Don’t think of businesses as technology or not. I am more interested in whether businesses are understandable to us, have durable competitive advantages or not and whether price is favourable.Warren Buffett
Buffett: Anytime you are buying a non-productive asset, you are basically hoping someone else in the future buys it an even more inflated price hoping to repeat the same.
Buffett: Investors can learn a lot by going out and doing things yourself.
What can Berkshire do to increase women’s participation at senior levels and board levels?
Buffett: I feel optimistic about the future because there will be lot more selection by merit than by inheritance.
The American industry has gotten incredibly more profitable in the last 20-30 years. People haven’t been able to gauge the impact of the tax breaks introduced in the U.S.Warren Buffett
Buffett: It’s a tape worm eating into the competitiveness of American businesses! Need creative solutions.
Buffett: There are far more opportunities to do with smaller amounts of money than we can do. Our problem is size not geography. But the first choice even with a smaller corpus would be to comb the U.S.
What can the younger generation of both China and the U.S. do?
Buffett: It’s better you can understand the culture of another society, the more beneficial it is...I’m bullish on the futures of the U.S., China and the world at large. People will lead better lives in the years ahead.
Munger: Going to miss newspapers if they disappear, and the figures are not looking good.
Buffett: Buying into capital-intensive businesses because we aren’t finding capital-light businesses at cheap valuations.
Buffett: Delighted to see Apple re-purchasing shares; may end up owning 6-7 percent of Apple with passage of time due to buybacks.
Would you look for mis-priced stock opportunities?
Munger: If the gap between value and price isn’t attractive, just move on to other opportunities. If you want a formula, you should go to graduate school.
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Bureaucracy is like a cancer -- and it functions like a cancer. And we’re very anti-bureaucracy. In that case, we’re very different from Anheuser-Busch at its peak.Charlie Munger, Vice-Chairman, Berkshire Hathaway
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If we thought we couldn’t use capital effectively, we would try and think of means of returning capital.Warren Buffett, Chairman, Berkshire Hathaway
Where would you invest $1 billion right now?
My first inclination would be to comb through things in the U.S. ... I probably wouldn’t get into very small markets.
Would you consider more investing opportunities in emerging markets if you had lesser money?
Buffett: There are opportunities to do with smaller amounts of money that we can’t do. Our problem is size, than geography.
Even Donald Trump can be right on some of this stuff.Charlie Munger, Vice-Chairman, Berkshire Hathaway
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My phone is not ringing off the hook with good deals.Warren Buffett, Chairman, Berkshire Hathaway
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He sits around reading most of the time and thinking, and every once in a while he talks on the phone. I can’t see any difference… Warren is very good at doing nothing.Charlie Munger, Vice-Chairman, Berkshire Hathaway
Warren Buffett starts the session by talking about long term investing versus short term reactions. “In investment, you cant really fail at it unless you buy the wrong stock or get excited at the wrong time,” he said, speaking about the advantages of long term investments.
The question and answer round with Warren Buffett starts.
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