Each year Warren Buffett and Charlie Munger answer questions in front of crowds of tens of thousands of Berkshire Hathaway shareholders in Omaha, Nebraska. The question and answer sessions provide great wisdom on economics, investing and management. Here are some of the highlights I have found from the meeting (see more on the Curious Cat Investing and Economic Blog review of the answers)
Buffett, Munger praise Google’s moat
“Google has a huge new moat
,” Munger said. “In fact I’ve probably never seen such a wide moat.” Google’s main business of charging companies when people click on their ads after running an Internet search is “incredible,” the Berkshire chairman said. “I don’t know how to take it away from them,” he added. “Their moat is filled with sharks,” Munger said.
Google hopes the anti-trust regulators don’t see it the same way. And I believe Google sees their moat as easy to loose (and I think they are right). At the same time Buffett and Munger are right. The moat is huge but if Google looses focus they can drain the moat in no time.
Warren Buffett’s Q&A With Shareholders (Afternoon Session)
2:58 pm: Buffett says his hope for Berkshire Hathaway 20 years from now is that its culture will be maintained, that it will be seen as a place where good managers want to work for the rest of their lives. That and to have the world’s “oldest living managers.” The audience rises for a standing ovation. That concludes the Q&A session.
3:10 pm: After taking a break, Buffett is now conducting the formal business session of the annual meeting. It is totally routine.
3:15: Buffett, Munger and the other directors have been re-elected to the Board and the meeting has been adjourned.
Related: Warren Buffett’s Letter to Shareholders 2009 – Management Advice from Warren Buffet – Warren Buffett Webcast on the Credit Crisis – Sleep Well Fund Investing Results