The article does a good job with the recap.
It missed a few important assertions the duo made
AI: They said that it was overblown to some extent. I believe WEB and Munger are wrong.
Crypto: Occasional sarcastic derision.
Global Warming: Munger was more dismissive calling it overblown. WEB was measured.
Oil: Jumping with both feet in. I think this is a wrong direction.
Tesla / Musk: Undercurrents. Audience was itching them to say negative stuff about him, which they did not. It is a theme in most BRK boards. Tesla is also gaining steam on auto insurance.
I was also surprised that WEB explicitly named Abel as the succession CEO. I thought this name was in an “envelope” that only the board knew.
I think it’s been publicly known since around the time of the annual meeting 2 years ago.
Munger accidentally spilled the beans at that meeting and Buffett corroborated it soon afterward.
Dividends, Good morning, I’m surprised you have missed the most obvious issue. Selective disclosure, currently being practiced by Buffett, so late in life, is a terrible idea, imo. Is there any doubt in your mind that if Buffetts hand picked, stock picking gurus, had successfully beaten spy the past ten years, it would be clearly disclosed in the first two pages of the annual letter? Since Buffett refuses to disclose this data, obviously, brk wasted tens of millions trying to do what Buffett has spent decades recommending the investing public, not to do, don’t pay big money trying to beat the averages. For those of us who have owned and followed brk for decades, I have a hunch, the rules have changed. I believe Buffett is now, looking over the shoulders of T and T , and making, suggestions. We may never know the facts until both Buffett and Munger pass, if ever. Stay well.
This is literally impossible to determine. The guys sit at a table regularly and discuss ideas for future investments. How can you tell which one of them exactly made the final decision to push the company into the “yes” column? And even if you could determine it, everyone will say “sure Abel decided on those investments, but with plenty of input from Buffett. So it’s not his record alone.”
In the end, the only period of time to measure Abel’s performance will be when he is solely in charge of the ultimate decision making. And that transition will surely be announced.
Mark, With all due respect, obviously, you haven’t followed brk for very long or you don’t follow brk very closely. Buffett made it very clear that both t and t would be managing brk funds, without buffett holding their hands or looking over their shoulders. Buffett has already conceded they have done better than him, but, apparently none of them have beaten spy. Buffett was right the first time, very few can beat the index. The past ten years further proves his point.btw, I didn’t even mention Abel ??
Warren has also trailed S&P 500.
I am very surprised this was not at the question in the shareholder meeting. WEB is now just ignoring this.
Becky usually ignores my questions , go figure.
Munger might reply something to the effect of, “In Japan, everybody’s supposed to suck it up and cope, and in America we complain.”