Full Q&A morning session from the 1998 Berkshire Hathaway Annual Meeting with the world’s richest man and most successful investor, Warren Buffett and his partner, Charlie Munger.
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AM 1998 Berkshire Hathaway Annual Meeting With Warren Buffett, Charlie Munger [FULL Q&A]
And I think we'll get through the business meeting now and incidentally I don't see that movie before it's shown. But that was one of our directors singing at that final session there. We keep costs down at Berkshire. OK. The meeting will now come to order. I'm Warren Buffett chairman of the board of directors of the company and I welcome you to the 1998 annual meeting of shareholders. I will first introduce the Berkshire Hathaway directors that are present in addition to myself. So we have and I can't see very well with the lights here but if you'll stand as I as I name you Susan t Buffett the vocalised Howard J Buffett the non-vocal ist Malcom's GJ Charlie you of Matt and Ron Olson and Walter Scott Jr. Also with us today are partners in the firm of Deloitte Touche our auditors they're available to respond to appropriate questions you might have concerning their firm's audited the accounts of Berkshire Mr Forrest cutter Secretary Berkshire. He will make a written record of the proceedings. Is Becky AMIC has been appointed inspector of elections at this meeting she will certify to the count of votes cast in the election for directors. The name proxy holders for this meeting are Walter Scott Jr. and Mark Hamburgh proxy cards have been returned through last Friday representing one million thirty nine thousand two hundred seventy six class eight Berkshire shares and one million eighty thousand five hundred nine Class B Berkshire shares to be voted by the proxy holders as indicated on the cards. The number of shares represents a corm and we will therefore directly proceed with a meeting.
We will conduct the business of the meeting and then adjourned the formal meeting after that we will entertain questions that you might have. First order of business will be a reading of the minutes of the last meeting of shareholders. I recognize Mr. Walter Scott Jr. will place a motion before the meeting I move the minutes to the reading reading the minutes the last stockholders meeting be dispensed with. Do I or second not a second. The motion has been moved and Zakon are there any comments or questions. We will vote on this motion motion by voice vote. All those in favor say aye. Both motions carried the secretary ever recorded the number of Berkshire shares outstanding entitled the vote and represented at the meeting. Yes I do. As indicated in the proxy statement that accompanied the notice of this meeting it was sent by first class mail to all shareholders of record on March 6 1998. The record date for this meeting. There were one million one hundred ninety nine thousand six hundred eighty shares of Pasay Berkshire Hathaway common stock outstanding with each share entitled to 1 vote on motions considered at this meeting and one million two hundred forty five thousand eighty one shares of Class B Berkshire Hathaway common stock outstanding with each share and tell the one hundredth of one vote. Emotions conceded at the meeting of that number one million thirty nine thousand two hundred seventy six class eight shares and one thousand five hundred nine. Class B shares are represented at this meeting by proxy's returned through last Friday.
Thank you for the shareholders present who wishes to withdraw proxy previously sent in and vote in person on the election of directors he or she may do so. Also of any shareholder that the president does not turned in a proxy and desires a ballot in order to vote in person you may do so. You wish to do this. Please identify yourself. The meeting officials in the aisles who will furnish a ballot to you those persons identifying or desiring ballots please identify themselves so that we may distribute some the one item of business that this meeting is to elect directors. I now recognize Mr. Walter Scott Jr. to place the motion before the meeting with respect to election of directors. I move the Warren Buffett Susan t Buffett Howard G Buffett Malcolm G. Chanteys Charles T monger Ronald L. Olsen and Walter Scott Jr. to be elected as directors. Their second involvement saying that Warren Buffett Susan gave up at Howard G Buffett Malcolm G. Chase Charles D. Mongar Ronald L. Olson and Walter Scott Jr. be elected as directors. Are there any other nominations. Is there any discussion. Nominations are ready to be acted upon. If there are any shareholders voting in person they should now mark their ballots on the election of directors and allow the ballots to be delivered to the inspection Inspector of Elections. But the proxy holders please also submit to the Inspector of Elections a ballot on the election of directors voting the proxies in accordance with the instructions they have received.