Berkshire's 2023 annual shareholder meeting: Watch the full morning session with Warren Buffett 

Every week I buy more bitcoin because i believe it would surge after the halving, but could Gold be the safest buys other than BTC & APPL in terms of growth with $150,000 to outperform the market this year?

Didn't Charlie Munger and Warren Buffett invent the strategy of buying/investing when the market is low and also buying/investing when the market is high? As Warren Buffet said, he has seen this happen many times in his life. Not an investor. My wife and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock...

I'm afraid of making fatal money mistake and going broke again. I'm in my 30s and I'm here for some advise

There are lots of mixed opinions about stocks and their projection in the next coming years, I aim for short term solid gains from market correction and I'd definitely jump on the boat if I knew a thing or two about day-trading, but then again what do I really know? I'm just looking for the right moves to grow and hedge my stagnant reserve of $370k from inflation.

Imagine being 90+ and still sharp as a knife. True legends!

As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.

Munger and Buffett have both achieved an incredible feat with Berkshire. They've turned thousands to billions, and have made a lot of people wealthy in the process. I really saw the potential of the stock market by reading Berkshire's annual letters. I recently sold my $674k apartment in the Bel Air area and I'm hoping to throw it into the stock market. I just don't want to lose everything.

Warren Buffet is 92 and he is running a shareholders meeting in front of a live audience without issues and is completely coherent. Just incredible.

0:06 - Agenda for the event 1:18 - Introduction of Directors and key personnel 4:29 - Discussion of earnings and overall financials 7:12 - Change in business climate and expectations 9:53 - Increase in investment income 10:57 - Insurance underwriting outlook for the year 12:25 - Historical growth of earnings 13:04 - Berkshire Hathaway's net worth under GAAP accounting 14:03 - Explanation of float and its importance in insurance 15:42 - Jain's contribution to increasing float 17:04 - Update on cash and treasury bills as of March 31st and April 22:00 - Question about balancing conservatism and aggression in investments, and if emotions play a role in decisions 22:30 - Buffett admits to making bad investment decisions but not due to emotions 26:23 - Ajit talks about Geico's progress in telematics, technology challenges, and improving profitability 29:11 - Greg talks about BNSF, its efficiency, and long-term focus on delivering value and service to customers 31:48 - Buffett praises Todd Combs for his work on Geico, especially on matching rate to risk 33:02 - Buffett discusses public insurance companies and highlights the success of Berkshire Hathaway Specialty, created by Ajit and four others 36:05 - Questions about AI, Robotics, and their impact on stock markets and society 36:58 - Robotics adoption in BYD's factories in China 37:10 - Skepticism about AI hype, preference for old-fashioned intelligence 37:33 - AI's limitations, example of AI not understanding jokes 38:40 - Concerns about AI's influence and potential consequences 39:45 - Warning about brewing storm in US commercial property market 40:19 - Berkshire Hathaway's limited activity in commercial real estate 40:42 - Anticipation of significant, unpleasant consequences from hollowing out downtowns 43:33 - Thoughts on the future of value investing and adaptation for investors in a rapidly changing landscape 45:02 - Belief that opportunities for value investors will still exist due to people making mistakes 47:53 - Expectation of unpleasant episodes in a world where many smart people are trying to outsmart each other 49:37 - Update on unique transaction with AIG in 2016 and risks of banks with assets susceptible to rising interest rates 50:02: Insight on Berkshire liabilities susceptibility to duration; Berkshire doesn't have to put it into matching bonds, but a general pool of assets 51:40: Payments made have been slightly below the anticipated amount in terms of share of losses 52:54: Deal is performing well; actual payouts are 96% of projections 55:04: Berkshire has 4x more stockholder capital behind each dollar of premium volume than normal 58:02: Estate planning problem: Failure of parents to prepare the next generation for inheritance or business succession 1:02:01: Estate planning advice: Live the values you want your kids to have and make sure your will reflects that 1:05:11 - Discussion of reprehensible behavior at BNSF and other subsidiaries 1:05:25 - Breaching agreement with tribal land, looking to resolve the issue 1:06:11 - Lessons learned from the breach, respecting agreements 1:06:34 - Addressing derailment issues, working with tribes to mitigate problems 1:07:45 - Discussing the frequency of derailments and their inevitability 1:09:37 - Question on continued development of new energy and its future 1:10:27 - Challenges in building transmission and integrating renewable energy 1:12:02 - $70 billion of known projects required for energy transformation 1:14:22 - Difficulty of recreating urgency and unity seen during World War II to tackle energy challenges 1:17:56 - Question on who's behind Greg Abel and Jain in their respective roles 1:20:28 - Discusses changing managers infrequently and having the right person running the company 1:21:37 - A former Solomon Brothers employee thanks Buffett for saving the company 1:22:32 - Most important things for the US to remain strong and potential reasons for its strength being undermined 1:27:09 - Need for different solutions to address global challenges and the importance of adapting to those challenges 1:29:04 - Potential concerns after Buffett passes away, such as a corporate raider taking control of Berkshire and changing its philosophy 1:33:15 - Emphasizes the importance of Berkshire remaining a secure, well-managed company with a diverse portfolio and strong shareholder base 1:36:07 - Story about meeting Jain and how he knew he struck gold despite Jain's lack of insurance experience 1:38:27 - The importance of recognizing talent regardless of formal education 1:39:32 - Munger shares a story about finding Louis Vincenti within their companies and his remarkable retailing knowledge 1:42:09 - Ben Rosner, his strong partnership with Leo Simon, and their interesting business ventures 1:47:33 - Jain discusses the property cat business, the renewal date, and their current portfolio exposure to property catastrophe 1:51:22 - Freedom to make their own decisions without pressure from Wall Street 1:53:34 - Buffett doesn't understand the technical aspects of all businesses, he understands consumer behavior 1:55:17 - Buffett and Munger emphasize learning over time and getting wiser in making business decisions 1:59:40 - Buffett and Munger discuss their Japanese investments, building trust with Japanese companies, and potential long-term opportunities 2:06:15 - Charlie discusses the insanity of vast diversification, suggesting it's better to focus on best ideas rather than worst 2:07:51 - Attendee from Hong Kong shares his positive experience investing in Berkshire Hathaway and asks about US-China internet companies' valuation and price disparity 2:09:45 - Charlie expresses the importance of US and China getting along and promoting free trade for mutual benefit 2:11:00 - Discussion about the geopolitical balance and the need for both countries to understand the consequences of pushing each other too far 2:16:08 - Question about the selling of Taiwan semiconductor shares; Warren cites geopolitical issues and preference for US-based companies 2:18:47 - Question about the 100-year vision for Berkshire Hathaway; Warren shares his admiration for Ben Graham 2:20:46 - Success of Ben Graham's book that changed his life 2:23:00 - Munger adds half of Graham's investment returns came from investing Geico 2:26:35 - Jain about Geico's efforts to offer insurance at the point of sale with auto manufacturers 2:32:21 - Control of voting rights in Berkshire Hathaway and whether CalPERS and BlackRock will get their way with ESG 2:35:08 - Discussion about fund management fees and the behavior of certain funds 2:36:05 - Berkshire Hathaway's share buybacks and future capital allocation decisions 2:39:19 - Tom Nelson from Minnesota asks Charlie about his controversial statements on the COVID-19 vaccine 2:40:28 - Advice for Berkshire owners once others are running the company 🤓🤓

These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.

Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. 2023 will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $180,000 savings to turn to dust.

The greater the passive income you can build, the freer you will become. Taking the first step is the hardest, but 5 houses later living off passive income since July 6, 2016. You’ve got to start taking steps to achieve your goal.

lnvesting in the stock market has historically provided higher returns than other forms of investment with the average annual return for the S&P 500 index, being approximately 10% over the past 3 decades. I've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains.

I'm struggling in this market. Stocks that I have held for months and made profits from are not behaving the way I'm used to so I’m quite indecisive on how to tackle this market, any advice would be grateful.

Thanks for posting the long videos in addition to the clips CNBC

I am experiencing one of the most challenging phases of my life... Lost a fortune lnvesting in emerging companies... How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

I genuinely mean it when I say that this economic recession has left me incredibly angry and exasperated. I have good companies bought but instead of making profits I've lost over a quarter of my portfolio since a year. I've been considering hiring a financial advisor, but I'm torn between choosing a male or female advisor. Who do you think would be more trustworthy?

5lSuccessful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life.....

Becky Quick does such an awesome job when covering these two. She’s magnificent. Two historic icons setting in those chairs.

I love these 2 guru. they are funny, humble, and very capable. national treasure material for sure.

Rest in peace Mr Charlie Munger You will be a legend forever!

Warren Buffett and Charlie munger are legends ❤️

Lynch has mastered what patience looks like. He has stuck to the markets, having a long term view on the markets. This is what I'm struggling to do, trying to learn how to not react to market news about inflation and all. I have currently set aside about $253k to put in the market now that prices are down. Any ideas?

Warren at 92 and Charlie at 99, these two nonagenarians have a combined 191 years of experience. Nothing like being a life long learner. I love the shareholder meetings for that reason alone.

Rest in piece charlie, thank you for sharing your knowledge with the world

Man all CNBC had to do was make timestamps chapters for this video. They literally bring zero value these days

Based on net worth in Berkshire world I am a nobody. However, I truly value this entire show. We can learn more in listening to Warren, and Charlie that in years at a business college. The big takeaway is integrety. Holding fast to finding a good business to own and allowing the people you purchased with that business to do their job with greater capital going forward. Thank you for allowing us regular Joes to watch this show. Lots of smart people out here, good people, but not much money people too. Happy Trails from Florida

It’s so nice to see you two always look forward to this annual meeting.

Rest in peace Charlie. you'll be missed in next years meeting.

Charlie has great sense of humor!

Thank you.

@48:00 Yes.

Anybody know which video has the rest of it?

R.I.P Mr. Charlie, thanks for sharing your knowledge with us

The 24’ annual meeting is going to feel odd without Charlie and his wise cracks.

Charlie rest in peace

Good Morning everyone sending love and light 💕

Thank you for the video.

Thanks 🙏

Big thank you from all of your fans! You are an awesome human been!

What a great intro. What an inspiring duo. These guys are made different.

I feel like Ajit speaks with much more candor than Greg. I'd like to see him more direct with both the good and the bad.

Awesome and fascinating presentation .. I found it great to hear how coherent Mr. Buffett is. His logic and practical business savvy is something beyond incredible considering his age. He reminds me of the kind elderly gentleman in the movie "Up."

it is amazing listening to these two people. His thoughts on life and timeless wisdom is so rare in todays world and ago. It would do enormous good to manking if people spend some time listening to these investing legends than watching celebrity flaunt their bodies. I dont understand how people waste time listening to useless stuff . it really makes me very sad and sometimes i feel it is not viable to do what we can.

Charlie Munger mentioned BYD co without a direct question about BYD. This shows me Charlie has been thinking alot about BYD co and what they are doing in their business. BYD a clear number two to Tesla

In the past all I known is Warren buffet but not at all about Charlie … after watching him tbh , Charlie is really the man behind Warren Buffet’s successes and not much are talked about him .. the more I watched him the more I become admiring him on his work ethics n views in life . Warren indeed spot on his other half that truly his levels n better . Too bad Charlie pass away before I even get to know anything of him but I do hope his legacy lives on because the guy truly deserves it .

Excellent meeting ; well co ordinated . Trust that the company goes from strength to strength . All the best to Warren Buffett and Charlie Munger and may they enjoy good health

I love you ️️️ Thank you for the videos

king charles eating peanut brittle. I think i will try some now

Mr Buffet is want to say that I have been very proud that I had the opportunity to watch the videos regarding the economy and also the financial wold And I thank you for evetything.AIso Mr Charlie and mr Gates . You are all wonderful . I thank you for your ideas .

0:52 the joke by warren was really awesome...❤❤❤❤❤❤😂😂😂😂😂

Good Morning Mr Buffett & Charlie Munger!❤❤❤🎉

1:19:37: I love that, at this point, Charlie Munger has decided to just take a nap.

Imagine being this old and still remain sharp. Not sure how many of us will be like that if at all we grow that old.

Love these guys. Charlie I will miss you.

They are not old just fine vintage and sharp. Thank you, Mr. Buffet for all of the many free videos teaching valuable principals and concepts for investing and breaking the figures down making it easy to grasp and gain a great understanding about wealth and how to build wealth. You are never too old to learn with the right mindset.👏👏👏💞💞💞

21:32 Charlie's first words... Man I love this guy! These guys! And Girls (yes you young ladies), now I shall continue

these meetings are over...no one is going to even CROSS THE STREET to listen to a railroad expert and an insurance salesman from India. Warren loves these guys...(he also loved Dexter shoe)

Following these two professionals has changed my life for the better in more ways than one

I wish someone would ask if the BRK cash hoard is earmarked to buy back Warren and Charlie's stakes after they pass?

Go Warren, go Charlie!

Svb deposits should have been covered oner it "insured" $250,000 amount. Can I get paid over the insured amount at GEICO

Great acoustics.

Thank you for this great opportunity to change my life! you the great human been

Thank you Charlie for your wisdom. You inspired me to write A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger.

Charlie was drinking water at his last annual meeting. This should have been a telltale sign that not everything was going well with him.

merci

God bless Charlie, rest in peace

Really so grateful that Buffett reveals inspiring business calculation and amazing long list of lessons, you help me raise life value, get good results and earn money ❤😊🙏🏾

Here's a favorite nugget: Warren: Investment opportunities lie in the fact the "world is overwhelmingly short-term focused." Min. 48.28.

R.I.P Mr. Munger!🙏

Great friendship....

I would like to say that admire the above people . For being so much simple and having A good heart And so much simplicity .ofthe above video. I want to thank mr Buffet for his precious ideas and I admire also his Economy way that I would like to follow. And I want to say that they are wonderful people And I m enjoying their video talking . Their simplicity their beautiful character is very rare And I m very proud of being able to live A massage to them

Thats Great❤

YOUR STRATEGIES ARE SIMPLY AMAZING! I'VE TRIED SO MANY DIFFERENT APPROACHES TO BINARY OPTIONS OVER THE YEARS, BUT NOTHING HAS WORKED AS WELL AS YOUR METHODS. THANK YOU FOR SHARING YOUR KNOWLEDGE AND EXPERTISE WITH US - YOU'RE TRULY MAKING A DIFFERENCE IN THE LIVES OF SO MANY TRADERS.

I like that more mainstream news sources are covering Palentir, but its extremely obvious they dont understand the company

Warren must be feeling real weird not having Charlie around anymore

2.40.30: Becky Quick was not that Quick for her last question before lunch 😊 Buffet Rule 1: Be always ready even when you are not ready. Buffet Rule 2: If lost, follow Rule 1. What a wonderful annual meeting 2023. Always source of learning & implementing same in our every day life, whether business or personal. Wishing you good health & long life Mr. Buffet & Mr. Munger.

Idea: are there trades that could be placed that would hedge against the chance of profit precentage. If strategy is 57% chance of profit, what trade could cover the 43% side, if that makes sense.? ✌️

The average stock in my portfolio has been cut in half, and the only way to make money this year has been to either short or to trade long in very short time frames. I'm still at a crossroads deciding if to liquidate my dipping $117k stock portfolio, what’s the best way to take advantage of this market?

Rip charlie munger

Thx CNBC

Love these guys

see you around Charlie!

Great

Realistic and correct story,idea,strategy,policy, but very Well-Known and has been Around for more than Forty years....Are there new ideas,strategies today,and is it even POSSIBLE for them exist, given the circumstances and REALITY TODAY?

What a motivator you are... After your videos I start to make my month payment just for a week!!!))🕶

Loved watching every minute of these 2 investment sages share their insights. More investors should be watching this and learning from those who have come before all of us who keep it simple and have profited exponentially!

Man some people asking questions don't really care about the answer, they just want their 2 seconds of "fame".

Just the best blogger in trading and investments🐺

I like the part when Peter Flaherty called them out on the evil they do and was silenced and taken out by police

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.

Brother i am still watching the 2022 AGM this is too fast

I feel proud to become an Investor while these two legends are still alive

Charles Munger is a real OG

I would like to wish you MERRY Christmas. And I thank you .

What are the odd that Warren Buffett will live more than greg😅

hellow warren buffet iam reading your books about how to build the businese is very interested,but i ask something question about stock market up doun the rate,this is the best for passive sourece of income,is better to real state property,anyway thank you so much warren@

Rip legend charlie.

Dear Charles. I wish there were more people like you. I wish I was more like you (that s actually the first time I said that to someone in my entire life). You actually do something to try to better the world. I believe that. Have a wonderful day.