Lessons on investing and insights into Berkshire Hathaway with all the answers to shareholder questions and all the preliminary presentation by Warren Buffett.
Content:
8:36 2021 Q1 Summary: OPER earnings + Unrealized Investment Earnings/losses on that day. 2020 Q1, economy shut down, market down -30%, self induced recession.
15:00 the US system works! The top 20 companies ranked by market value 30 years ago vs now. None of the top 20 companies 30 years ago made to the list; All Japanese companies fell off the ranking, while many Chinese companies made to the list. Conclusions: capitalism works but the world can change in a very very dramatic way.
20:00 Overall equities are the place to be. XYZ industry … 1900s: Henry Ford, the auto Industry debut, transformed the whole country, highways, insurance, all kinds inventions based on cars as rear view mirror (Marmon), seat belt, 2000+ car companies, now 3 left while 2 bankrupted.
26:00 During 2020 pandemic, why didn’t repurchase/buy aggressively but sold airline shares? Airlines went through bankruptcy, the entire airline businesses combined sold for $100 B compares to Apple $2 T, and they lost significant amount of earnings and the prospect earnings due to reduced travels. We got $600 B good businesses, only shedded 1% of it, still got exposure through American Express and Precisioncast.
35:35 Don’t depend on anybody
37:59 Balance Sheet
46:50 perfection, benefits, pros and cons
1:34:45 consequences in everything.
