Rare video and audio of the full Q&A session with the world’s richest man and most successful investor and his partner. Bill Ackman asks a question.

Join us on Unofficial Charlie Munger Quotes & News Facebook
  / charliemungerquotes  

1:45 derivatives; Decashflow ll computers; Proctor & P&G

“Anytime you combine ignorance and borrowed money you can get some pretty interesting consequences.” WB

4:39 CapCity Geico CocaCola categorized as permanent holdings, so why sale of Capcity shares; 1968 Tax Act; share repurchases.

6:40 Intrinsic value; cashflow; future and present earnings; buying price analysis; discount rate
9:21 Intrinsic value of Berkshire insurance operations
11:29 Stock split of Berkshire
13:56 Netjets, private jet air travel
15:00 What Buffett’s next goal in life is
15:15 2 yardsticks for the evaluation of business management
23:33 Guinness / scotch
25:56 Berkshire legacy and future without Warren and Charlie
30:00 Hilary Clinton
31:30 Blue Chip stamps
33:02 Reverse share split of Berkshire stock
33:42 Fed; Alan Greenspan; interest rates
35:28 Valuation of Berkshire
37:25 Banks; share buybacks; goodwill; amortization; reports; accounting tricks and methods
42:10 Bill Ackman asks about Solomon Brothers, their leverage and modest return on equity / ROE
49:40 Shoe industry / footwear business economics
51:25 Future if the tobacco business/ industry
52:39 Evaluation of aproducts/ competitive advantage
55:10 Insurance industry risk and claims in light of events in California
1:00 Best books you read last year / Benjamin Franklin
1:02:20 Uncertainties / competition / risks of major brands like Nike, Reebok, CocaCola, Gillette, Dexter shoes, Mark Twain.
1:08:15 Airlines, US Air, employee ownership.
1:12:39 Why Berkshire sold Cap Cities stock
1:13;50 Structured settlement business
1:14:50 Wrigley chewing gum
15:57 Global diversification/ owningor investing in foreign businesses / investing abroad / analysis/ evaluation of businesses
1:18:40 Los Angeles events and insurance, floods, typhoons, hurricanes
1:20:59 Opinions / speculation about the future of the stock market
1:25:24 Private vs public acquisitions, share investment ownership vs whole ownership, tax
1:30:31 Intrinsic value / Westco / Berkshire Hathaway valuation
1:33:57 Beta a flawed measure of risk by statistical measure of the volatility of a stock versus the overall market / definition of risk in investing
1:38:36 Consumption tax / progressive income tax / Berkshire is not a mutual fund
1:42:53 Interest rates and investing (including in banks, Wells Fargo, GEICO, CocaCola, Gillette)
1:45:39 Retroactive insurance
1:48:35 Holding cash and why / opportunity cost / timing the market
1:51:13 Future of Fannie Mae and Freddie Mac
1:53:12 If the speed of business investment information availability affects the effectiveness of Berkshire or gives others an advantage