Full Q&A morning session from the 2006 Berkshire Hathaway Annual Meeting with the world’s richest man and most successful investor, Warren Buffett and his partner, Charlie Munger.
Q2 hedge fund letters, conference, scoops etc
AM 2006 Berkshire Hathaway Annual Meeting With Warren Buffett, Charlie Munger - Full Q&A
Transcript
Good morning. I'm Warren he he's Charlie there's one thing I should probably clear up first because I know it's puzzling you in the movie he always gets the girl. Now that's hard to figure out but I've but I finally understand what the what's happening is it's something called the Anna Nicole Smith rule that's when choosing between two old rich guys pick the older one at the now and in a few minutes we're going to open this up to your questions. We have a number of zones and we'll just proceed around zone by zone. But before we do that and there are few people I would like to thank and then there's a couple of short announcements I'd like to make. First of all if we get the spotlight up there on Andy Hayward and he does that cartoon for us every year he travels around he gets the voices in there. Andy where are you. Destroyed. He comes up with the ideas. And he has the runs DIC Entertainment Diek is the one I've told you about in the past that produced Liberty's Kids which I think is probably the best way not only for youngsters to learn American history but for people my age as well. I mean it's a terrific series of of young kids a couple of young ones in the time of the American Revolution. And I watched several of those episodes and I'd forgotten a lot of American history since I was in school.
It's just a really it's a wonderful series appeared on PBS over time and if you're looking to learn American history or have your children or grandchildren or you could you couldn't do better. And in the months ahead he's he's working on the what we call it. It's the Secret Millionaires Club but it's going to be a program that's designed to teach young people some of the very basic lessons of about money how to avoid getting into trouble with it how to how to use it effectively and what your attitude should be toward it. So we're looking forward to getting out early next year and I'll guarantee you that it will be a a terrific program for for teaching children and your grandchildren something about the subject of money. I also want to thank Bob Iger by Bob is up there Bob runs wild runs Disney is doing a terrific job. And I thought we could originally entice the Desperate Housewives into appearing simply by the chance to appear with Charlie. But after we made that appeal we then went to Bob Iger and see what you can do for us Bob. So thank you Bob. Also in that section I'd like them to have a special introduction for the man that first taught Charlie and me something about the value of franchises and the advisability of buying great businesses instead of cheap businesses. Prior to the purchase of See's Candy in 1972 I had tended to look primarily at financial measures in buying businesses and buying things that were cheap in relation to book value and we always tried to get a lot of tangible assets in relation or money. But we found out that the intangible assets if properly nourished and properly identified you can make a whole lot more money with it than buying a lot of tangible in 72 early and 72.
