(May 2, 2020) Warren Buffett is the most closely followed investor in the world, and every year, shareholders of Berkshire Hathaway look forward to hearing what the Oracle of Omaha has to say. Here are some of the most interesting things Warren Buffett said in 2020 Berkshire Hathaway annual meeting.

Chapters:
0:00:00 Q&A begins
0:00:50 Buffett confirms all airline shares were sold
0:05:03. You need the right psychology to buy stocks
0:09:28. April's $426m in stock buys was meaningless
0:11:23 We haven't seen any attractive deals to provide capital
0:16:37 We won’t subsidize our companies with shareholder money
0:22:17 Berkshire may have shortterm layoffs but expects longterm job gains
0:27:28. Only very small Berkshire subsidiaries may not reopen
0:31:27 Selling or closing underperforming subsidiaries is not a new policy for Berkshire
0:34:42 Precision Castpart’s future is tied to uncertainty for Boeing
0:38:10 COVID19′s effect on GEICO
0:41:11 Berkshire insurance subsidiaries don’t have big COVID19 risk
0:46:13 We would sell pandemic insurance “at the right price”
0:48:39 Berkshire will still do great deals after Buffett and Munger
0:51:24 No Berkshire businesses have received government “bailout” money
0:52:13 With COVID19, the future is a “huge unknown”
0:59:43 Index funds are still better than paying big fees to wall street
1:02:29. Berkshire won’t always beat the S&P, but it’s a strong company
1:08:44 Ajit Jain is great at insurance, but doesn’t do capital allocation
1:10:41 Depreciation of assets at Berkshire Hathaway energy
1:15:54 Occidental deal hurt by unexpected oil price plunge
1:20:02 Low prices pose a risk to oil equity investments
1:22:10 No “surprise” liabilities in Berkshire’s stock derivatives contracts
1:26:31 Berkshire will stay intact after Buffett
1:31:16 Big question: Can U.S. keep issuing money without consequences?
1:35:13 Businesses that don’t need a lot of capital are better
1:41:52 U.S. can’t default on its debt, but inflation is a risk
1:44:36 Stock buybacks aren’t immoral, but they can be stupid
1:51:06 Convert A shares to B shares if you want a smaller tax liability when cashing out
1:53:59 No “special problems in the banking industry now”
1:59:05 Despite its drop, Berkshire’s stock price hasn’t made buybacks compelling
2:01:51 Don’t owe money on your credit card
2:06:34 “I’m 100% for taking care of people” hurt economically by COVID19 shutdowns
2:09:26 As a prosperous nation, we need to take better care of people fighting covid19
2:15:20 Capitalism needs government to make sure everyone participates in prosperity
2:19:22 “Smartness does not necessarily equate to wisdom”
2:21:20 Conclusion: never bet against America


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