The first order of business will be a reading of the minutes of the last meeting of shareholders. I recognize Ms. Debbie Bosanek, who will place a motion before the meeting. Okay, well, in that case, we’ll move on to the meeting. And one of the Retail foreign exchange trading proposers for the two items on the proxy is here in the building to present his argument personally, and the other one has recorded it. But we offered both of them, I mean, they either could record or come, and I’m happy one of them came.
We are now just 45 minutes away from the start of the Berkshire Hathaway Annual Shareholders Meeting in Los Angeles this year. And joining us now is William Green, author of a new book, Richer, Wiser and Happier how the world’s greatest investors win in markets and life. One of those investors of course that you did speak to for this book, Charlie Munger. And I wonder if we start by talking about the big takeaway for you. What you took away from your conversation with him in terms of the keys to building wealth. Yahoo Finance’s live coverage of the Berkshire Hathaway Annual shareholders Meeting is brought to you by Moomoo, a one-stop smart trading platform of stocks, options, ETFs and more. Join us now for Yahoo Finance’s exclusive coverage of the Berkshire Hathaway Annual Shareholders Meeting.
Maybe there’s some guy in a closet just making up numbers to send to me every month. But I feel I understand the business pretty well. I remember seeing it and the fellow that runs it likes running it.
As the number of votes against the motion exceeds a majority of the number of votes of all Class A and Class B shares properly cast on the matter, the motion has failed. The certification required by Delaware law of the precise count of the votes will be placed with the minutes of this meeting. The second shareholder proposal requests that Berkshire Hathaway companies annually publish reports assessing their diversity and inclusion efforts. The directors have recommended that the shareholder vote against the proposal.
The company has more than $100 billion in cash equivalents. The co-sponsors and many in the $54 trillion Climate Action 100 Plus Investor Coalition want the parent company to put more resources into sustainability and in mitigating the financial impact of climate change and the energy transition. So how we address those conversation is, again, not to engage in the buzzword, not to do what you feel as though your neighbor is doing, and to make sure you are investing based off of what is conducive to your investment needs. And with that being said, all that we have, the cryptocurrency and we have other things to invest in over the years, to make sure we tell investors to do just as like what Buffett encouraged us to do, which is to research the company. And if you are trying to engage in buzzwords or trendy things that are occurring, you do not have time to research. In addition to that, investing, researching the company, you have to make sure that whatever you’re investing in has a strong leadership team, as well as are they profitable? Look at their performance and their return on investment, and try to avoid overvalued stocks.
“That is really waving the red flag at the bull. I think it’s just God awful that something like that brought investments from civilized men and decent citizens,” Munger said. “It’s deeply wrong. We don’t want to make our money selling things that are bad for people.”
Buffett mentions it a few times over the years, calling it “the funniest book ever written about investing,” and one that “lightly delivers many truly important messages on the subject.” Buffett recommended this book, together with The Smartest Guys in the Room by Bethany McLean and Peter Elkind , and In an Uncertain World, the memoir of Clinton-era treasury secretary Bob Rubin. right now, so check this space in the future.
Berkshire Hathaway is a holding company for a multitude of businesses, run by chair and CEO Warren Buffett. In response to a question about the huge unfunded public pension liabilities in many states, Buffett noted that this is bound to get worse if resultant tax hikes spur an exodus of residents. In response to a question about whether Berkshire has gotten too big to manage, Munger said that their culture of decentralization has served them well.
Buffett and Munger warned about the rampant speculation going on in the stock market, particularly with SPACs, and said it is a Berkshire Hathaway: Letters to Shareholders Review byproduct of the rush of new investors into the market. Buffett warned that no one tells you when the mania is going to end.
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He was the 2008 wealthiest person in the world and the third in 2011. He is dubbed as among the most influential people in the world by Time magazine. I would recommend this book to anyone that is a business student and interested in the business world.
- That’s not because the media likes us to do it that way.
- From the end of 2018 to December 16, Berkshire Hathaway has trailed the S&P 500, gaining about 11% while the market is up about 27%.
- As we pointed out in these pages last year, retained earnings have propelled American business throughout our country’s history.
- I will now ask that the audio tape provided by Meredith Benton, a representative of As You Sow, be played to present the proposal.
- At the bottom, the number 20 has gone from $34 billion to something a little over 10 times that.
- And it gets, and it’ll pay a big cash dividend and they’ll go up as we retain earnings and build the company and everything else.
I mean, everybody’s kind of played at making deals with different railroads ever since I’ve been in the railroad business. When CP, when Hunter Harrison came after it… Was it Hunter that bid on CP that kind of lead the way? It implies a price for BNSF that’s even higher than what the UP is selling for. But it’s kind of play money to some degree, I mean, when interest rates are this low.
Greg was born and raised in Edmonton, Alberta. He’s Canadian, plays hockey, his eight year old plays hockey. And he came to the United States sometime after he graduated from college in Canada. And he is in charge of a business, which has well over 150 billion in sales and emplys more than 250,000, probably 275,000 people. And he does a much better job at doing that than was doing previously. With the big economic boom, you’re seeing operating earnings growing about 20% in the first quarter, year over year.
We don’t control the operations of those companies, but we do share proportionately in their long-term prosperity. From an accounting standpoint, however, our portion of their earnings is not included in Berkshire’s income. Instead, only what these investees pay us in dividends is recorded on our books. Under GAAP, the huge sums that investees retain on our behalf become invisible. I have repetitiously – some might say endlessly – explained our insurance operation in my annual letters to you. Therefore, I will this year ask new shareholders who wish to learn more about our insurance business and “float” to read the pertinent section of the 2019 report.
He said, “You can conceive perhaps of negative interest rates, but it can’t ever really happen.” And that was in the 1970s, this wasn’t back in the dark ages. And no economist wrote up and said, “This eur is a terrible line to have in a book,” or anything. Before the pandemic, we were getting about a billion and a half from that a year. At present rates, if it’s two basis points, we’d get 20 million.
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The thing about Warren Buffett is that he didn’t strike oil or develop software, inherit a big pile of money. He built his fortune by picking really solid businesses forex that generate a lot of cash and that he believes will continue to do well. And he takes the cash from that, he reinvests, he holds on for the longterm.