Full Q&A session with the world’s richest man and most successful investor and his partner. Plus some of the non-boring Q&A pre-amble left in as it covered the vote on right to issue shares and Warren explaining it. Work syncing the audio was necessary! It still slightly slows over time, but with several re-syncs, it is close as we can get it.

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1:18:30 intrinsic value is not just P/E and a few numbers are the fundamentals of the company future of the company
1:48:40 the profibility of a business determines the profibility of the shareholders in the long run
Intrinsic value 2:00:25
What do you look for in an Annual report 2:12:12
How to find good Management 2:32:59
Calculating intrinsic value 3:07:32
It is that approach of buying businesses lets just say there was no stock market 3:18:20
Buffet on change and the economic moat (credibility) of a company 3:21:45
Predictable companies 3:28:50
Economic Moat and competition 3:31:25
3:34:08 share of mind share of market
Fraud businesses shorting 3:41:38
We don't care if there is a stock market 3:42:15
Domestic companies/ international companies 3:45:03
Where is the money of Berkshire 3:46:25
Stepping outside of your circle of competens 4:06:40
Investment books recommendation 4:10:45
Discounted cashflow 4:11:45
Margin of Safety 4:12:12
The 3 ideas 4:12:22
Investing /smart investing 4:29:45
We rather pretend the stock market doesnt exist. 4:37:48
Float Businesses 4:38:53
Always had an interest in float Businesses 4:40:44
High interest swindels the Investor 4:46:42
Coke really doesnt need equity 4:48:34
Retail business is really tough 4:53:10

Contents:
1. WELCOME
2. ELECTION OF DIRECTORS
3. WHY CLASS B SHARES WERE CREATED
4. CLASS B IPO PRICE IS THE SAME FOR EVERYONE
5. DOWNSIDE OF BERKSHIRE UNIT TRUSTS
6. NO PLANS FOR CLASS B SECONDARY OFFERING
7. WE DON’T THINK BERKSHIRE SHARES ARE “UNDERVALUED”
8. NO PLANS FOR THE CLASS B PROCEEDS
9. DISCOURAGING BUYERS WITH UNREASONABLE EXPECTATIONS
10. ALMOST LIKE BUYING DIRECT FROM BERKSHIRE
11. ALL-BERKSHIRE MUTUAL FUND FOR RETIREMENT PLANS?
12. SUGGESTION FOR CLASS B SYMBOL
13. NOT EXPECTING BIG CHANGE IN CLASS B OFFERING SIZE
14. ONLY CLASS B QUESTIONS
15. DO B SHARES PENALIZE CLASS A SHAREHOLDERS?
16. BERKSHIRE CAN’T MATCH PREVIOUS GAINS
17. NOT EXPECTING VOLUME SPIKE FOR B SHARES
18. BUFFETT’S VISIBILITY AND SAFETY CONCERNS
19. CLASS A “FOREVER” CONVERTIBLE TO CLASS B
20. HOW TO CONVERT CLASS A SHARES TO B
21. CLASS B PRICE MEANT TO DISCOURAGE UNREASONABLE EXPECTATIONS
22. B SHARES WILL INCREASE BOOK VALUE, BUT NOT INTRINSIC VALUE
23. “THE FACTS ARE OUT ON WHAT WE DO”
24. SHAREHOLDERS APPROVE CLASS B SHARES
25. BERKSHIRE IS MORE THAN ITS BREAKUP VALUE
26. BUYBACKS AT WHAT APPEAR TO BE HIGH STOCK PRICES
27. B SHARES WON’T DILUTE VALUE OF A SHARES
28. NO “SECRET FORMULAS” FOR WELLS FARGO
29. GEICO BENEFITS FROM BEING ENTIRELY OWNED BY BERKSHIRE
30. BERKSHIRE BUSINESSES WORTH MORE THAN BOOK VALUE
31. NOT EXPECTING B SHARES TO AFFECT PRICE OF A SHARES
32. WORLD BOOK ENCYCLOPEDIA BUSINESS WON’T BE SOLD
33. PROTECTING PUBLIC SHOWS “TREMENDOUS INTEGRITY”
34. “THE FAIRER, THE BETTER” FOR BERKSHIRE’S STOCK PRICE
35. INSURANCE FLOAT: “ABOVE ALL, GET IT CHEAP”
36. INTRINSIC VALUE ISN’T ABOVE CURRENT STOCK PRICE
37. COMPLICATIONS FROM “STREET NAME” SHAREHOLDERS
38. NO “LOOK-THROUGH EARNINGS” IN ANNUAL REPORT
39. DISCOUNT RATE FOR ESTIMATING INTRINSIC VALUE
40. SEE’S CANDIES NOT GOING FAT-FREE ANYTIME SOON
41. GEICO’S PRICE: “WE GULPED A FEW TIMES AND PAID IT.”
42. NEWSPAPER BUSINESS IS STILL GOOD, BUT NOT AS GOOD
43. “OUTSIDE INFORMATION” IN ANNUAL REPORTS
44. “BERKSHIRE IS NOT A ONE-MAN SHOW”
45. BUFFETT DOESN’T ANSWER INDIVIDUAL LETTERS

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