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Berkshire Hathaway

Annual Meeting

Annual Meeting – 2022

Politics Partisanship

1. ‘I don’t want to say anything that’ll get attributed to Berkshire,’ says Warren Buffett
   •  Videos
     • Video #1
       Channel:- CNBC Television
       Link

Stock Picking

1. Charlie Munger says people shouldn’t put their retirement savings into bitcoin
   •  Videos
     • Video #1
       Channel:- CNBC Television
       Link

Bitcoin

1. If you offered me all the bitcoin in the world for $25, I wouldn’t take it, says Warren Buffett
   •  Videos
     • Video #1
       Channel:- CNBC Television
       Date Added:- 2022-April-30th
       Link
2. Bitcoin is stupid ’cause it’s very likely to go to zero,’ says Charlie Munger
   •  Videos
     • Video #1
       Channel:- CNBC Television
       Date Added:- 2022-April-30th
       Link

Inflation

1. Inflation swindles almost everybody, says Warren Buffett
   •  Videos
     • Video #1
       Channel:- CNBC Television
       Link

Market Timing

1. I totally missed the market timing in March 2020, says Warren Buffett
   •  Videos
     • Video #1
       Channel:- CNBC Television
       Link

 

Justice

1. Charlie Munger says Robinhood is ‘unraveling’ for its ‘disgusting’ behavior
   •  Videos
     • Video #1
       Channel:- CNBC Television
       Link

Transcript

Berkshire Hathaway

Annual Meeting

Annual Meeting – 2022

Politics Partisanship

‘I don’t want to say anything that’ll get attributed to Berkshire,’ says Warren Buffett

1. Drift Into Politics
   • You can get a lot of people sustainably mad
   • While getting a lot of people temporarily happy
2. Commentary
   • People can get mad at what we say
   • And, impact our company and consequently our bottom line
   • Forcing us to let people go
   • Do I really think that it is so important that I talk about every subject

Bitcoin

If you offered me all the bitcoin in the world for $25, I wouldn’t take it, says Warren Buffett

1. Value
   • Frictional Cost
   • Several things have a value that is not tangible
   • US Dollars
     • 2.3 Trillion
     • $700 for each person

Bitcoin is stupid ’cause it’s very likely to go to zero,’ says Charlie Munger

1. Charlie Munger
   • In my life, I try to avoid stupid, evil, and bad
   • Stupid
     • It very likely to go to zero
   • Evil
     • Undermines the Federal Reserve System
     • And, the National Currency System
     • Which we desperately need to maintain its integrity and government control, and so on
   • Bad
     • China
       • Makes us look stupid in comparison to the government control system in China
       • He was smart enough to ban it
2. Warren Buffet
   •  Tribal
     • People are acting more tribal than they have in a very long time
     • I am speaking from experience, cause I have been tribal
     • Nebraska Football
       • Nebraska Football is tribal
       • Let us say our guy steps outside the lane a bit and the referee calls him out
       • Thank Goodness for TV, they show six replays
       • Yet, I will still continue to believe he is in
     • Goodness
       • It is fun to participate in it
     • Dangerous
       • But, then it can very dangerous, as well
       • You call them and ask them 2+2 and they will say 5
       • Or they will say 3
     • Roosevelt
       • From my memory, as a country, the last time we were this tribal was when Roosevelt was running
       • Nobody cared about who he was running against
       • Irrespective of whether he was running against
         • Hubert Hoover
         • Ada Stevenson
       • In the 1930s the country was very tribal
       • I lived in a household where we did not get dessert until we said something tribal about Roosevelt
     • Dwight D. Eisenhower ( Ike )
       • 34th President

Inflation

Inflation swindles almost everybody, says Warren Buffett

1. Warren Buffett
   • Fortune Magazine
     • Article
       • When I finished the article, it was long
   • Carol Loomis ( Carol Junge Loomis )
     • Worked At
       • Fortune Magazine
     • Explained
       • I being a white male, I was very strong-willed
   • Meg Greenfield
     • Worked At
       • Washington Post
     • You don’t have to tell everything you know in this article
   • Meant to Say
     • What I was trying to say is that you are better off, if you can have a stable, unitive monetary view for the next hundred years
   • inflation Swindle
     • The next question asks about inflation that “swindles the equity investor.” Does Buffett believe that’s still the case?
     • “Bonds can swindle the equity investor too,” he replies. “It swindles almost everybody,” when you’re talking about inflation.
   • Multi-discipline
     • Munger says it first helps to know more than one discipline. You can make a lot of wrong decisions if you don’t have a strong command of other ideas, he says. Munger also jokes that you shouldn’t come in and say, as a multi-disciplinarian, that you know more. He’s done it a few times and angered some folks.
     • Now we’re getting a question from an investor from China who’s starting school in Chicago. She’s asking about how to practice the multidisciplinary framework in making investment decisions and in life. How do you make it more practical?
   • Government Policy Decisions
     • Buffett’s comments here are really interesting. I feel like it was pretty noticeable to lots of folks that Buffett had kind of taken a step back in expressing some personal opinions. But I think this really crystalizes it in a way I haven’t heard, honestly. He just doesn’t see any benefit and sees lots of risks in terms of unintended blowback for Berkshire.
       Buffett says that Berkshire is not a “weapon” to use to muscle money out of anyone else for candidates they like.
     • Becky Quick is now bringing up a question from David Kass (he’s an avid Buffett watcher and a finance professor). He’s asking about Biden’s tax plans.
     • Buffett says that he has no point of view that he’d want to be attributed to him. Munger says he pays whatever taxes they pass and he doesn’t want to engage in any lobbying about policies.
       Buffett says he sees headlines in papers all the time that “Buffett’s buying stuff.” But he notes that sometimes it’s actually his key deputies or other people at Berkshire. The confusion is “terrible,” Buffett says. The easiest thing to do is shut up, he says.
     • Munger jokes that, even more than Buffett, he has to be careful about what he says (he’s decidedly not that careful, ha).
     • Buffett says that if he really wants to speak out all the time and not worry about it affecting shareholders, he’d step down and give up his CEO role. But he doesn’t want to do that.
     •  He’s decidedly backed off because he doesn’t want something to get attributed to Berkshire and have someone else bear the consequences.