Berkshire Hathaway Annual Meeting 2024

[redskin]

Does anyone know where to find the podcast with the Pilot CEO that Warren and Greg mentioned?

[gfp]

2 hours ago, redskin said:

Does anyone know where to find the podcast with the Pilot CEO that Warren and Greg mentioned?

 

Not sure but it might be this interview -

https://www.youtube.com/watch?v=vfkRU5lGAL4

 

He also did this podcast with a Church in Omaha -

https://www.youtube.com/watch?v=BUEh8XZA1o8&list=PLtiYV5RFxrnP9wPTnydOkOhn7CsYX9vj2&index=23

 

(this second one is really church-y so I think Warren was probably referencing the interview above and not this church podcast)

 

Edited May 5 by gfp

[Spekulatius]

Interesting- Warren’s talks about LAACZ on this annual meeting. He discussed it with Munger when they first met ( amongst many other quirky stocks):

Amazing too that he remembers the details of this conversation after more than 50 years or so.

Edited May 6 by Spekulatius

[UK]

https://steadycompounding.com/investing/brk-2024/

 

Re cash and market opportunities:

 

We will have Apple as our largest investment, but I don’t mind at all, under current conditions, building the cash position. I think when I look at the alternative of what’s available, the equity markets, and I look at the composition of what’s going on in the world, we find it quite attractive. 
...
But if we had 10 billion, I wouldn’t basically see many more opportunities than we found now. It’s true that something like Japan, we could have done, if the company had had a 30 or 40 billion, and we’d make. We’d have had great returns on equity. But if I saw one of those now, I’d do it for Berkshire. It isn’t like I’ve got a hunger strike or something like that going on.

[nwoodman]

24 minutes ago, UK said:

https://steadycompounding.com/investing/brk-2024/

 

Re cash and market opportunities:

 

We will have Apple as our largest investment, but I don’t mind at all, under current conditions, building the cash position. I think when I look at the alternative of what’s available, the equity markets, and I look at the composition of what’s going on in the world, we find it quite attractive. 
...
But if we had 10 billion, I wouldn’t basically see many more opportunities than we found now. It’s true that something like Japan, we could have done, if the company had had a 30 or 40 billion, and we’d make. We’d have had great returns on equity. But if I saw one of those now, I’d do it for Berkshire. It isn’t like I’ve got a hunger strike or something like that going on.

Thanks for the transcript link

[LounginMKL]

10 hours ago, UK said:

https://steadycompounding.com/investing/brk-2024/

 

Re cash and market opportunities:

 

We will have Apple as our largest investment, but I don’t mind at all, under current conditions, building the cash position. I think when I look at the alternative of what’s available, the equity markets, and I look at the composition of what’s going on in the world, we find it quite attractive. 
...
But if we had 10 billion, I wouldn’t basically see many more opportunities than we found now. It’s true that something like Japan, we could have done, if the company had had a 30 or 40 billion, and we’d make. We’d have had great returns on equity. But if I saw one of those now, I’d do it for Berkshire. It isn’t like I’ve got a hunger strike or something like that going on.

Are you guys worried that Buffett is leaving it up to Amber Heard to decide who should run the equity portfolio after his passing?

 

"That’s up to amber heard to decide at the time they’re running the money."

[gfp]

11 minutes ago, LounginMKL said:

Are you guys worried that Buffett is leaving it up to Amber Heard to decide who should run the equity portfolio after his passing?

 

"That’s up to amber heard to decide at the time they’re running the money."

 

If they put her on the board of directors, it will be up to her.

[Eldad]

Who was drunker: the Canadian kid or the Nevada communist lady? 

[Eldad]

Do you think it is a good thing that Greg apparently cracks the whip more on “coasting” managers, where as Charlie and Warren were more hands off? 
 

My fear with Greg has always been that he is more in the mold of your typical large company CEO and not a philosopher king. 
 

A manager that is considered to be “coasting” by Greg could actually be doing something revolutionary and creative that a top down manager obsessed with efficiency could not understand. Decentralization is better IMO and is the beauty of BRK.
 

 

[Hektor]

3 minutes ago, Eldad said:

Do you think it is a good thing that Greg apparently cracks the whip more on “coasting” managers, where as Charlie and Warren were more hands off? 

This could be a risk, post WEB.

[Eldad]

18 minutes ago, Hektor said:

This could be a risk, post WEB.

WEB has always been very hard for me to read and he often says contradictory things. 
 

He says Greg understands business so will be a good investor. That seems to fly in the face of everything WEB and Charlie have espoused for their whole time talking to their partners. 
 

He says Greg has boundless energy and so can accomplish so much more than me as manager. After saying for the past 60 years that sitting on their butts waiting for the phone to ring has been the secret to their success. 
 

Just odd. 

[Hektor]

1 hour ago, Eldad said:

After saying for the past 60 years that sitting on their butts waiting for the phone to ring has been the secret to their success.

The phone rang for WEB and CTM, but will it ring for the new guy(s)? I doubt it rang for BRK. He probably is saying that the new guy(s) must go hunting than await a elephant or a horse or a sheep. Also, they might have to work at cultivating the relationships so that the phone rings for them too. Some speculation.

Edited May 7 by Hektor
Spelling

[LC]

My guess is Warren and Charlie had their proxies doing the whip cracking - at least when they were younger.

 

They spend all day doing financial analysis- if they look at their wholly owned businesses and see their labor or materials or whatever costs are X% higher than a competitor, don’t you think they will somehow prod that? These guys are shrewd- they just do it in a way that doesn’t come back to them.

[Eldad]

Just now, LC said:

My guess is Warren and Charlie had their proxies doing the whip cracking - at least when they were younger.

 

They spend all day doing financial analysis- if they look at their wholly owned businesses and see their labor or materials or whatever costs are X% higher than a competitor, don’t you think they will somehow prod that? These guys are shrewd- they just do it in a way that doesn’t come back to them.

Possibly. I always thought their business counterculturalism of doing less was what set them apart. Now you love this guy because he flys all over the country and works 15 hours a day like every other ceo. I thought that way of managing had been the butt of their jokes for forever. 

[xboojum]

2 hours ago, Eldad said:

Possibly. I always thought their business counterculturalism of doing less was what set them apart. Now you love this guy because he flys all over the country and works 15 hours a day like every other ceo. I thought that way of managing had been the butt of their jokes for forever. 

Buffett had people for that -- Harry Bottle was the fixer at Dempster Mill, for instance.

[hasilp89]

On 5/5/2024 at 12:37 AM, DooDiligence said:

 

"Averaged out, my long life has been a favored one, made better by duty imposed by family tradition requiring righteousness and service. Therefore I follow an old practice that I wish was more common now: inserting an ethical bequest that gives priority not to property but to transmission of this duty. I ask that my children and their children carry on our family tradition and pass it, undiminished, to our common posterity."

 

On 5/4/2024 at 6:07 PM, gfp said:

If you are like me and were curious after hearing Devon Spurgeon's question, asked through Becky near the end of the meeting, that referenced the Codicils of Charlie's Will as filed with L.A. County - I decided to go download them and am posting them here.  These are public record, nothing creepy.  Charlie knew these would be public.

O89305673.pdf 1.35 MB · 127 downloads O89305672.pdf 576.13 kB · 91 downloads O89305671.pdf 524.2 kB · 84 downloads

 

I've be re-reading that first line and reflecting on it a lot. Thanks for sharing the original @gfp. WEB's response to the question is also instructive and pasted below. I'm know being corny, but i think folks who share their insights and wisdom on this site attempt to do just that. It's a lovely thing.

 

 

Q: If you were to make an ethical bequest to Berkshire shareholders, what duties would you impose and why?”

 

Warren: “I’d probably say read Charlie. I mean, he’s expressed it well, and I would say that if you’re not financially well off, if you’re being kind, you’re doing something that most of the rich people don’t do, even when they give away money. But that’s on the question of whether you’re rich or poor. And I would say, if you’re lucky in life, make sure a bunch of other people are lucky, too.

[John Hjorth]

On 5/5/2024 at 12:07 AM, gfp said:

If you are like me and were curious after hearing Devon Spurgeon's question, asked through Becky near the end of the meeting, that referenced the Codicils of Charlie's Will as filed with L.A. County - I decided to go download them and am posting them here.  These are public record, nothing creepy.  Charlie knew these would be public.

O89305673.pdf 1.35 MB · 128 downloads O89305672.pdf 576.13 kB · 92 downloads O89305671.pdf 524.2 kB · 84 downloads

 

Thank you for digging these documents up, @gfp,

 

I consider Charlie Mungers thoughts about "passing on [what you haven't created yourself[-ves]]" highly interesting, from a generational planning  / philosofical / practical purposes perspective.

 

No matter what, the last shirt is without pockets. I will spend some time tomorrow reading this stuff and think about it.

[bizaro86]

On 5/4/2024 at 2:38 PM, gary17 said:

i would guess CN or CP rail

He wouldn't bother wasting time with something that had zero chance of approval. No way they could own two Class 1 railroads.

[Hektor]

https://www.businessinsider.com/warren-buffett-paramount-billion-dollar-loss-2024-5

 

Why Warren Buffett's Paramount bet may have cost him $1.5 billion

Famed investor Warren Buffett's Berkshire Hathaway placed a $2.7 billion bet on Paramount in 2022.

It hasn't worked, at all — Buffett just said he has sold all his stock and lost "quite a bit of money."

 

it looks like Berkshire sold its Paramount stake for $1.2 billion after paying $2.7 billion for it — a $1.5 billion loss. Which does indeed seem like "quite a bit of money."

[Voodooking]

Is there any way that we can watch the videos played to the audience before the morning and / or afternoon sessions? I have always wondered if these were only licensed for one-time use during the events, or if there is any way we can see them without being at the meeting.

 

I live on the other side of the world, and at this point in my life it is not practical for me to travel to the meeting, but I always enjoy watching the whole sessions on CNBC / YouTube very much each year.

[Charlie]

Buffett: "The people who check the price daily have not made the money that the

people who have forgotten about it basically have over the years."

 

Save yourself time and do something you really enjoy. 

[gfp]

5 hours ago, Voodooking said:

Is there any way that we can watch the videos played to the audience before the morning and / or afternoon sessions? I have always wondered if these were only licensed for one-time use during the events, or if there is any way we can see them without being at the meeting.

 

I live on the other side of the world, and at this point in my life it is not practical for me to travel to the meeting, but I always enjoy watching the whole sessions on CNBC / YouTube very much each year.

 

Yes, this year for the first time.  At this link, the movie starts at the 30:54 minute mark.  It is a new version with much more Munger content but has many of the classic skits that they were able to run down permissions for

https://www.youtube.com/watch?v=X3wLdzddRtI&t=5715s

 

[yesman182]

On 4/23/2024 at 4:00 PM, gfp said:

https://nlpc.org/corporate-integrity-project/video-nlpc-returns-to-berkshire-hathaway-annual-meeting-one-year-after-chairmans-arrest/

 

Oh joy...  This guy is coming to rant about Bill Gates and Epstein again.

What happened with this guy this year? 

[gfp]

14 minutes ago, yesman182 said:

What happened with this guy this year? 

 

Maybe someone who attended the formal meeting in person knows, but Warren and CNBC made the wise decision to cut off his televised platform by not live-streaming the formal meeting and shareholder proposals.  

[DooDiligence]

Sad but the Clayton discussion kind of evens it out. I wonder if BHHS wouldn't be better off under the Clayton umbrella? Probably a stupid idea.