Warren Buffett and Charlie Munger kick off Berkshire Hathaway's annual meeting

uh thank you thank you i don't hear anything from the index funds where are they it's really it's really it's really feels good to get back and be doing this in person we've it's been three years and uh uh it's a lot better seeing actual shareholders owners partners and uh [Music] we we uh charlie charlie and i are now a combined uh people around for fractions uh the two of us are 190 years old and uh and i really think you're entitled if you're the owner of a company and you've got two guys 98 and 91 running the company you're entitled to actually see him in person i mean it shouldn't be too much to ask that i mean for example if we had a we had a manager someplace that was 98 i might want to send somebody by occasionally to see whether he was cutting about paper dolls or something so so uh uh we probably do things that are a lot more foolish than cutting out paper dolls but but uh but we're having a lot of fun doing it and uh and we really have a lot of fun uh when you come visit us actually uh we had the to go back a few years we've had a couple uh a couple of managers that uh that suffered from dementia probably many more but i mean i'm just a couple known ones actually and and uh uh there was one fellow that charlie and i really loved and uh he ran a business for us charlie was out in california charlie would see him occasionally and i i didn't see him but everything seemed fine and and then we found out that he'd really been suffering uh from dementia for quite a while and uh and it really was a wonderful friend of both of ours but but the business had done fine so that's become our our test really is that for new businesses we try to find something that guy with alzheimer's can run actually and uh and you don't have as much competition for businesses like that a guy sitting there cutting out paper dolls and you know that's our man i'd like to introduce uh uh two fellows who really work at berkshire uh uh on charlie's left greg abel who who runs all the operations outside [Music] and next to him is i i ran the insurance business for about 15 15 years unsuccessfully and then fortunately the fellow on the far left came in one day and i've written about it but he came in on a saturday and and i was opening the mail and and uh he said that that they'd be happy to run our insurance business i said if you ever run an insurance business and he said no and as i mentioned i said well you know i never won one either so i'm not doing so hot so give it a try and uh you know he transformed berkshire hathaway and uh energy jane is here with us [Applause] you

Channel: CNBC Television

Views: 161,296

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Id: 4H5OibatT00

Length: 4min 59sec (299 seconds)

Published: Sat Apr 30 2022