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 your time. This is the Berkshire Hathaway Shareholders Meeting 2014.
Contents of the Q&A:
1. BUFFETT’S “SECOND CAREER” WITH SINGER PAUL ANKA
2. BERKSHIRE’S CARRIE SOVA INTRODUCED
3. BERKSHIRE DIRECTORS INTRODUCED
4. BERKSHIRE’S Q1 EARNINGS SUMMARY
5. BUFFETT PRAISES SHAREHOLDERS FOR REJECTING DIVIDEND PROPOSAL
6. Q&A BEGINS
7. BUFFETT DEFENDS ABSTAINING ON “EXCESSIVE” COCA-COLA COMPENSATION
8. BERKSHIRE LIKELY TO TEAM WITH 3G AGAIN DESPITE DIFFERENT STYLES
9. CORPORATE TAXES AREN’T HOLDING BACK BUSINESSES
10. BERKSHIRE UNDERPERFORMS WHEN STOCK MARKET IS STRONG
11. “EAGER” TO BUY BACK SHARES AT 120% OF BOOK VALUE
12. WHY SELLERS TRUST BERKSHIRE WITH THE COMPANIES THEY’VE BUILT
13. “SOCIAL DYNAMICS” WEAKEN OVERSIGHT BY CORPORATE BOARDS
14. EVERYONE ELSE IS WRONG ON COST OF CAPITAL
15. BUYING NEBRASKA FURNITURE MART FROM THE BLUMKINS
16. WHY BUFFETT RECOMMENDS AN INDEX FUND FOR HIS WIFE’S INHERITANCE
17. BNSF SERVICE PROBLEMS ARE HURTING EARNINGS
18. GENERATING ELECTRICITY WITH NATURAL GAS
19. TWO HEADS RUNNING BERKSHIRE ARE BETTER THAN ONE
20. SUBSIDIARY SHUFFLES AREN’T RELATED TO BERKSHIRE SUCCESSION PLANS
21. “GREAT” QUESTION, BUT NO ANSWER
22. SHAREHOLDERS AREN’T HELPED BY RULE REQUIRING CEO PAY DISCLOSURE
23. WHY BERKSHIRE MAINTAINS $20B CASH CUSHION
24. BUFFETT AND MUNGER DISAGREE, BUT NEVER ARGUE
25. BERKSHIRE’S CASH CUSHION IS PARTIALLY HELD BY SUBSIDIARIES
26. BUFFETT ADMITS HE’S “SLOW TO MAKE PERSONNEL CHANGES”
27. TRYING, AND FAILING, TO EXPAND SEE’S CANDIES’ GEOGRAPHIC MARKET
28. BUFFETT EXPLAINS DEAL TO CHANGE BANK OF AMERICA INVESTMENT
29. NETJETS IS “SATISFACTORY,” BUT DON’T EXPECT BIG GROWTH
30. UNLIKELY TO USE MAJOR STOCK HOLDINGS TO PAY FOR ACQUISITIONS
31. STILL RELUCTANT TO BORROW DESPITE CHEAP MONEY
32. CLIMATE CHANGE THREAT DOESN’T AFFECT INVESTMENT DECISIONS
33. PRAISE FOR PORTFOLIO MANAGERS TODD COMBS AND TED WESCHLER
34. PRAISE FOR FEDERAL RESERVE AND CHAIRMAN BEN BERNANKE
35. HOW BERKSHIRE BENEFITS FROM BEING A CONGLOMERATE
36. PRAISE FOR FOREST RIVER’S PETE LIEGL
37. MODEST IMPACT OF BAKKEN OIL SHALE ON BERKSHIRE
38. UPDATE ON BUFFETT’S HEDGE FUND BET
