“Running a public company you do waste time on certain things … like explaining quarterly earnings to analysts”
“decided fairly early in life that my favorite employer was myself …”
“(Shift from push marketing to pull marketing) is huge … hugely powerful trend”
“In the end business in this country has done remarkably well for 200 years … society has adapted to businesses and businesses have adapted to society”
“returns on tangible equity have done well …”
“Pattern recognition is very important in evaluating humans and businesses”
“Company share buybacks don’t mention valuation … cite dilution management as excuse … Dilution is a bad thing … plus buying shares at high prices is another bad thing”
“Microeconomics is what we do and Macroeconomics is what we put up with”
“if you disagree with someone you should be able to state their case better than they can …”
“you just have to be averse to the standard stupidities … you don’t have to be smart … to have a good result”
“You do not need the IQ (in the investment business) that you need in certain activities in life … but you do have to have emotional control”
“we see very smart people do very stupid things”
“another reason why Berkshire has done as well as it has is that we are really trying to behave well”
Disclosure: At the time of this writing, the acteve model portfolio did not hold any positions in Berkshire Hathaway stock. I watched the entire ~7 hours of the Berkshire Hathaway shareholder meeting, which was webcast for the first time, and transcribed these quotes myself. A replay of the webcast may be accessed here. I would attribute most of the quotes posted here to Warren Buffet, and a couple of the quotes to Charlie Munger. The quotes are subject to transcription errors that I may have inadvertently introduced.
Additional Disclosures and Disclaimer
