Readers,
I just got back from Omaha. Just as last year I tried to get down just about every word that was said by The Oracle and Charlie. Last year's notes were in outline form. This year they are in sentence form and the document is close to 15,000 words. I like to think that this is almost as good as being there. Well, except for missing Munger being absolutely on fire this year. Feel free to pass them along. If you click on the link above the notes you can download a PDF file on Scribd. Enjoy!
Berkshire Hathaway 2010 Annual Meeting Notes
skip to main |
skip to sidebar
You can also follow me or contact me on Twitter: InoculatedInves
“Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn’t--and when you explain to somebody what it is and how it works and why it works and show them the returns, either they get it or they don’t.” -Seth Klarman of the Baupost Group
The Inoculated Investor Has Moved
As of February 2012, all future posts from The Inoculated Investor will appear at http://covestreetcapital.com/Blog/?cat=14. Please visit the site to subscribe to Cove Street Capital's blog.
Feel free to email me at inoculatedinvestor@gmail.com if you have any comments or questions.
You can also follow me or contact me on Twitter: InoculatedInves
The Inoculated Investor
Labels
- Book Review (1)
- Charity (1)
- Conference/Speaker Notes (15)
- Cove Street Capital (1)
- Donations (1)
- Equity Research (13)
- Fund Manager Positions (14)
- Interview (1)
- Market Commentary (60)
- Misc. (2)
- Must Read Links (50)
- Press/In The News (2)
- Upcoming Events (2)
- Videos (5)
5 Best Value Investing Quotes
- Seth Klarman: “It turns out that value investing is something that is in your blood. There are people who just don’t have the patience and discipline to do it, and there are people who do. So it leads me to think it’s genetic.”
- Seth Klarman: “It sounds kind of crazy, but in times of turmoil in the market, I’ve felt a sort of serenity in knowing that I’ve checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.”
- Howard Marks (Oaktree Capital): “For forty years I’ve seen the manic-depressive cycle of investor psychology swing crazily: between fear and greed – we all know the refrain – but also between optimism and pessimism, and between credulity and skepticism. In general, following the beliefs of the herd – and swinging with the pendulum – will give you average performance in the long run and can get you killed at the extremes.”
- Bruce Greenwald (First Eagle Funds): "There are no bad days in the market. When the market is down, you’ve got bargains, and it’s lovely to think of what you are buying at low prices. When the market is up, the bargains have gone, but you’re rich.”
- Mohnish Pabrai (Pabrai Funds): “Warren Buffett has said many times that people either get value investing in five minutes or they won’t get it in five years. So, there is something in the human brain, that for some of us, makes all the difference in the world right away and the patience it requires is part of the wiring process.”