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Description: Berkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire ...
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60 Questions half divided by the 6 Jump to 21.3 CARDINAL 60 Questions half
a man I ran into a 1986 and 6.959 Jump to 115.02 DATE 1986
to the next one and and uh 5.399 Jump to 139.98
they're all here today first of all 4.9 Jump to 142.4 DATE today ORDINAL first
there's one other person I would like to 4.86 Jump to 208.86 CARDINAL one
her second name you can remember her 3.66 Jump to 260.22 ORDINAL second
third name so Melissa shabiro Shapiro 5.04 Jump to 261.84 ORDINAL third PERSON Melissa PERSON Shapiro
is we reported in the first 5.1 Jump to 282.18 ORDINAL first
operating earnings a little over 8 5.82 Jump to 287.28 MONEY a little over
billion and when we talk about operating 6.42 Jump to 290.4
even occasionally over a five-year 4.08 Jump to 329.22 DATE five-year
first quarter came out at about 8 4.741 Jump to 362.699 DATE first quarter CARDINAL about 8
billion and 4.981 Jump to 364.919
the in various degrees in the last six 8.22 Jump to 385.62 DATE the last six
you couldn't sell them one thing they 2.579 Jump to 424.68
than it was six months ago and and a 5.039 Jump to 444.72 DATE six months ago
nevertheless we are positioned in two 4.5 Jump to 503.099 CARDINAL two
from this uh first report our investment 7.62 Jump to 507.599 ORDINAL first
see in a minute we've had 125 6.24 Jump to 521.76 TIME a minute CARDINAL 125
billion or so in 3.621 Jump to 525.959
we were getting four basis points which 5.04 Jump to 537 CARDINAL four
on that 125 billion which means we were 6.18 Jump to 542.04 CARDINAL 125 billion
getting 50 million a year and now the 5.761 Jump to 545.399 CARDINAL 50 million
we bought three billion of bills of the 4.931 Jump to 562.019 CARDINAL three billion
590 3.24 Jump to 565.32 CARDINAL 590
that's 5.9 it was a 5.92 bond equivalent 7.88 Jump to 568.56 CARDINAL 5.9 CARDINAL 5.92
long ago on a 12-month basis was 4.38 Jump to 579.959 DATE 12-month
producing 50 million here producing 4.8 Jump to 581.76 CARDINAL 50 million
something in the area of 5 billion here 4.68 Jump to 584.339 CARDINAL 5 billion
and one 3.899 Jump to 642.06 CARDINAL one
one one hurricane that came into just 4.141 Jump to 645.959 CARDINAL one
looks better this year so if you get two 3 Jump to 657.72 DATE this year CARDINAL two
two of the elements there of our main 5.52 Jump to 660.72 CARDINAL two
the second slide 5.1 Jump to 677.94 ORDINAL second
so if we're retaining 30 or 35 billion 5.58 Jump to 702.36 CARDINAL 30 CARDINAL 35 billion
significantly higher five or 10 or 15 4.8 Jump to 713.7 CARDINAL five
we showed that we had on March 31st 6.12 Jump to 768.3 DATE March 31st
now 500 and 3.801 Jump to 772.079 CARDINAL 500
504 billion 5.8 Jump to 775.88 MONEY 504 billion
504 billion in gap 5.74 Jump to 804.32 CARDINAL 504 billion
comes to 165 billion 5.46 Jump to 891.48 MONEY 165 billion
in 1986 6.12 Jump to 900.899 DATE 1986
one way or another 4.56 Jump to 958.86 CARDINAL one
through March 31st and I will tell you 4.081 Jump to 1029.179 DATE March 31st
about seven billion dollars to that 4.199 Jump to 1039.14 MONEY about seven billion dollars
we bought about 400 million dollars 3.901 Jump to 1048.079 MONEY about 400 million dollars
produced maybe 4 billion and of course 3.841 Jump to 1065.059 CARDINAL 4 billion
we had operating earnings probably two 2.819 Jump to 1067.22 CARDINAL two
billion or something in that area and my 4.561 Jump to 1070.039
and treasury bills uh six and seven 6.9 Jump to 1074.6 ORG treasury CARDINAL six and seven
billion in the month and uh I just want 5.82 Jump to 1077.66 DATE the month
final I think it's the final one next to 5.94 Jump to 1086 CARDINAL one
the last one uh 3.42 Jump to 1088.52
fourth 4.02 Jump to 1097.1 ORDINAL fourth
yeah is this we should have the one up 4.441 Jump to 1098.179
in nineteen 4.8 Jump to 1137.66 CARDINAL nineteen
sixty seven ten cents to share it was a 6.72 Jump to 1139.22 TIME sixty seven ten cents
500 billion plus of shareholders equity 4.98 Jump to 1158.12 CARDINAL 500 billion
in the 30 billion plus of operating 5.4 Jump to 1160.82 CARDINAL 30 billion
week or two vacation you could spend it 5.159 Jump to 1186.26 DATE week CARDINAL two
reading the 10-q and but that is the 3.899 Jump to 1189.02 DATE 10-q
Becky thanks Warren the first question 4.861 Jump to 1209.419 ORDINAL first
250 000 that that's the way the statute 6 Jump to 1236.179 CARDINAL 250 000
saying ah I'd like to be the one on 4.439 Jump to 1269.36
uh only 250 000 insured and we're gonna 5.819 Jump to 1277.22 CARDINAL only 250 000
first half of the show and and then 3.36 Jump to 1311.84
area one 5.84 Jump to 1320.36
worth two or three billion 5.459 Jump to 1509.72 MONEY two or three billion
shareholder of three decades and he's 3.721 Jump to 1537.679 DATE three decades
progress in a year or two Greg you spoke 4.26 Jump to 1559.1 DATE a year CARDINAL two PERSON Greg
close to 90 percent is has a telematics 7.5 Jump to 1599.84 PERCENT close to 90 percent
500 actually more than 600 Legacy 4.2 Jump to 1633.38 CARDINAL 500 CARDINAL more than 600 ORG Legacy
to no more than 15 16 4.5 Jump to 1640.22 CARDINAL no more than 15
chance to look at the first quarter 3.9 Jump to 1665.72 DATE the first quarter
first quarter coming in at a combined 4.559 Jump to 1669.62 DATE first quarter
ratio of 93 and change which means a 4.76 Jump to 1671.779 CARDINAL 93
margin of 6 and change 4.74 Jump to 1674.179 CARDINAL 6
because they're two unusual items that 6.36 Jump to 1680.36 CARDINAL two
secondly every year the first quarter 4.26 Jump to 1693.08 ORDINAL secondly DATE the first quarter
so if you just for those two factors my 4.62 Jump to 1699.98 CARDINAL two
of 100 as opposed to the Target they're 5.22 Jump to 1707.24 CARDINAL 100 ORG Target
shooting for 96. 5.34 Jump to 1710.36 CARDINAL 96
I hope they reach the target of 96 by 5 Jump to 1712.46 CARDINAL 96
realize that even if we reach 96 it will 4.921 Jump to 1722.059 CARDINAL 96
so it will not be until two years from 4.38 Jump to 1740.539 DATE two years
the same time they would be the first to 3.36 Jump to 1768.26 ORDINAL first
and including the two in Canada we're 4.92 Jump to 1784.58 CARDINAL two GPE Canada
pre-2022 so we look at the three-year 8.681 Jump to 1803.559 DATE pre-2022 DATE three-year
period of 2019 2020 2021 the BNSF team 7.74 Jump to 1806.659 DATE 2019 2020 2021 ORG BNSF
again the reality in 2022 as we did go 5.819 Jump to 1830.6 DATE 2022
2022 we're well aware of where we were 4.36 Jump to 1857.62 DATE 2022
add one thing 2.6 Jump to 1899 CARDINAL one
uh in multiple ways Geico and then one 6.34 Jump to 1970.059 FAC Geico CARDINAL one
but there's been one company that nobody 4.439 Jump to 2019.48
one that I know of 4.341 Jump to 2023.919
company started in the last 10 years 7.98 Jump to 2025.24 DATE the last 10 years
and four people who join with them set 5.52 Jump to 2035.44 CARDINAL four
12 billion yeah yeah 4.561 Jump to 2049.899 CARDINAL 12 billion
the four people have turned in I don't 4.921 Jump to 2064.359 CARDINAL four
know 1500 around the world we we took on 6.119 Jump to 2066.28 CARDINAL 1500
talent and the four people that came and 4.679 Jump to 2075.94 CARDINAL four
now have like you said 1500 or so 5.639 Jump to 2078.28 CARDINAL 1500
and no one has really successfully 4.08 Jump to 2100.3
okay let's go to section two 3.68 Jump to 2146.74 CARDINAL two
but one he thought maybe I could handle 6 Jump to 2268.66
is it good for the next 200 years of the 5.76 Jump to 2332.079 DATE the next 200 years
says the first sentence of a recent 5.22 Jump to 2383.44 ORDINAL first
one time I asked Charlie there was some 4.721 Jump to 2470.339 PERSON Charlie
two and a half percent 4.139 Jump to 2542.2 DATE two and a half
one daughter and I said uh Charlie 4.919 Jump to 2582.94 CARDINAL one PERSON Charlie
pausing a second he said that's all you 5.54 Jump to 2592.48 ORDINAL second
three is it 3.139 Jump to 2602.68 CARDINAL three
AI being one of them how do you envision 5.82 Jump to 2622.72 GPE AI CARDINAL one
to take that one I think value investors 6.361 Jump to 2644.079
there's so many of them competing first 6.84 Jump to 2650.44 ORDINAL first
508 billion no one or five yeah but 9.96 Jump to 2680.8 CARDINAL 508 billion CARDINAL five
in the years since 1942 when I started 4.441 Jump to 2702.819 DATE the years DATE 1942
well the 58 years we've been running 4.26 Jump to 2738.64 DATE 58 years
10 or 15 dumb insurance companies in the 6.48 Jump to 2759.16 CARDINAL 10
last 10 years and you could become rich 6.36 Jump to 2762.94 DATE last 10 years
couldn't be done what 58 years ago you 4.26 Jump to 2780.64 DATE 58 years ago
all trying to outsmart one another 4.859 Jump to 2853.24
and not promote one another getting more 3.78 Jump to 2856
you've got this one bill that's out of 3.36 Jump to 2886.3 CARDINAL one
three billion of us the other day and 4.32 Jump to 2889.66 CARDINAL three billion
that should work over five or ten or 6.119 Jump to 2920.5 DATE five or
Twenty Years and uh 5.88 Jump to 2922.9 DATE Twenty Years
you're one of the most extreme lovers of 3.4 Jump to 2966.72 CARDINAL one
New Jersey he says in 2016 you entered 5.4 Jump to 2980.38 GPE New Jersey DATE 2016
AIG where you assumed up to 20 billion 4.74 Jump to 2985.78 MONEY up to 20 billion
about 10 billion dollars up front can 4.26 Jump to 2990.52 MONEY about 10 billion dollars
introduce my one thing and well but Ajit 4.56 Jump to 3014.94 CARDINAL one PRODUCT Ajit
is the key to this he's the one to put 4.02 Jump to 3018
the deal together but we got handed 10 6.599 Jump to 3019.5 CARDINAL 10
billion we'll say uh uh 7.38 Jump to 3022.02
are 130 billion plus and that but it 6.301 Jump to 3058.619 CARDINAL 130 billion
balance sheet we account for 26 or 4.62 Jump to 3080.4 CARDINAL 26
if they're for 500 million or something 3.6 Jump to 3151.68 CARDINAL 500 million
one way to look at how the deal is 4.919 Jump to 3172.2 CARDINAL one
as Warren mentioned these two numbers 4.86 Jump to 3194.52 ORG Warren CARDINAL two
specifically the actual payouts are 96 5.76 Jump to 3199.38 CARDINAL 96
four percent significantly less than 3.661 Jump to 3220.319 PERCENT four percent
four percent in addition to that we 5.04 Jump to 3221.7 PERCENT four percent
would have made a fee which in 1990 5.4 Jump to 3223.98 DATE 1990
which in 2015 dollars would be a million 4.2 Jump to 3226.74 DATE 2015 CARDINAL a million
money at less than four percent and we 3.899 Jump to 3230.94 PERCENT less than four percent
would have made a million dollar fee 3.72 Jump to 3233.52 MONEY million dollar
the pike every second day so I'm 4.86 Jump to 3246.78 DATE every second day
Insurance companies have four times as 6.419 Jump to 3261.42 CARDINAL four
four times 3.181 Jump to 3270.359 CARDINAL four
and we have 25 or 6.24 Jump to 3281.7 CARDINAL 25
billion or more 4.381 Jump to 3285.599
when we take that 10 billion we don't 6.3 Jump to 3308.46 CARDINAL 10 billion
agree to put it in five-year bonds and 5.22 Jump to 3311.22 DATE five-year
10-year bonds we don't even think that 4.38 Jump to 3314.76 DATE 10-year
be able to pay 10 billion you know if no 5.82 Jump to 3324.9 CARDINAL 10 billion
get 500 million or 300 million and 4.14 Jump to 3368.04 CARDINAL 500 million CARDINAL 300 million
station four 6.599 Jump to 3384.72 CARDINAL four
of England now for more than 70 years 5.76 Jump to 3450.96 GPE England DATE more than 70 years
this picture a football game at one end 5.52 Jump to 3456.72 CARDINAL one
around 10 percent I've got the picture 4.399 Jump to 3495.72 PERCENT around 10 percent
until my three children 4.14 Jump to 3532.26 CARDINAL three
so there's a there's a thousand 4.981 Jump to 3555.299 CARDINAL a thousand
first they've heard about what the 5.579 Jump to 3566.76 ORDINAL first
they make a million mistakes 5.94 Jump to 3590.94 CARDINAL million
mean that you know it only if it's 95 4.52 Jump to 3618.96 CARDINAL 95
fact that when there were four one of 4.26 Jump to 3642.42 CARDINAL four
and you know within about 15 minutes 4.02 Jump to 3675.9 TIME about 15 minutes
each one of them had a lawyer and you 3.6 Jump to 3677.88
Family Farms it's one thing if it's a 3.421 Jump to 3739.319
something else but I know in one 3.24 Jump to 3742.74
he was 61 I think had all the money Way 5.941 Jump to 3796.079 CARDINAL 61
just you're the only one left 3.201 Jump to 3845.819
than two decades and he's concerned that 4.5 Jump to 3906.9
potentially have one that's going to 4.799 Jump to 4041
a year yeah well there's uh a thousand 6.321 Jump to 4062.119 CARDINAL a thousand
take them at 100 degrees when it's the 5.039 Jump to 4076.28 QUANTITY 100 degrees
weather and it's we take it at zero and 5.159 Jump to 4078.92 CARDINAL zero
grades and uh even a one percent rate if 5.46 Jump to 4084.079 PERCENT one percent
1800s amid the late 1800s and we have 22 6.519 Jump to 4106.66 DATE 1800s CARDINAL 22
000 I think it is miles of track and 3.84 Jump to 4111.08
have the derailments 10 and 20 years or 6.241 Jump to 4123.799 DATE 10 and 20 years
30 years from now I mean that but we and 6.361 Jump to 4125.779 DATE 30 years from now
move from one place to another in this 4.82 Jump to 4140.66 CARDINAL one
okay station five 3.38 Jump to 4158.839 CARDINAL five
company and first of all I'm so excited 6.46 Jump to 4170.739 ORDINAL first
we we own uh three U.S utilities there 7.259 Jump to 4279.44 CARDINAL three GPE U.S
they'll buy 20 30 reduce their carbon 7.5 Jump to 4305.96 CARDINAL 20 30
footprint by uh 50 relative to 2005 so 7.139 Jump to 4308.54 CARDINAL 50 DATE 2005
now Pacific Corp were in Six States uh 5.1 Jump to 4339.86 ORG Pacific Corp GPE Six States
time here we are in 2023 and we have a 6.54 Jump to 4355.82 DATE 2023
little more than a third of that at the 3.84 Jump to 4360.02 CARDINAL more than a third
time it was a six billion dollar 4.08 Jump to 4362.36 MONEY six billion dollar
little more than a third of it built and 4.5 Jump to 4366.44 CARDINAL more than a third
we've spent probably closer to seven 4.92 Jump to 4368.12 CARDINAL seven
billion dollars and it's the right 3.84 Jump to 4370.94
can't just wake up one day and and solve 3.3 Jump to 4389.6 DATE one day
we have 70 billion dollars of known 6.599 Jump to 4403.58 MONEY 70 billion dollars
10 years so 3.42 Jump to 4419.84 DATE 10 years
it one time 3.601 Jump to 4473.719 CARDINAL one
you've got 50 50 states and you have to 5.94 Jump to 4548.36 CARDINAL 50 50
one job was to win the war and we 4.141 Jump to 4577.699 CARDINAL one
China you've got one country and we've 5.52 Jump to 4650.719 GPE China CARDINAL one
got we've got 50 states and we got a 4.8 Jump to 4652.58 CARDINAL 50
and but Greg will probably be the one 6.301 Jump to 4725.659 PERSON Greg CARDINAL one
can run five the largest gap net worth 6 Jump to 4760.28 CARDINAL five
but you don't need five people either 3.96 Jump to 4768.44 CARDINAL five
decision now about the two different 6.48 Jump to 4795.08 CARDINAL two
and one of them is that 6.24 Jump to 4828.8 CARDINAL one
honored we had we had one of our 3 Jump to 4853.159
I wrote him a letter when he was 80 and 3.14 Jump to 4866.12 DATE 80
I'm glad you're 80. and I'll write you 5.74 Jump to 4869.26 CARDINAL 80
again when you're 90. and uh I wrote him 5.52 Jump to 4872.12 CARDINAL 90
again when he was 90 and he didn't make 6.659 Jump to 4875 DATE 90
it to 100 but but he had a terrific 7.079 Jump to 4877.64 CARDINAL 100
station six 3.08 Jump to 4897.92 CARDINAL six
a Mr Buffett I was one of the 8 000 5.28 Jump to 4908.12 PERSON a Mr Buffett CARDINAL one CARDINAL 8 000
working at seven World Trade Center I've 5.4 Jump to 4915.62 CARDINAL seven EVENT World Trade Center
first time the day before I put him in 4.379 Jump to 4940.28 ORDINAL first
know what what are we uh 234 years old 4.561 Jump to 4986.239 DATE 234 years old
and I combined are two-thirds of 4.801 Jump to 4996.199 CARDINAL two-thirds
two-thirds of the life of the country 5.739 Jump to 4997.96 CARDINAL two-thirds
we've been tested at 46 national 4.5 Jump to 5003.699 CARDINAL 46
some way because we started with one 3.839 Jump to 5017.38 CARDINAL one
half of one percent of the world's 5.28 Jump to 5019.06
population in 1790 and we now have 5.161 Jump to 5021.219 DATE 1790
something close to 25 percent of the 3.78 Jump to 5024.34 PERCENT close to 25 percent
two oceans and oceans on each side back 2.94 Jump to 5033.94 CARDINAL two
but in a million ways I mean you can 5.381 Jump to 5082.679 CARDINAL a million
1930 3.3 Jump to 5186.04 DATE 1930
there were two billion people in the 2.82 Jump to 5187.6 CARDINAL two billion
and now there's maybe 7.7 billion and 4.56 Jump to 5190.42 CARDINAL 7.7 billion
we now have 7.7 billion people using way 6.239 Jump to 5210.46 CARDINAL 7.7 billion
born when there were two billion people 2.341 Jump to 5216.699 CARDINAL two billion
they'll go away by 2050 or anything it 7.739 Jump to 5244 DATE 2050
Charlie was born on January 1st 1924. 5.92 Jump to 5310.44 PERSON Charlie DATE January 1st 1924
as Warren stated in the 2022 annual 4.679 Jump to 5349 PERSON Warren DATE 2022 DATE annual
will take 12 to 15 years for all his 4.741 Jump to 5377.739 DATE 12 to 15 years
in 12 or 15 years you're talking a 4.381 Jump to 5442.239 DATE 12 or 15 years
trillion and a half that it would take 4.679 Jump to 5445.06
will then be 12 or 15 years longer done 6 Jump to 5483.699 DATE 12 or 15 years
fluent can happen 50 years ago and ever 4.62 Jump to 5523.96 DATE 50 years ago
neither one of us are worried basically 6 Jump to 5552.639
58 years and the one thing I know 4.74 Jump to 5566.38 DATE 58 years
58 years of of 6.119 Jump to 5653.02 DATE 58 years
crises of one sort or another but if 6.24 Jump to 5691.78 CARDINAL one
station Seven 2.9 Jump to 5714.52 CARDINAL Seven
one of the reasons that we are all here 6.361 Jump to 5730.659 CARDINAL one
1986 and I'd gotten the bright idea of 5.08 Jump to 5773.159 DATE 1986
think in maybe 1969 so I'd stumbled 3.301 Jump to 5778.239 DATE 1969
uh for 17 years and 9.48 Jump to 5781.54 DATE 17 years
17 17 years wandering around in the 4.92 Jump to 5817.84 DATE 17 17 years
and and he had absolutely zero 5.64 Jump to 5845.8 CARDINAL zero
top pick of 10 Insurance managers in the 6.9 Jump to 5887.86 CARDINAL 10
world I'm I I could take all ten and 6.42 Jump to 5890.92 CARDINAL ten
he's one of a kind and 4.5 Jump to 5911.02 CARDINAL one
around long enough you only need one of 6.06 Jump to 5915.52
Charlie didn't tell a story or two um 6.181 Jump to 5960.219 PERSON Charlie CARDINAL two
Louie once how he managed to play first 5.46 Jump to 5972.4 ORG Louie ORDINAL first
when he only weighed 165 pounds 5.04 Jump to 5977.86 QUANTITY 165 pounds
yeah we had we everyone got the fourth 4.92 Jump to 5994.9 ORDINAL fourth
and one time 5.161 Jump to 6048.659 CARDINAL one
submarine from World War One 6.181 Jump to 6063.659 EVENT World War One
in Chicago I think in 1933 4.62 Jump to 6071.94 GPE Chicago DATE 1933
guy from Walmart was going to his first 4.32 Jump to 6080.04 ORDINAL first
1967 or so 7 Jump to 6132.8 DATE 1967
no Anna Birds first born born daughter I 5.219 Jump to 6144.9 PERSON Anna Birds ORDINAL first
think I think I think Moe had nine 5.64 Jump to 6147.9 PERSON Moe CARDINAL nine
nine girls in a row before Waller came 6.181 Jump to 6150.119 CARDINAL nine ORG Waller
along the tenth I may be lost by one but 5.639 Jump to 6153.54 CARDINAL one
you this thing for six million bucks and 3.301 Jump to 6219.119 MONEY six million bucks
I had two million to cash and a couple 3.06 Jump to 6220.8 CARDINAL two million
million in real estate and a couple 3.06 Jump to 6222.42 CARDINAL million
million of operating earnings that this 2.759 Jump to 6223.86 CARDINAL million
one time 3.96 Jump to 6272.94 CARDINAL one
rozen stories but now you've heard one 3.12 Jump to 6299.94 CARDINAL one
industry is going through one of the 3.84 Jump to 6312.96
15 years Berkshire historically has 4.5 Jump to 6316.8 DATE 15 years
right that the last 15 years has been a 4.859 Jump to 6383.34 DATE the last 15 years
business in the last 15 years it really 5.04 Jump to 6393.179 DATE the last 15 years
uh this December 31st which is a big 6.301 Jump to 6398.219 DATE this December 31st
the third week of December I was very 4.98 Jump to 6419.88 DATE the third week of December
put put several billion dollars on on 4.2 Jump to 6424.86 MONEY several billion dollars
but in the last 10 days of uh December 5.7 Jump to 6429.06 DATE the last 10 days DATE December
result of which January 1 was a big 4.02 Jump to 6441.96 DATE January 1
forward to April 1 which is another big 5.279 Jump to 6448.44 DATE April 1
because April 1 suddenly prices zoomed 4.56 Jump to 6457.619 DATE April 1
were on January 1 and started to look 3.661 Jump to 6462.179 DATE January 1
exposure today is almost 50 percent more 7.32 Jump to 6476.28 DATE today PERCENT almost 50 percent
than what it was uh five six months ago 7.681 Jump to 6480.119 DATE five six months ago
much as 15 billion dollars and if there 4.98 Jump to 6543.9
isn't a loss we'll make several billion 4.321 Jump to 6546.719 MONEY several billion
whatever was a couple billion more of of 6.48 Jump to 6557.4 QUANTITY a couple billion
we have about a little less than 300 5.46 Jump to 6575.1
billion of capital we think of that as a 6.48 Jump to 6577.199
55 exposure that you're willing to take 6.599 Jump to 6580.56 CARDINAL 55
a few weeks ago we had about 13 billion 5.341 Jump to 6587.159 DATE a few weeks ago MONEY about 13 billion
we have to 13 it'll be nice if we can go 5.52 Jump to 6595.199 CARDINAL 13
up to 15 that's a good round number and 5.159 Jump to 6597.48 CARDINAL up to 15
that was less than a 30 second phone 4.161 Jump to 6600.719 CARDINAL less than a
okay station eight 3.5 Jump to 6613.98 CARDINAL eight
shoeholder for about 16 years and I'm 5.58 Jump to 6623.34 DATE about 16 years
business back in 1966 and 4.619 Jump to 6765 DATE 1966
Five Points six or seven percent but our 6.54 Jump to 6802.619 CARDINAL Five PERCENT six or seven percent
whether to buy a second car I know wow 5.76 Jump to 6818.04 ORDINAL second
in 10 seconds whether it's something of 4.44 Jump to 6871.98 TIME 10 seconds
saw again for the second time a couple 3.42 Jump to 6952.92 ORDINAL second
were five 2.88 Jump to 6998.52 CARDINAL five
coal generating plant was built by one 7.299 Jump to 7015.34 CARDINAL one
where they were earning we'll say 14 3.26 Jump to 7028.1 CARDINAL 14
one percent well if you get 14 on one 3.679 Jump to 7059.96 PERCENT one percent CARDINAL 14 CARDINAL one
maybe six months after we'd gotten going 5.759 Jump to 7077.48 DATE six months
and and then we hit five percent 6.6 Jump to 7080.36 PERCENT five percent
birthday and uh at 90th and we owned 7.62 Jump to 7086.96
over five percent and recently when 6.12 Jump to 7090.8
over for the first time to visit with 3.9 Jump to 7094.58 ORDINAL first
7.4 percent of them we won't go over 9.9 5.94 Jump to 7103.82 PERCENT 7.4 percent CARDINAL over 9.9
164 or whatever it is 4.98 Jump to 7111.34 CARDINAL 164
billion of us again would have done for 5.641 Jump to 7117.139
us if we only had five billion dollars 4.68 Jump to 7120.32 MONEY five billion dollars
or something and it made 10 billion 3.839 Jump to 7122.78 CARDINAL 10 billion
like Heroes now 10 billion just sort of 4.62 Jump to 7129.32 ORG Heroes CARDINAL 10 billion
it's fun and it is fun and it is 10 4.801 Jump to 7136.639 CARDINAL 10
billion dollars and Charlie says it 2.701 Jump to 7139.699 PERSON Charlie
about 10 billion yeah yeah well not even 5.94 Jump to 7159.44 MONEY about 10 billion
you know we are four or five billion 4.2 Jump to 7165.38 MONEY four or five billion
over 9.9 and we mean it and then they 3.659 Jump to 7187.52 CARDINAL over 9.9
with them 10 20 30 40 years from now and 4.739 Jump to 7198.86 DATE 10 20 30 40 years from now
the only thing I would add is that one 5.781 Jump to 7218.239 CARDINAL one
has one you went over there it was to 5.22 Jump to 7221.3
the five meetings we had we're really 4.56 Jump to 7236.659 CARDINAL five
spend really two days with the five 3.06 Jump to 7249.139 DATE two days CARDINAL five
and an issue that we intended to be 56 4.02 Jump to 7252.199 CARDINAL 56
billion of 3.119 Jump to 7255.02
turned out to be 164.4 or something like 4.04 Jump to 7258.139 CARDINAL 164.4
you know it doesn't move 500 billion of 5.1 Jump to 7267.38 MONEY 500 billion
but this one is you know it will keep 4.02 Jump to 7272.48
very widespread probably four or 500 7.02 Jump to 7280.52 CARDINAL four
million dollars a year and uh 6.601 Jump to 7282.739
for example when they reach 25 to 35 5.34 Jump to 7354.98 CARDINAL 25 CARDINAL 35
35 percent of berkshire's portfolio and 4.379 Jump to 7360.32 PERCENT 35 percent
comment well I'd like to make one 3.659 Jump to 7366.98
comment first but Charlie will come up 3.761 Jump to 7368.719 PERSON Charlie
apple is not 35 percent of of Berkshire 5.46 Jump to 7377.179 PERCENT 35 percent
their stock and instead of owning 5.6 2.639 Jump to 7397.58 CARDINAL 5.6
15 billion 700 and some million shares 5.821 Jump to 7403.639 CARDINAL 15 billion CARDINAL some million
outstanding they get down to 15 and a 2.879 Jump to 7407.78 CARDINAL 15
quarter billion without us doing 4.08 Jump to 7409.46
anything we got six percent so we can't 6.421 Jump to 7410.659 PERCENT six percent
own more than 100 of the NSF we can't 5.579 Jump to 7413.54 CARDINAL more than 100 ORG NSF
own more than 100 percent 6 Jump to 7417.08 PERCENT more than 100 percent
it'd be nice we'd love it on 200 but it 4.74 Jump to 7423.08 CARDINAL 200
maybe they'll pay 1500 bucks or whatever 5.04 Jump to 7466.94 MONEY 1500 bucks
and these same people pay 35 4.32 Jump to 7471.98 CARDINAL 35
000 for having a second car 3.841 Jump to 7474.139 CARDINAL 000 ORDINAL second
and if they had to give up a second car 4.26 Jump to 7476.3 ORDINAL second
their second car I mean it's it's an 4.079 Jump to 7480.56 ORDINAL second
anything like that that we own 100 of 5.54 Jump to 7484.639 CARDINAL 100
5.6 or whatever it may be percent and 5.02 Jump to 7490.179 CARDINAL 5.6
we're delighted every tenth of a percent 3.96 Jump to 7493.4
that goes up it's like adding a hundred 3.841 Jump to 7495.199 CARDINAL a hundred
million dollars to our earnings I mean 3.72 Jump to 7497.36
35 percent 3.299 Jump to 7544.4 PERCENT 35 percent
one of the inane things that's taught in 5.82 Jump to 7572.54 CARDINAL one
if you've only got three I'd rather be 5.279 Jump to 7594.86 CARDINAL three
station nine 2.961 Jump to 7666.619 CARDINAL nine
I'm also here with my two sons Aiden and 4.621 Jump to 7683.239 CARDINAL two GPE Aiden
this is my second time attending the 6.54 Jump to 7692.42 ORDINAL second
conference last being 2019 four years 6.839 Jump to 7695.3 DATE 2019 DATE four years
which has given me a great return of 62 7.259 Jump to 7708.38 CARDINAL 62
since 2019. so I want to thank you for 4.1 Jump to 7712.46 DATE 2019
I have also taken one of your advice to 5.161 Jump to 7720.739 CARDINAL one
eight years 2.661 Jump to 7729.739 DATE eight years
there's one thing we should do let's get 3.36 Jump to 7786.98
tension between the two companies is 6.239 Jump to 7831.5 CARDINAL two
and it creates one enormous problem of 4.02 Jump to 7845.84 CARDINAL one
course which is that you have the two 3.9 Jump to 7848 CARDINAL two
get along with each other either one can 3.9 Jump to 7854
you know it's one of those Game Theory 3.54 Jump to 7894.44 CARDINAL one
you've got one kind of a system that 3.359 Jump to 7928.28 CARDINAL one
gets this leader one way they've got 2.94 Jump to 7930.02 CARDINAL one
the years post 1945 with a lot of close 4.38 Jump to 8065.38 DATE the years post 1945
the two are not 4.601 Jump to 8117.719 CARDINAL two
100 years or so and uh 4.52 Jump to 8127.96 DATE 100 years or so
the lock that has taken us from 1945 to 6.48 Jump to 8149.199 DATE 1945
Firm to offload close to five billion 3.78 Jump to 8188.02 MONEY close to five billion
at Taiwan semiconductor is one of the 3.42 Jump to 8192.939 GPE Taiwan CARDINAL one
same thing 5 or 10 or 20 years from now 6 Jump to 8209.139 CARDINAL 5 DATE 10 or 20 years from now
actually one of our subsidiaries that we 4.92 Jump to 8225.7 CARDINAL one
and the man that was a 91 year old or so 3.84 Jump to 8263.92 DATE 91 year old
okay station 10. 4.14 Jump to 8321.24 CARDINAL 10
first of all thank you for making our 4.139 Jump to 8327.46 ORDINAL first
Mr Buffett in 1976 in your tribute to 7.441 Jump to 8342.939 PERSON Mr Buffett DATE 1976
could you share with us your 100 Year 5.581 Jump to 8360.219 DATE 100 Year
yeah I would like to add one thing about 5.279 Jump to 8367.66 CARDINAL one
for me and I never expected one thing in 5.88 Jump to 8377.559
uh well he wrote a book in 1949 8.279 Jump to 8397.66 DATE 1949
eight or nine years 6.059 Jump to 8413.8 DATE eight or nine years
number 300 or 350 or something like that 5.4 Jump to 8442.18 CARDINAL number 300 CARDINAL 350
far enough but they they had 7.3 million 7.739 Jump to 8459.58 CARDINAL 7.3 million
400 or a thousand or something for a 3.42 Jump to 8479.979 CARDINAL 400 or a thousand
numbered 25 6.241 Jump to 8483.399 CARDINAL 25
000 or 200 000 and and this this book 6.119 Jump to 8484.78 CARDINAL 000
can't you go back and look at number one 3.781 Jump to 8498.399 CARDINAL number one
in 1950 or number two or number three 5.04 Jump to 8500.14 DATE 1950 CARDINAL number two CARDINAL number three
and you're looking in 51 and 52 they 4.92 Jump to 8502.18 CARDINAL 51
cookbooks maybe one or two of them last 6.159 Jump to 8509.28 CARDINAL one CARDINAL two
he said in 1949 in this relatively thin 7.08 Jump to 8523.96 DATE 1949
yeah one of the really interesting 4.261 Jump to 8574.359
made in his whole life came from one 6.54 Jump to 8597.819 CARDINAL one
stock one growth stock Geico 6.719 Jump to 8600.1 CARDINAL one ORG Geico
money floating from one to another 5.82 Jump to 8616.72
but the big money he made was one growth 6.12 Jump to 8619.06
stock buying one undervalued great 4.8 Jump to 8622.54 CARDINAL one
and and Ben wrote a post trip to the 49 8.1 Jump to 8632.5 PERSON Ben CARDINAL 49
and I think the banker got three 3.66 Jump to 8665.56 CARDINAL three
as I remember from maybe a million and a 3.719 Jump to 8683.68 CARDINAL a million
half or something like a million and a 4.08 Jump to 8685.96 CARDINAL half
of a difference of twenty five thousand 3.96 Jump to 8690.04 DATE twenty five thousand
is one or two things that make the right 3.66 Jump to 8736.06 CARDINAL one CARDINAL two
I don't know whether a third or 5.399 Jump to 8760 ORDINAL third
whatever percentage blow that one you 5.279 Jump to 8762.58 CARDINAL one
they'll write three billion dollars of 3.96 Jump to 8868.84 MONEY three billion dollars
four percent which is a very small 3.781 Jump to 9010.439 PERCENT four percent
yeah you can say the there was one big 6.18 Jump to 9025.08 CARDINAL one
car insurance back in 1920 or so when 5.58 Jump to 9031.26 DATE 1920
created a system where he really took 20 3.24 Jump to 9058.68 CARDINAL 20
okay station 11. 3.8 Jump to 9130.62 CARDINAL 11
and and I was in the last year or two 4.92 Jump to 9200.46 DATE the last year CARDINAL two
but it came with a management fee of two 6.54 Jump to 9258.96 CARDINAL two
fund was embedded in the first place but 3.681 Jump to 9281.939 ORDINAL first
this is for Warren and Greg since 2019 4.981 Jump to 9365.399 GPE Warren PERSON Greg DATE 2019
stock about approximately reducing 10 3.479 Jump to 9370.38 CARDINAL 10
framework now for 30 years probably or 4.2 Jump to 9423.96 DATE 30 years
have lots of footnotes and you know 50 6 Jump to 9433.2
pages or 100 pages but it's it's no more 5.58 Jump to 9435.66 CARDINAL 100
do first then the opportunities are 4.859 Jump to 9506.46 ORDINAL first
station one 2.84 Jump to 9554.22 CARDINAL one
Charlie in 2022 you used phrases like 8.94 Jump to 9564.72 PERSON Charlie DATE 2022
said was the 30 of Americans hesitant to 8.16 Jump to 9577.14 CARDINAL 30 NORP Americans
well we got time for one more than 4.34 Jump to 9600.24 CARDINAL one
no no okay let's just got one for you 4.74 Jump to 9623.52
this one comes from Drew Estes 4.08 Jump to 9625.26
1969 letter to Partners you said in any 4.62 Jump to 9631.14 DATE 1969
to evaluate second men the only real way 4.5 Jump to 9639.359 ORDINAL second
to Berkshire once the second men are 3.721 Jump to 9648.479 ORDINAL second
the fact that 99 of my net worth is in 5.101 Jump to 9660.479 CARDINAL 99
100 billion or more of philanthropy will 5.701 Jump to 9668.399 CARDINAL 100 billion
second choice I mean it is it is that 6.96 Jump to 9678.84 ORDINAL second
Greg in action that I feel 100 percent 8.16 Jump to 9685.8 PERSON Greg PERCENT 100 percent
may show itself in five years it may go 5.5 Jump to 9738.56 DATE five years
20 companies is very hard to 4.2 Jump to 9766.8 CARDINAL 20
one it's uh it's it's very difficult to 6.18 Jump to 9771 CARDINAL one
one too and Greg is inheriting a good 5.34 Jump to 9793.92 PERSON Greg
to put any one of the next 10 nominees 4.201 Jump to 9802.439 CARDINAL one
in and try and judge three years later 3.42 Jump to 9804.6 DATE three years later
we'll see you at one o'clock thank you 4.981 Jump to 9869.819
60 Questions in we've done 25 so far 5.46 Jump to 9874.8 CARDINAL 60 CARDINAL 25
20 yeah 25. 4.14 Jump to 9877.74 CARDINAL 20
with question number 26. 5.28 Jump to 9897 CARDINAL number 26
two 2.9 Jump to 9902.28 CARDINAL two
lost his job in 1931 because of a bank 4.02 Jump to 9983.64 DATE 1931
Goldman Sachs during one of the great 2.779 Jump to 10018.62 ORG Goldman Sachs CARDINAL one
back in 1907 or thereabouts had a job as 6.061 Jump to 10021.399 DATE 1907
as many as 2 000 banks have failed in 6.36 Jump to 10063.8 CARDINAL as many as 2 000
one year back after World War one I mean 4.08 Jump to 10067.1 DATE one year EVENT World War
you know two thousand 4.26 Jump to 10090.26
twenty three 3.481 Jump to 10092.479 CARDINAL twenty three
the FDIC pay off for the 100 cents on 5.1 Jump to 10098.42 ORG FDIC MONEY 100 cents
there's a two hundred and fifty thousand 4.32 Jump to 10146.3 CARDINAL two hundred and fifty thousand
was passed in 19th or a law that became 4.321 Jump to 10173.899 DATE 19th
effective in 1934 although modified in 3.66 Jump to 10175.88 DATE 1934
anybody that wants to take up my Million 5.219 Jump to 10194.18
Berkshire because we keep a hundred and 5.64 Jump to 10227.06 CARDINAL a hundred and
28 billion or whatever it was at the end 4.08 Jump to 10230.72 CARDINAL 28 billion
we're doing 40 or so percent of the 3.96 Jump to 10266.24 CARDINAL 40 or
oh just those two companies 4.319 Jump to 10273.5 CARDINAL two
but they had 150 people 5.52 Jump to 10280.16 CARDINAL 150
and August of two thousand eight were 5.04 Jump to 10304.58 DATE August CARDINAL two thousand eight
they're our second order and third order 4.8 Jump to 10315.62 ORDINAL second ORDINAL third
and fourth order effects uh that are 6.361 Jump to 10317.479 ORDINAL fourth
and if you take First Republic for 5.221 Jump to 10370.819 GPE First Republic
you could look at their 10K 5.58 Jump to 10376.04 CARDINAL 10
sometimes for 10 years before they 5.58 Jump to 10392.18 DATE 10 years
and says I'll repo Finance it one and a 4.86 Jump to 10405.14
half percent and then one percent and if 6.12 Jump to 10407.42 PERCENT half percent PERCENT one percent
fellow keeps on 10 years you don't give 5.279 Jump to 10413.54 DATE 10 years
first Republica was doing it was a plain 2.821 Jump to 10418.819 PERSON Republica
thousand different ways to get so you 4.32 Jump to 10589.64 CARDINAL thousand
could borrowing 100 margin you know 4.441 Jump to 10591.859 CARDINAL 100
learning the 29 crash imagine taking 5.46 Jump to 10603.439 CARDINAL 29
decided back in 1931 and 32 and then in 6.9 Jump to 10624.02 DATE 1931 DATE 32
on 100 margin which is what people were 4.2 Jump to 10684.02 CARDINAL 100
was me originally in 1969 we bought a 4.98 Jump to 10745.52 DATE 1969
and we had 19 million dollars invested 6.42 Jump to 10750.5 MONEY 19 million dollars
in that bank and we had 17 million I 4.32 Jump to 10753.68 CARDINAL 17 million
holding company Act of 1970 hadn't been 4.86 Jump to 10760.76 PRODUCT Act DATE 1970
passed the 1970 Bank holding company act 4.979 Jump to 10775.46 DATE 1970
bank in in in 10 years which by the way 6.901 Jump to 10780.439 DATE 10 years
government zero it was a lovely sound 6 Jump to 10793.939 CARDINAL zero
last well we sold them first when the 3.181 Jump to 10855.859 ORDINAL first
more in the last six months and uh 5.12 Jump to 10859.04 DATE the last six months
going to be 3.14 you know infinite 6.78 Jump to 10930.56 CARDINAL 3.14
deposits at all they got changed by 2008 4.5 Jump to 10943.46 CARDINAL 2008
One Bank holding a a a a a deal that but 8.519 Jump to 10963.38 CARDINAL One
and to people who like one story which 5.76 Jump to 11071.92 CARDINAL one
and of course the first thing he wants 3.301 Jump to 11126.819 ORDINAL first
more uh station three 8.279 Jump to 11179.08 CARDINAL three
Daphne I'm 13 years old and this is my 7.761 Jump to 11187.359 PERSON Daphne DATE 13 years old
sixth annual Berkshire halfway sandwich 4.341 Jump to 11190.779 ORDINAL sixth GPE Berkshire
currently at an estimated 31 trillion 6.9 Jump to 11210.16 MONEY an estimated 31 trillion
dollars making up about 125 percent of 5.7 Jump to 11212.92 PERCENT about 125 percent
Two to the advantage of the country and 5.34 Jump to 11352.24 CARDINAL Two
and then the war ended in August the 45 6.3 Jump to 11359.979 DATE August CARDINAL 45
and I think in January 46 and I'm not 4.319 Jump to 11364 DATE January 46
in January 46 I think the rate of 4.08 Jump to 11368.319 DATE January 46
one percent or thereabouts and by the 4.261 Jump to 11372.399 PERCENT one percent
15 and again I'm doing this from long 5.699 Jump to 11376.66 CARDINAL 15
it's in and 30 years of economic stasis 4.979 Jump to 11587.8 DATE 30 years
one and then he moved next door well 3.599 Jump to 11676.3
on inflation and they they one way or 6.361 Jump to 11679.899 CARDINAL one
there's 435 of you to just be one of 435 5.62 Jump to 11694.5 CARDINAL 435 CARDINAL one CARDINAL 435
question of two superpowers and when you 4.38 Jump to 11707.979 CARDINAL two
I mean there's a million ways to judge 3.96 Jump to 11752.2 CARDINAL a million
it but maybe 10 times what it was then 3.42 Jump to 11754 CARDINAL 10
teacher in town or even if it's the 10th 3.42 Jump to 11778.54 ORDINAL 10th
a Berkshire shareholder since 2004. 4.801 Jump to 11850.779 DATE 2004
the 41.4 stake in Pilot values the 5.1 Jump to 11855.58 CARDINAL 41.4 GPE Pilot
entire company at around 19 billion 4.98 Jump to 11858.58 MONEY around 19 billion
dollars that's about six times what BP 4.74 Jump to 11860.68 CARDINAL about six ORG BP
but Pilot's market share is Just Three 4.62 Jump to 11865.42 ORG Pilot
2022 earnings which has unusually high 5.58 Jump to 11872.14 DATE 2022
that we arranged to buy it in three 3.18 Jump to 11880 CARDINAL three
uh with the third stage being at the 5.7 Jump to 11883.18 ORDINAL third
option of these owner of 20 the first 6.181 Jump to 11885.279 CARDINAL 20 ORDINAL first
be a very attractive price the second 5.04 Jump to 11891.46 ORDINAL second
about the fact we only 80 percent at the 5.04 Jump to 11904.72 PERCENT only 80 percent
the 80 to start with and the last 20 5.521 Jump to 11911.979 CARDINAL 80
with the furniture mart we bought 80 of 4.22 Jump to 11925.3 CARDINAL 80
the Furniture Mart on August 30th 5.52 Jump to 11927.04 ORG the Furniture Mart DATE August 30th
1983 almost 40 years ago and it's worked 6.04 Jump to 11929.52 DATE 1983 DATE almost 40 years ago
Advantage we we have 80 percent novel 4.5 Jump to 11937.54 PERCENT 80 percent
15 Acres or 20 there's nothing like it 4.44 Jump to 11962.68 QUANTITY 15 Acres CARDINAL 20
interstate two miles to the right or 3.659 Jump to 11967.12 QUANTITY two miles
3 600 or he held three jobs 5.159 Jump to 12033.24 CARDINAL 3 CARDINAL 600 CARDINAL three
at Mid-America 20 years ago his mother 4.621 Jump to 12038.399 LOC Mid-America DATE 20 years ago
just wish we bought 100 percent of it 4.5 Jump to 12065.64 PERCENT 100 percent
when I first made the deal but that was 4.621 Jump to 12067.979 ORDINAL first
and and then suddenly the last 20 3.601 Jump to 12074.399
when we bought so we bought 80 of it and 5.101 Jump to 12080.399 CARDINAL 80
probably four or five miles from here 4.68 Jump to 12129.42 QUANTITY four or five miles
close to 80 billion of sales last year 4.5 Jump to 12153.899 MONEY close to 80 billion DATE last year
station four 2.84 Jump to 12202.439 CARDINAL four
name is JC I'm 15 years old and I'm from 4.321 Jump to 12211.439 DATE 15 years old
this is my fourth in-person Berkshire 5.219 Jump to 12215.76 ORDINAL fourth
this is the first time that major 4.74 Jump to 12248.76 ORDINAL first
you're effectively paying 12 or 14 or 4.5 Jump to 12335.399 CARDINAL 12 CARDINAL 14
going to earn more than 12 14 of money 4.02 Jump to 12341.7 CARDINAL more than 12
on you know Tom Murphy the first time I 3.66 Jump to 12370.319 PERSON Tom Murphy ORDINAL first
two things to me said you know always 4.14 Jump to 12375.06 CARDINAL two
in 30 seconds and you can't erase it uh 6 Jump to 12389.88 TIME 30 seconds
him for 50 years I never saw him do an 4.38 Jump to 12449.88 DATE 50 years
I'd add one more thought too I you need 4.2 Jump to 12513 CARDINAL one
people problems and one of the key 3.12 Jump to 12587.819
uh he had five kids 6.061 Jump to 12659.479 CARDINAL five
and four of them turned out to be 5.401 Jump to 12662.279 CARDINAL four
superstars of one sort or another and 4.72 Jump to 12665.54 CARDINAL one
with three of the siblings out of five 3.359 Jump to 12682.08 CARDINAL three CARDINAL five
and if you have one that won't be there 6.121 Jump to 12707.399
problem and I think one way or another 5.879 Jump to 12713.52 CARDINAL one
okay station five 3.921 Jump to 12732.779 CARDINAL five
shareholders since 2019 and my daughters 6.06 Jump to 12749.16 DATE 2019
are shareholder since 2020. 4.62 Jump to 12752.64 DATE 2020
this is my first time coming to 5.42 Jump to 12757.26 ORDINAL first
1886 or so John Pemberton in Atlanta 8.74 Jump to 12862.1 DATE 1886 PERSON John Pemberton GPE Atlanta
20 miles out of their way to buy it or 4.14 Jump to 12948.96 QUANTITY 20 miles
Coca-Cola travels there's 200 countries 6.42 Jump to 13045.92 ORG Coca-Cola CARDINAL 200
and roughly in probably 180 of them it's 7.199 Jump to 13048.2 CARDINAL 180
started in 1886 5.699 Jump to 13058.16 DATE 1886
very low price as it turned out in 20 5.759 Jump to 13075.56 CARDINAL 20
Berkshire owns about 94 million shares 4.32 Jump to 13121.76 CARDINAL about 94 million
slashed its dividend by 80 percent how 4.619 Jump to 13131.12 PERCENT 80 percent
I had a gasoline station when I was 21 5.639 Jump to 13215.84 CARDINAL 21
or 22 in this about 3.841 Jump to 13219.319 CARDINAL 22
three or four months four or four or 3.181 Jump to 13221.479 DATE three or four months four or
five miles from here 5.52 Jump to 13223.16 QUANTITY five miles
and we had one competitor and and uh he 6.72 Jump to 13224.66
wrote the stuff off and then the first 4.159 Jump to 13260.12 ORDINAL first
other people every seven years and 4.86 Jump to 13267.56 DATE every seven years
business is one tough business yeah 4.621 Jump to 13302.479 CARDINAL one
doing 70 percent of the business that 2.94 Jump to 13313.58 PERCENT 70 percent
got two eyeballs and and they got more 4.5 Jump to 13329.84 CARDINAL two
packaging that Talent one way or another 6.119 Jump to 13357.2 CARDINAL one
okay section six 4.099 Jump to 13423.26 CARDINAL six
until they're finally retired in 2049 4.92 Jump to 13473.96 DATE 2049
it's not producible 24 hours a day 7.08 Jump to 13500.42 TIME 24 hours
one state in the Union that stands out 7.44 Jump to 13534.62 CARDINAL one
Iowa is that we have one 4.739 Jump to 13545.12 GPE Iowa CARDINAL one
that sell electricity but we have one 8.96 Jump to 13551.479 CARDINAL one
District and three miles or four miles 6.061 Jump to 13565.939 QUANTITY three miles QUANTITY four miles
that most utilities pay out 70 or 80 6.74 Jump to 13618.56 CARDINAL 70
know for 20 years we reinvested I don't 5.159 Jump to 13632.66 DATE 20 years
know how many billion that's the reason 4.62 Jump to 13635.359
200 million to 4 billion but we're not 3.721 Jump to 13639.979 CARDINAL 200 million to
sure whether seeds are going to rise two 5.28 Jump to 13684.26 CARDINAL two
inches or 20 feet 3.721 Jump to 13687.439 QUANTITY 20 feet
on the order of four billion dollars and 4.26 Jump to 13744.38 MONEY four billion dollars
maybe three billion additional left so 5.58 Jump to 13748.64 CARDINAL three billion
maybe we spend seven billion and uh 6.059 Jump to 13750.92 MONEY seven billion
it got em early still paid me seventy 4.14 Jump to 13928.7
thousand dollars a year 3.96 Jump to 13931.279
what'd you pay for the a thousand 5.46 Jump to 13932.84 CARDINAL thousand
bought a thousand or fifteen hundred 4.38 Jump to 13942.68 CARDINAL a thousand or fifteen hundred
before he died in 1964 he left him with 6.719 Jump to 13948.26 DATE 1964
my mother my mother left him to her two 6.119 Jump to 13951.62 CARDINAL two
and the first day the first day when you 6.299 Jump to 13998.6
you know it may be 12 000 barrels or 6.181 Jump to 14004.899 QUANTITY 12 000 barrels
maybe 15 000 barrels uh 6.06 Jump to 14007.66 QUANTITY 15 000 barrels
Occidental had one come into 3.78 Jump to 14013.72 ORG Occidental CARDINAL one
I think in 19 000 barrels or something 3.48 Jump to 14015.58 QUANTITY 19 000 barrels
like that one day 3.12 Jump to 14017.5 DATE one day
maybe 11 or a fraction 5.221 Jump to 14035.859 CARDINAL 11
what we produce at 11 a fraction million 5.641 Jump to 14038.979 MONEY 11 a fraction million
six million very fast well 4.859 Jump to 14047.5 CARDINAL six million
just imagine taking 5 million barrels a 3.42 Jump to 14050.319 QUANTITY 5 million barrels
one day it got the minus thirty dollars 4.32 Jump to 14092.56 DATE one day
the 10 billion dollar preferred we've 2.34 Jump to 14151.66 MONEY 10 billion dollar
maybe four or five hundred million 4.14 Jump to 14154 CARDINAL four or
dollars of it retired at 110 percent of 4.32 Jump to 14155.56 PERCENT 110 percent
her first job was with City service 5.96 Jump to 14170.979 ORDINAL first
that was the first stock I bought in 4.739 Jump to 14175 ORDINAL first
1942. uh 5.621 Jump to 14176.939 DATE 1942
I can dig two defeat down I can't in my 6 Jump to 14193.72 CARDINAL two
from 50 plus years 60. uh well 60 60 9.12 Jump to 14210.64 DATE 50 plus years 60
been working at it for like 50 years but 5.28 Jump to 14286.6 DATE like 50 years
production for about 50 years before 4.019 Jump to 14291.88 DATE about 50 years
there's only one type of sand that works 6.719 Jump to 14299.26 CARDINAL only one
uh flat early for three miles two miles 7.08 Jump to 14315.1 QUANTITY three miles two miles
down yeah how the hell do you drill two 5.759 Jump to 14318.64 CARDINAL two
or three miles laterally when you're 3.719 Jump to 14322.18 QUANTITY three miles
already two or three miles under the 3.96 Jump to 14324.399 QUANTITY two or three miles
the second or third stock I bought was 4.681 Jump to 14466.899 ORDINAL second ORDINAL third
three million Acres down there and he 3.3 Jump to 14471.58 QUANTITY three million Acres
they were grazing revenues of ten 3.479 Jump to 14474.88 CARDINAL ten
thousand a year or something like that 3.299 Jump to 14477.1
stock at around 59 a share and 6.06 Jump to 14529.06
I'm glad we have them okay station Seven 5.659 Jump to 14535.12 CARDINAL Seven
to hire someone with IQ of 130 who 7.86 Jump to 14553.06 CARDINAL 130
believes is 120 over someone with IQ of 8.76 Jump to 14556.96 CARDINAL 120
150 who thinks is 170. understand that 9.38 Jump to 14560.92 CARDINAL 150 CARDINAL 170
program about a week old maybe two weeks 5.46 Jump to 14612.1 DATE about a week old DATE two weeks
you know he might score over 170 but but 5.7 Jump to 14633.699 CARDINAL over 170
um at the 2010 Berkshire annual meeting 4.2 Jump to 14753.22 DATE 2010 DATE annual
you said the one question that you would 3.84 Jump to 14755.62 CARDINAL one
future prospects for our over 100 5.58 Jump to 14768.52 CARDINAL our over 100
billion dollars in cash on hand or are 6.9 Jump to 14770.56
are are you know the one thing Berkshire 5.941 Jump to 14778.779
company for 50 billion or 75 billion 7.2 Jump to 14800.8 MONEY 50 billion CARDINAL 75 billion
uh 100 billion we could do it and we can 7.2 Jump to 14803.8
get out of it and you you get paid two 3.54 Jump to 14834.1 CARDINAL two
percent for that or one percent for that 3.359 Jump to 14835.96
bunch of companies uh in 2008 there that 7.019 Jump to 14888.88 DATE 2008
that time but the one thing we know is 5.761 Jump to 14900.279
5 or 10 or 20 billion dollars depending 4.741 Jump to 14919.779 CARDINAL 5 MONEY 20 billion dollars
us being able to buy in 50 billion of 4.621 Jump to 14936.939 CARDINAL 50 billion
of 100 5.64 Jump to 14956.02 CARDINAL 100
30 billion of of 6.58 Jump to 14958.08 CARDINAL 30 billion
uh bills at five percent plus Bond 4.56 Jump to 14961.66 PERCENT five percent ORG Bond
know the prime rate was 21.5 in 19. 81 6 Jump to 14973.3 CARDINAL 21.5 DATE 19 CARDINAL 81
or two and people were worried that it 3.54 Jump to 14977.439 CARDINAL two
okay station eight 3.259 Jump to 14999.1 CARDINAL eight
1964 maybe whatever it was but 8.741 Jump to 15083.479 DATE 1964
1962 62. and uh 7.301 Jump to 15087.739 DATE 1962 62
four or five 4.98 Jump to 15095.04 CARDINAL four or five
four or five Solutions on things that 5.46 Jump to 15121.5 CARDINAL four or five
I I told you one of them last year so I 5.72 Jump to 15144.96 CARDINAL one DATE last year
maybe at 20 bucks an hour or something 4.559 Jump to 15178.68 MONEY 20 bucks
and it's about the new 15 corporate 6.84 Jump to 15225.54 CARDINAL 15
apply over a rolling three-year periods 3.42 Jump to 15236.1 DATE three-year
first is the inclusion of unrealized 3.899 Jump to 15241.5 ORDINAL first
then second could it reduce the effect 4.08 Jump to 15262.739 ORDINAL second
I I think the answer on the second part 4.68 Jump to 15269.88 ORDINAL second
you know the 15 tax doesn't bother me in 5.58 Jump to 15353.88 CARDINAL 15
the 15 tax 3.481 Jump to 15364.979 CARDINAL 15
you know we were paying 52 percent taxes 5.58 Jump to 15368.46 PERCENT 52 percent
federal income taxes one 5.941 Jump to 15371.399
52 so we 5.699 Jump to 15395.04 CARDINAL 52
pay 15 percent 4.8 Jump to 15430.92 PERCENT 15 percent
if there were a thousand corporations in 4.92 Jump to 15440.04 CARDINAL thousand
a thousand like Berkshire Hathaway would 3.84 Jump to 15457.38 PERSON Berkshire Hathaway
love to get up to where it's one 500th 4.859 Jump to 15469.62 CARDINAL one
station nine 5.46 Jump to 15515.22 CARDINAL nine
and it's my fourth year coming to the 6.359 Jump to 15528.42
I'll answer the second 3.66 Jump to 15560.46 ORDINAL second
second part of your question is that 4.739 Jump to 15564.12 ORDINAL second
working conditions and it's five minutes 6.781 Jump to 15596.939 TIME five minutes
enough so that we can keep one another 3.54 Jump to 15631.5
36 at the time or 35. he's a treat treat 6.08 Jump to 15681.42 CARDINAL 36 DATE 35
worn like any other 90 year old glad 4.201 Jump to 15684.899 DATE any other 90 year old
the First National Bank and I believe it 4.019 Jump to 15696.84 ORG the First National Bank
yeah we wanted to borrow six million 2.34 Jump to 15705.18 CARDINAL six million
against a 12 million dollar purchase 5.879 Jump to 15707.52 MONEY 12 million dollar
six million dollars in this little old 3.92 Jump to 15715.92 MONEY six million dollars
our first call and if they didn't want 3 Jump to 15725.46 ORDINAL first
in one on every ship hole you just hit 4.859 Jump to 15764.88
the ball and then went in the holes 300 3.901 Jump to 15767.939 CARDINAL 300
yards away or 400 yards away you know 3.481 Jump to 15769.739 QUANTITY 400 yards
required to which is in the 13. now for 6.181 Jump to 15862.319 CARDINAL 13
figure out by looking at our 10 6.361 Jump to 15869.699
18 months ago and that they allowed Us 4.061 Jump to 15970.699 DATE 18 months ago GPE Us
you kissed that one off beautifully yeah 4.219 Jump to 16031.52
okay station 10. 3.799 Jump to 16038.6 CARDINAL 10
owning and leading a business has two 4.379 Jump to 16065.06 CARDINAL two
essential benefits first you directly 4.379 Jump to 16067.1 ORDINAL first
equity in it and second you have 4.68 Jump to 16071.479 ORDINAL second
solved that problem I had five bosses in 4.62 Jump to 16149.84 CARDINAL five
and I liked all five of them and two of 6.12 Jump to 16154.46 CARDINAL five
five of them a couple of them are you 2.699 Jump to 16162.62 CARDINAL five
with 75 cents an hour and I love 5.039 Jump to 16170.12 MONEY 75 cents
75 cents an hour but I had 5.34 Jump to 16182.899 MONEY 75 cents
to sell men's shirts first then men's 3.54 Jump to 16188.239 ORDINAL first
there's a million reasons why you may 4.859 Jump to 16252.8 CARDINAL million
life but one thing I wouldn't want to 4.579 Jump to 16297.62 CARDINAL one
retire at 65. I'd want to keep working 5.519 Jump to 16299.72 CARDINAL 65
I think we have a pretty good one 3.62 Jump to 16323.84 CARDINAL one
Charlie called me one day and he says 4.98 Jump to 16401.18 PERSON Charlie
know how you're gonna shoot all 18 holes 3.241 Jump to 16440.779 CARDINAL 18
wouldn't get on the First Tee I mean 5.22 Jump to 16444.02 LAW the First Tee I
Worth and maybe I'm maybe 10 times the 6.42 Jump to 16521.959 CARDINAL 10
the first week and then we find out that 4.619 Jump to 16561.32 DATE the first week
101 years now it has magic 6.941 Jump to 16582.219 DATE 101 years
1968 or nine and I said Alice you aren't 5.221 Jump to 16683.539 DATE 1968 CARDINAL nine PERSON Alice
where to solve that one is to offer your 4.099 Jump to 16704.84
sort of way in cars Ferrari sells 11 000 7.32 Jump to 16719.299 GPE Ferrari CARDINAL 11 000
cars a year I mean maybe twelve thousand 6 Jump to 16723.32 CARDINAL twelve thousand
has 600 and 4.26 Jump to 16738.5 CARDINAL 600
631 we're going to buy 100 planes this 4.019 Jump to 16742.76 CARDINAL 631 CARDINAL 100
the money will probably be 100 billion 4.801 Jump to 16771.439 MONEY 100 billion
stock came out at ten dollars 3.5 Jump to 16798.26 MONEY ten dollars
a couple years ago it was selling at 48 6.72 Jump to 16802.28 DATE a couple years ago CARDINAL 48
cents the other day and they got 12 600 4.56 Jump to 16805.34 DATE the other day CARDINAL 12 CARDINAL 600
and have given a bill a billion dollars 4.8 Jump to 16809.9 MONEY a billion dollars
a little over a billion dollars I'm 2.88 Jump to 16813.14
know 600 planes you've got them a lot 4.86 Jump to 16893.12 CARDINAL 600
think we're the second largest Fleet 3.48 Jump to 16900.62 ORDINAL second
the rate of 100 Lanes a year or 3.958 Jump to 16906.68 CARDINAL 100
I think he's the only one we sold on the 4.378 Jump to 16967.34
came in at less than zero because what 3.662 Jump to 17015.878 CARDINAL less than zero
we will go to uh section 11. 5.28 Jump to 17048.34 LAW section 11
first I wanted to ask to wanted to add 5 Jump to 17063.82
increasingly does seem that zero Mission 5.758 Jump to 17081.04 CARDINAL zero
one of them tell us a little about 3.96 Jump to 17143.32 CARDINAL one
but maybe a year or two was it if you're 4.142 Jump to 17152.378 DATE a year CARDINAL two
you know and 20 years later 6.48 Jump to 17161.26 DATE 20 years later
day actually the 1932 annual report of 5.1 Jump to 17195.1 DATE 1932
General Motors and uh it's one of the 4.38 Jump to 17197.68 ORG General Motors CARDINAL one
exactly where they were they had 19 3.66 Jump to 17205.18 CARDINAL 19
000 dealers then 3.72 Jump to 17207.4 CARDINAL 000
earlier was about 120 million or so and 6.3 Jump to 17211.12 CARDINAL about 120 million
now with 330 million people all brands 5.34 Jump to 17213.82 CARDINAL 330 million
in the United States have like 18 000 4.378 Jump to 17217.42 GPE the United States CARDINAL 18 000
but they only sell 11 or 12 000 cars a 4.68 Jump to 17240.4 CARDINAL 11 CARDINAL 12 000
us last year I think there were 14 6.54 Jump to 17246.7 DATE last year CARDINAL 14
million something and uh uh 7.438 Jump to 17248.44
like five or ten years now I do think 4.64 Jump to 17263.44 DATE five or ten years
believe the two but but it's it's going 5.638 Jump to 17307.24 CARDINAL two
where Apple's going to be in five or ten 3.66 Jump to 17322.36 ORG Apple DATE five or
companies are going to be in five or ten 4.92 Jump to 17326.02 DATE five or
if they only they have two objectives 3.6 Jump to 17416.5 CARDINAL two
one probably that would have changed the 4.8 Jump to 17420.1
inflation objective to two percent a 4.14 Jump to 17422.44 PERCENT two percent
from zero I I think that 6.6 Jump to 17426.58 CARDINAL zero
two percent a year 4.74 Jump to 17438.52 PERCENT two percent
it is not it's interesting the most one 6.038 Jump to 17470.1 CARDINAL one
one of the most interesting figures to 2.34 Jump to 17474.52 CARDINAL one
back in 2007 and eight and all that cash 5.76 Jump to 17481.9 DATE 2007 CARDINAL eight
balance sheet it's gone from 800 billion 3 Jump to 17488.92 MONEY 800 billion
to two point 3 Jump to 17490.718 CARDINAL two
two trillion 3.9 Jump to 17491.92 CARDINAL two trillion
and most of us in hundred dollar bills 4.562 Jump to 17493.718 MONEY hundred dollar
there's about fifty one hundred dollar 5.16 Jump to 17498.28 CARDINAL about fifty one hundred dollar
many five dollar bills and two dollar 2.76 Jump to 17539.86 MONEY two dollar
been in one in 100 bills I mean is it is 5.22 Jump to 17545.32 CARDINAL one CARDINAL 100
the way up 100 bills 5.22 Jump to 17550.54 CARDINAL 100
from 1940 5.22 Jump to 17660.04 DATE 1940
due to the 1944 or five you paid out 6.9 Jump to 17662.08 DATE 1944 CARDINAL five
1875 and you got 25 back and every kid 5.58 Jump to 17665.26 DATE 1875 CARDINAL 25
120 percent of GDP in the national debt 6.34 Jump to 17676.378 PERCENT 120 percent
instead of 30 or 40 percent 5.36 Jump to 17680.5 CARDINAL 30 PERCENT 40 percent
one of the country gets in the habit of 3.66 Jump to 17700.718 CARDINAL one
can stop now at the third floor or the 3.358 Jump to 17753.1 ORDINAL third
sixth floor we don't know what Ford is 2.82 Jump to 17755.08 ORDINAL sixth ORG Ford
okay well that will go to station one 4.64 Jump to 17832.18
you know like English colonies in 1820 4.798 Jump to 17901.66 LANGUAGE English DATE 1820
should take care one way or another 6.18 Jump to 17956.26
in 1960 5.222 Jump to 17970.718 DATE 1960
somebody that's 55 or 16 speaks only 3.84 Jump to 18029.76 CARDINAL 55 CARDINAL 16
my mother didn't drive three kids any 4.378 Jump to 18122.34 CARDINAL three
in in 1930 and including 7.398 Jump to 18146.82 DATE 1930
mean the two aren't compatible 5.038 Jump to 18279.18 CARDINAL two
that may be why we have 25 percent of 3.782 Jump to 18305.638 PERCENT 25 percent
19th Amendment uh it's it's 5.16 Jump to 18330.5
because it it really changes every five 4.86 Jump to 18484.08 CARDINAL five
seven or eight points I'm in on Friday I 5.22 Jump to 18497.7 CARDINAL seven or eight DATE Friday
mean that's seven billion dollars I mean 4.978 Jump to 18500.4 MONEY seven billion dollars
50 or 60 years that doesn't mean that 4.682 Jump to 18645.718 DATE 50 or 60 years
they read the 10 kills or anything like 4.798 Jump to 18648 CARDINAL 10
20 25 years ago I suggested the audit 7.5 Jump to 18685.138 DATE 20 25 years ago
audit committee asked Auditors four 3.962 Jump to 18692.638 CARDINAL four
but I agree with them 100 like he's he's 6.818 Jump to 18769.4 CARDINAL 100
99 he can get away with more than I can 5.062 Jump to 18773.638 CARDINAL 99
station two 4.5 Jump to 18781.56 CARDINAL two
accountant yeah okay station two 6.6 Jump to 18793.44 CARDINAL two
my name is Victoria renchrop I am 22 6.178 Jump to 18800.04
case my three children have grown a lot 4.32 Jump to 18890.638 CARDINAL three
smarter in the last 30 years and I think 4.98 Jump to 18892.92 DATE the last 30 years
the thing was utterly doomed and three 4.44 Jump to 18921.9 CARDINAL three
3 30. so wait we don't want to keep 5.4 Jump to 18957.84 CARDINAL 3 30
at 4 30 we will have the shareholders 7.32 Jump to 18969.66 CARDINAL 4 30
continuing to sell goods for another 20 4.56 Jump to 18976.98 CARDINAL 20
or 25 minutes we've already broken all 4.02 Jump to 18979.02 TIME 25 minutes