Monday, May 2, 2011

2011 Berkshire Hathaway Annual Meeting

Here are som notes taken by the Wall Street Journal at the 2011 Berkshire Hathaway (BRKa) Annual Meeting. Not exactly a surprise but, during the meeting, Charlie Munger advocated a much small financial sector and said it's a huge mistake not learning more from the crisis.

Here's a very small sample of the notes taken.

On Commodities
"I really think that an intelligent person can make more money over time" in "productive assets rather than speculating in commodities" or in fixed dollar assets, Buffett says.

Buffett's Dark Joke: Munger Praises Costco...Again
When asked for last requests before they are executed, Munger says; "I'd like to give one more speech on the virtues of Costco, with illustrations."

And what's your last request, Mr. Buffett? "I said, 'Shoot Me First.'"

On Business School
Munger's advice for those in business school: "At least until you're out of school you have to pretend to do it their way."

Some other points of interest in the notes:

- Buffett and Munger keep financial projections in their heads and ignore financials predictions from bankers (equating it to "asking the barber if you need a haircut.")

- Communication skills are important. What's taught in economics...not so much. Buffett said the University of Pennsylvania's Wharton school economics courses did not really push him forward in a big way.

Check out the rest of the notes from the meeting. 

Adam
 
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