2004 Berkshire Hathaway Annual Meeting (Full Version) | Summary and Q&A

Transcript

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Summary

Warren Buffett begins the meeting by thanking Andy Hayward and Kelly Muchmore for their contributions. He discusses the cartoon "Liberty's Kids" and encourages shareholders to watch it. Buffett introduces himself and Charlie Munger, the vice chairman of Berkshire Hathaway. He then explains the structure of the meeting and addresses the issue of shareholders asking multiple questions. Buffett also discusses the rules against audio or video recording of the meeting and introduces the Berkshire Hathaway directors and auditors. The meeting proceeds to discuss the election of directors and a proposal by Human Life International, which ultimately fails. The meeting concludes with a discussion on shareholder suggestions for improvement and a motion to adjourn.

Questions & Answers

Q: What did Warren Buffett thank Andy Hayward for?

Warren Buffett thanked Andy Hayward for producing the cartoon series "Liberty's Kids" about the beginning of the country.

Q: What is the name of the company that produces the cartoon series "Liberty's Kids"?

The cartoon series "Liberty's Kids" is produced by Deke Productions, run by Andy Hayward.

Q: When will the series "Liberty's Kids" go on sale?

The series "Liberty's Kids" will go on sale in July at Walmart.

Q: Who is responsible for putting up the exhibition arrangement at the meeting?

Kelly Muchmore is responsible for putting up the exhibition arrangement at the meeting.

Q: Who is the chairman of Berkshire Hathaway?

Warren Buffett is the chairman of Berkshire Hathaway.

Q: Who is the vice chairman of Berkshire Hathaway?

Charlie Munger is the vice chairman of Berkshire Hathaway.

Q: What did Warren Buffett say about Charlie Munger's and his relationship?

Warren Buffett mentioned that Charlie Munger and he have a lot of fun together, despite occasional memory lapses.

Q: Where should shareholders go if they want to speak about matters related to the meeting?

Shareholders who want to speak about matters related to the meeting should go to one of the designated microphones in the audience.

Q: What topics should shareholders avoid when asking questions after the meeting?

Shareholders should avoid asking questions about what Berkshire Hathaway may be buying or selling.

Q: What did Warren Buffett suggest about shareholders asking questions at the meeting?

Warren Buffett suggested that shareholders should ask only one question at a time and avoid asking multiple part questions.

Q: What will happen during the lunch break at the meeting?

The meeting will take a lunch break at noon and resume at 1 pm.

Takeaways

Warren Buffett expresses his appreciation for the cartoon series "Liberty's Kids" and encourages shareholders to watch it with their children or grandchildren. He provides updates on the upcoming sale of the series and acknowledges Andy Hayward and Kelly Muchmore for their contributions. Buffett discusses the structure of the meeting, including the rules around questions and the prohibition of audio and video recording. He introduces the Berkshire Hathaway directors and auditors present at the meeting. The meeting proceeds with the election of directors and a discussion on a shareholder proposal that ultimately fails. Buffett addresses the idea of shareholder suggestions for improvement and the motion to adjourn concludes the meeting.