2000 Berkshire Hathaway Annual Meeting (Full Version) | Summary and Q&A

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November 3, 2020
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2000 Berkshire Hathaway Annual Meeting (Full Version)

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Summary

Warren Buffett thanks everyone who helped put on the meeting and introduces the directors. The meeting then proceeds to the formal business, such as electing directors. Afterward, questions from shareholders are answered. The topics covered include growth versus value stocks, the potential fallout from speculation in the tech industry, the impact of the internet on Berkshire's investments, the importance of judging risk, and the company's ability to increase intrinsic value.

Questions & Answers

Q: Who does Warren Buffett thank in the beginning of the video?

Warren Buffett thanks everybody who helped put on the meeting, including the 45,000 people working with Berkshire and the internal audit team.

Q: Who coordinates the ticket requests and the exhibits for the meeting?

Kelly Muchmore is responsible for processing 25,000 ticket requests and coordinating everything with exhibitors.

Q: What is the surprise planned for 11:45?

Warren Buffett mentions that there will be a small surprise at 11:45, but it is not specified what the surprise is.

Q: How long will the business part of the meeting run for?

The business part of the meeting will run from 9:30 to 12.

Q: What will happen after the business meeting concludes?

After the business meeting, there will be a break for food and an opportunity to purchase items. The meeting will then reconvene at 12:45 and continue until 3:30 to answer shareholder questions.

Q: How did the ticket requests for the meeting change compared to previous years?

This year, there was a different mix of ticket requests due to changes in venue and time. A higher percentage of tickets were requested by people from Omaha.

Q: Who are the directors of Berkshire introduced in the video?

The directors introduced in the video are Charlie Munger, Susan Buffett, Howard Buffett, Malcolm Chase, Walter Scott, and Ron Olson.

Q: What is the first order of business at the meeting?

The first order of business is the reading of the minutes of the previous meeting of shareholders.

Q: How many shares of Berkshire Hathaway are represented at the meeting?

At the meeting, there are 1,116,551 Class A shares and 4,342,959 Class B shares represented by proxies.

Q: Who moves for the adjournment of the meeting?

Walter Scott Jr. moves for the adjournment of the meeting.

Q: How many consecutive years has Berkshire Hathaway had positive gains in net worth?

Berkshire Hathaway has had 48 consecutive years of positive gains in net worth, including the years when Buffett ran the Buffett Limited Partnership.

Takeaways

Warren Buffett emphasizes that every business is a value proposition and that the potential for growth and good economics are part of the evaluation process. He also discusses the risk of speculation in the tech industry and the impact of the internet on Berkshire's investments. The importance of judging risk and protecting businesses with a "moat" is highlighted. Berkshire's insurance business is discussed in relation to risk evaluation, and the Unicover situation is acknowledged as a surprise that wasn't foreseen. Finally, the company's ability to increase intrinsic value over time is recognized.

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