All Munger and Buffett say is preserved, only gaps and questions have been clipped to save your time. This is the Berkshire Hathaway Shareholders Meeting 2004.

May 1, 2004. Buffett strongly defends himself from an accusation by CalPERS that it’s a conflict of interest for him to be on CocaCola’s board. He also reveals why many CEOs are paid too much, admits to a mistake that cost Berkshire $10 billion, explains why temperament is more important for investing than intelligence and discusses his views on immigration in the USA.