Berkshire Hathaway Annual Shareholder Meetings (since 1994) 1995-Morning Session-BRK Annual Shareholders Meeting
02:23:32
Authorize Preferred Stock
- Authorize preferred stock to increase acquisition flexibility.
- This offers more deal structures and tax advantages for sellers.
Stock as Currency
- Preferred stock and common stock are both forms of currency a company can create.
- Issuing either dilutes existing shares only if less value is received than given.
Stock Options Misconception
- Charlie Munger recounts a story about a bank officer.
- The officer wanted stock options, believing issuing shares costs nothing.
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Introduction
00:00 • 5min
The Last Meeting of Shareholders
04:40 • 2min
Election of Directors
06:12 • 2min
Shares of Convertible Preferential Stock
08:01 • 4min
We're Authorizing a Million Shares of Common Stock
12:24 • 3min
Common Stock Is an Alternate Form of Currency
15:42 • 3min
Preferential Stock or Borrowing Money?
18:41 • 3min
The Limits on Conversions of a Convertible Issue
21:18 • 2min
Is There a Shareholder's Vote on the Prefered Shares?
23:24 • 2min
Is It Possible to Issue a Best of All Possible Worlds Preferential?
25:39 • 2min
Is There Any Opportunity for Shareholders to Participate in a Preferable Issue?
27:21 • 2min
Is There a Motion to Adopt the Amendment to the Certificate of Incorporation?
29:23 • 3min
I Move This Meeting Be Ajourned
32:04 • 2min
Helsberg's Diamonds - Berkshire, Inc.
34:21 • 5min
The Management Structure of a Business in Berkshire
39:34 • 4min
The Chrysler Chrysler Company, Inc.
43:39 • 3min
Is There a Cost of Capital in Commercial Insurance?
46:58 • 2min
Why You Shouldn't Buy Insurance
48:54 • 2min
Insurance
51:04 • 2min
Is There an Ease of Entry Into the Catastrophe Lines of Insurance?
53:12 • 2min
Bermuda Catastrophe Insurance
55:12 • 2min
How to Build a Portfolio of High Technology Companies
56:59 • 2min
The Principles of High Tech Investing
58:46 • 3min
You Don't Have to Make It Back the Way You Lost It
01:01:51 • 2min
How to Get Back the Way You Lost It
01:04:11 • 5min
The Capital Asset Pricing Model
01:08:46 • 3min
The Future of Derivatives
01:11:56 • 3min
Is There a Risk in the Derivative Markets?
01:14:40 • 2min
What's Going on With Derivatives?
01:16:32 • 2min
How to Predict the Average Returns of a Business Over the Next Two or Three Years
01:18:40 • 2min
Is the Average Return on Capital a Good Thing?
01:20:52 • 3min
American Express Credit Card Business - Phil Carrey
01:24:06 • 2min
The American Express Credit Card Business Has a Strong Franchise in Certain Areas
01:26:25 • 2min
The FASB Caved in on the Stock Option Proposal
01:28:07 • 3min
A Tree That Falls in the Forest
01:30:59 • 3min
A Videotape of the Annual Meeting to Us the Shareholders
01:34:00 • 3min
Warren Buffett and Charlie Munger
01:36:35 • 2min
We Care a Lot About Allocating Capital in the Future and You Know It's Not Easy
01:38:18 • 4min
How Far Out Do We Look?
01:42:23 • 4min
Do You Have a Marketable Equity Stock?
01:45:56 • 2min
The Cost of Float - Is That a Good Investment?
01:48:17 • 2min
The Most Important Fundamental Rules of Economics You Used to Make Money for Berkshire
01:50:40 • 4min
The Difference Between Good Management and Bad Management in Retailing
01:54:57 • 2min
Kansas City Based Helsberg Jewelers
01:57:03 • 2min
The Controlled Companies and the Partially Owned Companies
01:58:48 • 4min
The Culture Clash in the Solomon Business
02:02:30 • 2min
The Tensions That Have Been Commented on Within Solomon
02:04:15 • 2min
Goldman Sachs Partners and the Year in November 30th 1994
02:06:02 • 2min
The Second Edition of Ben Graham's Security Analysis by Janet Lowe
02:07:52 • 2min
The Returns Going Forward Won't Match the Returns to the Past?
02:09:43 • 2min
The Reluctantness to Sell Berkshire
02:11:27 • 3min
Capital Growth Model - Book Value
02:14:32 • 2min
The Intelligent Investor's Approach
02:16:10 • 3min
I've Never Looked at a Projection
02:19:33 • 2min
The First Threshold Question You Should Ask Yourself When Looking at a Potential Investment
02:21:19 • 2min
1995-Morning Session-BRK Annual Shareholders Meeting