Berkshire Hathaway Annual Shareholder Meetings (since 1994)

2019-Morning Session-BRK Annual Shareholders Meeting

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Nov 9, 2020
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ADVICE

Share Repurchase Strategy

  • Repurchase shares only when they're below intrinsic value, benefiting remaining shareholders.
  • Intrinsic value isn't a point; it's a range, and be sure remaining shareholders benefit.
INSIGHT

BNSF's Approach to Railroading

  • BNSF is open to adopting successful strategies like Precision Scheduled Railroading (PSR).
  • They prioritize customer satisfaction and operational efficiency, learning from other railroads.
ANECDOTE

Wells Fargo and Solomon's Misbehavior

  • Wells Fargo incentivized bad behavior, like creating fake accounts, hurting shareholders.
  • Buffett emphasizes addressing problems quickly to avoid long-term consequences, like with Solomon.
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