Top 7 Quotes From Warren Buffett And Charlie Munger From The Annual General Meeting

On Saturday, Berkshire Hathaway held its main event, the annual general meeting. We started queuing at the Press line at 5am. We ended up waiting for 3 hours before the event started at around 8.30am.

It started with a “Berkshire Movie” which is basically a meshup of funny snippets where Warren Buffett and Charlie Munger acted with many famous celebrities. The movie ended with Buffett challenging Floyd Mayweather to a boxing match, a parody of the mega boxing match between Floyd Mayweather and Manny Pacquiao held on the same day.

After that Warren Buffett and Charlie Munger sat from 9.30am all the way to 3.30pm with only an hour’s break in between, answering questions from shareholders.

What amazed me is the humour of the two billionaires and throughout the meeting, they made many entertaining quotes that sent the audience erupting in loud laughter. Here are some of my favourites.

Right at the start

Right from the start, Warren begins the event with a joke and a good one at that.

A shot at economist

This was made after a question regarding whether the current US market is overvalued due to some economic data. Buffett essentially tried to let us know that focusing on macro-economics can be quite useless when investing; always better to just focus on the business.

As easy as you want it to be

In replying a question about whether the idea of value investing can be applied to the Chinese market, Warren Buffett talked about why we should be able to apply the same ideals of value investing when looking at different markets (Great news for Singapore investors).

What is important is the ability to control our emotion when investing, rather than changing strategies across different markets.

Good old Charile

You can always bet on Charlie Munger to be smart and funny.

Do you need to go to business school to network with influential people?

Asked by a shareholder on tips to network with influential people if he did not study in a business school. Both Warren and Charlie hinted that the question was not a good one but it was funny again when Munger can be so direct and say that going to business school might be a total waste of time anyway.

Sugar and its future

When a shareholder asked about the trend for more healthy eating by the general public and yet Berkshire Hathaway tend to still own companies and brands such as Coca Cola Inc, See’s Candies and Heinz, which are not famous for being healthy food. Both of them replied in the most hilarious ways.

Foolish Summary

These are some of the lighter notes during the meeting. Hope you enjoy it.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore writer Stanley Lim owns Berkshire Hathaway Inc.