Berkshire Hathaway Annual Shareholder Meetings (since 1994) 2004-Afternoon Session-BRK Annual Shareholders Meeting
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Dec 1, 2018 In this podcast, the speakers discuss the challenges of assessing a company's culture and values. They explore unethical behavior in well-known companies and the role of Congress. They challenge the belief that liquidity is essential for capitalism and discuss ethical considerations in asset allocation. They explore investment strategies, the debate over dividends versus stock buybacks, and the origins of direct marketing in auto insurance. They also discuss personal responsibility, Google's approach, and the future of home services. The podcast concludes with a discussion on dangerous business transactions, determining Berkshire Hathaway's intrinsic value, and the challenges of sustaining high earnings gains.
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Evaluating Company Culture
- Be wary of companies overemphasizing stock price.
- Look for how they treat investors and the promises they keep.
Deceptive Appearances
- Seemingly sound companies can deceive.
- Royal Dutch/Shell's reserve scandal exemplifies this hidden risk.
Situational Ethics
- The 1990s corporate culture fostered an "anything goes" mentality.
- People adapt to lower moral standards more readily than higher ones.