Warren Buffett (86) and his long-time business partner Charlie Munger (93) kept the 40 000-odd attendees at this year’s annual Berkshire Hathaway shareholders’ meeting in Omaha entertained for more than five hours. CNBC published a collection of their funniest quips:
Buffett opened the meeting with a quip he’s used before. “That’s Charlie. I’m Warren. You can tell us apart because he can hear and I can see.”
*** Index-investing pioneer and Vanguard founder Jack Bogle was in the crowd and Buffett called him out to stand for an ovation, saying Bogle will have saved investors “hundreds of billions” over time with his low-cost investing philosophy.
He said to Bogle: “You’re going to be 88 on Monday. In only two years, you’ll be eligible for an executive position at Berkshire. Hang in there, buddy.”
*** When someone asked about identifying good businesses, Buffett called companies “economic castles” and used a medieval analogy for what he looks for in a business and the managers running it.
“In capitalism, people are going to try to take that castle from you so you want a moat around it and you want a knight in that castle who is pretty darn good at warding off marauders.”
*** Munger described what he dreams about:
“Sometimes when I am especially wistful, I think, ‘Oh, to be 90 again!’”
*** Munger said a friend of his used to say there are two rules of fishing. No. 1 was to “fish where the fish are”, and No. 2 was “Don’t forget about rule No. 1.”
Munger then said: “We’ve gotten good at fishing where the fish are... There’s too many boats in the damn water, but the fish are still in it.” Macaroon: Mostly air No nutritional value Comes in whatever flavour the general public wants
For rich people Macron:
Same, but he is the president of France