Miss nothing of the Q&A answers with this edit - we removed only the fluff in between! All Munger and Buffett say is preserved, only gaps and questions have been clipped to save you time. This is the Berkshire Hathaway Shareholders Meeting 2015.
Contents of the Q&A:
1. BUFFETT’S OPENING JOKE
2. JOHN LANDIS AND “TRADING PLACES”
3. THANK YOU, CARRIE SOVA
4. MORE PEOPLE THAN SEATS
5. BERKSHIRE DIRECTORS INTRODUCED
6. Q1 EARNINGS
7. ROTATING QUESTIONERS
8. CAROL LOOMIS INTRODUCTION
9. DEFENDING CLAYTON HOMES FROM PREDATORY LENDING ACCUSATIONS
10. DEFENDING 3G FROM ACCUSATIONS OF EXCESSIVE JOB CUTS
11. WILL VAN TUYL MOVE AWAY FROM NEGOTIATIONS IN AUTO SALES?
12. COMPANY CHARACTERISTICS FOR PREDICTABLE EARNINGS
13. MUNGER SUPPORTS IBM STAKE PURCHASE
14. WHY WE DON’T “TALK UP” OUR INVESTMENTS
15. “THREE EXTRAORDINARY PIECES OF LUCK” WITH INSURANCE
16. BERKSHIRE’S CULTURE “RUNS DEEP”
17. HEALTH CONCERNS ABOUT SUGAR WON’T STOP COCA-COLA’S GROWTH
18. WHY BUFFETT LIKES LOCAL AUTO DEALERSHIPS
19. BUILDING CULTURE AND VALUES AT BERKSHIRE
20. ANY COMPANY WITH AN ECONOMIST HAS “ONE EMPLOYEE TOO MANY”
21. EFFECT ON BNSF OF NEW CRUDE-BY-RAIL SAFETY RULES
22. “LUCKY” TO HAVE AVOIDED BUSINESS SCHOOL
23. RAILROAD ACCIDENTS, INSURANCE, AND BNSF
24. WHY MOVE ASSETS AROUND INSURANCE SUBSIDIARIES?
25. “DOLLAR WILL BE THE WORLD’S RESERVE CURRENCY 50 YEARS FROM NOW”
26. SUBSIDIARIES USING THE BERKSHIRE HATHAWAY NAME
27. MIDAMERICAN’S EMBRACE OF WIND POWER
28. BUFFETT’S MOST MEMORABLE FAILURE
29. SURPRISED THAT LOW RATES HAVEN’T SPARKED INFLATION
30. DEFERRED TAXES AREN’T A “HIDDEN FORM OF EQUITY”
31. LESSONS ON HIDDEN INCENTIVES FROM TELEDYNE’S HENRY SINGLETON
32. BERKSHIRE ISN’T “TOO BIG TO FAIL”
33. SELLING WORKERS’ COMP INSURANCE ONLINE
34. QUESTION YOU’VE NEVER BEEN ASKED
35. BUFFETT: WE RUN BERKSHIRE ALMOST AS TIGHTLY AS 3G WOULD
36. “GREAT BRANDS WILL SURVIVE AND THE GREAT RETAILERS WILL DO WELL”
37. VALUE INVESTING IN CHINA?
38. U.S. NEEDS TO PROTECT AGAINST CATASTROPHIC TERROR ATTACKS
39. UNLIKELY THAT ONE PERSON WILL RUN BOTH INVESTMENTS AND OPERATIONS
40. WESCHLER AND COMBS ARE GOOD INVESTORS AND GOOD PEOPLE
41. UPDATE ON BUFFETT’S HEDGE FUND WAGER
