Berkshire Hathaway Annual Shareholder Meetings (since 1994) 2007-Afternoon Session-BRK Annual Shareholders Meeting
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Dec 1, 2018 Warren Buffett discusses managed futures funds, recognizing money-making opportunities, insurance coverage, stock performance, investment choices, and the speaker's support for Planned Parenthood. They also discuss investment risk, owning good businesses, NYSE trades, managing a large stock portfolio, decision making in energy generation, choosing heroes, ethanol production, protection against inflation, starting businesses at a young age, the evolving role of directors, the decline of newspapers, divesting from Petro-China, shareholder concerns, and the dilemma of divestment.
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Broad Authority Outperforms Narrow Funds
- Managing a fund with broad authority and diverse opportunities is more effective than limiting it to specific segments like managed futures funds.
- Success comes from knowing your strengths, playing advantageously, and avoiding areas without good opportunities.
Focus on Inefficient Markets Early
- When young, focus on inefficient markets where others are not competing intensely.
- Maintain a mindset to avoid large losses and be curious to continuously seek new opportunities.
Political Risk Impacts Insurance
- Government interference in insurance after disasters leads to reduced willingness to insure risks.
- Political debates over whether all citizens should subsidize risk-prone areas will intensify with large hurricane losses.