University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

338 Pages·2016·6.89 MB·English

by  Daniel Pecaut

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University
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Berkshire
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Hathaway 11
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University 3
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= of < 6
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Berkshire 9
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Hathaway 12
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A 15
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30 Years of Lessons Learned 18
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from 20
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Warren Buffett 22
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& Charlie Munger 24
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at the 26
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ANNUAL SHAREHOLDERS MEETING 28
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Daniel Pecaut
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with
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Corey Wrenn
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21 Copyright © 2017 by Daniel Pecaut & Corey Wrenn
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All rights reserved. This book or any portion thereof may not be reproduced or used in
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any manner whatsoever without the express written permission of the publisher except
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for the use of brief quotations in a book review or scholarly journal.
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First Printing: 2017
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ISBN: 978-0-9984062-1-3
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10 Design by Mauna Eichner and Lee Fukui
11 Cover Illustration by Allison Baer
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13 Pecaut and Company
14 401 Douglas Street, Suite 415
Sioux City, IA 51101
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www.PecautandCompany.com
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www.DanielPecaut.com
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This book is dedicated to my hero, Russell B. Pecaut (1902–2000, Dow 8
Jones Industrial Average: 67–11,551). Papa, as we grandkids called him, 9
was a good-natured, honest, and unfailingly upbeat gentleman. He 10
encouraged me greatly in my career. He taught me that optimism is 11
a choice and that your word is your bond. This world could use a few 12
more like Russell Pecaut. Papa, this one’s for you. 13
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—Daniel Pecaut
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CONTENTS 1
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THE ELECTRONIC RECORD
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INTRODUCTION
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1986 01 2001 091 16
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1987 05 2002 101
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1988 09 2003 111 19
1989 15 2004 121 20
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1990 19 2005 131
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1991 23 2006 143 23
1992 29 2007 153 24
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1993 35 2008 167
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1994 41 2009 183 27
1995 47 2010 201 28
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1996 53 2011 217
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1997 61 2012 233 31
1998 69 2013 247 32
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1999 77 2014 265
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2000 85 2015 275 35
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APPENDIX I: 38
IN THE BEGINNING . . . 39
THERE WAS CAPITAL ALLOCATION 40
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21 APPENDIX II:
22 THE SPECTACULAR
23 GROWTH IN POPULARITY
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APPENDIX III:
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LESSONS FROM THE
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BERKSHIRE MALL
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10 APPENDIX IV:
11 CASH/BOND/STOCK RATIOS
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APPENDIX V:
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ON CURATING THIS BOOK
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17 ACKNOWLEDGMENTS
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THE
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ELECTRONIC RECORD
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Asked why he is on TV so much, Buffett responded that he likes
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having the electronic record, so there is no chance of him being
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misquoted or misunderstood. If he’s on Charlie Rose, he knows the
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record will be permanent and will be exactly what he said.
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—Excerpt from our notes at
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the 2010 Shareholders Meeting
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What follows in this book is not an electronic record. This is the result
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of feverish note-taking during 30 years of Berkshire Hathaway’s annual
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shareholders meetings. While we, the authors, believe these notes capture
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the essential meaning and intention conveyed, we apologize in advance
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for any misrepresentations.
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