Warren Buffett and Charlie Munger open the 1996 Berkshire Hathaway annual meeting with the vote to create the Class B shares, explaining why the unit trusts being marketed to the public forced their hand and why they told investors plainly that the stock was not undervalued. The Q&A turns to intrinsic value, insurance float as zero-cost capital, and why buybacks only help shareholders when the price sits below a rationally calculated value. Along the way they cover the Geico buyout, Wells Fargo's move into supermarket branches, the slow erosion of the newspaper business, World Book facing the electronic encyclopedia, and what happens to Berkshire when Buffett is no longer running it.
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