase of Coca-Cola”
Morning Session - 2013 Meeting
“we paid fancier prices in some cases than, say, in Geico, I think we paid 20 times earnings”
Afternoon Session - 2013 Meeting
“in your 2006 letter, when you advertise for a successor to Lou Simpson at GEICO, you said at the time, send me your resume”
Afternoon Session - 2013 Meeting
“would you or Berkshire consider being my Homer Dodge, who invested in your partnership after the original seven investors? Would you, or Berkshire Hathaway, be willing to give my firm”
Afternoon Session - 2013 Meeting
“Berkshire Hathaway was getting a phone call because General Electric needed money and we were the last stop.”
Afternoon Session - 2013 Meeting
“That's one percent, a little less than 1% of the market value of Berkshire.”
Afternoon Session - 2013 Meeting
“your enormously generous multi-billion dollar charitable gifts of Berkshire Hathaway stock over the past decade”
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
“Berkshire's volume, A and B combined, is probably averages, what, $4 or $500 million a day”
Morning Session - 2013 Meeting
“Berkshire is the 800 number when there's really sort of panic in markets...people need significant capital.”
Morning Session - 2013 Meeting
“Much of Berkshire's returns over the last decade have been based on your reputation and your ability to extract remarkable deals from companies in duress”
Morning Session - 2013 Meeting
“Berkshire's reputation will become even more solidified in terms of being willing to provide capital for sound deals”
Morning Session - 2013 Meeting
“And Berkshire will – those qualities will remain with Berkshire after I'm gone. In fact, in a sense, the area we occupy becomes more and more our own as we get even bigger.”
Morning Session - 2013 Meeting
“we'll go to Carol. This question comes from Mark Troutman of Crested Butte, Colorado. And you've touched on this, Warren and Charlie, on the little fringes today, but this is a direct question. Warren”
Afternoon Session - 2013 Meeting
“if somebody got made CEO of Berkshire. It could be a position where people might want to throw their weight around”
Morning Session - 2013 Meeting
“Berkshire, to me, seems about the easiest company to manage imaginable. And if you took an earlier answer”
Morning Session - 2013 Meeting
“Berkshire has ever operated... he was ill and he really wanted to sell to us. And of course, he wanted Berkshire stock.”
Afternoon Session - 2013 Meeting
“it would be a terrible mistake to put me in charge of social media at Berkshire Hathaway”
Morning Session - 2013 Meeting
“I've added women to Berkshire's board, but both the board and senior management at Berkshire still reflect the reality”
Morning Session - 2013 Meeting
“they like the environment of Berkshire in which to operate, because they do not get pressures to do dumb things”
Morning Session - 2013 Meeting
“Is Berkshire too big to fail? On the same topic... I think I heard of a book by that name.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“buying Berkshire up to 120% of book, we feel we're making making significant money. In other words, we feel the value of Berkshire is well over 120% of book”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“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
“not Berkshire, but there are all kinds of people with portfolios who will take a signal”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“including Berkshire shares. Berkshire's going down 50 percent, though, four times.”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Berkshire has gone from $15 a share to $150,000. Now there's been times when it's four times when it's gone down 50 percent”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“when our stock went from 90,000 or thereabouts to 40 or 45,000, I wrote about it 10 years ago to buy the stock”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“they want to work for Berkshire. And, you know, the standard arrangement in hedge funds is two and 20...they love working for Berkshire and they'll be working for Berkshire 20 years from now”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“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
“we spent the 350 or so million. We will get a decent return on that unless the business is way worse than I think it is. And I would say this, in the year or so that we've operated, we are meeting all”
Buffett on Heinz deal: "We've got a great business" | March 4, 2013
“Berkshire Hathaway Chairman and CEO Warren Buffett. We are live in LeVista, Nebraska...at the headquarters of Oriental Trading.”
2013 Berkshire Hathaway Shareholder Letter
“Berkshire's results through 1978 have been restated to conform to the changed rules. In all other respects, the results are calculated using the numbers originally reported.”
2013 Berkshire Hathaway Shareholder Letter
“Berkshire is the financing partner. In that role, we purchased $8 billion of Heinz preferred stock”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Why are Berkshire's acquisitions, why are they averaged out so well when we pay the prices for whole companies”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Only occasional ones work, and work well, and it is rather interesting that Berkshire, on average, they work pretty well.”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Berkshire's been blessed with these big insurance companies. It's got two things to do”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Part of Berkshire's secret is that, less than most people, we don't pour endless treasure into losing hands”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Berkshire got though this helpful reputation among their group of addicts over a long period of time”
Daily Journal Annual Meeting 2013 — Munger Q&A
“What do the Munger's own? They own Berkshire, they own Costco, and they own a bunch of Asian securities”
2013 Berkshire Hathaway Shareholder Letter
“all of my Berkshire shares will be fully distributed to certain philanthropic organizations over the ten years following”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Berkshire, of course, if we behaved like Rupert Murdoch or somebody — that is, we used all the credit we could get all the way — Berkshire would now own the world.”
2013 Berkshire Hathaway Shareholder Letter
“Berkshire's would have been far different. The 1949 edition of the book also recommended a railroad stock”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Can you comment on Berkshire's investments in the newspaper industry as of late?”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Berkshire does the same thing. You shouldn't be surprised.”
Daily Journal Annual Meeting 2013 — Munger Q&A
“there's any foreclosure boom to create a sudden ton of lovely money for all of Berkshire's newspapers”
Daily Journal Annual Meeting 2013 — Munger Q&A
“Berkshire got clobbered on a Chinese competition in shoes.”
Daily Journal Annual Meeting 2013 — Munger Q&A
“One of Berkshire's greatest mistakes was when we gave two percent of Berkshire for a wonderful shoe business in Maine”
“he had taken over Berkshire Hathaway, but it was, nobody even knew the name. It was totally insignificant.”
“They've got a lot of their money in Berkshire”
“Berkshire Hathaway has overcome General Electric. It is now the sixth largest company in terms of market value”
“If I run Berkshire for decades, some things are going to go wrong...there have been failures of control at Berkshire.”
“the chance to talk to Warren Buffett about almost anything? To ask his opinion about every story that you've ever had on your mind? It's priceless.”
"No question" the global economy is slowing | October 24, 2012
“Welcome back to this special one-on-one interview with Warren Buffett, chairman and CEO of Berkshire Hathaway”
"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.”
"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
“Can you imagine sitting at Berkshire and you know you have the equivalent of a $7 trillion economic event hitting in December?”
Afternoon Session - 2012 Meeting
“the size aspect goes up. So I don't think there will be a takeover of Berkshire. And I really, you do not need to worry about my successor.”
Afternoon Session - 2012 Meeting
“the float at Geico is going to grow. I mean, the float at our smaller insurance companies, but we'll probably net grow over time”
Morning Session - 2012 Meeting
“we're not going to have an arts major in charge of Berkshire. Yeah. The question about negotiated deal, there's no question that partly through age, partly through the fact we've accumulated a lot of ”
Afternoon Session - 2012 Meeting
“We've got the smartest guys in the business working on it...the float costs us less than nothing”
Afternoon Session - 2012 Meeting
“And of course, Berkshire was the textile business. So we were sort of masochistic in the early days.”
Morning Session - 2012 Meeting
“nor with Ajit at Merkshire Hathaway Reinsurance. They all have, I think, the same mindset”
Afternoon Session - 2012 Meeting
“I see no way that that Berkshire comes close to that.”
Afternoon Session - 2012 Meeting
“We do not ever want to lose a significant percentage of Berkshire's net worth, and so far we haven't.”
Afternoon Session - 2012 Meeting
“what are the implications if Berkshire ends up being subject to the Investment Company Act of 1940”
Morning Session - 2012 Meeting
“we prefer to, not to see our shares sell at the highest possible price. I mean, we've got a whole different view on that than many managers. If we could have our way, we would have the stock trade onc”
Morning Session - 2012 Meeting
“If Charlie and I think Berkshire is overvalued, you know, it would be a very interesting proposition to have us announce”
Morning Session - 2012 Meeting
“We have never, I don't think, certainly never consciously done anything to encourage people to buy our stock at a price we thought was above intrinsic value.”
Afternoon Session - 2012 Meeting
“market value of Berkshire. Berkshire would show up better on that table than it does in the table I present.”
Morning Session - 2012 Meeting
“does this trend of increased frequency of major catastrophes affect Berkshers'”
Afternoon Session - 2012 Meeting
“a real commitment to Berkshire, a lifelong type commitment. And we've seen hundreds and hundreds of good records in our lifetimes.”
Afternoon Session - 2012 Meeting
“As a condition of one of our mergers, Berkshire Hathaway agreed, you'd never have trouble with our savings and loan.”
Morning Session - 2012 Meeting
“interest in the Berkshire stock on principle for some people. For instance, my 84-year-old father is not interested in investing in Berkshire”
Morning Session - 2012 Meeting
“by being part of Berkshire Hathaway, which is a huge taxpayer, here. Mid-American has extra abilities to go out and do a lot of projects”
Morning Session - 2012 Meeting
“any employee of Berkshire, I don't think that the CEOs of any of the companies that we own stock in should in any way have their citizenship restricted”
Morning Session - 2012 Meeting
“we've had a terrific history with Vic Mansonelli. He's been a great man to manage businesses just in the last day or two. We bought an operation based in the Netherlands, although they have employment”
Morning Session - 2012 Meeting
“over a 50-year period, not only will Berkshire do considerably better than gold, but common stocks as a group”
Morning Session - 2012 Meeting
“Since 1999, the Berkshire Hathaway stock has really not gotten up appreciably. whereas gold has gone up multiple times.”
Morning Session - 2012 Meeting
“zero-coupon bond has performed magnificently, much better than Berkshire. So we should have bought nothing but zero-coupon bonds.”
Morning Session - 2012 Meeting
“to let us sell the zero-coupon bond and put the money in Berkshire, and I'll guarantee, him that it will be worth more than the million bucks at the end of 10 years.”
2012 Berkshire Hathaway Shareholder Letter
“Among large insurance operations, Berkshire's impresses me as the best in the world.”
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
“Over Berkshire's history – admittedly one that won't come close to being repeated – the sell-off policy would have produced results for shareholders dramatically superior”
2012 Berkshire Hathaway Shareholder Letter
“Both assumptions also seem reasonable for Berkshire, though certainly not assured.”
Warren Buffett; Anwar al-Awlaki Killed
“the parallel success of his company, Berkshire Hathaway.”
Warren Buffett; Anwar al-Awlaki Killed
“I thought Berkshire Hathaway stock was selling demonstrably below the value of its businesses.”
Warren Buffett; Anwar al-Awlaki Killed
“You've announced recently you're going to buy back or have started the process of buying back Berkshire Hathaway shares.”
Warren Buffett; Anwar al-Awlaki Killed
“He also announced a stock buyback of Berkshire Hathaway shares.”
Warren Buffett; Anwar al-Awlaki Killed
“It's clearly higher than the price...we've got some wonderful businesses...some of the big ones, particularly, are really very, very good businesses”
Warren Buffett; Anwar al-Awlaki Killed
“So you have, what, $47 to $50 billion of cash? It's down some. We've spent some, Charlie. But we've got plenty of cash.”
Warren Buffett; Anwar al-Awlaki Killed
“It is said that some people think that the asset value of Berkshire Hathaway is close to $130 to $150 a share for the Class A stock.”
Warren Buffett; Anwar al-Awlaki Killed
“we'll buy the stock if we think we're doing a favor for the people that are staying in the boat. Because you think the intrinsic value of your business is those that make up Berkshire Hathaway is unde”
Warren Buffett; Anwar al-Awlaki Killed
“we actually bought some shares. Now, whether we buy a lot of shares or not will depend on the price”
Warren Buffett; Anwar al-Awlaki Killed
“Geico got in trouble in the mid 70s...Those are two of the greatest investments I've ever had.”
“Warren E. Buffett is the chairman and chief executive of Berkshire Hathaway.”
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”
Afternoon Session - 2011 Meeting
“different most of what we have at Berkshire”
Morning Session - 2011 Meeting
“recommending Lubrizol to Berkshire, I think for reasons that are laid out in the Audit Committee report”
Afternoon Session - 2011 Meeting
“As an investor from the Asian region, I am concerned that a week a dollar will erode the value of my Berkshire stock”
Afternoon Session - 2011 Meeting
“Berkshire Hathaway will perform the best, and which will perform the worst and why? Well, the businesses that will perform the best are the ones”
Morning Session - 2011 Meeting
“Surely you realized immediately that these facts were going to become known and that they were going to damage Berkshire's reputation.”
Afternoon Session - 2011 Meeting
“our utilities, which get in effect, a bond-like return... our insurance operations, our capital-intensive railroad business is certainly one of the best railroads in the world. And our utility operati”
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”
Morning Session - 2011 Meeting
“possible acquisition candidates for Berkshire. But none of that.”
Morning Session - 2011 Meeting
“Berkshire shareholders that I have talked to found totally inadequate. You have always been very direct”
Morning Session - 2011 Meeting
“We were not issuing shares at Berkshire, so there was no proxy statement, no, nothing of this, that sort on our part.”
Afternoon Session - 2011 Meeting
“in terms of judging the economics of the business that purchase that we'll call it Berkshire, then you have to allow for the goodwill”
Morning Session - 2011 Meeting
“situation where someone running Berkshire Hathaway had great talent but lacked the other quality that has made Berkshire the envy of the business world”
Morning Session - 2011 Meeting
“if my son Howard Buffett, who would have no, get paid nothing and have no activities in the company, be the chairman after I'm not around”
Afternoon Session - 2011 Meeting
“Berkshire Hathaway does well in part because its managers want to be there from... non-pecuniary reasons, but it seems likely that the next operation CEO”
Afternoon Session - 2011 Meeting
“What kind of compensation structure do you expect for the next generation of Berkshire leadership?”
Morning Session - 2011 Meeting
“When we said we would buy in our stock, we obviously thought that it was selling below the bottom of a conservative range of intrinsic value”
Morning Session - 2011 Meeting
“I want to ask a question about the valuation of your company. You said price is what you pay and values what you get. In your letter to the shareholders this year, each class A share owns about invest”
Afternoon Session - 2011 Meeting
“What would this do to Berkshire Hathaway stock and to the overall economy?”
Morning Session - 2011 Meeting
“when the time comes where a dollar is only buying us 90 cents of value... But I predict that the day that Berkshire declares a dividend, the stock will go down”
Afternoon Session - 2011 Meeting
“Bircher stock is given away every year... we've got a number of partners that are now in their 80s, and some of them have given away some exceptional amounts of money.”
Afternoon Session - 2011 Meeting
“Are these holdings your own personal investments outside of Berkshire or do they belong to Berkshire Hathaway?”
Morning Session - 2011 Meeting
“the rest of us would be better off with Berkshire Hathaway stock”
Morning Session - 2011 Meeting
“when we look at Berkshire, we are looking at what we think can be delivered from the productive assets that we own”
Afternoon Session - 2011 Meeting
“Berkshire's cash... we basically keep it in treasuries... we run out of Berkshire, we basically keep it in treasuries.”
Morning Session - 2011 Meeting
“Berkshire's corporate strategy resembles that of the Go-GoGo conglomerates of the 1960s.”
Morning Session - 2011 Meeting
“at Berkshire, we are not in that game. We are in the game of trying to buy very good businesses that we're going to keep forever”
Afternoon Session - 2011 Meeting
“I don't recall you or Berkshire Hathaway saying earlier that NetJets was on the verge of bankruptcy at the time that his predecessor, Richard Santulli, had stepped down.”
Morning Session - 2011 Meeting
“A few years ago, Berkshire had a short U.S. dollar position to preserve the company's value from the devaluating dollar.”
Morning Session - 2011 Meeting
“I would rather own Berkshire. [regarding choice between index fund or Berkshire at present prices]”
Morning Session - 2011 Meeting
“I like Berkshire better, Charlie. Well, I like it a lot better, and I'd be very unhappy if I had to own an index fund.”
Afternoon Session - 2011 Meeting
“we will conduct the business meeting of Berkshire Hathaway and we can turn the lights up”
Afternoon Session - 2011 Meeting
“The motion is set forth in the proxy statement. The motion requests Berkshire Hathaway to establish goals for the reduction of greenhouse gas”
Afternoon Session - 2011 Meeting
“It's my personal opinion that it's the previous two speakers that the hot air and the problem around global warming and that we not regulate Berkshire Hathaway”
Afternoon Session - 2011 Meeting
“You guys are doing a great job on your own. Are there any other speakers there that... Mr. Munger and Warren Buffett”
Afternoon Session - 2011 Meeting
“Berkshire Hathaway can be a leader in the environment. And I'm for transparency, as I know these two gentlemen are.”
Afternoon Session - 2011 Meeting
“Berkshire Hathaway would be a leader in doing this as companies like GE with their ecomagination initiative”
Afternoon Session - 2011 Meeting
“I think Berkshire Hathaway has a pretty good reputation at being clean, being environmentally responsible.”
Afternoon Session - 2011 Meeting
“this is not something that the stockholders of Berkshire end up incurring the cost of”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“Wesco was bought by Berkshire Hathaway (BRK)... He believes BRK is the right port for Wesco.”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“BRK only found 3 big things to do in decades with the money: it bought Sees, Buffalo News and control of Wesco.”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“This is what they do at BRK. They are always ready. You do not want to be timid when great opportunities arise.”
Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)
“he admires BRK so he doesn't have to worry about his money”
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)
“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)
“BRK doesn't get to have perfect managers either. There is always a compromise”
2011 Berkshire Hathaway Shareholder Letter
“Late last year, Berkshire purchased the Omaha World-Herald and, in my meeting with its shareholder-employees”
Goldman Sachs "helped build Berkshire Hathaway"
“They have helped build Berkshire Hathaway.”
"If I can be optimistic when I'm nearly dead, surely the rest of you can handle a little inflation"
“I'm optimistic about the culture that generally pervades in Berkshire because I think it will continue to work.”
Work "like you would if you were an owner of the place"
“If I one day want to apply as a manager with one of the Birchard companies... The managers of our subsidiaries hire their own people.”
Afternoon Session - 2010 Meeting
“at Berkshire is that our managers are responsible for their businesses, and if they're going to be responsible”
Morning Session - 2010 Meeting
“Berkshire's large investment in Goldman and what”
“whether it was Berkshire Hathaway on the other side of the deal. Let's say we had decided to short the housing market”
Afternoon Session - 2010 Meeting
“how could we get Berkshire Hathaway and your board to maybe go out and just basically hire people”
Morning Session - 2010 Meeting
“If the Nebraska Methodist Hospital does not pay its bonds, Berkshire Hathaway will pay them.”
Morning Session - 2010 Meeting
“we did with these bonds exactly what ACA did... We just took the list to submit it... in the case of the abacus transaction... We just do it with a couple of people at Berkshire.”
Morning Session - 2010 Meeting
“whether it was Goldman Sachs on the other side of the deal, or whether it was Berkshire Hathaway on the other side of the deal”
Morning Session - 2010 Meeting
“your reflections in light of it about Berkshire's large investment in Goldman”
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.”
Afternoon Session - 2010 Meeting
“That's why Berkshire is a better deal. We are very stupid in many ways, but we have avoided a slight subset of stupidities.”
Afternoon Session - 2010 Meeting
“We try to create as few situations in Berkshire as we can that would induce such behavior... I think Berkshire's about as good a place if that as any”
Afternoon Session - 2010 Meeting
“I'm optimistic about the culture that generally pervades in Berkshire because I think it will continue to work.”
Afternoon Session - 2010 Meeting
“Berkshire has, in my opinion, the best and most loyal shareholders of any publicly traded company or mutual fund.”
Morning Session - 2010 Meeting
“I like that fact in the sense of Berkshire. I mean, it would be very tough to change the culture of Berkshire. It's so ingrained in all our managers”
Morning Session - 2010 Meeting
“You have emphasized many times how important Ajit Jane is to Berkshire and National Endemities Reinsurance Operations.”
Morning Session - 2010 Meeting
“it would be a huge loss to Berkshire, if anything happened to Ajit, but it would not mean that the sure Hathaway reinsurance operation would not continue”
Afternoon Session - 2010 Meeting
“we wrote a big check and issued shares in the connection with BNSF, but I would love it if Monday morning my phone rings with some big deal”
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.”
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
“Warren would know more about that than I. So far in the chilling. The earthquake insurance is not. universal like fire... We are in a different class in terms of even being able to handle them. And we”
Afternoon Session - 2010 Meeting
“For Berkshire Hathaway, what could be our exposure on a global financial meltdown? Could there be correlated risk that could get us in trouble? You said we have $40 billion in municipal bond insurance”
Afternoon Session - 2010 Meeting
“Thank you Mr. Buffett, Mr. Munger, the board... for your integrity and running Berkshire Hathaway and dealing fairly with the shareholders.”
Class B stock split was "easy decision" | January 20, 2010
“Berkshire Hathaway special shareholders meeting in Omaha. And before Warren Buffett makes his case for Burlington Northern”
Class B stock split was "easy decision" | January 20, 2010
“Berkshire is selling it one of the lowest ratios to book value than it has in many years. So we are giving up something that I don't like to give up”
Class B stock split was "easy decision" | January 20, 2010
“we did pay right up to the absolute hill for Burlington. No question about it.”
Class B stock split was "easy decision" | January 20, 2010
“Their vote is tougher because they need, because we own the shares we do already, they need 66 and 2 thirds percent of all shares not owned by Berkshire”
2010 Berkshire Hathaway Shareholder Letter
“In Berkshire's case, we long ago told you that our job is to increase per-share intrinsic value at a rate greater than the increase”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“the derivatives book Berkshire acquired was said by the accountants to be worth something positive, but the reality turned out to be negative $400 million”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“Q (New York BRK shareholder) How big a problem are distorted incentives of regulators”
2010 Berkshire Hathaway Shareholder Letter
“When I took control of Berkshire in 1965, I didn't exploit this advantage. Berkshire was then only in textiles”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“BRK will be very successful long after we've gone. It has wonderful businesses and a durable culture.”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“We spent 6% of shares outstanding to acquire BNSF. We were getting low returns on cash, and we paid low rates”
Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks
“Berkshire is different, and a few others too, but those others are generally known and priced accordingly.”
2010 Berkshire Hathaway Shareholder Letter
“These businesses entered the recession strong and will exit it stronger. At Berkshire, our time horizon is forever.”
2010 Berkshire Hathaway Shareholder Letter
“Berkshire's interest is 89.8%) and its customers...for Berkshire shareholders.”
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”
2010 Berkshire Hathaway Shareholder Letter
“Imagine that Berkshire had a $10 billion increase in unrealized gains in a given year”
2010 Berkshire Hathaway Shareholder Letter
“At Berkshire, we have taken his $1,000 solution a bit further and have pledged that we will hold at least $10 billion of cash”
2010 Berkshire Hathaway Shareholder Letter
“Charlie and I have no interest in any activity that could pose the slightest threat to Berkshire's well-being.”
"I do know when you're starting to get a lot for your money"
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
Buffett and Munger on nationalized health care
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
Will Berkshire be competitive in the long term?
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
When does Berkshire sell its stocks?
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
Munger: China's BYD is a "damn miracle"
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
Morning Session - 2009 Meeting
“Those are the directors of Berkshire Hathaway. Now, we only have one slide, which actually is more than we would usually have.”
"We are not big believers in contracts"
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
Big investors should "embarrass" overpaid CEOs
“Our job is to make money overtime at Berkshire Hathaway. It does not impinge on capital.”
Morning Session - 2009 Meeting
“we own stock in a company, you know, you better not count on the fact that you're going to change their course of action. And in terms of selling the stock”
Afternoon Session - 2009 Meeting
“the way we do it at Berkshire Hathaway is one-tenth of one percent of America. And the way everybody else does it is silly.”
Afternoon Session - 2009 Meeting
“I think we have a marvelous insurance business. I don't want to trade it for any other that I know.”
Afternoon Session - 2009 Meeting
“I'd like to grow my investment in Berkshire Hathaway, and I think we've established it's a wonderful company”
Afternoon Session - 2009 Meeting
“even though a Geico will expand. It will not be reduced dramatically because it's just hits in certain areas, but it will be reduced. And our managers have to look at the reality”
Morning Session - 2009 Meeting
“will enormously benefit Berkshire's utility subsidiary. but that isn't the reason I'm raising it here.”
Morning Session - 2009 Meeting
“we are at a significant disadvantage in any financing type of business where we are competing against people who are getting their funding”
Morning Session - 2009 Meeting
“how does Berkshire's strong balance sheet and credit rating help take advantage of buying opportunities”
Afternoon Session - 2009 Meeting
“our small life insurance companies pretty well full of desirable debt instruments at 10%. We certainly got a lot more of it than we had.”
Afternoon Session - 2009 Meeting
“we bought some fairly good sized pieces of bonds for Berkshire. And I also bought a few little things for myself. But I spend 99% of my time thinking about Berkshire.”
Morning Session - 2009 Meeting
“the Berkshire model that doesn't happen. So while Warren and Charlie will soon be gone, not too soon in my case, but I'm a little worried about Warren.”
Morning Session - 2009 Meeting
“I think Berkshire Hathaway's system has legs. Okay, with that, we'll go to Becky.”
Morning Session - 2009 Meeting
“why shouldn't they sell their Berkshire shares and buy what you are buying? And secondly, he wants to know why?”
Morning Session - 2009 Meeting
“The only time we felt strongly that Berks should repurchase its shares was in roughly 2000, whenever it was”
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
“Effective in 2006, insurance subsidiaries of Berkshire Hathaway became KBS's sole reinsurers.”
Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Berkshire is better. Wesco sells too high because you people are cultists. If I were buying today, I'd buy Berkshire.”
2009 Berkshire Hathaway Shareholder Letter
“Our property-casualty (P/C) insurance business has been the engine behind Berkshire's growth and will continue to be. It has worked wonders for us.”
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
“quality disparity in book value's intrinsic merits has, in recent years, continued to widen in favor of Berkshire Hathaway”
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
“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”
2009 Berkshire Hathaway Shareholder Letter
“Interest on Berkshire junior debt ............................................. (58) (111)”
2009 Berkshire Hathaway Shareholder Letter
“our cash was down to $30.6 billion (with $8 billion earmarked for the BNSF acquisition). We've put a lot of money to work”
2009 Berkshire Hathaway Shareholder Letter
“Our blockbuster deal with BNSF required us to issue about 95,000 Berkshire shares that amounted to 6.1% of those previously outstanding”
2009 Berkshire Hathaway Shareholder Letter
“we first reported to you that we held such contracts in early 1998. The dangers that derivatives pose for both participants and society”
2009 Berkshire Hathaway Shareholder Letter
“In our BNSF acquisition, the selling shareholders quite properly evaluated our offer at $100 per share. The cost to us, however, was somewhat higher since 40% of the $100 was delivered in our shares, ”
2009 Berkshire Hathaway Shareholder Letter
“With our shareholder population much expanded, we expect even more this year. Therefore, we will have to make a few changes in the usual routine.”
“This description leaves aside my Berkshire Hathaway holdings, which are all committed to philanthropy.”
Susan Lucci "takes over" Berkshire
“Susan, my show is Berkshire Hathaway. And my role is to run it.”
“most people that own Berkshire do not see themselves as owning something with a little ticker symbol...they rather think of themselves as owning a group of things, those businesses”
Afternoon Session - 2008 Meeting
“I regard myself as the chief risk officer at Berkshire. If something goes wrong at Berkshire because of – in terms of risk of the way we run the place”
Afternoon Session - 2008 Meeting
“when we bought Genree, it had about 23,000 derivative contracts, and I think I could have spent full time on that and not really been able to get my mind around how much risk we could”
2008 Annual Meeting Highlight Reel
“He's going to be a big star at all my children, and I'm going to be taking over Berkshire Hathaway. There are some changes I really think we need to make”
Buffett on risk awareness in investment banking
“It's not that Berkshire hasn't had wonderful service from investment banking all these years because we have.”
Susan Lucci "takes over" Berkshire
“Warren has reportedly negotiated a permanent spot on the cast of All My Children. Apparently, Ms. Lucci is en route to Omaha as the new CEO of Berkshire.”
Susan Lucci "takes over" Berkshire
“I'm going to be taking over Berkshire Hathaway. Well, you've certainly got some important qualities that Warren wants.”
2008 Annual Meeting Highlight Reel
“What is your fondest hope for Berkshire Hathaway moving forward in time? I hope for decent performance, and I hope that the culture we have is maintained”
2008 Annual Meeting Highlight Reel
“I would like to see Berkshire even more deserved to be an exemplar, and I would like to see it have more actual influence on changes in other corporations”
Afternoon Session - 2008 Meeting
“we have to go out, I still like to go out, of course, and sample all the bars, so we have a 15, I mean, I feel I owe that to the Berkshire shareholders”
Afternoon Session - 2008 Meeting
“it would be about as unlikely to happen in the case of Berkshire as any company I can think of in the world”
Morning Session - 2008 Meeting
“we're proud of our business and how they operate. We do not give them elaborate guidelines... we're not going to lack for money at Berkshire Hathaway.”
Afternoon Session - 2008 Meeting
“Think of Berkshire Hathaway. We want to be on their radar screen.”
Morning Session - 2008 Meeting
“but it doesn't have any big significance for Berkshire”
Morning Session - 2008 Meeting
“Berkshire will make some extra money out of this. It doesn't take any time to think about.”
Morning Session - 2008 Meeting
“We've only created from scratch one small business that became a huge business that I can think of, and that's the reinsurance department. And there, Warren and Ajit and others have created a great an”
Morning Session - 2008 Meeting
“I'm a shareholder in Berkshire, Westco, and Cologne Rie. I want to thank you and Ithammer to take the initiative and the Kheim to come to four cities in Europe and and potentially throughout the world”
Morning Session - 2008 Meeting
“I have enough stock so that I'm reasonably assured of keeping the job. But let's just assume for the moment that there were three other candidates out there”
Morning Session - 2008 Meeting
“There are, there are stocks. I mean, actually, there's quite a few people in this room that have close to 100% of their net worth in Berkshire”
Morning Session - 2008 Meeting
“our biggest advertiser would be GEICO. We spent over $700 million a year on advertising... I can't think of any other company at Berkshire”
Morning Session - 2008 Meeting
“that says that of the best and most troublesome advertisers, Berkshire Hathaway, is near the bottom at 444 out of 452”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“Mr. Warren Buffett, the chairman and CEO of Berkshire Hathaway”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“learnings from Berkshire Hathaway”
Wesco Financial Annual Letter 2008
“pools managed by an insurance subsidiary of Berkshire Hathaway, Wesco's 80%-owning”
2008 Berkshire Hathaway Shareholder Letter
“Charlie and I simply focus on four goals: (1) maintaining Berkshire's Gibraltar-like financial position, which features huge amounts of excess liquidity”
Wesco Financial Annual Letter 2008
“Effective in 2006, insurance subsidiaries of Berkshire Hathaway became KBS's sole reinsurers.”
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.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“If we turn to Berkshire Hathaway, we have faults, but some of standard faults we deliberately avoid.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“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)
“I don't think Berkshire will perish when Warren dies. I had lunch with two Berkshire executives, and my heavenly days, those two guys are likely to make that business one of best in the world.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“At Berkshire, we are ridiculously conservative. Even our reserves have reserves. We don't have to renew our credit every Monday morning.”
Warren Buffett 2008 Interview (Ivey Archive)
“Just check the Berkshire Hathaway website for the letters.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Academic response to Berkshire has been pathetic. It is soft science with enviable formulas.”
Wesco Financial Annual Letter 2008
“Business and human quality in place at Wesco continues to be not nearly as good, all factors considered, as that in place at Berkshire Hathaway.”
Wesco Financial Annual Letter 2008
“websites of Wesco's subsidiaries and parent, Berkshire Hathaway, from Wesco's website”
Wesco Financial Annual Letter 2008
“quality disparity in book value's intrinsic merits has, in recent years, continued to widen in favor of Berkshire Hathaway.”
2008 Berkshire Hathaway Shareholder Letter
“Charlie and I continue to look with astonishment – and appreciation! – at the accomplishments of Iscar's management.”
2008 Berkshire Hathaway Shareholder Letter
“Now, imagine that all of the city's bonds had instead been insured by Berkshire. Would similar belt-tightening, tax increases, labor concessions, etc. have been forthcoming?”
2008 Berkshire Hathaway Shareholder Letter
“At a minimum, Berkshire would have been asked to "share" in the required sacrifices. And, considering our deep pockets, the required contribution would most certainly have been substantial.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Berkshire could save a lot of money, but we just haven't done it. We have some companies in lower tax zones.”
Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)
“Berkshire would have been a mess if it had ever stopped learning. Only reason we've been able to keep a shred of decency in our record is that we have been hell bent to keep learning.”
2008 Berkshire Hathaway Shareholder Letter
“time bomb I first discussed in Berkshire's 2002 report”
2008 Berkshire Hathaway Shareholder Letter
“Considering the ruin I've pictured, you may wonder why Berkshire is a party to 251 derivatives contracts”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“Mr. Buffett, this is a broader question, but I know you have an excellent reputation of being the risk manager for your firm”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“let it be known that they would like to sell out to Berkshire Hathaway. And looking back, I should have figured out”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“Well, I certainly think at Berkshire Hathaway, it's better. But there are people that aren't equipped.”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“if there were 10 rating agencies, all equally well regarded, all acceptable to the market, and you only needed one on when Berkshire Hathaway's bond”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“there's no way, Berkshire Hathaway, even with a good reputation and all earnings and CPA reports attesting to the fact that the 20 billion in cash is really there”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“We have 260,000 employees at Berkshire. Somebody's doing something wrong now.”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“your 2,000 and 2, Berkshire Hathaway shareholder letter, famously referred to derivatives...financial weapons of mass destruction”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“the problems that you and the other people at Berkshire-Hathaway experience with the General Ray derivatives position”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“I would ask that the 1982 letter by Mr. Buffett to John Dingle be placed in the record”
Warren Buffett | Testimony | 2008 Financial Crisis | June 2, 2010
“has shocked everyone, including the estimable Mr. Buffett”
USC Gould Commencement Speech (2007)
“You don't want your Berkshire Hathaway's run that way. You want to get the power into the right people.”
Morning Session - 2007 Meeting
“as a longtime Berkshire-Hathaway stockholder and shareholder, The big question is, you know, those guys are getting up in age”
Morning Session - 2007 Meeting
“I am your new chairman. So I hope you like that. Don't run out to sell. I'm keeping mine.”
Morning Session - 2007 Meeting
“we're wasting away in Berkshire Hathawayville today”
Afternoon Session - 2007 Meeting
“We will not run big risks at Berkshire. Now, we will be willing to lose, as I put in the annual report, $6 billion in a given catastrophe”
Afternoon Session - 2007 Meeting
“Mid-American. You are a great businessman who have built an incredible empire. We sure could use your creativity and expertise”
Morning Session - 2007 Meeting
“I would welcome people shorting Berkshire Hathaway. I mean, if you own stock and they need to borrow from you, you can get some extra income from your stock”
Morning Session - 2007 Meeting
“the naked short, Berkshire Hathaway, they can do it until the cows come home and we'll be happy to them.”
Morning Session - 2007 Meeting
“if anything that we've owned...if anybody wants the naked short, Berkshire Hathaway, they can do it until the cows come home”
Morning Session - 2007 Meeting
“If enough people shorted Berkshire stock, they would have to borrow it, and they would pay you to borrow your stock”
Afternoon Session - 2007 Meeting
“I agree as a mid-American holding company and Berkshire-Hathaway directors, I will recuse myself”
Afternoon Session - 2007 Meeting
“I think that Berkshire would not do as well during high rates of inflation at all as it does in real terms”
Morning Session - 2007 Meeting
“If you had looked at the intrinsic value of Berkshire in 1965, we had a textile business that was probably worth about $12 a share.”
Morning Session - 2007 Meeting
“we intended to use any cash generated to try and buy into better businesses than we had. And we were fortunate enough to be able to buy in the insurance business in 1967”
Morning Session - 2007 Meeting
“determined what the present value actually should have been at Berkshire going back that far. It's the same situation today.”
Morning Session - 2007 Meeting
“we have, whatever the figure is in the annual report, roughly $80,000 in marketable securities. If our insurance business breaks even, that $80,000 is free to us”
Morning Session - 2007 Meeting
“what we think the intrinsic value of Berkshire is, our figures would not be the same. They'd be reasonably close.”
Morning Session - 2007 Meeting
“what's hard to judge at Berkshire is the likely that you'll have anything like the past to look forward to. Berkshire has gotten very extreme in terms of investment results.”
Morning Session - 2007 Meeting
“And the balance sheet is gross considering the small beginnings of the place. Now, what on earth has caused this extreme record?”
Afternoon Session - 2007 Meeting
“When I gave away 2% of Berkshire Hathaway to acquire Dexter's shoe, that was one of the dumbest deals in the history of the world.”
Afternoon Session - 2007 Meeting
“I think we've got a sensational group at Berkshire. You have a group with a almost everybody on the board having a significant percentage of their net worth.”
Afternoon Session - 2007 Meeting
“dual class structure at Berkshire, but because I converted a whole bunch of shares to B, I own about the same percentage”
Morning Session - 2007 Meeting
“In terms of our own businesses, you mentioned General Reed. Gen Re writes way less business that would be subject to the annual increments in global warming”
Afternoon Session - 2007 Meeting
“Berkshire Hathway not invest in the securities of any foreign corporation or subsidiary thereof that engages in activities”
Afternoon Session - 2007 Meeting
“Berkshire Hathaway is the major non-Chinese investor in CNPC's subsidiary, PetroChina.”
Afternoon Session - 2007 Meeting
“Please, Mr. Buffett and Berkshire Hathaway shareholders. shareholders get involved to bring the hope and peace”
Afternoon Session - 2007 Meeting
“Mr. Buffett, this morning, you said a great thing... You were talking about gambling. We urge you to think the same way about genocide.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Warren Buffett and his creation, Berkshire Hathaway, so unusually successful... in the top five. It's a lollapalooza.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Warren Buffett of Singapore... Warren is very objective... being a great investor. The money comes in, people look up to you”
Wesco Financial Annual Letter 2007
“participation in several risk pools managed by an insurance subsidiary of Berkshire Hathaway, our 80%-owning parent”
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 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“The Munger family has the better part of $2 billion in Berkshire...I'm quite content to hold that position and I hope my family members will hold an overwhelming amount of that for a long time”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire's a very reputable place, full of the right kind of people with the right kind of values. If your expectations are moderate and you like to sleep well at night, it's not a bad place to have ”
2007 Berkshire Hathaway Shareholder Letter
“All of that, except for the $32 million, has been sent to Berkshire (or, in the early years, to Blue Chip).”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Warren is actually still improving. I know it's hard to believe, but he's in a field where one can actually improve at Warren's age.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“very small ones (which are not much use to Berkshire, with its $120 billion)”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Andy was decisive, he bought all the Berkshire stock he could on margin, it went up”
2007 Berkshire Hathaway Shareholder Letter
“Since joining Berkshire in 1986, Ajit Jain has built a truly great specialty reinsurance operation”
2007 Berkshire Hathaway Shareholder Letter
“Berkshire has an 87.4% (diluted) interest in MidAmerican Energy Holdings, which owns a wide variety of utility operations.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“If you're really wise and fortunate, you get to be like Berkshire. We have high opportunity costs.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Considering its size, Berkshire has supported fewer lawyers than any company I can think of.”
Wesco 2007 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“How did Berkshire's track record happen? If you were an observer, you'd see that Warren did most of it sitting on his ass and reading.”
2007 Berkshire Hathaway Shareholder Letter
“Having laid out the failures of an "honor system" in American accounting, I need to point out that this is exactly the system existing at Berkshire for a truly huge balance-sheet item.”
2007 Berkshire Hathaway Shareholder Letter
“At yearend 2007, we show an insurance liability of $56 billion that represents our guess as to what we will eventually pay for all loss events that occurred before yearend”
Housing market: "We see a slowdown every place"
“in which we announced last night, which was very important, the acquisition of a large, extremely well-managed, profitable, really extraordinary company called ISCAR”
Morning Session - 2006 Meeting
“we released our earnings yesterday after the close... we don't pay any attention to realize gains or losses. We had some gains this year.”
Morning Session - 2006 Meeting
“five years from now, nobody will remember whether the first quarter or the second quarter was that good at Berkshire Hathaway”
Morning Session - 2006 Meeting
“somebody came to us and asked, have you heard about Berkshire Hathaway and Mr. Buffett? We said, yes, we heard, but we never thought about it. And when we started starting about the company, we unders”
Afternoon Session - 2006 Meeting
“factored into Berkshire's decision to invest in the utility space”
Afternoon Session - 2006 Meeting
“We will have, at Berkshire, a fair amount of our earning power coming from other countries with other currencies, but we will always be primarily in the United States.”
Afternoon Session - 2006 Meeting
“about half of our surplus cash was stashed short term in currencies other than the dollar. I regard that as almost a non-event.”
Afternoon Session - 2006 Meeting
“I made a couple of billion dollars. Yes, I was, as I was about to say that as I was, as it's happened, so far, it's been a very profitable, uh, non-event.”
Morning Session - 2006 Meeting
“We designed compensation systems at Berkshire. We have dozens and dozens and dozens of companies.”
Afternoon Session - 2006 Meeting
“he knew about Berkshire Hathaway from having been a family shareholder with the Chase's way, way back. And that had caused him to follow the matter with interest”
Morning Session - 2006 Meeting
“the system is aided greatly by Berkshire's subsidiary MITEC. So, and stick-built housing is amazingly efficient”
Morning Session - 2006 Meeting
“With 40 billion cash, I'm wondering whether Berkshire Hathaway should have a similar closet rule for deployment of surplus shareholder cash.”
Morning Session - 2006 Meeting
“normal level of cash at Berkshire as being about $10 billion...we have $37 billion at the end of March”
Morning Session - 2006 Meeting
“we managed to put an awful lot of wonderful stuff into Berkshire in the last 10 years”
Morning Session - 2006 Meeting
“NetJets is a substantial part of our operations. Unfortunately, its value is obscured by losses in recent years”
Morning Session - 2006 Meeting
“how do I value the Berkshire-Hathaway reinsurance group in light of the deferred charges on retroactive policies”
Afternoon Session - 2006 Meeting
“Anybody wants to do that with Berkshire? You know, they, they, more power to them.”
Afternoon Session - 2006 Meeting
“1,260,704 shares of Class A, Berkshire Hathaway, common stock outstanding, with each share until to one vote”
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”
Morning Session - 2006 Meeting
“we've got a wonderful company, and so we're just going to buy the stock, come hell or high water”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Welcome to the Wesco annual meeting for the die-hard groupies of Berkshire Hathaway.”
Wesco Financial Annual Letter 2006
“risk pools managed by an insurance subsidiary of Berkshire Hathaway, our 80%-owning parent”
Wesco Financial Annual Letter 2006
“The Berkshire subsidiary provides a portion of the upper-level reinsurance protection”
Wesco Financial Annual Letter 2006
“insurance subsidiaries of Berkshire Hathaway became KBS's sole reinsurers”
2006 Berkshire Hathaway Shareholder Letter
“Berkshire has become "the buyer of choice" for business owners and managers. Initially, we were viewed that way only in the U.S.”
Wesco Financial Annual Letter 2006
“its entrée to the business community as a Berkshire Hathaway company, CORTline now seems to be moving in the right direction”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“that is nuts by the standards of Berkshire Hathaway and Wesco.”
2006 Berkshire Hathaway Shareholder Letter
“That left Berkshire. Paul and I met on the morning of November 15th and made a deal before lunch.”
2006 Berkshire Hathaway Shareholder Letter
“At Berkshire, and at a number of our subsidiaries, NetJets aircraft are an indispensable business tool.”
2006 Berkshire Hathaway Shareholder Letter
“Frankly, we are not as well-prepared on the investment side of our business. There's a history here: At one time, Charlie was my potential replacement for investing, and more recently Lou Simpson has ”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Look at Berkshire's Gen Re derivative book. It was valued at $400 million on the balance sheet [but when he reached for the money, it wasn't there].”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Look at Berkshire and our paper record, which is obviously much better [than the investment track records of the pension fund managers]: we use 6.5%.”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It's not as good as the kind of stocks Berkshire would own, but it's not crazy.”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It doesn't affect Berkshire because we don't offer Directors & Officers coverage, though we do cover product liability.”
Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It's not a problem we've had at Berkshire, but look at how far it's spread.”
2006 Berkshire Hathaway Shareholder Letter
“We will help you do that by filling the 194,300 square foot hall that adjoins the meeting area with the products of Berkshire subsidiaries.”
2006 Berkshire Hathaway Shareholder Letter
“Walter meanwhile went on overperforming, his job made easier by the misguided instructions that had been given to those young minds.”
Being a director is a "tough job"
“At Berkshire, all the directors are rich, and they own a lot of stock in Berkshire, and they're all very smart, and they don't get any liability insurance”
Afternoon Session - 2005 Meeting
“I think most of us here, having our savings in Berkshire Hathaway. Thank you.”
Afternoon Session - 2005 Meeting
“run the businesses that we buy as well as, or nearly as well as, the people that have been running them over time”
Afternoon Session - 2005 Meeting
“I think the Berkshire system will work very well after we're gone. It's a very simple system.”
Morning Session - 2005 Meeting
“Charlie and I are at a disadvantage in buying businesses because we have almost all of our net worth in the downside as well as the upside... that's a different equation that exists at Berkshire.”
Afternoon Session - 2005 Meeting
“that's the view from Berkshire's Democratic chairman. And the odd part of Berkshire on this issue is that the right-wing Republican”
Afternoon Session - 2005 Meeting
“our auditors at Berkshire, how many hours did they spend last year? I don't know what it would be, probably 60, 70,000 hours.”
Afternoon Session - 2005 Meeting
“aside from your holdings in Berkshire Hathaway, you got completely out of the market and stayed out”
Afternoon Session - 2005 Meeting
“But for Berkshire Hathaway sitting here in 2005, it just doesn't interest us at all.”
Morning Session - 2005 Meeting
“Well, yeah, there's one of the Berkshire directors lives adjacent to what I regard is a pretty modest little house”
Afternoon Session - 2005 Meeting
“At Berkshire, all the directors are rich, and they own a lot of stock in Berkshire, and they're all very smart”
Morning Session - 2005 Meeting
“we would have paid $75 million. Same thing at the Grammys. I mean, we take on risks that very few people want to write.”
Morning Session - 2005 Meeting
“maybe a merger of some sorts between Berkshire and Microsoft is in the works”
Afternoon Session - 2005 Meeting
“they did not have the capital strength of Berkshire, and that contract went before the Pennsylvania insurance department”
Afternoon Session - 2005 Meeting
“where you envision Berkshire Hathaway going. Yeah, I'll be glad to. But we are hoping to build a powerhouse”
“Berkshire is drowning in money-we have great businesses pounding out money.”
“Berkshire Hathaway and Wesco Financial Annual Meetings By Whitney Tilson”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“corporate governance, the investment world, how we're adapting at Berkshire Hathaway and Wesco”
“remarks he has made at past Berkshire Hathaway and Wesco Financial annual meetings”
“Behind the extraordinary story of Berkshire Hathaway are two financial geniuses: the widely acclaimed Warren Buffett and his "silent partner," Charlie Munger”
“Since 1964, when Warren, and some years later, Charlie, assumed management of Berkshire, its market value has increased an astonishing 13,500 times, from $10 million to roughly $135 billion”
2005 Berkshire Hathaway Shareholder Letter
“I won't be telling Pete how to manage his operation. Forest River has 60 plants, 5,400 employees and has consistently gained share in the RV business, while also expanding into other areas such as boa”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“At Berkshire Hathaway we do not like to compete against Chinese manufacturers. They learn fast and are good at getting things to you.”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“That's how we operate Berkshire – a seamless web of deserved trust. We get rid of the craziness, of people checking to make sure it's done right.”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Look at Berkshire Hathaway – the last five things Warren has done have generated returns that are splendid by historical standards, but now give him $100 billion in assets and measure outcomes across ”
2005 Berkshire Hathaway Shareholder Letter
“Rod Eldred of Berkshire Hathaway Homestate Companies”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“that's not how they think at Berkshire Hathaway. There're very rational. We don't use standard actuarial tables”
2005 Berkshire Hathaway Shareholder Letter
“one that reflects the subsequent conversion of our preferred. All future financial reports of Berkshire will include MidAmerican's figures.”
“Berkshire Hathaway ended up acquiring the company. Charlie built the Wheeler, Munger partnership from 1962 through 1975.”
“the story of Berkshire Hathaway's extraordinary success under Warren and Charlie's leadership has been told many times”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire Hathaway is always trying to create a seamless web of deserved trust.”
Wesco 2005 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Despite my words, I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.”
2005 Berkshire Hathaway Shareholder Letter
“As we consolidate MidAmerican, our new balance sheet may suggest that Berkshire has expanded its tolerance for borrowing.”
“long appreciative letter from a Berkshire Hathaway shareholder in Sweden”
“When my friend Buffett and I left our respective graduate schools, we found huge predictable patterns”
“Others may try to duplicate Berkshire Hathaway, but they won't be able to duplicate these two exceptional minds.”
“You cite the Warren Buffett rule for outcry auctions: 'Don't go.' Then you say, 'We don't go to the closed bid auctions either'”
“you can read the last thirty of them for free at www.berkshirehathaway.com”
“at the special meeting for the Gen Re acquisition in September 1998”
“Warren Buffett and Charlie Munger are undoubtedly the greatest investment duo ever, so any investor who fails to learn as much as possible about these two men”
“On stage at the Berkshire annual meeting, Warren generally takes the first stab at answering a question”
“he comments extensively on Berkshire Hathaway and many business- and investing related topics”
“Warren does most of the talking at the Berkshire meeting, I always like to attend the Wesco annual meeting”
“Warren once said to me, "I'm probably misjudging academia generally [in thinking so poorly of it] because the people that interact with me have bonkers theories."”
“Berkshire and Wesco are full of cash that we don't know what to do with. Berkshire has $70 billion if you count the bonds”
“a chessmaster comes to Omaha during berkshires Annual meeting we can add in an exhibition”
“we-by which I mean Berkshire Hathaway-are the largest shareholder in Capital Cities/ABC.”
“Berkshire Hathaway, by and large, does not invest in these people that are "surfing" on complicated technology.”
“one of the greatest economists of the world is a substantial shareholder in Berkshire Hathaway and has been from the very early days after Buffett was in control”
“His textbook always taught that the stock market was perfectly efficient and that nobody could beat it. But his own money went into Berkshire and made him wealthy.”
“If you look at Berkshire Hathaway and all of its accumulated billions, the top ten insights account for most of it.”
“If you invested Berkshire Hathaway-style, it would be hard to get paid as an investment manager as well as they're currently paid”
“the bulk of the billions in Berkshire Hathaway has come from the better businesses”
“I'd say that Berkshire Hathaway's system is adapting to the nature of the investment problem as it really is.”
“Berkshire would be a pale shadow of its present self. Warren would have gotten rich... But he wouldn't have the kind of enterprise Berkshire Hathaway is”
“Look at what General Electric has achieved-and, for that matter, what Berkshire Hathaway has achieved.”
“top ten business investments Berkshire Hathaway's ever made. We would be very rich”
“That's radically different from Berkshire Hathaway. Berkshire is a holding company. We've decentralized all the power except for natural headquarters-type capital allocation.”
“Berkshire annual report got a lot of praise for being pessimistic and for expressing concern about the shrinking pool of opportunities”
“Look at Berkshire Hathaway. I call it the ultimate didactic enterprise. Warren's never going to spend any money.”
“one of whom kept explaining Berkshire Hathaway's investing success by adding standard deviations of luck”
“The foundation can follow the example of Berkshire Hathaway, and thus get total annual croupier costs below one-tenth of one percent of principal per annum”
“imitation of the investment practices of Berkshire Hathaway in maintaining marketable equity portfolios with virtually zero turnover”
“One other aspect of Berkshire's equity investment practice deserves comparative mention. So far there has been almost no direct foreign investment at Berkshire”
“I tend to prefer over direct foreign investment Berkshire's practice of participating in foreign economies through the likes of Coca-Cola and Gillette.”
“And forty-something years later, there are not many more shares outstanding now than there were then, and the market capitalization is about a $100 billion, ten thousand for one.”
“One is Berkshire Hathaway, and the other is my personal educational history. Berkshire, of course, has finally gotten interesting. When Warren took over Berkshire, the market capitalization was about ”
“Buffett said that the genie's out of the bottle and the hangover may be proportional to the binge.”
“You don't want your Berkshire Hathaway's run that way either. You want to provide a lot of playing time for your best players.”
“You don't want your Berkshire Hathaway's run that way either. You want to provide a lot of playing time for your best players.”
“a wag named Buffett has repeatedly explained to me that "a major difference between rich and poor people"”
“As I have shared the observation of life with Warren Buffett over decades, I have heard him wisely say”
“At Berkshire, there is a common injunction: "Always tell us the bad news promptly. It is only the good news that can wait."”
“many Berkshire Hathaway shareholders I know never sell or give away a single share after immense gains”
Could Bill Gates do Buffett's job?
“we've got at least four people within the Berkshire organization that in many respects could do my job better than I do”
2004 Annual Meeting Highlight Reel
“I'm Warren Buffett, Chairman of the Board of Berkshire Hathaway, and I welcome you to this meeting.”
Morning Session - 2004 Meeting
“Dudley is a regular at Berkshire Hathaway. We don't count him in the 15.8”
Berkshire stock vs. index fund
“Well, we never recommend buying or selling Berkshire. But I would say that among the various propositions offered you a very low-cost index fund”
Morning Session - 2004 Meeting
“Mr. Forrest Crutter is Secretary of Berkshire. He will make a written record of the proceedings.”
Afternoon Session - 2004 Meeting
“Thank you, Warren and Charlie, for providing this forum and teaching over the years. It's much appreciated. In a recent New York Times magazine cover story titled Up and Smoke, David Sokol, who runs B”
Afternoon Session - 2004 Meeting
“We've got the best group of shareholders in the world. And I think that a meeting like this, to some extent, is evidence of it.”
Afternoon Session - 2004 Meeting
“We've got the lowest turnover of any large American corporation... people who understand their investment in Berkshire better than any other large American corporation.”
Afternoon Session - 2004 Meeting
“not splitting and some other things we do at Berkshire has attracted a group of shareholders that really come the closest to an investment-oriented group”
Afternoon Session - 2004 Meeting
“Berkshire trades, on average, $50 million or so of stock a day. So there's very few people that are going to have any problem with Berkshire, the liquidity in the stock.”
Afternoon Session - 2004 Meeting
“Excluding the Buffett's stake, I'm going to combine A and B shares. And there are approximately 1 million A shares outstanding”
Afternoon Session - 2004 Meeting
“I would be willing to pay you $0.25 an A share. That way you could save a little extra money”
Afternoon Session - 2004 Meeting
“Berkshire Hathaway minimizes losses, maximizes float, while compensating underwriters for not writing business.”
Afternoon Session - 2004 Meeting
“we're paying you 10 cents a share to manage a $90,000 investment. That's remarkable in today's corporate culture.”
Morning Session - 2004 Meeting
“If Berkshire Hathaway owns 200 million shares of Coca-Cola, $10 billion worth, to not be able, it's a little silly not to think that the interest that Berkshire Hathaway has”
Afternoon Session - 2004 Meeting
“There's a lot in Berkshire that is like that. It's just a little different from the way other people do it.”
Afternoon Session - 2004 Meeting
“most of the world does not, in the world. any way imitate Berks or Hathaway. This is a quirky few.”
Afternoon Session - 2004 Meeting
“would your answer be different in its applicability to Berkshire Hathaway as a company as opposed to us”
Afternoon Session - 2004 Meeting
“if Warren is looking at them, I don't know about it. Yeah, they, I mentioned earlier how you, an”
Afternoon Session - 2004 Meeting
“would the attitude of Berkshire Hathaway be different if supposed to invest it? Yeah, because the IPOs are”
Afternoon Session - 2004 Meeting
“could we as investors and Berkshire Hathaway not apply some of your disciplines to look at investing”
Afternoon Session - 2004 Meeting
“We kind of view ourselves as the Berkshire Hathaway of Infertility treatment... I'm happy to have our savings safe with you”
Morning Session - 2004 Meeting
“we're going to make a lot of mistakes at Berkshire. And we've made them in the past, we'll make them in the future.”
Morning Session - 2004 Meeting
“some of the people in this room loaded up on Berkshire many years ago. And the truth was they didn't need diversification, you know. I loaded up on it that Charlie did.”
Afternoon Session - 2004 Meeting
“Jean-Rie, which had been rated AAA, it still is because Berkshire is involved, but which had been rated AAA”
Afternoon Session - 2004 Meeting
“He claimed, incidentally, to be a huge shareholder of Berkshire Hathaway, and have made all this money. And I went to the shareholders list”
Morning Session - 2004 Meeting
“I feel especially tied to Berkshire Hathaway, as I am both a vendor to Nebraska Furniture Mart, Star Furniture, and R.C. Willey”
Morning Session - 2004 Meeting
“Gen Re had written a lot of workers' comp reinsurance. And it's been a bit of a bloodbath.”
Morning Session - 2004 Meeting
“would you recommend that they buy a low-cost S&P index fund or Berkshire Hathaway and why? Well, we never, we never recommend buying her. We never recommend buying or selling Berkshire”
Wesco Financial Annual Letter 2004
“Berkshire Hathaway, our 80%-owning parent, covering hull, liability, workers' compensation and satellite exposures relating to the aviation industry”
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”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has never believed in extreme diversification.”
2004 Berkshire Hathaway Shareholder Letter
“As managers, Charlie and I want to give our owners the financial information and commentary we would wish to receive if our roles were reversed.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has $70 billion if you count the bonds, and Wesco is drowning in cash.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“invested it in insurance and many years later, a business with a $10 million market cap become one with $100 billion”
2004 Berkshire Hathaway Shareholder Letter
“Since Berkshire purchased National Indemnity ("NICO") in 1967, property-casualty insurance has been our core business”
2004 Berkshire Hathaway Shareholder Letter
“This is not Donald Trump's sort of place.) NICO is not labor-intensive, and, as the table suggests, can live with excess overhead.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has more in intrinsic value per dollar of book value than Wesco, and the gap is widening.”
2004 Berkshire Hathaway Shareholder Letter
“at Berkshire, we are fully prepared. Our share of the loss would probably be 3% to 5%, and earnings from our investments and other businesses would comfortably exceed that cost.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“If we know enough to beat the market over time, we know enough not to tell everyone, who could act in ways that might hurt us.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I'd argue that's the board we have at Berkshire and to a lesser extent at Wesco. Warren said to me once, "I think we may have the best board in the country"”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I think boards would be better if they were run like Berkshire Hathaway's.”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“I would bet a lot of money that both Gen Re and Berkshire are way more conservative than average”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“The investment advisors who come to the Berkshire meeting are not a cross-section”
Wesco 2004 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“That being said, Berkshire has a hedge fund that's like a private fixed arb account.”
2004 Berkshire Hathaway Shareholder Letter
“Berkshire bought NetJets in 1998”
2004 Berkshire Hathaway Shareholder Letter
“Lou Simpson manages about $2½ billion of equities that are held by GEICO, and it is his transactions that Berkshire is usually reporting.”
2004 Berkshire Hathaway Shareholder Letter
“Berkshire purchases life insurance policies from individuals and corporations who would otherwise surrender them for cash.”
2004 Berkshire Hathaway Shareholder Letter
“Berkshire's extreme decentralization makes this system particularly valuable both to me and the committee. (In a sprawling "city" of 180,000 – Berkshire's current employee count”
“Any profits Berkshire might make from currency trading would pale against the losses the company and our shareholders, in other aspects of their lives, would incur from a plunging dollar.”
“But as head of Berkshire Hathaway, I am in charge of investing its money in ways that make sense.”
“this time backing it with Berkshire Hathaway's money. Through the spring of 2002, I had lived nearly 72 years without purchasing a foreign currency. Since then Berkshire has made significant investmen”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“Non-use of Efficient Market Theory at Berkshire”
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”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“Berkshire Hathaway just opened a furniture and appliance store in Kansas City”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“the largest selling furniture and appliance store in the world was another Berkshire Hathaway store”
UCSB Speech: Academic Economics — Strengths and Faults (2003)
“Buffett said that the genie's out of the bottle and the hangover may be proportionate to the binge.”
The cost of Berkshire's lost opportunities is "awesome"
“the amount of money that's been blown by dumb decisions at headquarters at Berkshire Hathaway is awesome”
Afternoon Session - 2003 Meeting
“you said you'd buy shares back at 45,000. You weren't saying that Berkshire Hathway's intrinsic value was 45,000, you were saying it was significantly more”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire and Wesco never have and never will [behave this way].”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire has raised the opportunity bar by looking at stocks, bonds, private companies, public companies, etc.”
Wesco Financial Annual Letter 2003
“Business and human quality in place at Wesco continues to be not nearly as good, all factors considered, as that in place at Berkshire Hathaway.”
Wesco Financial Annual Letter 2003
“each dollar of book value at Wesco continues plainly to provide much less intrinsic value than a similar dollar of book value at Berkshire Hathaway.”
Wesco Financial Annual Letter 2003
“the quality disparity in book value's intrinsic merits has, in recent years, continued to widen in favor of Berkshire Hathaway.”
Wesco Financial Annual Letter 2003
“the websites of Wesco's subsidiaries and parent, Berkshire Hathaway.”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“He likes these guys [Buffett and Munger], gets to know them better, doesn't ask a consultant if he should buy a burlap bag manufacturer”
Wesco 2003 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“How many investments have you made in which you had as much confidence as you had in us?”
Afternoon Session - 2002 Meeting
“I wanted to tell you personally what Berkshire Hathway has meant for me. By owning it, we have become philanthropists in Cleveland.”
Afternoon Session - 2002 Meeting
“more money was made by people that had options on General Re stock during a period when General Re contributed to a decrease in value of Berkshire”
Morning Session - 2002 Meeting
“Ralph is in the Berkshire Hathaway Hall of Fame. I mean, this is like being at Cooperstown”
Morning Session - 2002 Meeting
“There's nothing more important to Berkshire than to have that float at least be maintained”
Morning Session - 2002 Meeting
“it's not impossible that that asbestos litigation actually produces some opportunities for Berkshire in terms of buying companies out of bankruptcy”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“in the prospectus for the Berkshire B shares, we said we wouldn't advise anyone to buy our stock”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“there would be more opportunity to buy back Wesco and Berkshire shares”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“If Berkshire were owned by institutions, it would already be in the S&P 500”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“We don't like our stocks [Berkshire and Wesco] to get too high -- only deservedly high”
Wesco 2002 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It's a crazy idea for people who are already rich -- like Berkshire -- to be in this business.”
Morning Session - 2001 Meeting
“I'm Warren Buffett, Chairman of the Board of Directors of the company, I welcome you to this 2001 annual meeting of shareholders.”
Berkshire's long-term advantages
“Bercher. The investment game is getting more and more competitive. And I see no sign that that is going to change.”
Afternoon Session - 2001 Meeting
“if you look at Berkshire Hathaway as a portfolio of you've got wholly owned subsidiaries as operating businesses, marketable securities”
Morning Session - 2001 Meeting
“Berkshire Hathaway, fistful of dollars. And she says, what should we invest in now”
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
“the eight businesses that we bought over the last six. 16 or 18 months. Our first preference is and has been for many decades”
Morning Session - 2001 Meeting
“What should she invest in or what should Berkshire invest in? And what should Berkshire invest in? Well, Berkshire, Berkshire would like very much to buy businesses”
Morning Session - 2001 Meeting
“these two investment ideas, pharmaceuticals, and 93, and technology now, and what difference in the two situations makes the first a good opportunity for Berkshire”
Afternoon Session - 2001 Meeting
“there's really true synergy in General R. Colon being married to Berkshire Hathaway and you put your finger on really one point that has two aspects to it”
Morning Session - 2001 Meeting
“Berkshire seems to have an enormous long-term advantage in spite of its large size and high equity prices.”
Afternoon Session - 2001 Meeting
“that's still what we're trying to do at Berkshire. I mean, that is what it's all about. Our instructions to our managers”
Afternoon Session - 2001 Meeting
“Charlie was on the audit committee at Solomon, and we found positions, single positions, missed marked by close to $20 million”
Morning Session - 2001 Meeting
“I think he's going to do well in both. He's all in five. Good morning. My name is Thomas Kamai.”
Afternoon Session - 2001 Meeting
“the top 15 out of Berger-Hathaway. Most of you people wouldn't be here. So roughly one every two years.”
Afternoon Session - 2001 Meeting
“the stock ownership situation with me, it sets that it can...the stability of the organization in terms of the stock ownership situation, because that is insured”
Morning Session - 2001 Meeting
“town who's banned Mr. Buffett so generously sent to the Rose Bowl parade last year”
Morning Session - 2001 Meeting
“if we predicted 15% from Berkshire, you know, 15% means that, assuming the same multiples, I mean, that means”
Afternoon Session - 2001 Meeting
“it would be a mistake for us to do anything...to ever recommend buying or selling the stock...our stock track its intrinsic value”
Wesco 2001 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire Hathaway's increasing size is an anchor on the percentage rate of return it will be able to generate”
Wesco 2001 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“It's been a long slog to a perfectly respectable outcome -- not as good as Berkshire Hathaway”
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.”
"The original purchase of Berkshire was a terrible mistake"
“The original purchase of Berkshire was a terrible mistake, and my mistake... Berkshire was selling below working capital, had a history of repurchasing shares”
Will the internet hurt Berkshire's businesses?
“Our insurance business, particularly at GEICO, will be very affected by the Internet”
How will the internet impact newspapers?
“what I think is amazing about Berkshire is how well these very old-fashioned ideas still work”
"We have this quirk" when it comes to selling businesses
“Berkshire Hetherway is more and more buying companies on this, how you make sure that it's true love and how you pick people.”
Will Berkshire take advantage of the weak dollar?
“we like to think that we're the metropolitan museum of businesses and that we can get really outstanding creations to reside in our museum”
Will Berkshire take advantage of the weak dollar?
“what I think is amazing about Berkshire is how well these very old-fashioned ideas still work”
"We are enormously risk averse"
“Berkshire Hetherway is more and more buying companies on this, how you make sure that it's true love and how you pick people”
Will Berkshire take advantage of the weak dollar?
“now that Berkshire Hetherway is more and more buying companies on this, how you make sure that it's true love”
"We have this quirk" when it comes to selling businesses
“I hope we continue it that way they're sitting out there charlie no i was very lucky early very early in life”
"We have this quirk" when it comes to selling businesses
“what I think is amazing about Berkshire is how well these very old-fashioned ideas still work.”
How will the internet impact newspapers?
“now that Berkshire Hetherway is more and more buying companies on this, how you make sure that it's true love”
Afternoon Session - 2000 Meeting
“It's perfectly easy to run a company without them. We've got wonderful managers. You know, we've got things that might be called contracts.”
Morning Session - 2000 Meeting
“In 1999, Berkshire Hathaway managed to produce a positive gain in net worth of one-half of 1%. That means that since present management took over 35 years ago, Berkshire Hathaway has realized a positi”
Afternoon Session - 2000 Meeting
“my estate at that point would be 99 and three-quarters percent invested in Berkshire, and I feel totally comfortable”
Morning Session - 2000 Meeting
“We think all of our businesses, virtually all of our businesses have a pretty darn good moats and we think the managers are widening them.”
Afternoon Session - 2000 Meeting
“Berkshire has benefited enormously over the years from the low cost of its float. Do you think the Internet will make the insurance business more competitive”
Morning Session - 2000 Meeting
“we will acquire and utilize float at a cost that's very, very attractive”
Afternoon Session - 2000 Meeting
“that is bad for Berkshire Hathaway to the extent that it's a passive shareholder in big corporations.”
Morning Session - 2000 Meeting
“One of the best buys we ever made was in 1976 when we bought a significant percentage what became through repurchases 50% of GEICO”
Morning Session - 2000 Meeting
“made up all of my 1999 losses on Berkshire Hathaway. Are we asking too much as shareholders of Berkshire Hathaway”
Morning Session - 2000 Meeting
“how many insurance companies does Berkshire Hathaway own? I can't figure out the total.”
Afternoon Session - 2000 Meeting
“And he is a huge, huge asset to Berkshire, and he's working with a business model that's very, very powerful.”
Morning Session - 2000 Meeting
“my performance at Berkshire Hathaway or anything in the future. And so we try to make plans that are very rational.”
Morning Session - 2000 Meeting
“I've been a Berkshire shareholder since 1987 and always battling with the idea of what really is the intrinsic value for the company.”
Afternoon Session - 2000 Meeting
“I'm a shareholder for six years at Berkshire Hathaway. My questions are, what are Daico Sustainable Competitive Advantage?”
Afternoon Session - 2000 Meeting
“It's just not what Berkshire is necessarily about. Ideally, you know, I would love it if we could move all the money and securities into businesses that we like.”
Afternoon Session - 2000 Meeting
“At Berkshire, we've usually bought businesses that are insulated to some degree from easy entry by new competitors”
Afternoon Session - 2000 Meeting
“we have been actually in the reinsurance business at Berkshire Hathaway for 30 years...we've done extremely well”
Afternoon Session - 2000 Meeting
“I can't think of a case where there's been any problem with having Berkshire or General Rhee write a check very promptly”
Afternoon Session - 2000 Meeting
“There are no volume goals at Berkshire Hathaway at all, and that is not true at most insurance organizations”
Afternoon Session - 2000 Meeting
“We have huge amounts of capital behind us so we can take large pieces of attractive business and keep them all for our own accounts”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Both Berkshire Hathaway and Wesco write amazingly low amounts of insurance relative to our surplus.”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having.”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“In the past, when Berkshire has gotten cheap, we've found other even cheaper stocks to buy.”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“The future will be harder for Berkshire Hathaway for two reasons: 1) We're so big.”
Wesco Financial Annual Letter 2000
“under arrangements whereby other Berkshire subsidiaries take 50% and unrelated reinsurers take the other 50%”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Berkshire Hathaway now owns the leading furniture retailer in six states and, through CORT, has a substantial position”
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.”
Wesco 2000 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)
“Asked to elaborate on his comments at the Berkshire Hathaway meeting on Stern Stewart and their concept of Economic Value Added”
Wesco Financial Annual Letter 2000
“each dollar of book value at Wesco continues plainly to provide much less intrinsic value than a similar dollar of book value at Berkshire Hathaway”
Afternoon Session - 1999 Meeting
“We obviously think Berkshire 10 years from now will be worth more on a per-share basis with General Re-included than if we had not made the deal.”
Afternoon Session - 1999 Meeting
“Berkshire's businesses, on average, are less likely to be obsoleted by new technology than businesses generally.”
Afternoon Session - 1999 Meeting
“I have close to 100% of my net worth in Berkshire. I'm comfortable with it because I like the businesses we own.”
Morning Session - 1999 Meeting
“The reinsurance business does not have the same potential for growth as we have at GEICO”
Morning Session - 1999 Meeting
“at Berkshire, we've never used any real amount of borrowed money. Now, if we'd use somewhat more, you know, we'd be really rich.”
Morning Session - 1999 Meeting
“I read Alice Schroeder's analysis of Berkshire Hathaway with great interests this last year.”
Afternoon Session - 1999 Meeting
“what its likely impact would be on the economy, Berkshire, Hathaway, and personal investment decisions.”
Afternoon Session - 1999 Meeting
“Berkshire, incidentally was inefficiently priced for a long time. And it wasn't on the radar screen.”
Afternoon Session - 1999 Meeting
“looking at the historical data you've provided us for Jen Ray and Berkshire regarding the amount of float and its cost, it's grown at a great rate”
Afternoon Session - 1999 Meeting
“It's very much a goal of Berkshire to grow that float at as fast as it can while maintaining a very low cost”
Afternoon Session - 1999 Meeting
“you are certain to get paid from Berkshire and you're not necessarily certain to get paid from various other entities”
Afternoon Session - 1999 Meeting
“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
“I would rather buy A because you can always go one direction and you can't go the other direction... if I was getting 4% more in the economic equivalent on B.”
Afternoon Session - 1999 Meeting
“What counts is the intrinsic value of Berkshire. And if we increase the value of Berkshire at a reasonable rate”
Morning Session - 1999 Meeting
“if Berkshire-Hathaway was a partnership of 100 partners instead of a corporation, would you consider disbanding it”
Afternoon Session - 1999 Meeting
“Just as at Berkshire, we think the Omni Affair was a rare lapse. I don't think we've repeated it since”
Afternoon Session - 1999 Meeting
“the question of share repurchase for Berkshire Hathaway. We have heard today your comment about the price of Berkshire having been inefficiently priced”
Afternoon Session - 1999 Meeting
“I like the Berkshire meetings is I find fewer of those silly people”
Afternoon Session - 1999 Meeting
“I'm a rookie as an investor with Berkshire Hathaway, because I only started investing last November”
Afternoon Session - 1999 Meeting
“the record of Berkshire, to the extent it's been good, has been because we've, not because we've done brilliant things, but we've probably done fewer dumb things than most people”
Afternoon Session - 1999 Meeting
“a premium above the A of any significant amount because then conversion occurs, and we've had a lot of conversion occur.”
Afternoon Session - 1999 Meeting
“when the B is it more than a 2% discount, I would rather buy the B if it was me.”
Morning Session - 1999 Meeting
“Berkshire's check undoubtedly will clear. So it is a big, the reputation has never been better.”
Afternoon Session - 1999 Meeting
“as Berkshire shareholders, we're going to lose it ourselves, and we're going to come back and look you in the eye”
Afternoon Session - 1999 Meeting
“I bought a piece of the company. But I must admit that in studying Berkshire”
Afternoon Session - 1999 Meeting
“we simply can create an ownership, we think we can create the best ownership environment, frankly, that can exist other than maybe owning it 100% yourself for any business.”
Afternoon Session - 1999 Meeting
“Berkshire, which has basically crystal clear clarity, it's quite refreshing to read honesty, and it's quite refreshing to see accounting that's actually presented in a clear fashion”
Wesco 1999 Annual Meeting — Notes of Charlie Munger's Remarks (simpleinvestor)
“1999 Wesco Shareholder Meeting, Pasadena CA 1999 By simpleinvestor posted on www.fool.com | about stocks: BRK.A / BRK.B / WSC”
Warren Buffett | Nightline Interview | 1999
“My wife and I bought a few shares of Berkshire Hathaway about 12 years ago, and Warren owns a few million shares”
Wesco 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
“Berkshire Hathaway, what... I mean, for the longest time, I thought you made shirts... It's a company that owns a wide variety of businesses”
Warren Buffett | Nightline Interview | 1999
“if you run a public company, like Burtshire is, anybody can buy the stock. But by following certain policies and communicating in certain ways...”
Wesco 1999 Annual Meeting — Notes of Charlie Munger's Remarks (simpleinvestor)
“one of the best minds in the investment business. In fact this may be the most fun of any business/manufacturing tour I have ever taken”
Wesco Financial Annual Letter 1999
“Business and human quality in place at Wesco continues to be not nearly as good, all factors considered, as that in place at Berkshire Hathaway”
"We don't have any strategic plan"
“insurance operation is the most important business in Berkshire's portfolio...insurance, as far as the eye can see, will be by far the most significant business at Berkshire”
Afternoon Session - 1998 Meeting
“The question I'm going to ask does not pertain to Berkshire Hathaway.”
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
“the people at Berkshire Hathaway. He didn't take any salary at all. He thought it was beneath him as a significant shareholder”
Afternoon Session - 1998 Meeting
“Charlie and I, our directors are paid $900 a year, but I tell them on an hourly basis they're making a fortune because we don't work”
Morning Session - 1998 Meeting
“Berkshire was a mistake, believe it or not. I mean, we went into Berkshire because it was cheap statistically just as a general investment back in the early 60s.”
Morning Session - 1998 Meeting
“This is personal. This has nothing to do with Berkshire, but that Jerry Colberg is spearheaded”
Morning Session - 1998 Meeting
“I don't think it's going to affect Berkshire in any material way, and I certainly have a feeling that the world will get past it very easily”
Morning Session - 1998 Meeting
“I'm a proud shareholder of Berkshire Hathaway.”
Morning Session - 1998 Meeting
“We are lucky, basically, to be in a business that's relatively unaffected by legislation... Berkshire... would take care of the entire budget.”
Morning Session - 1998 Meeting
“since I became a Berkshire Hathaway shareholder, I've been coming to these meetings.”
Morning Session - 1998 Meeting
“it makes no difference to us whether the price of Berkshire is going up or down. We're trying to figure out ways to make the company worth more money”
Morning Session - 1998 Meeting
“I can't think of anything I'm worried about at Berkshire. That doesn't mean that I have any good ideas as to what we should be doing with a whole lot of money that we have around.”
Afternoon Session - 1998 Meeting
“would you buy Prashire Heshoe Stock today considering the fact that they have a nice run of already this year?”
Afternoon Session - 1998 Meeting
“If you decide to buy Berkshire, I don't think it really makes much difference whether you buy A or B.”
Afternoon Session - 1998 Meeting
“compared to the record of most businesses that are publicly owned, I would say that over with a 33 or so year span, our market price has tracked intrinsic value”
Afternoon Session - 1998 Meeting
“You regularly compare Berkshire Hathaway's performance to the S&P 500, which is very helpful and very interesting.”
Morning Session - 1998 Meeting
“I can't think of a lot of brokerage reports that have recommended Berkshire. I'm not looking for any reports at all.”
Morning Session - 1998 Meeting
“We prefer people who figure out for themselves why they themselves want to buy Berkshire, because they're much more likely to stick around”
Morning Session - 1998 Meeting
“It's not a great stock to get rich on if you're a broker. Yeah, I think the reason...it's so little recommended”
Morning Session - 1998 Meeting
“We've got some good institutions as holders, and it's really one that's run by a very good friend of ours”
Morning Session - 1998 Meeting
“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
“the cash flows of Berkshire Hathaway are enormous, but that possibly in the last 12 months you've been investing less”
Afternoon Session - 1998 Meeting
“they haven't been very important in relation to the network of Berkshire”
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've probably been not optimistic enough in respect to Berkshire compared to other things we were doing with money.”
Afternoon Session - 1998 Meeting
“talked about the caliber of the shareholders of Berkshire Hathway. How do you define the caliber and what difference does it really make?”
Morning Session - 1998 Meeting
“We've got all our money in the company... we have never felt that we wanted to leverage up this company”
Afternoon Session - 1998 Meeting
“how you would feel about those, were you to believe that a materially higher value would be ascribed to one of your operating companies in the public arena than as part of Berkshire Hathaway?”
Morning Session - 1998 Meeting
“it would not, if we were running Berkshire absent a capital gauge tax,”
Morning Session - 1998 Meeting
“But that's not the case at Berkshire. We've got very good businesses, and both directly and partially owned, and those businesses are going to do well for a long, long time.”
Afternoon Session - 1998 Meeting
“I don't think it has any investment consequences for Berkshire Hathway that we should be considering now.”
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”
Investment Practices of Leading Charitable Foundations (1998)
“Charles T. Munger, Vice Chair, Berkshire Hathaway, at Miramar Sheraton Hotel”
Wesco Financial Annual Letter 1998
“wholly owned subsidiaries of Berkshire Hathaway. Moreover, each retrocession will be made at a 3%-of-premiums ceding commission.”
Investment Practices of Leading Charitable Foundations (1998)
“The foundation can follow the example of Berkshire Hathaway, and thus get total annual croupier costs below 1/10 of 1% of principal per annum”
Investment Practices of Leading Charitable Foundations (1998)
“imitation of the investment practices of Berkshire Hathaway in maintaining marketable equity portfolios with virtually zero turnover”
Investment Practices of Leading Charitable Foundations (1998)
“if some of you make your investment style more like Berkshire Hathaway's, in a long-term retrospect”
Investment Practices of Leading Charitable Foundations (1998)
“Berkshire Hathaway's vice chairman shreds the conventional wisdom on foundation investing”
Wesco Financial Annual Letter 1998
“Business and human quality in place at Wesco continues to be not nearly as good...as that in place at Berkshire Hathaway”
Investment Practices of Leading Charitable Foundations (1998)
“The foundation can follow the example of Berkshire Hathaway, and thus get total annual croupier costs below 0.1 percent of principal per annum”
Investment Practices of Leading Charitable Foundations (1998)
“imitation of the investment practices of Berkshire Hathaway in maintaining marketable equity portfolios with virtually zero turnover”
1997 Annual Meeting Highlight Reel
“I'm Warren Buffett, the chairman of Berkshire Hathaway, as you probably have gathered by now.”
Buffett and Munger on the capital gains tax
“somebody else does nothing but own Berkshire Hathaway shares and sit on the country club porch and peel off a few every year”
"It's share of mind that counts"
“It is at Disneyland, a Disney, world and it's at ballparks and it's every place that you're likely to have a smile on your face, including the Berkshire-Hathaway meeting, I might add.”
Morning Session - 1997 Meeting
“I'm Warren Buffett, the chairman of Berkshire Hathaway, as you probably have gathered by now.”
“Berk's the extent, Burk's the importance of a few simple, big ideas. Hatcher Hathaway is a didactic enterprise teaching the right systems of thought.”
Afternoon Session - 1997 Meeting
“in looking at Berkshire, we try to tell you as much as possible as we can about our business”
Afternoon Session - 1997 Meeting
“in the history of Berks-Rathaway, we bought things at 20% of then liquidating value.”
Afternoon Session - 1997 Meeting
“That would put the Berkshire-Hathaway share much lower than what it is now. Would Berkshire-Hathaway consider buying back its own share”
Afternoon Session - 1997 Meeting
“If the market went in the tank, Berkshire stock would go in the tank, too.”
Afternoon Session - 1997 Meeting
“If Mr. Market goes in a depressed phase, the Berksha-Hathaway has got an investment portion of its book value about $28,000 per Class A share.”
Morning Session - 1997 Meeting
“Class B shareholders, as was pointed out in the prospectus originally the B shares do not participate in the program. The A shares that are held by the beneficial owner do participate.”
Afternoon Session - 1997 Meeting
“Berkshire stock may have been cheap then... unlikely that among the thousands of possible investments that Berkshire will be the most attractive”
Morning Session - 1997 Meeting
“throughout your life, you are repeatedly under-promised and over-delivered. For many recent years, for example, you have targeted Bershier Hetherway's long-term book value growth at 15%. Yet, you have”
Afternoon Session - 1997 Meeting
“I am a proud shareholder of Berkshire Hathaway. In light of the upcoming capital gains tax reduction, do you envision any increased selling pressure, such as buying opportunities for Berkshire stock?”
Afternoon Session - 1997 Meeting
“I'm a recent stockholder of Berkshire. I'm sorry to say that, but it does not diminish my admiration for past performance or my confidence in future performance.”
Afternoon Session - 1997 Meeting
“I don't think we've got the main Supercat risks at all at Berkshire.”
Afternoon Session - 1997 Meeting
“we're in certain businesses...overall Berkshire Hathaway scheme of things, that we can intelligently use the money”
Morning Session - 1997 Meeting
“Berkshire, we have no master plan. And Charlie and I did not sit down in 1960, early 65, and say, we're going to do this”
Morning Session - 1997 Meeting
“we've got our costs almost to zero, and many of you have gotten it to zero. Yeah, we, Charlie and I would be glad to take any money management organization in the world that manages, oh, just been han”
Morning Session - 1997 Meeting
“Considering Berkshire Hathway is well-run at low cost and is diversified, why should anyone do anything but put all their money into Berkshire Hathaway”
Morning Session - 1997 Meeting
“a year ago, well, it was about March 1st because that's when I wrote the annual report in 1996, the stock was 36,000, and I said it was not undervalued at that point.”
Morning Session - 1997 Meeting
“the intrinsic value of Berkshire changed quite dramatically, and the price didn't change. In other words, the stock, after years of overperforming the business”
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
“to the extent Berkshire Hathaway is a didactic enterprise, teaching the right systems of thought”
Afternoon Session - 1997 Meeting
“they're going to want to do it probably with Berkshire rather than Westco. At Westco, we had small acquisitions”
No layoffs because of "a drop in volume"
“We are willing at Berkshire, and we do it. We are willing to sit on the sidelines in... in the reinsurance business.”
“To date with Berkshire, in the 29 years we've been in the business, it appears never certain, because you don't know for sure what's going to happen, but it appears that our float has not cost us anyt”
Buffett on the future of World Book
“How would you respond to the question of a stockholder that's really concerned about Berkshire being a one-man show? Berkshire is not a one-man show.”
1996 Annual Meeting Highlight Reel
“How would you respond to the question of a stockholder that's really concerned about Berkshire being a one-man show? Berkshire is not a one-man show.”
Afternoon Session - 1996 Meeting
“on a personal portfolio basis, you know, I own one stock, you know, but it's a business I know.”
Afternoon Session - 1996 Meeting
“And within Berkshire, I could pick out three of them. our businesses and I would be very happy if they were the only businesses we owned”
Afternoon Session - 1996 Meeting
“I mean, GEICO is going to add people over time, and I think Berkshire Hathaway is going to add people over time.”
Morning Session - 1996 Meeting
“the stock will, we expect, will be listed on the New York Stock Exchange, probably Thursday morning. And we have the world's greatest specialist here, I believe, Jimmy McGuire, at who who handles the ”
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.”
Afternoon Session - 1996 Meeting
“We are willing at Berkshire, and we do it. We are willing to... to sit on the sidelines in the reinsurance business.”
Afternoon Session - 1996 Meeting
“I have been the shareholder of your company since it was traded on the NASDAQ.”
Afternoon Session - 1996 Meeting
“The reinsurance business of Berkshire Hathaway is totally international.”
Afternoon Session - 1996 Meeting
“Berkshire Hathaway is having a very big slice of insurance investments”
Morning Session - 1996 Meeting
“We would not sell a part of your interest in Berkshire at a price which we did not feel was adequate for the present shareholders.”
Afternoon Session - 1996 Meeting
“It is not worth $7 billion to us to forego being an insurance business for forever at Berkshire Hathaway, even though it would all be, you know, it would be, if it were non-taxed profits”
Morning Session - 1996 Meeting
“what the symbol will be for the class B...BRB and just keep it a simple, three-letter symbol”
Afternoon Session - 1996 Meeting
“Imagine Berkshire Hathaway advertising brain surgery,”
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
“As an A shareholder, I can only see really two reasons to convert A shares into B shares”
Afternoon Session - 1996 Meeting
“in Berkshire's figures. You would, I don't think you'd have necessarily seen any down year”
Afternoon Session - 1996 Meeting
“If we had options for me and Charlie at Berkshire, which would not, it's not going to happen, but it would not be illogical.”
Morning Session - 1996 Meeting
“$40 billion total market valuation for Berkshire. It's dramatic relative to the carrying price”
Afternoon Session - 1996 Meeting
“well, we really invented a more extreme system, and that is the exact can buy Berkshire Hathaway stock in the market for cash.”
Morning Session - 1996 Meeting
“there's no way that the B stock can go up and not really force some conversion from the A”
Morning Session - 1996 Meeting
“if it were to get the $1,200 there is no way that the A could be selling appreciably below $36,000”
Afternoon Session - 1996 Meeting
“I didn't want to give up sleep or eating, or Berkshire, so the reading has been kind of light.”
Afternoon Session - 1996 Meeting
“what market share does Brookshire have in Supercat insurance business?”
Afternoon Session - 1996 Meeting
“We have such a finger. fingers and toes style around Berger-Hathaway.”
Morning Session - 1996 Meeting
“To date with Berkshire in the 29 years we've been in the business, it appears never certain, because you don't know for sure what's going to happen, but it appears that our flow does not cost us anyth”
Afternoon Session - 1996 Meeting
“GEICO became part of Berkshire, because at that time, there were certain ratios that were necessary for”
Morning Session - 1996 Meeting
“it would take a significant amount of time that otherwise would be spent on Berkshire to reply to that sort of thing”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“Read the annual letters from Jack Welch and Warren Buffett relating to General Electric and Berkshire Hathaway, respectively.”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“For example, take the top 10 business investments Berkshire Hathaway's ever made. We would be very rich if we'd never done anything else”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“That is radically different from Berkshire Hathaway. Berkshire is a holding company”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“We didn't say (we thought it was overvalued). We just said that wouldn't buy it or recommend that our friends buy it at the prices then prevailing.”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“You and Buffett have said that Berkshire's stock is overvalued and you wouldn't recommend buying it.”
Stanford Law: Worldly Wisdom Revisited — Business: What Lawyers Should Know (1996)
“Berkshire's annual report got a lot of press for being pessimistic and for expressing concern about the shrinking pool of opportunities”
1996 Berkshire Hathaway Shareholder Letter
“Berkshire's layer of approximately $1 billion will be called upon if the Authority's aggregate losses in the period ending March 31, 2001 exceed about $5 billion.”
1996 Berkshire Hathaway Shareholder Letter
“It is also why I felt Berkshire should pay $2.3 billion last year for the 49% of the company that we didn't then own.”
1996 Berkshire Hathaway Shareholder Letter
“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
“The trusts would have meanwhile indiscriminately poured the proceeds of their offerings into a supply of Berkshire shares that is fixed and limited.”
Buffett prefers "obvious" business decisions
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
"Most moats aren't worth a damn"
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
1995 Annual Meeting Highlight Reel
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Should Berkshire start another Borsheims store?
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Why are Buffett's family members on the board?
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Morning Session - 1995 Meeting
“people, a lot of people have come a long way. So Charlie and I will stick around...we do want to answer everyone's questions. You people are, are part owners of the, of the, of the company”
"You ought to be doing what you like"
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Newspapers "still making exceptional money"
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Morning Session - 1995 Meeting
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
The secret to avoiding lawsuits
“I'm Warren Buffett, the chairman of Berkshire Hathaway, and on my left is Charlie Munger, the vice chairman”
Afternoon Session - 1995 Meeting
“Philip Corray made the statement that his favorite American stock is Berkshire Hathaway. And one of the major reasons he stated was that Berkshire has never paid a dividend”
Afternoon Session - 1995 Meeting
“Cash at Berkshire is a residual. I mean, we would like to have no cash at all times... when you see cash on our balance sheet of any size, that's an acknowledgement by Charlie and me”
Afternoon Session - 1995 Meeting
“in effect, we actually, if you go back 40 years, we bought, in effect, control of companies.”
Afternoon Session - 1995 Meeting
“I know part of that is that Berkshire Hathaway won't participate in unfriendly takeovers.”
Morning Session - 1995 Meeting
“for a triple a credit like berkshire uh you know it would be somewhere uh in the area of of seven percent or thereabouts”
Afternoon Session - 1995 Meeting
“in the case of Berkshire, Malcolm Chase, the chairman, was all in favor of us buying our stock in Berkshire”
Morning Session - 1995 Meeting
“in the history of berkshire uh we've borrowed money to to buy something or to buy a business and when we do that we are placing a bank”
Morning Session - 1995 Meeting
“we issued some some debt a few years back and there's a question of weighing whether the common shareholders are going to be better off”
Afternoon Session - 1995 Meeting
“the ability of Lloyds to attract capital with the problems they had has been diminished, although they're working on that problem. But we regard Lloyds as a competitor, just like we would regard any o”
Afternoon Session - 1995 Meeting
“Does your current philosophy of not buying back your own shares, suggest that maybe you think Berkshire is overpriced”
Morning Session - 1995 Meeting
“Hellsburgs become a very big factor in Berkshire over time”
Afternoon Session - 1995 Meeting
“Tone 5. I'm Ken Donovan, a Cincinnati investor. You've addressed the subject of your feelings about buying entire foreign corporations. I wonder if you'd say something about, are, is Berkshire looking”
Afternoon Session - 1995 Meeting
“I'd like to ask you, Mr. Buffett, if you would care to divulge what you believe is the intrinsic value of Berkshire.”
Afternoon Session - 1995 Meeting
“the price of Berkshire in relation to its intrinsic value I think probably offers as much value as as or more than the majority of stocks”
Afternoon Session - 1995 Meeting
“do you consider the price of Burkshire? the price of Berkshire at this level to be fair?”
Morning Session - 1995 Meeting
“Berkshire is really one of a kind in terms of its capital strength in the business...we probably have close to 13 billion of net worth and considerably more of value.”
Morning Session - 1995 Meeting
“they come to Berkshire and a lot more often than they stop in Bermuda because they know that we'll pay and they've been around long enough to know that in the end that's what really counts”
Morning Session - 1995 Meeting
“We added about $4 billion sum of value to Berkshire. That's good enough for me.”
Afternoon Session - 1995 Meeting
“the Berkshire Hathaway technique for minimizing lawsuits. When I was a very young boy”
Morning Session - 1995 Meeting
“Berkshire-Hathaway will, if we think something makes sense and Charlie and I understand it, we may find ways to use them”
Morning Session - 1995 Meeting
“Berkshire Hathaway was a large customer of Solomon Lung before we bought the preferred, and that we've had marvelous service”
Morning Session - 1995 Meeting
“if we've been issuing options over a period of time at Berkshire for things unrelated to the performance”
Morning Session - 1995 Meeting
“all of the people who worked for Berkshire Hathaway in stock, and therefore record no wage expense”
Morning Session - 1995 Meeting
“the value, both intrinsic and extrinsic, of Berkshire Hathaway, is the result of your combined skills in acquiring growth companies”
Morning Session - 1995 Meeting
“kudos to Berkshire Hathaway for picking up the Hellsburgs and thanks to the Hellsburgs for everything they've done to Kansas City”
Afternoon Session - 1995 Meeting
“I understand the position you've taken over the years, and the fact that it adds no value to make the split. In this case, however, it could be a tax savings”
Afternoon Session - 1995 Meeting
“to have the price per share on a stock that exists with Berkshire. And, you know, we're aware of it.”
Afternoon Session - 1995 Meeting
“they had their Berkshire in an IRA account, and now they were getting into the mandatory payout arrangement”
Afternoon Session - 1995 Meeting
“I would like very much to be able to bring my grandchildren as shareholders, but I find it difficult to get shares into their hands with the current per unit.”
Afternoon Session - 1995 Meeting
“you can keep a shareholder base like Berkshire, but you can't reconstruct it if you, if you, if you just destroy it”
1995 Berkshire Hathaway Shareholder Letter
“We expect to list the B shares on the New York Stock Exchange, where they will trade alongside the A stock.”
1995 Berkshire Hathaway Shareholder Letter
“Berkshire is selling at a price at which Charlie and I would not consider buying it.”
1995 Berkshire Hathaway Shareholder Letter
“a recapitalization of Berkshire, creating two classes of stock. If the plan is adopted, our existing common stock will be designated as Class A Common Stock”
"We don't think we can improve on this group"
“Is there any point at which your stock would rise to the point where you might split the stock? I think the idea of carving ownerships in an enterprise and a little tiny $20 pieces is almost insane.”
Afternoon Session - 1994 Meeting
“breaking up Berkshire into smaller entities, which would allow you to make those nice, small, wonderful trades”
Afternoon Session - 1994 Meeting
“we could distribute it out to the shareholders and let them make their own decisions, obviously. any time we thought”
Afternoon Session - 1994 Meeting
“the Berkshire is incredibly decentralized in the in terms of power and decisions resting in the operating divisions”
Afternoon Session - 1994 Meeting
“the stock was around 16,000 or something like that. And he had some rather significant stop-loss orders on the books at 15-5 or thereabouts”
Afternoon Session - 1994 Meeting
“we have some people that, in my view, are not really the kind of owners that we would like to attract”
Afternoon Session - 1994 Meeting
“using stop loss orders with Berkshire obviously tells me that we've got some people in that that are using it as a trading vehicle”
Afternoon Session - 1994 Meeting
“Do you expect that Burke-Chile would become one of the standard in poor 500 stocks or a Dow Jones stock. Well, I think it's unlikely that ever becomes a Dow Jones stock.”
Morning Session - 1994 Meeting
“Pretty much what happens at Berkshire. So with any of the manager, you might name here. We try to make it interesting and fun”
Morning Session - 1994 Meeting
“And they're having as much fun running their business as I have running Berkshire. Charlie?”
Morning Session - 1994 Meeting
“Charlie has never done that for us... really cause me to really reassess succession plans at Berkshire.”
Morning Session - 1994 Meeting
“article in the April 18th Barron's that attempted to calculate the value behind each Berkshire Hathaway share”
Afternoon Session - 1994 Meeting
“The chief financial officer of Berkshire Hathaway is handling the microphones.”
Afternoon Session - 1994 Meeting
“any other product that Berkshire Hathaway makes in any subsidiary”
Morning Session - 1994 Meeting
“how will that affect Berkshire's interest in the company? Well, U.S. Air has a cost structure...”
Morning Session - 1994 Meeting
“We would, it would sound like a big number to you. it would not be a huge percentage of the net worth”
Morning Session - 1994 Meeting
“how much of Berkshire's network would we put on that flip? Well, we would, it would sound like a big”
Morning Session - 1994 Meeting
“I've heard Berkshire Hathaway referred to as nothing more than a high-priced rich man's mutual fund. Would you care to comment on that also?”
Morning Session - 1994 Meeting
“The question about Berkshire being a, I think was it, rich man's mutual fund or something like, we don't look at it that way at all.”
Morning Session - 1994 Meeting
“Berkshire's business. Did I answer what you were driving at there?”
Morning Session - 1994 Meeting
“How does Berkshire Hathaway feel about times of relative financial insecurity? Do you arrange for more cash reserves looking forward to a time when you might be able to buy”
Morning Session - 1994 Meeting
“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”
Morning Session - 1994 Meeting
“Ufield, Berkshire, Hathaway, won't fall into? Well, the first question about our primary insurance”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“MODELS FROM BERKSHIRE HATHAWAY INVESTMENTS: COKE, GILLETTE, GEICO & THE WASHINGTON POST”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“we - by which I mean Berkshire Hathaway - are the largest shareholder in Capital Cities/ABC.”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“Berkshire Hathaway, by and large, does not invest in these people that are "surfing" on complicated technology”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“his own money went into Berkshire and made him wealthy”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“one of the greatest economists of the world is a substantial shareholder in Berkshire Hathaway and has been from the very early days”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“We operate that way - I'm talking about Buffett and Munger...Most of Berkshire's billions came from a handful of ideas.”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“Berkshire Hathaway and all of its accumulated billions, the top ten insights account for most of it.”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“If you invested Berkshire Hathaway-style, it would be hard to get paid as an investment manager as well as they're currently paid”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“Bulk of Berkshire's billions brought by better businesses...the bulk of the billions in Berkshire Hathaway have come from the better businesses.”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“I'd say that Berkshire Hathaway's system is adapting to the nature of the investment problem as it really is.”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“Munger: And the Berkshire system is not "bonkers". It's so damned elementary that even bright people are going to have limited, really valuable insights”
USC Lecture: A Lesson on Elementary, Worldly Wisdom (1994)
“Munger: We've really made the money out of high quality businesses... what happened, the big money's been made in the high quality businesses.”
1994 Berkshire Hathaway Shareholder Letter
“Ten years ago, in 1984, Berkshire's insurance companies held securities having a value of $1.7 billion...Now we hold securities worth $18 billion”
1994 Berkshire Hathaway Shareholder Letter
“during your ownership of Berkshire, you will fare just as Charlie and I do. If you suffer, we will suffer; if we prosper, so will you.”
1994 Berkshire Hathaway Shareholder Letter
“our personal fortunes will remain overwhelmingly concentrated in Berkshire shares: We will not ask you to invest with us and then put our own money elsewhere.”
1994 Berkshire Hathaway Shareholder Letter
“At Berkshire, our managers will continue to earn extraordinary returns from what appear to be ordinary businesses.”
1994 Berkshire Hathaway Shareholder Letter
“As the numbers in the following table show, Berkshire's insurance business has been an enormous winner.”
1993 Berkshire Hathaway Shareholder Letter
“as Berkshire's capital mushroomed and the universe of investments that could significantly affect our results shrank dramatically.”
1992 Berkshire Hathaway Shareholder Letter
“Imagine, for example, that Berkshire is selling for $12,000 and that one wishes to make only a $10,000 gift.”
1992 Berkshire Hathaway Shareholder Letter
“we believe that our shares turn over far less actively than do the shares of any other widely-held company.”
1992 Berkshire Hathaway Shareholder Letter
“our stock consistently trades in a price range that is sensibly related to intrinsic value.”
1992 Berkshire Hathaway Shareholder Letter
“Overall, we believe our owner-related policies - including the no-split policy - have helped us assemble a body of shareholders that is the best associated with any widely-held American corporation.”
Warren Buffett | Testimony | Salomon Brothers | Securities Trading Investigation | 1991
“I want to welcome Mr. Buffett and today's panel of witnesses and look forward to their testimony”
Warren Buffett | Testimony | Salomon Brothers | Securities Trading Investigation | 1991
“Mr. Buffett was nodding with some concern, $3.7 billion.”
Warren Buffett | Testimony | Salomon Brothers | Securities Trading Investigation | 1991
“until more of your colleagues, similarly situated Mr. Buffett, rise to this challenge, then the Gordon Geckos and the Sherman McCoys are going to be the masters of our universe”
1991 Berkshire Hathaway Shareholder Letter
“Berkshire itself was an innocent all too often when I was personally running the insurance operation.”
1991 Berkshire Hathaway Shareholder Letter
“Berkshire continues to be a very large writer - perhaps the largest in the world - of "super-cat" insurance”
Warren Buffett | Testimony | Salomon Brothers | Securities Trading Investigation | 1991
“does not have the access to information which Warren Buffett has”
1989 Berkshire Hathaway Shareholder Letter
“Berkshire's premium volume may drop to $150 million or so in 1990 (from a high of $1 billion in 1986)”
1989 Berkshire Hathaway Shareholder Letter
“Berkshire Hathaway offered to write up to $250 million of catastrophe coverage, advertising that proposition in trade publications.”
1989 Berkshire Hathaway Shareholder Letter
“Berkshire's policy, conversely, is to retain the business we write rather than lay it off. When rates carry an expectation of profit, we want to assume as much risk as is prudent.”
1989 Berkshire Hathaway Shareholder Letter
“Berkshire's investment will also help and that the other shareholders of each investee will profit over the years ahead from our preferred-stock purchase.”
1989 Berkshire Hathaway Shareholder Letter
“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
“For tax purposes, Berkshire is entitled to deduct the 5.5% interest accrual each year”
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
“My first mistake, of course, was in buying control of Berkshire. Though I knew its business - textile manufacturing - to be unpromising, I was enticed to buy because the price looked cheap.”
1988 Berkshire Hathaway Shareholder Letter
“the less able investors are to answer the three questions posed earlier. Indeed, the only reason we ever prepare consolidated figures at Berkshire is to meet outside requirements.”
1987 Berkshire Hathaway Shareholder Letter
“the returns that Berkshire earns from these seven units are not as high as their underlying returns”
1986 Berkshire Hathaway Shareholder Letter
“the allocation of capital, which at Berkshire is a considerably more important challenge than at most companies”
1986 Berkshire Hathaway Shareholder Letter
“before you mark your ballot at the 2024 annual meeting of Berkshire”
1986 Berkshire Hathaway Shareholder Letter
“about 98% of the stock at the end of each year is owned by people who were owners at the start of the year”
1985 Berkshire Hathaway Shareholder Letter
“At Berkshire we have never played the lay-it-off-at-a-profit game and, until recently, that put us at a severe disadvantage in certain lines. Now the tables are turned: we have the underwriting capabi”
1985 Berkshire Hathaway Shareholder Letter
“we are delighted to be associated with him. The history of the Scott Fetizer acquisition is interesting, marked by some zigs and zags before we became involved.”
1985 Berkshire Hathaway Shareholder Letter
“following recent advances in the price of Berkshire stock, transactions involving stock issuance may be quite feasible”
1984 Berkshire Hathaway Shareholder Letter
“Berkshire Share Berkshire Share 1984 1983 1984 1983 1984 1983 — financial statement showing Berkshire's earnings and subsidiaries”
1983 Berkshire Hathaway Shareholder Letter
“Stan worked with Henry for several years, and has worked for Berkshire Hathaway since 1969.”
1983 Berkshire Hathaway Shareholder Letter
“One of our goals is to have Berkshire Hathaway stock sell at a price rationally related to its intrinsic business value.”
1983 Berkshire Hathaway Shareholder Letter
“we think it is in both your interest and ours to minimize their occurrence in the market for Berkshire.”
1983 Berkshire Hathaway Shareholder Letter
“just as you purchased your Berkshire shares in a market populated by rational informed investors”
1983 Berkshire Hathaway Shareholder Letter
“Contrast the hyperactive stock with Berkshire. The bid-and-ask spread in our stock currently is about 30 points”
1983 Berkshire Hathaway Shareholder Letter
“The Blue Chip/Berkshire merger went off without a hitch. Less than one-tenth of 1% of the shares of each company voted against the merger”
1982 Berkshire Hathaway Shareholder Letter
“the Berkshire-Blue Chip combination is intended to be. Such a merger attempts to be fair to shareholders of both parties”
1980 Berkshire Hathaway Shareholder Letter
“Indexing is the insulation that all seek against inflation. But the great bulk (although there are important exceptions) of corporate capital is not even partially indexed... And Berkshire Hathaway is”
1980 Berkshire Hathaway Shareholder Letter
“Our own position in this respect is satisfactory. We believe our net worth... is the strongest relative to premium volume among all large property-casualty stockholder-owned groups.”
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”