Recap of the best quotes from the #BerkshireAnnualMeeting yesterday:

1. On Buybacks:

"If you’re repurchasing stock just to bull it higher, it’s deeply immoral. But if you’re repurchasing stock because it’s a fair thing to do in the interest of existing shareholders, it’s a highly moral act, & the people that are criticizing it are bonkers” - CM
2. On Robinhood:

“It’s become a very significant part of the casino group that has joined into the stock market in the last year or year and a half" - WB
3. On more acquisitions:

"We’re not going to have much luck on acquisitions while this sort of a period continues.” - WB
4. On the relationship between them:

"Warren and I don’t have to agree on every damn little thing we do. We get along pretty well. We have never had an argument in 62 years. Not that we agree on everything but we’ve never gotten mad at each other,” - WB
5. On airlines:

"[the] industry...ost a significant amount of money, they lost prospective earnings travel’s not come back... I wish them well but I still wouldn’t want to buy the airline business" - WB
6. On #cryptocurrencies

"I think the whole damn development is disgusting and contrary to the interests of civilization Of course I hate the #bitcoin success. I don’t welcome a currency that is so useful to kidnappers and extortionists.” - CM
7. Comparing the top 20 companies in 1989 and in 2021.

"How many of the top companies in 1989 were on the list 30 years later? Zero" - @chriswmayer

"Make your own guess: How many companies on [today's] list are gonna be on the list 30 years from now?" - Warren Buffett
8. On #SPACs:

"The SPACs generally have to spend their money in two years, as I understand it...It's an exaggerated version of what we've seen in kind of a gambling-type market," - Warren Bufett
9. On insuring an @elonmusk rocket:

"This is an easy one. No thank you, I’ll pass," - Jain

“Well, I would say it would depend on the premium. And I would say that I would probably have a somewhat different rate if Elon was on board or not on board.” - Warren Buffett
10. On why #Berkshire sold banks

"I like banks generally, I just didn't like the proportion compared to the possible risk. We were over 10% of Bank of America. It's a real pain in the neck, more to the banks than us." - Buffett
11. On inflation:

"We're seeing substantial inflation. We're raising prices, people are raising prices to us. And it's being accepted. We really do a lot of housing. The costs are just up, up, up...It's an economy – really, it's red hot. And we weren't expecting it"- Buffett
12. The S&P 500 vs Berkshire:

"I recommend the S&P 500 index fund … I’ve never recommended Berkshire to anybody because I don’t want people to buy it because they think I’m tipping them into something" - WB

"I personally prefer holding Berkshire to holding the market"- CM
13. On selling some Apple shares

"Charlie in his usual low-key way let me know it was a mistake," - Buffett

14. On the low interest rates:

"Because with everything boomed out so high and interest rates so low, what's going to happen is, the millennial generation is going to have a hell of a time getting rich compared to our generation. " - WB
15. Reflections on now and the future:

"If you're not a little confused by what's going on, you don't understand it. We're in sort of uncharted territory." - Charlie Munger

"Stranger things are going to happen in the future."- Warren Buffett
16. On picking stocks:

"There's a lot more to picking stocks than figuring out what will be an incredible industry in the future. I just want to tell you that it's not as easy as it sounds." - Warren Buffett
17. On Apple CEO @tim_cook:

"Tim Cook is one of the best managers in the world and he's got a product that people absolutely love" _ WB
18. On buying and holding:

""Our businesses are equities. We don't turn them over at all, we don't resell businesses. We don't do it." - WB
19. On their failed mission to change healthcare:

"We learned a lot about the difficulty of changing around an industry that’s 17% of GDP. We were fighting a tapeworm in the American economy, and the tapeworm won. ” - WB
19 (Part 2. ) On their failed mission to change healthcare.

"The most prestigious people in the community are on hospital boards, a lot of people that are fairly happy with the system," - WB

"Even though you shot and missed, you were at least shooting at an elephant,"- CM
20. Finally on the economy and valuations:

"“This has been a very unusual recession. Right now, business really is very good in a great many segments of the economy...It just won’t stop. People have money in their pocket and they’ll pay the higher price" - WB
21/21 On more content:

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