Over five hours, Warren Buffett and Charlie Munger answered more than 80 questions at the 51st Berkshire Hathaway annual meeting. The duo covered everything from insurance strategy and climate change to sugar water. Here are ten of the most memorable quotes:
“The nature of capitalism is that if you’ve got a good business, someone is always wanting to take it away from you and improve on it” – Warren Buffett
[On the Internet’s effect on business] “If I owned a bunch of department stores and shopping malls I would be thinking very hard about what they will look like 10 years from now” – Warren Buffett
“When you buy a stock, get in the mental state that you would own the whole business. Think about what you would pay for the whole business” – Warren Buffett
“A lot of problems are caused by envy. You want to figure out what makes sense and follow your own course” – Warren Buffett
“Monopoly and bureaucracy have pernicious effects everywhere, and higher education isn’t exempt from it” – Charlie Munger
“A full wallet is like a full bladder. You may get the urge to pee it away” – Warren Buffett
“Intrinsic values can’t be so finely calculated that you can figure it out to four decimal places” – Warren Buffett
“You have to be aversive to the standard stupidities. If you can keep them out, you’ll get a good result” – Charlie Munger
“You don’t need to have a high IQ in the investment business, but you do need emotional control” – Warren Buffett
[On the poor economics of farming] “I know some people who have done reasonably well owning cattle, but they usually owned banks on the side” – Warren Buffett
You can watch the complete 7-hour replay by clicking here.
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