TIP446: BERKSHIRE HATHAWAY ANNUAL SHAREHOLDERS MEETING 2022

W/ STIG BRODERSEN AND TREY LOCKERBIE

07 May 2022

In today’s show, Stig Brodersen and Trey Lockerbie discuss the 2022 Berkshire Hathaway Annual Shareholders meeting. They play the most insightful responses from Warren Buffett and Charlie Munger and break down the implications to stock investors. 

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IN THIS EPISODE, YOU’LL LEARN:

  • The biggest takeaways from the meeting.
  • Why and what Berkshire Hathaway invested $51B in during Q1 2022.
  • Berkshire Hathaway and their plans for share buyback.
  • Warren Buffett’s view of inflation.
  • Warren Buffett’s experiences of changing his opinion.
  • Warren Buffett’s learning objectives on merger arbitrage bets.

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.

Stig Brodersen (00:00:03):
In today’s episode, Trey and I discuss the Berkshire Hathaway Annual Shareholders Meeting. We do this once a year, and it’s always one of my favorite episodes. In this episode we’ll play some of the best audio clips from the marathon Q&A session with Warren Buffett and Charlie Munger, and Trey and I will paint some color around it afterwards. If you’re like Trey and me and are part of the Berkshire tribe, you’ll absolutely love this episode. So without further delay, here we go.

Intro (00:00:31):
You are listening to The Investor’s Podcast, where we study the financial markets and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected.

Stig Brodersen (00:00:51):
Welcome to The Investor’s Podcast. I’m your host Stig Brodersen, and today I’m here with my co-host Trey Lockerbie. Unfortunately, I couldn’t be at the meeting this year but you were there Trey, together with our hosts, Clay Finck from Millennial Investing, Robert Leonard from Real Estate 101, and William from Richer, Wiser, Happier. How was it to be back?

Trey Lockerbie (00:01:10):
Well, I think it was really refreshing to be there, for lack of a better word. It was really exciting. The energy in the room was palpable. When Buffett and Munger first took the stage, the whole 30,000 to 40,000 people did a standing ovation, which I just thought was… I had never seen that before at the meeting and I think it just showcased how privileged people felt to be there and how appreciative they are to be there. And Warren’s 91, Munger is 98, they could have easily just not done this. They are more than entitled to do another virtual event, stay at home, be safe from COVID, and everything else, but they went all in on this. I mean, yes, you had to be vaccinated to be there but there was no masks required. No one was wearing… They were totally up there vulnerable in a way, taking on the realities of the world and facing them directly and prioritizing the opportunity to meet with their partners, as they put it, in person, and that really spoke volumes for everybody in the room. I think everyone was really appreciative of it.

Stig Brodersen (00:02:16):
How was the TIP event? Did you have a chance to hang out with the community?

Trey Lockerbie (00:02:20):
Yeah. So Clay from our Millennial Investing show did a really great job coordinating a bunch of different meetups. We did a early morning meetup before the actual meeting itself where we all got together at 5:00 AM. And then Clay and I hosted a little bit of a gathering at the Nebraska Furniture Mart for their barbecue. And then we did a bit of a bar crawl, although the bars were, I got to say, more populated than they’ve been in the past. There was one bar we tried to get into that had over a two-hour wait line just to get in. So, Omaha was going off, probably in ways and the rest of the entire year.

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BOOKS AND RESOURCES

  • Our interview with Chris Bloomstran about the Intrinsic value of Berkshire Hathaway, the cash level, and the acquisition of Alleghany.
  • Our interview with Lawrence Cunningham about Berkshire Hathaway.
  • Our previous episodes about the Berkshire Hathaway Annual Shareholder’s Meetings.
  • Watch CNBC resource on previous Berkshire Hathaway Annual Shareholder’s Meeting.
  • Our interview with Guy Spier episode about investing and life.
  • Preston, Trey & Stig’s tool for picking stock winners and managing our portfolios: TIP Finance Tool .
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