2012 Berkshire Hathaway Annual Meeting Morning Session | Warren Buffett | Charlie Munger скачать в хорошем качестве

2012 Berkshire Hathaway Annual Meeting Morning Session | Warren Buffett | Charlie Munger

(May 5, 2012) Tens of thousands of shareholders gathered at CenturyLink Center to take in Warren #Buffett pronouncements on his massive conglomerate, the global economy and whatever else tickles his or investors’ fancy. Succession was the first topic of discussion at #Berkshire Hathaway Annual Meeting. #Warren Buffett stated that Berkshire Hathaway would not select anyone who could not do the job as CEO of #Berkshire Hathaway. The primary responsibilities of a CEO are to allocate capital, select managers, and being the chief risk officer. At the 2012 #Berkshire Hathaway Annual Meeting, #Berkshire Hathaway announced that Berkshire Hathaway was willing to buy back its stock at 1.1 times book value because Warren #Buffett believed that the intrinsic value is significantly above 110% of book value. Warren #Buffett continued that buying shares at 1.1 times book value was something they feel comfortable with. #Berkshire Hathaway wanted the shareholders to know that they think the stock is undervalued. None of #Berkshire Hathaway’s businesses are worth less than their book value, and #Berkshire Hathaway would buy back shares as long as their cash did not drop below $20 billion. Warren #Buffett and Charlie #Munger were asked on their views on coal and natural gas. Warren #Buffett stated that MidAmerican would never be hurt by, or benefit from, coal prices. MidAmerican was a regulated utility that passes through its costs. MidAmerican needs to operated efficiently to earn a good return. What happens to coal prices affects its customers more. In terms of BNSF, coal traffic is important to all United States railroads and that traffic was down. The number of kilowatt hours used in the United States went down 4.7% last year. That is a very large decrease and that affected the demand for coal. The other thing that is affecting coal is the price of gas being under $2. Charlie #Munger believed that we should use up every ounce of coal before we use a drop of natural gas because the gas we have found is the most precious thing we could leave to our children. With regarding to the business schools, Warren #Buffett though that business schools have taught a lot of nonsense about investing. When it comes to business education, Warren #Buffett would say that the silliest stuff that has been taught is in the area of investing. Schools have focused on one fad after another in finance theory, and the fads have usually been very math heavy. When an idea becomes popular it becomes hard to resist if a professor wants to advance within a faculty. There should be one course on how to value a business, and one on how to look at markets. This would be far more valuable than option pricing and Modern Portfolio Theory. Charlie #Munger said that what is taught in business schools affects accounting. A long-term option on a stock or an index should be priced by Black-Scholes. But the accounting profession decides to use that formula because they want a standardized solution that does not require them to think too hard. On the #Buffett Rule, Warren #Buffett said that people with high incomes should pay a rate that is commensurate with what people think those people pay. If you make $30 million per year, people think you are paying a 30% rate. But 131 of the 400 largest income earners paid rates below 15%. That amount is less than what the standard payroll tax was for most of the last decade – 15.3%. Under the Buffett Rule, there would be a minimum tax on high earners, and the rate would be restored to what it used to be. --------------------------------------------------------------------------- Subscribe NOW to Warren Buffett: https://www.youtube.com/c/BuffettOnli... Learn more from Warren Buffett: Visit us: https://buffettonline.com/ Like us:   / buffettonline   Follow us on Instagram:   / buffett.online   Follow us on Pinterest:   / buffettonline   Follow us on Twitter:   / buffettonline   #BuffettOnline