0:06 - Agenda for the event 1:18 - Introduction of Directors and key personnel 4:29 - Discussion of earnings and overall financials 7:12 - Change in business climate and expectations 9:53 - Increase in investment income 10:57 - Insurance underwriting outlook for the year 12:25 - Historical growth of earnings 13:04 - Berkshire Hathaway's net worth under GAAP accounting 14:03 - Explanation of float and its importance in insurance 15:42 - Jain's contribution to increasing float 17:04 - Update on cash and treasury bills as of March 31st and April 22:00 - Question about balancing conservatism and aggression in investments, and if emotions play a role in decisions 22:30 - Buffett admits to making bad investment decisions but not due to emotions 26:23 - Ajit talks about Geico's progress in telematics, technology challenges, and improving profitability 29:11 - Greg talks about BNSF, its efficiency, and long-term focus on delivering value and service to customers 31:48 - Buffett praises Todd Combs for his work on Geico, especially on matching rate to risk 33:02 - Buffett discusses public insurance companies and highlights the success of Berkshire Hathaway Specialty, created by Ajit and four others 36:05 - Questions about AI, Robotics, and their impact on stock markets and society 36:58 - Robotics adoption in BYD's factories in China 37:10 - Skepticism about AI hype, preference for old-fashioned intelligence 37:33 - AI's limitations, example of AI not understanding jokes 38:40 - Concerns about AI's influence and potential consequences 39:45 - Warning about brewing storm in US commercial property market 40:19 - Berkshire Hathaway's limited activity in commercial real estate 40:42 - Anticipation of significant, unpleasant consequences from hollowing out downtowns 43:33 - Thoughts on the future of value investing and adaptation for investors in a rapidly changing landscape 45:02 - Belief that opportunities for value investors will still exist due to people making mistakes 47:53 - Expectation of unpleasant episodes in a world where many smart people are trying to outsmart each other 49:37 - Update on unique transaction with AIG in 2016 and risks of banks with assets susceptible to rising interest rates 50:02: Insight on Berkshire liabilities susceptibility to duration; Berkshire doesn't have to put it into matching bonds, but a general pool of assets 51:40: Payments made have been slightly below the anticipated amount in terms of share of losses 52:54: Deal is performing well; actual payouts are 96% of projections 55:04: Berkshire has 4x more stockholder capital behind each dollar of premium volume than normal 58:02: Estate planning problem: Failure of parents to prepare the next generation for inheritance or business succession 1:02:01: Estate planning advice: Live the values you want your kids to have and make sure your will reflects that 1:05:11 - Discussion of reprehensible behavior at BNSF and other subsidiaries 1:05:25 - Breaching agreement with tribal land, looking to resolve the issue 1:06:11 - Lessons learned from the breach, respecting agreements 1:06:34 - Addressing derailment issues, working with tribes to mitigate problems 1:07:45 - Discussing the frequency of derailments and their inevitability 1:09:37 - Question on continued development of new energy and its future 1:10:27 - Challenges in building transmission and integrating renewable energy 1:12:02 - $70 billion of known projects required for energy transformation 1:14:22 - Difficulty of recreating urgency and unity seen during World War II to tackle energy challenges 1:17:56 - Question on who's behind Greg Abel and Jain in their respective roles 1:20:28 - Discusses changing managers infrequently and having the right person running the company 1:21:37 - A former Solomon Brothers employee thanks Buffett for saving the company 1:22:32 - Most important things for the US to remain strong and potential reasons for its strength being undermined 1:27:09 - Need for different solutions to address global challenges and the importance of adapting to those challenges 1:29:04 - Potential concerns after Buffett passes away, such as a corporate raider taking control of Berkshire and changing its philosophy 1:33:15 - Emphasizes the importance of Berkshire remaining a secure, well-managed company with a diverse portfolio and strong shareholder base 1:36:07 - Story about meeting Jain and how he knew he struck gold despite Jain's lack of insurance experience 1:38:27 - The importance of recognizing talent regardless of formal education 1:39:32 - Munger shares a story about finding Louis Vincenti within their companies and his remarkable retailing knowledge 1:42:09 - Ben Rosner, his strong partnership with Leo Simon, and their interesting business ventures 1:47:33 - Jain discusses the property cat business, the renewal date, and their current portfolio exposure to property catastrophe 1:51:22 - Freedom to make their own decisions without pressure from Wall Street 1:53:34 - Buffett doesn't understand the technical aspects of all businesses, he understands consumer behavior 1:55:17 - Buffett and Munger emphasize learning over time and getting wiser in making business decisions 1:59:40 - Buffett and Munger discuss their Japanese investments, building trust with Japanese companies, and potential long-term opportunities 2:06:15 - Charlie discusses the insanity of vast diversification, suggesting it's better to focus on best ideas rather than worst 2:07:51 - Attendee from Hong Kong shares his positive experience investing in Berkshire Hathaway and asks about US-China internet companies' valuation and price disparity 2:09:45 - Charlie expresses the importance of US and China getting along and promoting free trade for mutual benefit 2:11:00 - Discussion about the geopolitical balance and the need for both countries to understand the consequences of pushing each other too far 2:16:08 - Question about the selling of Taiwan semiconductor shares; Warren cites geopolitical issues and preference for US-based companies 2:18:47 - Question about the 100-year vision for Berkshire Hathaway; Warren shares his admiration for Ben Graham 2:20:46 - Success of Ben Graham's book that changed his life 2:23:00 - Munger adds half of Graham's investment returns came from investing Geico 2:26:35 - Jain about Geico's efforts to offer insurance at the point of sale with auto manufacturers 2:32:21 - Control of voting rights in Berkshire Hathaway and whether CalPERS and BlackRock will get their way with ESG 2:35:08 - Discussion about fund management fees and the behavior of certain funds 2:36:05 - Berkshire Hathaway's share buybacks and future capital allocation decisions 2:39:19 - Tom Nelson from Minnesota asks Charlie about his controversial statements on the COVID-19 vaccine 2:40:28 - Advice for Berkshire owners once others are running the company 🤓🤓

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

Was an absolute honour to be in the room. So much valuable knowledge and experience behind each word

Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.

what a beautiful friendship the two of them had. A great example to us all. My heros

what happened to peter? bring back peter flaherty!

As a fairly new investor, I have found that before investing any money into the market, it's important to thoroughly research the companies you are thinking of investing in, especially for the long term. If you wish to dabble in single stocks, due diligence is a must. Fortunately, I was able to make a $150k profit in Q1 of 2023, and I hope to make more in the remaining quarter of 2023.

Peter Flaherty is the man

Thank you! Look forward to this each year

Two legends who gave us valuable timeless advice for years💸

I watched this whole thing, and didn't see peter flaherty's question. Why did CNBC edit this out?

Rip Mr. Charlie Munger. We will never forget you and your words of wisdom. My condolences to the Munger family.

God bless you! The world need more people like you in the future!

Idk why but something about charlie munching on snacks the whole time as warren speaks is hilarious 😂😂😂😂

almost 200 years of wisdom thank you !!

Did you cut out the Peter Flaherty segment?

Thank you for the timely upload, real window into some minds of some of the greatest

"We are both extreme lovers of the big pile." - Charlie Munger

Buffet is 90+ yrs old and still slicker than tadpole covered in soap.

SHOW THE PETER FLAHERTY PART 〽️ ONLY

I always run to these guys during crisis's :D my rich grandpas i never had

RIP Charlie Munger.

Thanks for sharing

I can say now is my life has changed since meeting Rodger Michael Karl. He's helped us become debt-free and save for retirement." I made over 220K during this dip, which made it clear there's more to the market than we average joes know. Having an investment adviser is currently the best course of action, especially for those who are close to making losses..

Could you please add bookmarks/markers for each topic - 5-6 hours is a lot!

Incredible legend Warren Buffett, I'm so thankful for your valuable teaching and I have learned a lot from you. 😊👍🌹Wish to achieve wealthy goals with you 🎂🙏🏽

I can’t believe that 2 people sit there and give advise and don’t act like their net worth is 111B apart from each other. I can’t even get someone with 1M to listen to me none the less get the respect that Warren gives to Charlie.

They'll never tell you what they do. They tell you what they want YOU to do for them.

@difficultbasicfacts Please help me find this timestamp - in one of the meetings warren says "the moat of Costco is not doing 1 particular thing better than anyone else, but Costco does 400 things just a little better than all it's competitors. He then says if you think about it, that kind of moat is a lot stronger and harder to establish than the 1 area moat. - I can't find the video clip, does anyone know what timestamp?

Clip the estate planning live. Guy deserves free marketing

Was this filmed in 1960?

What a class act MASSIVE RESPECT

2.40.30: Becky Quick was not that Quick for her last question before lunch 😊 Buffet Rule 1: Be always ready even when you are not ready. Buffet Rule 2: If lost, follow Rule 1. What a wonderful annual meeting 2023. Always source of learning & implementing same in our every day life, whether business or personal. Wishing you good health & long life Mr. Buffet & Mr. Munger.

Amen

Whats the brand of peanut brittle??

These guys.. if anything they show that to become amazing, just keep a steady course.

RIP Charlie

AＡAmezing 🎉🎉🎉🎉🎉 Thanks 🎉🎉🎉🎉🎉

Special award goes to anyone who watches all 5 hrs of this. I love Buffett but even I have my limits

Entiendo muy poco inglés pero me gusta su voz Es tan dulce 😘🥀

RIP Charlie Munger ❤

Love these two older guys

way too many ads. Im starting to hate Google

Thank You, Oracles :)

If GEICO could become a bank but for safe deposit boxes, they could restart the way bank works with some modern twists. We should be paying for storing our cash in banks, we would get interests if our money was put on a queue for credit and that should be based on our signatures. We should get even more interests if the money was being used but we couldn't withdraw it (unless our replacements were available). It should be fine if there's a lot of people in the queue

Just knowing there are investors that have held Berkshire stock for over 30 years is indicative of the viable strength of the company.

5:02:59 very valuable information from M. Munger!

3:27:49 IS PURE GOLD,THAT IS THE KEY !!

Impeccable

Wow this is so cool!

Lots of investing and life lessons to learn

Rest easy Charlie, THE WOLF OF OMAHA

It's a good video

I am about 1.5 hrs into this presentation. There is a tremendous amount of wisdom and hard earned insight between these two men. At this point there has quite a bit of praise given to managers and the major decision makers within B&H that I’m sure is well deserved. But I find it disappointing that there has been no mention of employees and associates further down the ladder. Each and every person within an organization matters. The people with no title and no influence show up each day to do unrecognized jobs. The effect of losing this caliber of employee may not be immediately noticed but eventually it would show up in the form of a smaller bottom line. While it would not make a difference financially, it would only take a few days to notice if the night cleaning crew suddenly disappeared and in their place everyone in the company were given their own broom, dust brush, toilet brush.

any accountability for Charlie's bullish dive into BABA a few yrs ago? Speaking of "diving"...the stock did the same!

microphone clips on their jackets next time!

2 of the 🐐

Did they show peter Flaherty arrested?

This is one of the best shareholders' meetings. I am glad to be a Berkshire Hathaway B Shareholder. Learned a lot 👌👍🫵.

my favorite mummys.

1:50:13 Such a great question - how can businesses manage short term profit vs long term growth. Every public business has this dilemma. It can even be generalised to life in general (ie spending now vs saving for the future). But very poor answers from Warren and Charlie - in my opinion the worst answers they've *ever* given to any question ever. They just went on a tangent to talk about a Japanese investment which has no relevance at all to the question. Such as shame, because this was one of the best questions of the event. Would have been great to get some wisdom from Warren and Charlie on short vs long term philosophy. Hopefully someone will ask it again at some point 🙁

Why you cut out Peter Flaherty's comments???

Missing this part ? kzfaq.info/get/bejne/gKegdtKYvqfMqIU.html

🥳👼 So exciting world with amazing magic ✈️💸

Ajit was eating salted nuts? Are we sure we've got the right guy?!? 🤣

Solid wisdom from both. Good health, good memory and excellent ethics. Fortunate to be shareholder of BRK

American Royalty. All hail Prince Charles..😂

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

At 1.75x speed is ideal.

2:37:42

What a lecture

The failure of SVB and everything happening has left the markets in shreds. I'm at a crossroads right now, deciding if to liquidate 200k portfolio down by 10%, and it's uneasy for me to not panic after my recent awful divorce. I just need investing ideas to afford my retirement

CHARLIE MUNGER: Well, I think one of the inane things that’s taught in modern university education is that a vast diversification is absolutely mandatory in investing in common stocks. That is an insane idea. It’s not that easy to have a vast plethora of good opportunities that are easily identified. And if you’ve only got three, I’d rather be in my best ideas instead of my worst. And now, some people can’t tell their best ideas from their worst. And the act of deciding that an investment is already good, they get to thinking it’s better than it is. I think we make fewer mistakes like that than other people. And that is a blessing to us. We’re not so smart, but we kind of know where the edge of our smartness is. That is a very important part of practical intelligence. And a lot of people who are geniuses on IQ tests think they’re a lot smarter than they are. And what they are is dangerous. But if you know the edge of your own ability pretty well, you should ignore most of the notions of our experts about what I call “deworsification” of portfolios.

Mr Warren Buffett & Charlie Munger are so right. On Some things they have said in their past videos.

wow a 92 and a 99 year old still so sharp

Boss Warren❤❤❤❤

It’s a real shame Berkshire doesn’t own more banks - the system would be far more competent and accountable

Buffet is the BEST

You are so wonderful, Sir. With all our respect.

22:00 WTF is wrong with the dude asking the question lol

@03:06:22 That 13 year old girl Daphne is a ducking legend!

Thank you Charlie, thank you Warren, thank you Berkshire and the entire team.. Words that are well beyond one's 100% net worth. Spend less than you earn, invest shrewdly, avoid toxic people and toxic activities, try and keep learning all your life. and do a lot of deferred gratification because you prefer life that way. And if you do all those things, you are almost certain to succeed and if you don't, you are gonna need a lot of luck. A LOT OF LUCK. And you don't wanna need a lot of luck. You wanna go into a game where you are very likely to gain without any unusual luck.

2:19:20

Melissa Shapiro Shapiro that’s a classic

13:50

Ideal at all lol

Every year is awesome here

Poor 13 yr old asked how not to blow up and die and Warren gave a pathetic answer. Kid.....the answer is Bitcoin.

3:24:00 he give me inspiration

People have already pointed out that what we see in Gaza is the application of AI to the battlefield. I shudder a little at the thought.

Lol you can’t tell his reading a scrip bc he is so old

8* equals 307-407 taxes and mortgages worldwide down to 528 a month in disability not till march 10:16 529 my portfolio 9:34

Warrens constant lip smacking absolutely kills me. Such great content in here but holy f**k it’s like nails on a chalkboard to me. 😅

Jeffery Epstein has many freinds in here. 🤷🏻‍♂

I'd switch Biden for Buffet in a second

Peter Flaherty telling truths so they cut his mike.....reminds me of China.

"And we were in a world war. And what we did in a world war was we brought a bunch of people into Washington for a dollar a year. I don't know if it was Sidney Weinberg or Goldman Sachs (...) And we gave them enormous power to realign the resources of the United States to solve the problem they were facing, which was to build a war machine. And what they did was they found Henry Kissinger and told him to build ships. And they went to Ford Motor Company and said, 'You build tanks and some airplanes.' And they rearranged the industrial enterprise of the United States in an incredible way." That's the talk of an American named Warren Buffett, who is 92 years old. He believes that war methods are needed to stop climate change. He will soon be in the pit, and then even his billions of dollars won't help him.

Thks for being a simple billionaire❤❤

I know, lets borrow money and buy back our own stock?

2:39:19 🤣