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The Oracle of Omaha
Throughout the meeting, Buffett's discipline in investing was obvious. He never buys
companies that have shot up in price - he does quite the opposite. To illustrate that fact,
Buffett mentioned that the real estate bubble busting would be a good thing for
Berkshire, because he could then pick up real estate stocks on the cheap.
He then offered to give the girl who asked the question See's Candies if she came up to
him during the break. Buffett bought See's Candies in 1972 for $25 million in cash. A
classic example of how Buffett made billions not by investing in technology, but in
simple, easy to understand companies.
When asked about compensation committees, Buffett said that they are like
Chihuahuas...meaning they are like lap dogs. Then on second thought, Buffett said,
"But I don't want to insult those people."
His counterpart barked back, "You're insulting the dogs."
Later, Munger, speaking of the future of America, commented that he was repelled by
the lack of virtue in the financial world.
"But what do you think the end will be?" Buffett asked Munger
"Bad."
"I knew I could count on you."
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