Chapters below.
Warren Buffett and Charlie Munger take shareholder questions at the 1995 Berkshire Hathaway annual meeting, covering intrinsic value, capital allocation, and the circle of competence that keeps them out of businesses they can't understand. They explain why cash on the balance sheet is an admission of failure, why Graham and Fisher differ less than people assume, and what made Wells Fargo worth owning when every bank with that much real estate exposure looked doomed. Along the way they cover Salomon pay, Lloyd's of London, the national debt, the USAir mistake, and why Berkshire has never split the stock.
0:11 - Bank stocks
2:51 - Writing a book
3:20 - Dividends
6:21 - Salomon pay
13:37 - Cash as residual
15:02 - Newspapers
18:36 - Hostile takeovers
20:38 - Graham vs Fisher
25:58 - Munger's stock sales
27:12 - Suspect accounting
30:23 - Lloyd's of London
34:29 - Global investing and buybacks
39:00 - Media attention
41:53 - GEICO returns
43:03 - Guinness
45:00 - The shirt
45:33 - Meeting date
46:33 - Foreign securities
48:15 - Helzberg
51:48 - Intrinsic value
55:50 - Stock price and Microsoft
57:48 - Business school education
1:03:55 - Ten years on
1:05:30 - Manager bonuses
1:09:00 - Foreign exchange
1:10:18 - Small-cap opportunities
1:14:36 - Lawyers and lawsuits
1:18:12 - A second Borsheims
1:21:46 - Return on equity
1:24:51 - What Berkshire adds
1:28:10 - Growth, size and reading
1:33:51 - Wells Fargo vs PNC
1:36:35 - Negative equity and buybacks
1:40:29 - Credit cards and banking
1:45:31 - Moats at SunTrust and PNC
1:46:11 - The Salomon casino remark
1:47:42 - National debt and more Coca-Cola
1:57:32 - Berkshire vs a money manager
2:00:27 - Insurance returns and judging management
2:04:25 - P/E and interest rates
2:08:33 - USAir
2:10:12 - Book recommendations
2:11:22 - The stock split question
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