In this episode of Excess Returns, we sit down with Adam Mead, founder of Mead Capital Management and author of the Complete Financial History of Berkshire Hathaway. We discuss the recent Berkshire Hathaway Annual Meeting, notably missing the presence of the late Charlie Munger. Adam shares insights on Munger's contributions to Berkshire, the company's energy business, and its positioning for the future under the leadership of Warren Buffett's successors. We also explore Berkshire's substantial cash position and the potential for the company to pay a dividend in the coming years. Join us for an in-depth discussion on all things Buffett, Munger, and Berkshire Hathaway with one of the foremost experts on the topic.
0:00 Introduction
0:38 Welcoming Adam Mead back to the podcast
2:05 Discussing the absence of Charlie Munger at the recent Berkshire Hathaway Annual Meeting
4:40 Adam's perspective on Charlie Munger's contributions and legacy at Berkshire Hathaway
7:50 The importance of Munger and Buffett's mutual respect and deference to each other
9:40 Discussing the impact of Munger's absence on Berkshire Hathaway going forward
12:20 Buffett's tribute to Munger in his annual letter and at the meeting
14:45 Memorable moments from the annual meeting related to Munger's absence
17:50 Berkshire's succession planning and the depth of management talent
21:00 Discussing Berkshire's sale of some Apple stock and the reasons behind it
25:30 Buffett's concentrated portfolio and comfort with large individual stock positions
27:45 The importance of looking at operating earnings vs. GAAP earnings for Berkshire
30:15 Berkshire's energy business and its potential for growth and challenges
36:10 The evolving electrical grid and Berkshire Hathaway Energy's role
39:20 Berkshire's succession plans and the future roles of key executives
43:35 Potential shifts in Berkshire's strategy under new leadership
46:40 Berkshire's growing cash position and the potential for future investments and acquisitions
51:20 The likelihood of Berkshire paying a dividend in the future
53:00 Adam's highlight from the Berkshire Hathaway Annual Meeting weekend
55:00 Where to find Adam Mead and his work online
56:15 Closing thoughts and outro
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