If it’s a good company to work for, people want to stay. Becky: (01:59:48) I never thought I’d ever see a figure like that. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help. Thank you. Texas has highlighted that anywhere from 80 to $130 billion in incurred losses over that period of time. Warren Buffett: (04:48:02) What are you looking for this year that’s different from prior years? Will you consider hiring a Quant Lieutenant in Berkshire to work alongside with Ted or Todd. Whitney, thanks for joining us. And only four Berkshire companies speak to workplace equity with any meaningful depth. The current price also seems to be giving PLNHF a … No. The number one risk factor is that this business gets the wrong management, and you get a guy or a woman in charge of it that they’re personable, the directors like them, they don’t know what they’re doing, but they know how to put on an appearance. Myles Udland: (01:01:47) Experts say it's a healthy correction, excellent opportunity to buy, Dr Reddy's confirms emergency use authorisation for anti-COVID drug 2-DG, says price not yet fixed, Lamborghini’s electrification plans mark the end of an era. Welcome to this Yahoo Finance exclusive live stream. I don’t like to speak on behalf of, when I’m sitting at a Berkshire Hathaway annual meeting, presumably speaking for Berkshire. And normally when they are tortured, they ended up going against the insurance industry, not in their favor. If somebody is asking you to insure something, that’s called getting skin in the game. And if you looked at, you don’t want to look at the quarters too much, but our profitability in the first quarter was good, but we gave back more money under our back arrangement, when the virus broke out, we gave two point eight billion on our give back program that was larger than any company as well. The best thing to do is recognize you don’t know and proceed in a way where you get a decent result, no matter what happens. It’s very interesting. We knew they were in the businesses, but we did not think those businesses would necessarily be in something close to a depression when other businesses that we bought end up sometimes doing better than we think. Warren Buffett: (03:09:25) Warren Buffett: (04:40:03) It wasn’t like 2008 and nine when people blamed the banks and hated to see them helped. We committed to that at BHE, and I’m happy to report, Warren, and, too, we’ve briefed our board, we achieved that in 2020. You have to build the foundation first, and that foundation is around building the high voltage transmission system. 1989 was not the dark ages. Go back. Kiewit’s not going to change things on us in a month. But let’s bring in our first guest for the hour. Warren Buffett: (01:36:47) So there’s another about 70, $75 billion of COVID-19 losses. I mean, this has made us halfway through the movie much more interested in watching even more. Charlie Munger: (04:40:03) Companies with negative earnings receive an "NE." I move that the reading of the minutes of the last meeting of shareholders be dispensed with and the minutes be approved. But his lesson, his advice, as has tended to be the case over the last, he’s gotten more vocal about it in the last 10 or 15 years, has been that you have an option as an investor to just buy all the stocks. By V. Palladino, 05.12.2021. No, no, they’re close to 100,000 now, up by 50 times. I don’t like making the moral judgments on stocks, in terms of actually running the businesses, but there’s something about every business that you know that you wouldn’t like. I think I should say, modestly, that I think the whole damn development is disgusting and contrary to the interests of civilization, and I’ll let leave the criticism to others. And we’re in the wealth creation business. I know it grew in the quarter and if we’ll get any color from the investors on what they’ll do with that. You know, it is interesting, just Warren Buffett’s management style, the very hands-off management style, for the various portfolio companies. Some of the retail businesses were very seriously hurt during the pandemic, and those that had a lot invested in the mall access, I think, particularly so. I have one incremental slide that I hope pulls it all together, and that’s BHE two, because as people discuss carbon, they often go to coal units. So I think the big lesson for us is to recalibrate and rethink about what the return time is for something like a pandemic risk and separately, we haven’t yet done a good enough job as an industry, I’m saying in terms of correlating the risk and aggregating the risk and making sure we can deal with the aggregate numbers. Yeah, I mean this is an annual meeting and we do have first quarter results out from Berkshire of course, a lot of operating businesses in here. Yeah. Obviously we got bigger, they get harder to buy, but we’ve got a number in the place. We forgot to show one of the financial sides, actually, if you go back to the balance sheet, but we did buy in, in the first… You’ll see the shares outstanding. It could be there for seven days. Yeah, they had hundreds working on it. Warren Buffett: (03:10:25) Maybe that’s why they called it Marmon. Charlie Munger: (04:40:03) Warren Buffett: (03:42:48) But I feel I understand the business pretty well. Warren, please tell us. Sometimes it’s a terrible problem to get rid of them. Having said that, I think the big lesson for us having gone through what we’ve gone through recently is that while we were aware of the fact that pandemic risk is a risk factor, if it’s totally, totally under-priced by all of us in the industry. And Ajit is the guy that created it. In general, I would be very concerned about writing an insurance policy where Elon Musk is on the other side. More than a year ago, about a year ago, Progressive had margins that were almost twice as much as GEICOs, and growth rates that were almost twice as much as GEICOs. I get the letters that are written to me, I don’t think I’ve had three letters in the last year or anything, from shareholders. Well, I don’t know. Now, if I had a little, I was hoping I could get a little quiz machine, so I could have everybody weigh in on this answer, and we can flash it up a little later, but both technically impossible for, but what I would like you to do is look at that list. Picking up on your point though, about what Warren Buffett said about the Robinhood trade. Warren, I think you touched on it, when we look at steel prices, timber prices, any petroleum input, fundamentally there’s pressure on those raw materials. We pick out a fair price and the fourth one gets bought out of his interest. And as Warren highlight, and Charlie highlights, there’s no one better at it, so I’ve had the opportunity to observe that. Speaker 6: (05:04:26) But it’s where the money is. They might’ve very well had a very, very, very different result if they’d had a very, very, very rich shareholder that owned eight or nine percent. Which is that because they don’t really feel these emotions they can step back and just be hyper rational. He would have played more offense.” And I said, “Yeah, maybe true. You don’t get insurance against something you don’t buy against it for. This is, before you start getting too sure of yourself. So that sort of an environment hasn’t really persisted. We learned something out of 2008 and nine, and then we applied it. We’ve got probably 10 to 15% of our total assets in cash beyond what I would like to have just as a way of protecting the owners and the people that are our partners from ever having us ever getting a pickle. He’s a smart man, though. They’re not thinking about whether they’ll get the next job that opens up at some huge place or anything like that. So Becky, over to you. This next question is for Greg, but also for Warren and Charlie. In an interview with Bloomberg Television he said, ‘I am much more worried that we will have more inflation or that we will have a pretty dramatic fiscal monetary collision. He wasn’t trying to support his religious views with his investigations and evolution. Julia La Roche: (43:43) Warren Buffett: (02:27:01) Our number, therefore, of 1.6 that we have as of now is going to be a lot, lot higher, but it’s not something that we cannot manage completely. And right before the fed acted, we hit a point where two calls came in, but it was two or three days of nothing could happen, when Jay Powell acted as he did. Bahiyah Shabazz, founder of Brown Girls Do Invest. If you can’t handle it psychologically then you really shouldn’t [inaudible 00:10:34]. Julia La Roche: (44:58) Ajit Jain: (02:25:46) But there were very, very, very few people that pick the winner and get they got the opportunity for that. I think it’s the methodology Buffett and Munger use themselves: just take cash and investments per share, but an 11 multiple on the the pre-tax earnings of the operating businesses. So they’ll listen to almost anybody that promises them. But there are consequences to everything in economics. Becky: (04:04:45) Julia La Roche: (39:28) Ajit Jain: (03:25:16) We are certainly lapping some COVID comparables and we’ve seen that in corporate results throughout the last couple of weeks. 346(26):2025-32. . You can’t just do one thing in economics. And it seems so far like Berkshire Hathaway is no exception. But they started with a base of people that it was a lifetime investment. Warren Buffett: (03:06:20) Marc Hamburg: (04:57:21) That [inaudible 05:29:25] today saying, essentially, how many of those are going to be at the top of the list 30 years from now? Warren Buffett: (03:41:50) We took that up, but we took the overall bank position down. Aside from those buybacks, how do you think they should be putting that cash to work? Andy Serwer: (01:03:41) The ones we want. Ron Olson: (52:24) Normally railroad deals are very long, take a long time for them to evaluate. If you take some of these new companies with 20 five-year-olds, they’re aging at four percent or so. But the airlines, just interesting with the airline businesses in particular, and then I’ll get to what was done at fiscal monetary policy. Becky: (04:40:03) Yeah. And everybody’s got more cash in their pocket, except for meanwhile, it’s a terrible situation for a percentage of the people. So what we’ve seen is the traffic coming back into stores and it’s been gradual, but we’re almost back to a hundred percent. Julia La Roche: (01:09:27) Andy Serwer: (52:11) I think they will continue to allow people to make money. Moomoo is a one-stop smart trading platform of stocks, options, ETFs and more. We’re fully back, I believe. Well, we won’t even get into that, what we could do, but we don’t do it. Warren Buffett: (05:04:17) Well, in a sense they’re worse. Why am I sitting here investing with Berkshire?” And Whitney, it made me … Okay, so this is your 23rd, this is my sixth meeting, but it made me think about the kinds of questions that they typically get every year, which are versions of why didn’t you do thing X? We’ve got one solution and other people may have other solutions. It’s got an enormous tailwind from the tremendous economic recovery that’s happening right now in the United States, and one of the things that’s adding rocket fuel to Berkshire right now is, just in the last three quarters, a real ramp-up of share repurchases. Warren Buffett Berkshire Hathaway Annual Meeting Transcript 2021, Congressional Testimony & Hearing Transcripts. The Federal Reserve, they’re not behind Berkshire. Instead, Mr. Musk argues that load balancing using battery storage is the appropriate course of action. If a group of us landed on a desert island, we knew that we’d never be rescued, and I was one of the group and I said, “Well, I’ll set up the exchange over and I’ll trade our corn futures and everything around it.” I think the degree to which a very rich society can reward people who know how to take advantage essentially of the gambling instincts of, not only American public, worldwide public, it’s not the most admirable part of the accomplishment. A place where my wife goes… The small business person, if you didn’t have takeout and delivery services for restaurants, you got killed. Andy Serwer: (05:40:53) Warren Buffett & Berkshire Hathaway held their 2021 annual shareholders meeting on May 1, 2021. And, and yet it’s staggering in terms of what has happened and people that wrote insurance that they may have found out sometimes that they were covering things they didn’t want, it didn’t even intend to cover. We’ve got a few that are pretty darn good, but we don’t have anything as big as the big guy, but that’s what everybody’s looking for. Jindal Steel and Power: Are most positives priced in? I’d appreciate hearing your thoughts surrounding this time and how Berkshire approached its decision-making specifically after it was assured through the CARES Act that the government would provide a robust backstop to the financial markets.”, Warren Buffett: (01:40:38) So they invented the rear view mirror. So, I finally found zero interest rates, and Paul Samuelson, brilliant man, after a couple of hundred years, we’ve had of kind of studying economics, basically. Of course, Buffet and Munger, talking about all manner of subjects concerning Berkshire, how the company performed, the economy, railroads, tech stocks, Bitcoin, the whole gamut. And he says, “Mr. We ask that the annual assessment follows the recommendations of the Task Force on Climate Related Financial Disclosures, TCFD. But they were very, very smart. Warren Buffett: (04:42:19) Well, of course, until both monetary and fiscal policy kicked in, well, we knew we had an incredible problem and I am, just as Charlie is the chief culture officer. William Green: (35:39) Berkshire has 170 billion or something like that, and they’re going to make a lot more money than we do. Thank you, Mr. Youmans. Moneycontrol offers you a choice of email alerts on your investments for FREE! Well, we can do it. If you’re working with other people’s money, where you get the upside and you have to give it back to him, if you don’t do something, and frankly, we’re not competitive with that. I would say that if they raise the tax rate, the federal government’s owning a larger percentage of business. That’s the foundation that then allows us to build incremental, renewable resources and move it to our many states that we serve at Berkshire Hathaway energy, and well beyond that.
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