1997-Morning Session-BRK Annual Shareholders Meeting

Introduction

The Annual Meeting of Berkshire Hathaway

Warrenie Buffett, Susan T. Buffett and Howard G. Chan to Be Elected as Directors

Should I Wait for the Market to Go Down or Can I Get in Now?

The Importance of Valuation in the Stock Market

The Importance of Price in the Stock Market

The Importance of Letters to Stockholders

The Biggest Gap Between Your Modesty and the Outcome

The Importance of Realistic Expectations

The Importance of Instincts

Graham's Approach to Investing

The Graham Approach to Investing

The Importance of Reported Earnings

The Importance of Earnings in the Insurance Business

The Bottom Line of ABC's Nielsen Ratings

The Impact of a Capital Gains Tax Cut on ESPN

The Benefits of Investing in High Octane Companies

The Limits of Intel's Leadership

The Paranoid Survive

The Tax-Free Merger of Shares in Companies

The Growth of the Insurance Float

The Future of Flight Safety

The Underperformance of Equity Mutual Funds

The Future of Investment Management

The Headwinds Face U.S. Airways

The Omaha World Herald Does Not Include Berkshire Hathaway and Its Stock

Berkshire's Tobacco Stocks Are Attractive Now

The Ethics of Owning a Tobacco Company

The Science of Abortion

World Book: A Quick Reference System

The Moon and the Earth Never Bumps Into Each Other

The Fair Rate of Capital Gains

The Ovarian Lottery

The Importance of Balance in a Society

The Evolution of the Low Cost Industry

The Importance of Fairness in Tax Laws

How to Trade One Share of a for 30 Shares of B

The Importance of a Few Big Ideas

The Role of Options in Compensation

The Importance of Compensation in a Large Enterprise

Do We Have Some Wretched Excuses in American Corporate Compensation?

The Problem With the Berkshire Hathaway Compensation System