Where can I read the transcripts of the Warren Buffet/Charlie Munger Berkshire Hathaway meetings to shareholders?

Answer: Whitney Tilson’s Value Investing Website gives the transcripts from 2000 to 2008, along with transcripts from the Wesco meetings.

Warren Buffet and Charlie Munger are genuinely funny guys, as well as being investing 6-sigma geniuses. To give you a flavor of their style, here’s how the 2008 meeting opened:

[The movie ends after Becky Quick “reports” that Warren
Buffett has switched jobs with All My Children’s Susan
Lucci.

Charlie Munger walks onto the stage and takes a
seat. He is followed by Susan Lucci, who sits down in Warren’s
regular spot.]

CHARLIE MUNGER: Where could he be?
SUSAN LUCCI: Detained at the TV studio. Hi
Charlie, I’m Susan Lucci. He’s going to be a big star.
CM: You have some important qualities that Warren
lacks.
SL: There are some changes we need to make. We
need to change our dividend policy. We are so cheap to
our shareholders.
CM: Sounds good to me.
SL: And I want guidance on earnings, weekly. And we
need to pay our directors more than $900 a year. [The
directors, sitting just in front of the stage, leap up and
cheer.]

[Warren Buffett walks in]

WARREN BUFFETT: What’s that talk about dividends?

My show is Berkshire Hathaway—All My Children can’t

do without you, and I can’t do without
Berkshire.

SL: The deal is off?
WB: You’ve brought me back to my senses. Pick out
anything you would like at Borsheim’s, and charge it to
Charlie.

[Lucci hugs Buffett and Munger, and exits the stage—to
applause.]

WB: Let’s get this show on the road. We are going to
follow the usual procedure. We are going to answer
questions between now and then, based on who gets
lined up at the microphone first. Our best estimate is
that 31,000 people are here today.
We have Charlie Munger—he can hear and I can
see—we work together for that reason. Let me introduce
the Board of Directors (hold your applause until
the end): Howard Buffett, Bill Gates, Don Keough,
Tom Murphy, Walter Scott, Ron Olson, Susan Decker,
Dave Gottesman, Charlotte Guyman—the best directors
in America. We’ll take a break at noon.
Q1: Bombay, India. I salute your 100% honesty.
What are the key traits needed to correct the crowd
mentality?

CM: He wants to know how to become less like a
lemming.
WB: Since you repeated the question, I’ll let you give
first answer.
CM: He wants to invest less like a lemming.

About Anne Austin

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