Charlie

"I just saw them on the CNBC broadcast but I thought they looked and spoke much better this year than last year." I had the impression that both looked better and spoke better than the last 2-3 years at the annual meetings. Munger spoke of himself in an interview that he give himself 5 more years.

The transcript of the Berkshire annual meeting is available at the Warren Buffett archive site at https://buffett.cnbc.com/video/2023/05/08/morning-session---2023-meeting.html https://buffett.cnbc.com/video/2023/05/08/afternoon-session---2023-meeting.html Cheers!

Some good warm-up videos: https://www.cnbc.com/brklive/ https://finance.yahoo.com/live/berkshire-hathaway @John Hjorth Just skip Twitter.

Bought some Berkshire b shares, mostly because Apple shares rising and insurance seems to be doing pretty good.

Anyone asking Buffett and Munger questions? It´s probably a good time to think hard what do you want to know from them. Perhaps one of the last times you can ask them! You can e-mail them to berkshirequestions@cnbc.com. I did also ask one and it´s interesting if your questions get picked. Cheers!

Full transcript of the interview: https://www.cnbc.com/2023/04/12/full-transcript-berkshire-hathaway-chairman-ceo-warren-buffett-speaks-with-cnbcs-becky-quick-on-squawk-box-today-.html Cheers!

gfp, thank you!

I´m afraid of leverage, low quality businesses in low quality countries and management with a track record of leaving their circle of competence. So I never invested in them. On the other hand they are very good value investors and good Buffett imitators.

"Investing in conglomerates provide you the opportunity to participate in "creative destruction", ref. Joseph Schlumpeter [and ref. the mentioning in the shareholder letter], while also providing you with option - when things goes wrong & south [perhaps dearly] with a certain investment in the conglomerate, which again provides the opportunity to claim here : "I'm not the dork here, the CEO [of the conglomerate] is." [unless one decide to fire that CEO by offloading the position, that is]." Of course, the businesses Berkshire owns is an evolutional process. The flowers bloom, the weeds get automatically cut down. That is the way with nearly everything.

I really miss the list of the biggest equity holdings. Buffett doesn´t like it to be imitated/copy catted. Does anyone have the full version of the Morningstar analysis? https://www.morningstar.com/stocks/xnys/brk.b/analysis

"So I think anyone reading my posts for the last 25 years knows that Berkshire and AJ Gallagher dominate my portfolio/outcome." dealraker, I have a quote in my working room from Buffett that says: "The most important thing is to be in the right business(es)." With Berkshire and AJ Gallagher you entered the right businesses. I entered only Berkshire, but that worked also.

"@dealraker i love the comments… please keep them coming. Great wisdom. As i get older i am starting to question if Buffett’s and Lynch’s wisdom - that an average person can learn to successfully invest on their own - is actually realistic/possible (for most people). I just see so few people who are actually able to figure it out over time. Worse, i know a fair number of people who have tried and failed… some miserably. None of my family members have been able to figure it out. Why not? I am wondering if the vast majority of people simply do not have the required emotional make-up to be successful self-directed investors. So few people get rich the way Warren Buffett did (financial markets) - perhaps its not as easy as it looks. ————— By ‘successfully invest’ i mean they are able to achieve results (over decades) that are better than the relevant market benchmark. " Successful investing goes against human nature. Digital inventions like iphones etc. make people more irrational, not less. So we value investors can all celebrate the irrationalities of our fellow human beings for decades to come.

It also could be that he bought more german equities: BASF, Munich Re, Allianz are pretty much up sharply. After I saw the charts I bought some more Berkshire.

Any good guesses what Buffett bought in Q4 2022? My guesses would be Occidental, Apple and some share repurchases.

Normally Berkshire tends to rise before and after earnings releases. Before and after the annual report it tends to rise most. Since annual report is coming soon I'm prepared with 100% in Berkshire. A flat stock price and good earnings is a good combination.

The costs of living in Madeira are about 40% cheaper than in Germany and it is a very beautiful warm island.

I was pretty enthusiastic finding this in my holidays in Madeira. Cheers!

+ 4%. I have everything in Berkshire and did no work. (in Euro it's more like + 8,5% and since I live in Europe I will take this number) https://www.barrons.com/articles/buy-berkshire-hathaway-stock-warren-buffett-51672341403?siteid=yhoof2

John Hjorth The most money manager are far, far worse. So don´t criticize these ones who write something valueable. Additional "doing nothing" is a very important concept as an investor. If he focus his thoughts with writing in his "doing nothing" time there is nothing wrong with it. In the end it´s his track record that counts.

Merry Christmas and a happy New Year to everyone!!! Stay healthy!!! According to Buffett it's 99% of success!!!

I bought some Berkshire b shares. When everybody thinks a recession is coming, there are usually good buying opportunities.

Now you can ask yourself why is Munger doing all this anti-Bitcoin interviews? Does he want hurt Bitcoin-investors? Of course not. He thinks that the US is a little bit to permissive with bubbles/wretched excesses. Because when these bubbles are going long enough, they have terrible consequences for a lot of people. And the longer the bubbles go, the uglier the after-math. So it is important to deflate a bubble as early as possible. Munger is doing the country a service, because nobody else is doing it, because people get hated for it and nobody earns money saying it. Who cares? Bitcoin is up some percentage...

"All the respect in the world for Charlie and Warren. But they've entirely missed the boat on basically all things tech related historically. I don't know why I'd expect this to be anything different for them." Nearly half of Berkshires equity portfolio is Apple.

It always surprises me that when Buffett and Munger say that cryptocurrencies are worthless, there are thousands of intelligent people arguing otherwise. Buffett and Munger have a very, very high success rate with these predictions. The counter argument is always that Buffett doesn't understand crypto. That's like saying Einstein doesn't understand the relativitaets theory. An asset is worth the discounted cash flows. Since crypto doesn't produce anything, they are worthless.... Crypto people always come up with elegant theories, but investing is simple. The elegant theories are probably made from the people who are selling or profiting from high crypto prices or are technology people, which like the technology aspects of crypto. Investing is simple, but not easy.

Great interview! Thank you! I liked the quote: "His (Buffett´s) great attribute is knowing when and how to adapt. Like the Keynes quote “the facts have changed, what did you do?” Most of us get more set in our ways. It’s part of being a learning machine to avoid that."