My favorite quotes from Berkshire Hathaway 2021 Annual Meeting

Again this year Yahoo Finance live broadcasted the Berkshire Hathaway Annual Meeting. I'm super grateful to be able to attend this meeting from the other side of the world, so a big thanks to Yahoo for providing this value.

 

Overall a great meeting with some fantastic learning opportunities and humorous quotes. Great curation of questions from Becky Quick which allowed both wisdom and humor to be shared. In this post, I'll share the more entertaining parts - my favorite quotes.

Warren Buffett: 

"I am the chief risk officer of Berkshire"

"If you’re looking for perfection – in your spouse, in companies – you’re not going to find it." 

"They don’t require a lot of capital and they gush out capital." (about Apple, Microsoft and Google) 

"Interest rates are to the value of assets what gravity is to matter." 

"The gambling impulse in the world is very strong. It creates its own reality, and no one is going to tell when the clock strikes 12 and everything will be pumpkins and mice. This is about the worst we’ve ever seen." 

"I knew there would be a question around crypto. I see politicians dodge questions all the time [and he doesn’t like that behaviour]. I will dodge that question." 

"Berkshire didn’t make the mistake – I did. We will – I will - continue to make mistakes (Munger: the rest of us will help)." 

"I like the stock." (about Bank of America) 

"We learned that it’s difficult to change anything about a industry that’s 17% of GDP." (about JP Morgan, Amazon and Berkshire looking into the prizes issues in the American pharmacy industry) 

"They're taxing hope." (about Robinhood) 

"We’re seeing substantial inflation." (Berkshire's Vice Chairman Greg Abel continues: "There’s a scarcity of raw materials. That scarcity factor is real right now") 

"We're not trying to make money trading stock and we don't know how to do it" 

"My biggest lesson (in the past year) is to listen more to Charlie" 

Charlie Munger: 

"Easy money made ex. SPACs causes horrible problems for this civilization." 

"I don’t mind the poor face that gambled, I don’t like the professionals that take the suckers."

"I think they (the Chinese government) will allow people to continue to earn money." 

"It’s waving the red flag at the bull. It’s deeply wrong." (about Robinhood) 

"If you’re not a little confused about what is going on – you don’t understand it." (about the world today)