Guest longinvestor Posted May 5, 2014 Share Posted May 5, 2014 Great meeting. Someone will be posting notes soon, as usual. WEB and CM were as sharp as ever. CM weighed in on all but a few questions. He even grabbed the microphone to answer the question on underperformance to the index. Called it insane and had to do with Warren setting himself a very high bar. I thought that the analyst questions were mostly weak. Some of the panelists' picked decent submitted questions. Some of the best came from the floor. Couldn't be happier holding BRK Link to comment Share on other sites More sharing options...
redskin Posted May 5, 2014 Share Posted May 5, 2014 Doug Kass seems to think the meeting is a waste of time.... http://media.bloomberg.com/bb/avfile/News/Surveillance/vBt7dJ2LBVaw.mp3 Link to comment Share on other sites More sharing options...
Palantir Posted May 5, 2014 Share Posted May 5, 2014 To be fair, Warren and Charlie never answer the interesting and important questions, so all you are left with is "What is the best question somebody has asked you?" ::) Link to comment Share on other sites More sharing options...
cubsfan Posted May 5, 2014 Share Posted May 5, 2014 Doug Kass seems to think the meeting is a waste of time.... http://media.bloomberg.com/bb/avfile/News/Surveillance/vBt7dJ2LBVaw.mp3 If you were at last year's meeting like I was, you could conclude that Doug Kass is a waste of time, and has an ax to grind since Munger pimped him when he asked to be funded with $100M. Link to comment Share on other sites More sharing options...
Guest longinvestor Posted May 5, 2014 Share Posted May 5, 2014 To be fair, Warren and Charlie never answer the interesting and important questions, so all you are left with is "What is the best question somebody has asked you?" ::) They answered all my questions all right. Too bad that others did not feel that way, folks are fine to go to someone else to get their questions answered. Besides, they have been asked the same questions over and over again. They try new and interesting ways to answer them. At 83 and 90, they have my full appreciation for doing what they do, educate, freely. It is an extremely benevolent way of giving back. Surely, many of the regulars to Omaha share this view. Link to comment Share on other sites More sharing options...
cubsfan Posted May 5, 2014 Share Posted May 5, 2014 To be fair, Warren and Charlie never answer the interesting and important questions, so all you are left with is "What is the best question somebody has asked you?" ::) They answered all my questions all right. Too bad that others did not feel that way, folks are fine to go to someone else to get their questions answered. Besides, they have been asked the same questions over and over again. They try new and interesting ways to answer them. At 83 and 90, they have my full appreciation for doing what they do, educate, freely. It is an extremely benevolent way of giving back. Surely, many of the regulars to Omaha share this view. Yep, I loved it and the other 3 guys that attended with me really enjoyed it. Why be disappointed because they skipped answering stupid questions. Link to comment Share on other sites More sharing options...
Palantir Posted May 5, 2014 Share Posted May 5, 2014 To be fair, Warren and Charlie never answer the interesting and important questions, so all you are left with is "What is the best question somebody has asked you?" ::) They answered all my questions all right. Too bad that others did not feel that way, folks are fine to go to someone else to get their questions answered. Besides, they have been asked the same questions over and over again. They try new and interesting ways to answer them. At 83 and 90, they have my full appreciation for doing what they do, educate, freely. It is an extremely benevolent way of giving back. Surely, many of the regulars to Omaha share this view. Good for you. However, I think it is disappointing that they continue to ignore pertinent questions about the firm, and then some fanboys are only too eager to cloak them with "benevolency", because you know, we are just lucky to be graced with their presence, so how could anybody have a question? Link to comment Share on other sites More sharing options...
reddog66 Posted May 6, 2014 Share Posted May 6, 2014 They answered all my questions all right. Too bad that others did not feel that way, folks are fine to go to someone else to get their questions answered. Besides, they have been asked the same questions over and over again. They try new and interesting ways to answer them. At 83 and 90, they have my full appreciation for doing what they do, educate, freely. It is an extremely benevolent way of giving back. Surely, many of the regulars to Omaha share this view. I could not agree more Link to comment Share on other sites More sharing options...
xo 1 Posted May 6, 2014 Share Posted May 6, 2014 To be fair, Warren and Charlie never answer the interesting and important questions, so all you are left with is "What is the best question somebody has asked you?" ::) As someone who did not able to attend this year, could you list some of the unanswered questions you have in mind. From the media live blog and summary reports, I haven't come across the unanswered questions. (It has appeared that the media and analyst questions might have been less compelling this year than last year, but the shareholder questions perhaps betters.) Link to comment Share on other sites More sharing options...
Palantir Posted May 6, 2014 Share Posted May 6, 2014 One question somebody asked, was, which company would you put your net worth into, apart from brk, which I thought was an interesting question. I think a number of detailed questions about his holdings would be interesting, eg IBM. Furthermore, there are a range of possible questions about succession planning, apart from simply who will replace him. What will be the structure of the corporate entity given that the new CEO will not have the same relationship with his managers as Web did? What will happen to the float if a major player like Jain were to leave? Link to comment Share on other sites More sharing options...
Kraven Posted May 6, 2014 Share Posted May 6, 2014 One question somebody asked, was, which company would you put your net worth into, apart from brk, which I thought was an interesting question. I think a number of detailed questions about his holdings would be interesting, eg IBM. Furthermore, there are a range of possible questions about succession planning, apart from simply who will replace him. What will be the structure of the corporate entity given that the new CEO will not have the same relationship with his managers as Web did? What will happen to the float if a major player like Jain were to leave? You are not allowed to ask these questions. In asking, you have proven yourself unworthy. In fact, I am fairly positive you are not allowed to even think them and that this activity is tracked and cataloged. How this is done or for what purposes I do not know. Link to comment Share on other sites More sharing options...
xo 1 Posted May 6, 2014 Share Posted May 6, 2014 One question somebody asked, was, which company would you put your net worth into, apart from brk, which I thought was an interesting question. I think a number of detailed questions about his holdings would be interesting, eg IBM. Furthermore, there are a range of possible questions about succession planning, apart from simply who will replace him. What will be the structure of the corporate entity given that the new CEO will not have the same relationship with his managers as Web did? What will happen to the float if a major player like Jain were to leave? Thanks. I agree those would have been interesting questions to have answered, had they been asked. Link to comment Share on other sites More sharing options...
merkhet Posted May 6, 2014 Share Posted May 6, 2014 At the beginning of every Q&A session, they always say they are not going to talk about existing investments or future investments. I don't know why people think they're going to get a stock tip out of these meetings. Link to comment Share on other sites More sharing options...
Palantir Posted May 6, 2014 Share Posted May 6, 2014 ^So Buffett has never talked about See's candies, or Geico, or Iscar at the Q&A? Furthermore, are the questions on succession issues I mentioned also current/future investments? Link to comment Share on other sites More sharing options...
merkhet Posted May 6, 2014 Share Posted May 6, 2014 ^So Buffett has never talked about See's candies, or Geico, or Iscar at the Q&A? Furthermore, are the questions on succession issues I mentioned also current/future investments? Clearly, I was talking about stocks. If you see See's, GEICO or Iscar traded somewhere, let me know so I can buy myself a piece of that... Link to comment Share on other sites More sharing options...
cubsfan Posted May 6, 2014 Share Posted May 6, 2014 For those of you that did not make it to Omaha - here's a little taste: Great stuff - how many CEO's do this kind of thing? Link to comment Share on other sites More sharing options...
fareastwarriors Posted May 7, 2014 Share Posted May 7, 2014 For those of you that did not make it to Omaha - here's a little taste: Great stuff - how many CEO's do this kind of thing? that was great. thanks! Link to comment Share on other sites More sharing options...
Guest longinvestor Posted May 7, 2014 Share Posted May 7, 2014 One question somebody asked, was, which company would you put your net worth into, apart from brk, which I thought was an interesting question. I think a number of detailed questions about his holdings would be interesting, eg IBM. Furthermore, there are a range of possible questions about succession planning, apart from simply who will replace him. What will be the structure of the corporate entity given that the new CEO will not have the same relationship with his managers as Web did? What will happen to the float if a major player like Jain were to leave? How do you know that the relationship will be different? Link to comment Share on other sites More sharing options...
Palantir Posted May 7, 2014 Share Posted May 7, 2014 I know their relationship will be different, because he will be a different person. It follows that the intepersonal relationship would change. Link to comment Share on other sites More sharing options...
Grenville Posted May 7, 2014 Share Posted May 7, 2014 For those of you that did not make it to Omaha - here's a little taste: Great stuff - how many CEO's do this kind of thing? that was great. thanks! +1 Awesome! Link to comment Share on other sites More sharing options...
CassiusKing1 Posted May 7, 2014 Share Posted May 7, 2014 For those of you that did not make it to Omaha - here's a little taste: Great stuff - how many CEO's do this kind of thing? Dexter shoes, lol! Link to comment Share on other sites More sharing options...
Guest longinvestor Posted May 7, 2014 Share Posted May 7, 2014 I know their relationship will be different, because he will be a different person. It follows that the intepersonal relationship would change. Got it. Great question for Munger especially to answer. Everything that's been working out the window because the new guy has different body parts, has a Harvard MBA and will fire the heads of the subs for missing two quarters in a row. We will be going to the Waldorf-Astoria, NYC for the meeting. Link to comment Share on other sites More sharing options...
redskin Posted May 7, 2014 Share Posted May 7, 2014 I thought the question regarding Mid American and it's returns on capital was a good one, but I wish Warren had elaborated a bit more. Even though Warren boasts about the huge amount of CapEx being reinvested at MidAmerican operating earnings have increased from $1,846mm in 2009 to $2,102mm for 2013 (A 3.3% annual increase). Warren seems very excited about the business because they are getting 10%+ returns on capital. Just wish he could explain why it's not showing up in operating profit. Link to comment Share on other sites More sharing options...
xo 1 Posted May 7, 2014 Share Posted May 7, 2014 I thought the question regarding Mid American and it's returns on capital was a good one, but I wish Warren had elaborated a bit more. Even though Warren boasts about the huge amount of CapEx being reinvested at MidAmerican operating earnings have increased from $1,846mm in 2009 to $2,102mm for 2013 (A 3.3% annual increase). Warren seems very excited about the business because they are getting 10%+ returns on capital. Just wish he could explain why it's not showing up in operating profit. Very well put, Redskin. It's a question I've been hoping to hear answered. Link to comment Share on other sites More sharing options...
kiwing100 Posted May 7, 2014 Share Posted May 7, 2014 First set of notes on BRK 2014 AGM https://www.dropbox.com/s/1tppq56xkbha4lj/Berkshire%20Hathaway%20annual%20meeting%20notes%205-3-2014.pdf Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now