TIP140: ATTENDING THE 2017 BERKSHIRE HATHAWAY SHAREHOLDER’S MEETING

(PART I)

28 May 2017

In this first part episode, Preston and Stig talk about their amazing experience from meeting up with the TIP community in Omaha for the Berkshire Hathaway annual shareholder meeting. In this episode, you’ll also hear Warren Buffett’s answer to the best questions asked by the shareholders for the 2017 meeting. After hearing each response by Buffett and Munger, Preston and Stig’s provide their analysis of the discussion.

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IN THIS EPISODE, YOU’LL LEARN:

  • Why Warren Buffett recently sold IBM stocks and bought Apple instead.
  • How much Warren Buffett thinks the Berkshire stock will compound its intrinsic value over the next 10 years.
  • Why Warren Buffett regrets not investing in Google.
  • Why Warren Buffett is a great stock picker, but an even better business owner.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

Preston Pysh  0:02  

Hey, how’s everyone doing out there? So today we’re really excited because we’re going to be doing a recap of the Berkshire Hathaway Shareholders’ meeting. This is actually going to be a two-part episode. So today, we’re going to play the first part and next week, you’ll hear the second part. 

What we’re going to do is we’re just going to go through what we thought were the most important questions and answers that occurred during the meeting. After we play the question and answer, we’re then going to provide our comments of what we thought about the way that they responded to the question. 

So, we really look forward to these two episodes every year because we have the opportunity to tap into the thoughts of Warren Buffett and Charlie Munger. It’s just really fun to do.

Stig Brodersen  0:44  

Preston and I were really looking forward to this first-part episode, and in this episode, we’ll be talking about individual stock picks. So we’re going to talk about IBM, Apple. We will also talk about why Warren Buffett and Charlie Munger really like Jeff Bezos, the CEO and Founder of Amazon, and why Warren Buffett considered it to be a huge mistake not investing in Google.

Intro  1:11  

You are listening to The Investor’s Podcast, where we study the financial markets and read the books that influenced self-made billionaires the most. We keep you informed and prepared for the unexpected.

Preston Pysh  1:32  

All right, so like we talked about at the intro of the show, we’re just going to dive right into the questions for the Berkshire Hathaway Shareholders’ Meeting. Here’s the first question.

Audience 1  1:40  

Hello, Mr. Buffett and Mr. Munger. My name is Grant Gibson. I’m from Denver, Colorado, and this is my fifth consecutive year here. So thank you for having us. With all due respect, Mr. Buffett, this question is for Mr. Munger. 

In your career, thousands of negotiations and business dealings, could you describe for the crowd which one sticks out in your mind as your favorite, or as otherwise noteworthy?

Charlie Munger  2:04  

Well, I don’t think I’ve got a favorite, but the one that probably does the most good is a learning experience with See’s Candy. It’s just the power of the brand, the unending flow of ever increasing money with no work. 

Audience 1  2:19  

Sounds nice. 

Charlie Munger  2:21  

It was and I’m not sure what about the Coca-Cola, we had about See’s. I think that a life properly lived is just learn, learn learn all the time. I think Berkshire has gained enormously amazing investment decisions by learning through a long, long period. 

Every time you appoint a new person that’s never had big capital allocation experience, it’s like rolling the dice. And we’re way better off having done it so long. But the decisions blend and the one feature that comes through is the continuous learning. If we had not kept learning, you wouldn’t even be here. You’d be alive probably, but not here.

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PICTURES FROM THE MEETING

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