2011-Morning Session-BRK Annual Shareholders Meeting

In this Q&A podcast, Warren Buffett and Charlie Munger address a range of topics including Berkshire Hathaway's first-quarter earnings, the David Sokol/Lubrizol situation, and general economic conditions. They discuss the impact of global catastrophes on the insurance industry, the growth of GEICO, and accounting rules related to security valuations. Listeners' questions cover succession planning, investment strategies, the appeal of gold versus productive assets, dividend policies, and the state of the U.S. economy, with both Buffett and Munger offering their perspectives and insights.

Outlines

Part 1: Introduction and Financial Overview

Part 2: David Sokol and Ethical Concerns

Part 3: Economic Outlook and Business Strategy

Part 4: Investment Practices and Economic Policy

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Berkshire Hathaway Annual Shareholder Meetings (since 1994)

Part 1: Introduction and Financial Overview

Introduction to Berkshire Hathaway's First Quarter Earnings and Key Directors

Analysis of Insurance Investment Income, BNSF Performance, and GEICO's Growth

Part 2: David Sokol and Ethical Concerns

Accounting Capriciousness, David Sokol's Lubrizol Stock Purchase, and Code of Ethics Violation

Inexplicable Actions, Sokol's Generosity, and Munger's Perspective on Rationality

Questioning the Reaction to Sokol's Actions and the Press Release

Board Meeting, SEC Notification, and Charlie's Perspective on the Press Release

Part 3: Economic Outlook and Business Strategy

Impact of Ending POMO Program and Succession Plan

Adding a Sector to Circle of Competence and ISCAR and Lubrizol

Valuation of Berkshire Hathaway

America's Economic Future

High Return on Tangible Capital Business

Dividends

Wells Fargo and U.S. Bank

Commodities

Part 4: Investment Practices and Economic Policy

Raising Investment Funds

Corporate Strategy

Personal Investing

Economic Policy

2011-Morning Session-BRK Annual Shareholders Meeting

Berkshire Hathaway Annual Shareholder Meetings (since 1994)

Part 1: Introduction and Financial Overview

00:00Introduction to Berkshire Hathaway's First Quarter Earnings and Key Directors

Introduction to Berkshire Hathaway's First Quarter Earnings and Key Directors

07:26Analysis of Insurance Investment Income, BNSF Performance, and GEICO's Growth

Analysis of Insurance Investment Income, BNSF Performance, and GEICO's Growth

Part 2: David Sokol and Ethical Concerns

15:36Accounting Capriciousness, David Sokol's Lubrizol Stock Purchase, and Code of Ethics Violation

Accounting Capriciousness, David Sokol's Lubrizol Stock Purchase, and Code of Ethics Violation

24:09Inexplicable Actions, Sokol's Generosity, and Munger's Perspective on Rationality

Inexplicable Actions, Sokol's Generosity, and Munger's Perspective on Rationality

34:50Questioning the Reaction to Sokol's Actions and the Press Release

Questioning the Reaction to Sokol's Actions and the Press Release

47:53Board Meeting, SEC Notification, and Charlie's Perspective on the Press Release

Board Meeting, SEC Notification, and Charlie's Perspective on the Press Release

Part 3: Economic Outlook and Business Strategy

52:46Impact of Ending POMO Program and Succession Plan

Impact of Ending POMO Program and Succession Plan

1:00:34Adding a Sector to Circle of Competence and ISCAR and Lubrizol

Adding a Sector to Circle of Competence and ISCAR and Lubrizol

1:11:08Valuation of Berkshire Hathaway

Valuation of Berkshire Hathaway

1:17:17America's Economic Future

America's Economic Future

1:27:03High Return on Tangible Capital Business

High Return on Tangible Capital Business

1:32:52Dividends

Dividends

1:37:25Wells Fargo and U.S. Bank

Wells Fargo and U.S. Bank

1:42:18Commodities

Commodities

Part 4: Investment Practices and Economic Policy

1:57:03Raising Investment Funds

Raising Investment Funds

2:06:08Corporate Strategy

Corporate Strategy

2:15:33Personal Investing

Personal Investing

2:22:24Economic Policy

Economic Policy