2003-Morning Session-BRK Annual Shareholders Meeting

This is a transcript of the Berkshire Hathaway annual meeting, featuring Warren Buffett and Charlie Munger answering questions from shareholders. The discussion covers a wide range of topics including Berkshire's business strategy, acquisitions (McLean's and Clayton Homes), the state of the economy, insurance operations, and investment philosophy. Other topics include executive compensation, the utility of float, the dangers of derivatives, and personal advice on success and happiness. Buffett and Munger also share anecdotes and insights into their business partnership and management style, offering a glimpse into their decision-making processes and long-term vision for Berkshire Hathaway.

Outlines

Part 1: Meeting Introduction and Formalities

Part 2: Business Performance and Economic Outlook

Part 3: Q&A - Business Operations and Strategy

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Berkshire Hathaway Annual Shareholder Meetings (since 1994)

Part 1: Meeting Introduction and Formalities

Introduction to the Berkshire Hathaway Shareholders Meeting

Formal Business Commences: Introductions and Meeting Procedures

Shareholder Voting and Proposal Introduction

Discussion and Rejection of Shareholder Proposal on Class B Shareholder Contributions

Meeting Adjournment and Acquisition Updates: McLean's

Acquisition Updates: Clayton Homes

Part 2: Business Performance and Economic Outlook

First Quarter Results and Economic Outlook

Part 3: Q&A - Business Operations and Strategy

Q&A: Executive Jet (NetJets) Performance and Strategy

Q&A: Float as Pseudo-Equity and Growth Expectations

Q&A: Impact of Low Interest Rates on Float and Option Pricing Models

Q&A: Employee Compensation and Alignment with Shareholder Interests

Q&A: Inflation and Equity Returns

Q&A: Economic Perspectives and Consumer Businesses

Q&A: GDP, Accounting Practices, and Business Understanding

Q&A: Accounting and Credit Risk in Insurance Companies

Q&A: Health Insurance Costs and Long-Term Business Vision

Q&A: Defining Success and Happiness

Q&A: Investment Strategies and Competitive Advantage

Q&A: Berkshire Hathaway Stock Price and Reinsurance

Q&A: Cologne Re Acquisition

Q&A: Share Buybacks and Mid-American Energy

Q&A: Compensation and Derivatives

Q&A: Risks of Derivatives and Manager Evaluation

2003-Morning Session-BRK Annual Shareholders Meeting

Berkshire Hathaway Annual Shareholder Meetings (since 1994)

Part 1: Meeting Introduction and Formalities

00:20Introduction to the Berkshire Hathaway Shareholders Meeting

Introduction to the Berkshire Hathaway Shareholders Meeting

03:11Formal Business Commences: Introductions and Meeting Procedures

Formal Business Commences: Introductions and Meeting Procedures

07:03Shareholder Voting and Proposal Introduction

Shareholder Voting and Proposal Introduction

11:27Discussion and Rejection of Shareholder Proposal on Class B Shareholder Contributions

Discussion and Rejection of Shareholder Proposal on Class B Shareholder Contributions

18:43Meeting Adjournment and Acquisition Updates: McLean's

Meeting Adjournment and Acquisition Updates: McLean's

25:35Acquisition Updates: Clayton Homes

Acquisition Updates: Clayton Homes

Part 2: Business Performance and Economic Outlook

30:52First Quarter Results and Economic Outlook

First Quarter Results and Economic Outlook

Part 3: Q&A - Business Operations and Strategy

37:41Q&A: Executive Jet (NetJets) Performance and Strategy

Q&A: Executive Jet (NetJets) Performance and Strategy

43:45Q&A: Float as Pseudo-Equity and Growth Expectations

Q&A: Float as Pseudo-Equity and Growth Expectations

49:13Q&A: Impact of Low Interest Rates on Float and Option Pricing Models

Q&A: Impact of Low Interest Rates on Float and Option Pricing Models

57:55Q&A: Employee Compensation and Alignment with Shareholder Interests

Q&A: Employee Compensation and Alignment with Shareholder Interests

1:07:59Q&A: Inflation and Equity Returns

Q&A: Inflation and Equity Returns

1:14:02Q&A: Economic Perspectives and Consumer Businesses

Q&A: Economic Perspectives and Consumer Businesses

1:20:10Q&A: GDP, Accounting Practices, and Business Understanding

Q&A: GDP, Accounting Practices, and Business Understanding

1:27:22Q&A: Accounting and Credit Risk in Insurance Companies

Q&A: Accounting and Credit Risk in Insurance Companies

1:35:54Q&A: Health Insurance Costs and Long-Term Business Vision

Q&A: Health Insurance Costs and Long-Term Business Vision

1:41:58Q&A: Defining Success and Happiness

Q&A: Defining Success and Happiness

1:47:33Q&A: Investment Strategies and Competitive Advantage

Q&A: Investment Strategies and Competitive Advantage

1:55:17Q&A: Berkshire Hathaway Stock Price and Reinsurance

Q&A: Berkshire Hathaway Stock Price and Reinsurance

2:02:10Q&A: Cologne Re Acquisition

Q&A: Cologne Re Acquisition

2:08:42Q&A: Share Buybacks and Mid-American Energy

Q&A: Share Buybacks and Mid-American Energy

2:15:17Q&A: Compensation and Derivatives

Q&A: Compensation and Derivatives

2:22:26Q&A: Risks of Derivatives and Manager Evaluation

Q&A: Risks of Derivatives and Manager Evaluation