2002-Afternoon Session-BRK Annual Shareholders Meeting

This is a Q&A session with Warren Buffett and Charlie Munger where they address a variety of shareholder questions. Topics include management of Blue Chip Stamps, philanthropic activities of Berkshire Hathaway shareholders, the pharmaceutical industry, Coca-Cola bottlers, accounting standards for goodwill, compensation plans, the impact of float size on investment allocation, gold as an investment, bond market dynamics, accounting of stock options, the A.W. Jones model, creative accounting, the influence of investment banks, the state of the insurance business, the importance of realism in investing, and the challenges in the shoe and textile industries. They also discuss the importance of integrity, the need for a margin of safety in investments, and the role of luck and fairness in the capitalist system.