

2019-Morning Session-BRK Annual Shareholders Meeting
02:41:31
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.
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.
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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Introduction
00:00 • 2min
I'm Going to Introduce the 12 That Will Be on the Ballot at 345
01:38 • 2min
The First Quarter of 2019 - We've Made $21.6 Billion in the First Quarter
03:17 • 2min
The Bottom Line Figures Are Going to Be Totally Capricious
04:56 • 2min
The First Quarter of 2019 Earnings
06:29 • 2min
Craft Times Earnings This Year
08:14 • 1min
Omaha, Nebraska - We're Going to Sign a 20-Year Lease
09:40 • 2min
Nebraska Furniture Mart Sets New Record for Attendance
11:39 • 2min
Melissa Shapiro, Where Are You?
13:10 • 2min
What Are Your Questions About Berkshire Shares?
15:08 • 3min
The Real Thing Is to Buy Stock Repurchase Shares
18:21 • 2min
Repurchasing Shares
19:56 • 2min
BNSF's Precision Scheduled Railing Playbook
21:49 • 2min
Union Pacific Is Doing a Somewhat Modified Version
23:27 • 2min
The Solutionary Rail Project
24:58 • 2min
How Much Does LNG Cost?
27:07 • 2min
The Long & Heavy Traffic Is Going to Go to the Rails
29:20 • 2min
The Star Performers Investment Club - Charlie, Anymore?
31:00 • 2min
Wells Made a Big Mistake in Incentives
33:04 • 2min
What Happened at Wells?
35:17 • 2min
The One Thing That Always Worries Me About My Job
36:50 • 2min
Should All Banks Be Checked Out?
38:32 • 2min
The FDIC Has Not Cost the United States Government a Penny.
40:20 • 2min
Share Buybacks
41:57 • 2min
When It Gets Really Obvious, We'll Be Very Good at It
43:43 • 3min
The Delta Duck Club Field
47:03 • 2min
Warren, Would You Like to Borrow Some Money to Buy a Shotgun?
48:37 • 2min
Berkshire Hathaway - You Do Not Speak as a Citizen if You Speak
50:44 • 2min
The Politics of Money in Politics
52:23 • 1min
I'm a Card-Carrying Capitalist, but I Believe We're All in Favor of a Government, Social Safety Net
53:51 • 2min
The Private Sector Is Better Than the Public Sector
55:33 • 3min
Repurchasing Shares
58:08 • 2min
The Best Investment Opportunity in the 5G Era
59:45 • 2min
Is There a Core Competency at the Very Top of Virtu?
01:02:09 • 2min
The World Is Going to Change
01:04:16 • 1min
Is There a Future for Kraft Heinz?
01:05:43 • 2min
We Paid Too Much for Kraft Heinz
01:07:27 • 1min
Amazon Has Become a Brand
01:08:51 • 2min
The Retail System Has Gained Some Power
01:10:38 • 2min
Wavehair's First Quarter Earnings From Home Furnishings
01:12:10 • 2min
Omaha Furniture Mart - We Do the Highest Volume in Omaha.
01:13:58 • 2min
Nebraska Furniture Mart
01:15:53 • 2min
Investing in Public Pension Funds
01:17:25 • 3min
Leveraged Investments Against Unleveraged Common Stocks
01:20:06 • 2min
The Supply Demand Situation for Buying Businesses Privately
01:21:49 • 2min
Don't Be the Dumbest Investor in the World
01:23:26 • 2min
Private Equity
01:25:14 • 2min
Is Berkshire Really a Value Investing Company?
01:27:08 • 2min
Value Investing
01:28:41 • 2min
I Don't Second Guess You on in 60 Years
01:30:57 • 3min
How Do You Estimate Berkshire's Intrinsic Value?
01:33:38 • 2min
We've Got the Best Property Cash, the Operation, All Things Considered
01:35:16 • 2min
What's the Ideal Form for Writing the Business?
01:37:15 • 2min
Lloyd's Is a Massive Reinsurance Market, Not Technically One Entity.
01:38:46 • 2min
Berkshire Hathaway Insurance Company
01:40:18 • 2min
The G. Jane and Tony Neisley
01:41:48 • 2min
We've Got a Great Insurance Business in Omaha, Nebraska
01:43:27 • 1min
Is There Any Way That Kids Can Develop the Delayed Gratification Skill?
01:44:50 • 3min
Investing in Fixed Dollar Investments
01:47:22 • 2min
Saving Money Is Not Always the Best Thing to Do in Life
01:48:59 • 2min
Would You Consider Having Greg and Ajit Join You on Stage at Future Annual Meetings?
01:50:53 • 2min
We're Not Going to Answer Investment Questions, Charlie.
01:53:13 • 2min
Ted and Todd Are an Additional Pipeline to Berkshire
01:55:18 • 2min
Is the World Going to Hell on the Handbook, at Hand Basket?
01:57:08 • 3min
Is the Federal Reserve Requirement for Bank Holdings?
02:00:02 • 3min
You Don't Own Over 10% of Security Common Stock, You Owe the Money Over to the Company
02:02:40 • 2min
The Short Swing Is Less of a Deterrent
02:04:33 • 2min
The Followers Problem Can Be a Real Problem
02:06:30 • 2min
I Don't Want to Manage Other People's Money
02:08:04 • 2min
You Shouldn't Take People That You Can't Meet
02:09:43 • 2min
Do You Have to Report Foreign Stocks?
02:11:47 • 2min
Pre-Tax Profit Margin Forecast for Precision Cast Parts
02:13:22 • 2min
The Earnings of Precision, I'm a Little Bit as Quite Correct.
02:15:44 • 2min
Mr. Buffett, I'll Have a Question for You Next Year.
02:17:19 • 2min
You Want One Mantra?
02:19:02 • 2min
Warren Buffett and Ajit Jane: How Do You Price Unconventional Insurance Contracts?
02:20:59 • 3min
The Only One I Would Want Doing It for Us
02:24:17 • 2min
Ajit Is an Asset That No Other Company Can Do
02:26:12 • 2min
Berkshire's Partnership With 3G Capital?
02:27:52 • 2min
Coca-Cola, Costco, Kraft Heinz - They're Intermediaries.
02:29:59 • 2min
Brands Can Be Easier Than You Think
02:31:41 • 2min
The 3G Situation - It's a Normal Outcome of Success
02:33:14 • 1min
Jell-O'S Playbook of Cutting Research and Development Continues to Hold
02:34:39 • 2min
What's Your Biggest Holding Now?
02:36:46 • 2min
We're Not Going to Dissect Our Expectations About Apple
02:38:45 • 3min
2019-Morning Session-BRK Annual Shareholders Meeting