Buffett & Munger

Lessons from the Masters of Value Investing

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Warren Buffett and Charlie Munger

Meeting Notes from Berkshire Hathaway 2008 Annual Shareholder Meeting with Warren Buffett and Charlie Munger

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EO Nebraska hosted us for a fabulous weekend which culminated in the Berkshire Hathaway Annual meeting-widely known as "Woodstock for Capitalists."   The highlight of the meeting for me was Chairman Warren Buffett and Vice-Chairman Charlie Munger answering questions for over five hours with the Board of Directors (including Bill Gates) and Berkshire Hathaway managers and over 30,000 shareholders and fans watching.  I was impressed by their patience and grace in openly and intelligently answering questions from the crowd-it is far harder to come up with an intelligent and instructive answer to a dumb question than an intelligent one.  Mr. Buffett managed to make the answers to even the silliest questions instructive.

Following are a few notes that I took during the meeting.

Last Updated on Sunday, 02 November 2008 10:16

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" I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It's like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GNP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don't do that though. I don't use very many of those claim checks. There's nothing material I want very much. And I'm going to give virtually all of those claim checks to charity when my wife and I die. "

Warren Buffett