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Berkshire Hathaway 2010 Annual Meeting Notes

Berkshire Hathaway 2010 Annual Meeting Notes

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Published by benclaremon
These are the definitive 2010 Berkshire Hathaway 2010 Annual Meeting Notes. Almost 15,000 words. This is just about as close to an actual transcript as you are going to find.
These are the definitive 2010 Berkshire Hathaway 2010 Annual Meeting Notes. Almost 15,000 words. This is just about as close to an actual transcript as you are going to find.

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Published by: benclaremon on May 04, 2010
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02/28/2013

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]ao Gnikue`}om Gnxo{}is 
Cosf{agso @nnu`e Doo}gnj 3<0<
 Ni}o hsid ]ao Gnikue`}om Gnxo{}is2 Mo`s So`mos{%]ao hieeizgnj kin{g{}{ ih dw a`nm$}w|om ni}o{ hsid }ao 3<0< Cosf{agso A`}a`z`w @nnu`e Doo}gnj. ]ao{ozoso }w|om gn so`e }gdo zg}aiu} }ao u{o ih `nw sokismgnj moxgko. @{ {uka% g} g{ gnoxg}`ceo }a`} G d`mo {idoidg{{gin{ `nm |i{{gcew oxon {ido !cu} ai|ohueew xosw hoz' ossis{. Dw ji`e zaon G kiuemn‗} zsg}o miznoq`k}ew za`} z`{ cognj {`gm z`{ }i }sw }i k`|}uso }ao {on}gdon} ih }ao mg{ku{{gin. [i% gn d`nw k`{o{ za`} g{zsg}}on coeiz kin{}g}u}o{ dw gd|so{{gin{ `nm gn}os|so}`}gin{. G `|ieijgro gh za`} G }iif `z`w g{ ni} oq`k}ewza`} i}aos{ mgm. @e{i% G a`xo agjaegja}om {ido ih }ao co{} Dunjos$g{d{ ih }ao doo}gnj his |oi|eo zai mini} a`xo }ao }gdo }i ji }asiuja `ee ih }ao ni}o{. G a`xo }`fon g} u|in dw{oeh }i }sw }i hgee }ao sieo }a`} Zag}now ]ge{in ikku|gom his d`nw wo`s{ `{ }ao ihhgkg`e  {ksgco ih }ao @nnu`e Doo}gnj. G ai|o }a`} wiu onbiw so`mgnj }ao ni}o{. \eo`{o hooe hsoo }i |`{{ }aod `einj }i `nwino `nm oxoswino. Gh wiu zg{a }i hieeiz do `nm dw k`soos `{ `n DC@ `} _KE@ `nm ` {okusg}go{`n`ew{}% |eo`{o xg{g} dw {g}o `} a}}|2))gnikue`}omgnxo{}is.ceij{|i}.kid
.
 Hgn`eew% gh wiu a`xo `nw puo{}gin{ is kiddon}{ |eo`{o hooe hsoo }i kin}`k} do `} gnikue`}omgnxo{}isLjd`ge.kid.
 
[gnkosoew% Con Ke`sodin]ao Gnikue`}om Gnxo{}is 
Kiddon}{ in 0
{}
pu`s}os so{ue}{2Cuhho}}2
Za`} }aow `so {oognj gn }aogs cu{gno{{o{2 }ao {|u}}osgnj sokixosw g{ |gkfgnj u| {}o`d. ]ao s`gesi`m cu{gno{{ ( G{k`s `so mignj co}}os. ]agnj{ `so ` einj z`w hsid zaoso }aow zoso ` hoz wo`s{ `ji cu} }ao}sonm{ a`xo coon {}sinjos gn }ao e`{} hoz din}a{. @mmg}gin`eew% pu`s}osew ka`njo{ gn mosgx`}gxo x`euo{{aiuem ni} co |`gm `}}on}gin }i `{ }aow `so ni} gd|is}`n} pu`s}os in pu`s}os. @{ ` sueo% CSF mio{n‗} oxon{aiz pu`s}osew O\[ cok`u{o unmuo hiku{ in pu`s}osew o`sngnj{ g{ c`m his d`n`jos{ `nm oxon zis{o his gnxo{}is{.Z`sson kg}om ` {}umw |uceg{aom ` hoz din}a{ `ji zaoso 0<<<{ ih so|is}{ oq`dgnom. ]ao so|is} kinkeumom}a`} gh wiu }iif O\[ iu} 0 diso mokgd`e |e`ko !}i }on}a{ ih |onngo{'% kid|`ngo{ zoso siunmgnj u| !cw{o`skagnj his gnksodon}`e |sihg}{' o`sngnj{ {w{}od`}gk`eew }i d`fo }ao nudcos cw }ao |onnw. Z`sson `nmKa`sego }agnf ih }ao on}os|sg{o `{ ` zaieo `nm }agnf `ciu} cugemgnj x`euo ixos }gdo. ]aow {usoew min‗}zissw `ciu} pu`s}osew O\[.
Dunjos2
Zoee% G `jsoo zg}a wiu
Puo{}gin 02
K`sie Eiidg{$ Co}zoon }ao ; dimos`}is{ }aow sokogxom co}zoon 0?<< `nm 3<<< puo{}gin{.Z`sson `nm Ka`sego a`xo a`m ni agn} `{ }i za`} }ao puo{}gin{ zgee co Voxon }aiuja Cuhho}} {idoaiz aiz{egmo{ |so|`som }a`} kisso{|inmom }i {ido ih }ao puo{}gin{T {i }aow zgee hgoem }aod `{ }aow kido u|. Niz% in}i }ao puo{}gin. Soj`smgnj }ao [OK e`z{ug} xos{u{ Jiemd`n [`ka{ !J['2 Oxosw wo`s gn }ao CSF dixgo% }aow u{o }ao keg| hsid }ao [ieidin ksg{g{. ]ao keg| `ez`w{ hgng{ao{ zg}a Cuhho}}‗{ pui}o `ciu} aiz gh  |oi|eo ei{o ` {asom ih hgsd{ so|u}`}gin ao zgee co su}aeo{{. ]oee u{ }ao so`k}gin }i J[ e`z{ug} `nm aiz ao}agnf{ `ciu} CSF‗{ gnxo{}don} gn J[. Za`} `mxgko ziuem ao jgxo }i J[‗{ d`n`jodon} }o`d9
Cuhho}}2
Eo}‗{ {}`s} zg}a }s`n{`k}gin g}{oeh. @c`ku{ z`{ d`mo }ao {ucbok} ih [OK kid|e`gn}. Cuhho}} }aiuja}}aoso a`{ coon {ido dg{so|is}gnj !ni} gn}on}gin`e' `ciu} }ao }s`n{`k}gin. ]ag{ g{ `n gd|is}`n} {ucbok} }i ji}asiuja {i ao z`n}om }i moxi}o {ido diso }gdo }a`n u{u`e }i g}. ]aoso zoso = ei{os{ gn }ao mo`e. Ino z`{J[ zai mgmn‗} gn}onm }i co ` ei{os cu} kiuemn‗} {oee ` |goko ih }ao mo`e }a`} oxon}u`eew ei{} x`euo. Aizoxos%}ao d`gn ei{os z`{ ` xosw e`sjo c`nf gn Ousi|o k`eeom @CN @dsi. Zaw mgm }aow ei{o dinow9 Cok`u{o
 
]ao Gnikue`}om Gnxo{}is 
}aow% gn ohhok}% ju`s`n}oom }ao ksomg} ih @K@. Zoso gn }ao cu{gno{{ ih bumjgnj ksomg}{ `nm gn ohhok} }aowhsin}om }ao }s`n{`k}gin . Gn i}aos zism{% }aow ju`s`n}oom }ao ksomg} ih `ni}aos |`s}w. CSF mio{ }ag{ `{ zoee`nm a`{ d`mo ` ei} ih dinow mignj }ag{. Cu}% gn }ao 07:<{ CSF mgm ei{o dinow gn {gdge`s }s`n{`k}gin{mo`egnj zg}a mg{aino{} |oi|eo.Gn `nw k`{o% 0:c|{ zoso |`gm }i @CN @dsi gn }ao hisd ih ` |sodgud. Cuhho}} {`gm ao z`{ ni} {wd|`}ao}gk`ciu} ` mudc c`nf mo`e. @K@ z`{ ` cinm gn{usos }a`} {}`s}om ihh `{ ` dungkg|`e cinm gn{usos egfo DCG@`nm @dc`k. @ee ih }ai{o kid|`ngo{ {}`s}om ihh gn{usgnj dung{ `nm }ag{ z`{ ` cgj cu{gno{{. Zaon d`sjgn{{}`s}om jo}}gnj {puoorom }aow zon} iu} `nm {}`s}om gn{usgnj {}suk}usom ksomg}{ !Egfo D`o Zo{} inko {`gm2 ―Gz`{ [niz Zag}o cu} G msgh}om.—' iu}{gmo ih }aogs oq|os}g{o `nm `ee ji} gn}i }siuceo. G{ }aoso `nw}agnj zsinjzg}a gn{usgnj {}suk}usom ksomg}{9 Ni% cu} wiu co}}os fniz za`} wiu `so mignj. Zaon }ao{o i}aos juw{ ji}gn}i }siuceo }aon CSF zon} gn}i }ao dung gn{us`nko cu{gno{{. ]aow {}`wom `z`w hsid }agnj{ }aow mgmn‗}unmos{}`nm !{uka `{ KMI{ ( SDC[' cu} }aow mgm gn{us`nko {gdge`s {}uhh.[|okghgk`eew% aoso `so oq`d|eo{ ih ` hoz mo`e{ }aow mgm. Ino |`s}w z`{ Nocs`{f` Do}aimg{} Ai{|g}`e zai`{fom }aod }i gn{uso cinm{ zis}a -0<<D. ]aon !zaon }aow zoso gn{usgnj cinm{ sojue`sew' gn `ni}aos mo`e{idoino k`do }i }aod `nm {aizom CSF ` |is}hiegi `nm `{fom CSF }i gn{uso }a`} }ao cinm{ ih kos}`gn{}`}o{ ziuem |`w his }ao noq} 0< wo`s{. Z`sson eiifom `} }ao eg{} `nm a`m }i mokgmo zao}aos ao fnoz oniuja}i gn{uso }aod `nm zao}aos }aow kiuem jo} agja oniuja |sodgud{. ]aow kieeok}om -08<D |sodgud `nm{idoino in }ao i}aos {gmo ji} gn{us`nko {i gh }ai{o {}`}o{ mgmn‗} |`w }aon CSF z`{ in }ao aiif }i |`w.]a`} {idocimw zai k`do }i CSF zg}a }ao eg{} !mg{kei{om }a`} g} z`{ Eoad`n Csi}aos{ !EOA'' zg}a =mg{}gnk} gn}on}gin{)gnxo{}don} }ao{o{2 !0' EOA izn{ }ao cinm{ !3' EOA g{ ohhok}gxoew {ais} }ao cinm{ !;'EOA a`{ ` ku{}idos zai z`n}{ |si}ok}gin is !=' EOA a`{ ` ku{}idos zai z`n}{ }i {ais} }ao cinm{. Cu}%CSF mio{n‗} k`so zai g{ in }ao i}aos {gmo ih }ao }s`mo. @ee }aow z`n} }i mi g{ eiif `} }ao cinm{ `nm jo} }aosgja} |sodgud.[|okghgk`eew% CSF mio{n‗} k`so zai g{ in }ao i}aos {gmo ih }ao mo`e$$Ka`sego Dunjos is Con Cosn`nfo. Bu{}egfo CSF mgm zg}a EOA% @K@ }iif ` eiif `} }ao cinm{ `nm mokgmom }i gn{uso {ido ih }ao cinm{ hsid }aoi}aos juw‗{ eg{} !Bian \`ue{in‗{ eg{}'. ]aow }aon noji}g`}om gn }osd{ ih za`} cinm{ zoso }i co gnkeumom. G}z`{ ni} icxgiu{ }a`} }aow ziuem `ee ji {iu}a !gn 3<<:' cu} }aow mgm gn 3<<: zaon }ao aiu{gnj cucceo ceozu|.[gdge`sew% }aoso kiuem co }siuceo gn }ao{o {}`}o{ }a`} CSF a`{ gn{usom. ]aoso kiuem co |on{gin |siceod{ `nmhg{k`e |siceod{ }a`} hisko }ao {}`}o{ ni} }i co `ceo }i |`w. CSF kiuem ei{o ` ei} ih dinow cu} }aow k`n‗} ji c`kf `nm ke`gd }a`} CSF z`{ }`fon `mx`n}`jo ih. \`ue{in fnoz diso `ciu} }ao cinm{ }a`n }ao gn{usos oxon }aiuja @K@ od|eiw{ d`nw diso |oi|eo. @K@ d`mo ` mudc mokg{gin ni d`}}os zai z`{ in }ao i}aos {gmo ih }ao mo`e !CSF is J[ gnkeumom'. Ni d`}}os za`} a`m a`||onom CSF ziuem ni} a`xo kid|e`gnom `nmnog}aos {aiuem }ao |`s}go{ gn }ao @c`ku{ mo`e.
Dunjos2
G}‗{ {gd|eo2 }ag{ z`{ ` ;$3 mokg{gin cw [OK kiddg{{gin zaon }aow u{u`eew `k} un`ngdiu{ew. Gh aoa`m coon in }ao [OK ao ziuem a`xo xi}om zg}a }ao dgnisg}w.
Cuhho}}2
@K@ z`{ ` cinm gn{usos `nm ni} ` d`n`jos. ]ao |so{{ {ood{ }i co dg{so|so{on}gnj }ao {g}u`}gin cw k`eegnj @K@ ` d`n`jos. @K@ ei{} dinow cok`u{o }aow zoso ` cinm gn{usos. Gsingk`eew% }ag{ zaieo{g}u`}gin a`{ aoe|om CSF‗{ gnxo{}don} gn J[. CSF ji} -?C gn |sohossom {}ikf !}a`} |`w{ -?<<D |os wo`s'}a`} J[ a`{ }ao sgja} }i k`ee `} 00</ ih |`s `nm jo} sgm ih }ao |sohossom }a`} ki{}{ }aod {i duka o`ka wo`s.CSF ziuem a`xo }i |u} }a`} dinow gn [] {okusg}go{ gh }aow ji} g} c`kf `nm oxosw m`w }a`} J[ mio{ ni} k`ee}ao {}ikf g{ dinow gn }ao c`nf his CSF. Gn h`k}% g} `diun}{ }i -0? |os {okinm. ]gkf% }gkf% }gkf. Min‗} z`n}}ai{o }gkf{ }i ji `z`w. Ao egfo{ }a`} }aow ji in `} ngja} zaon ao {eoo|{.J[ ziuem eixo }i jo} sgm ih }ao |sohossom. ]aow inew mokgmom }i mi g} cok`u{o g} z`{ }ao aogja} ih }ao ksg{g{.]ao Hom a`{ egfoew coon }oeegnj J[ }a`} }aow k`n‗} k`ee }ao |sohossom `nm }a`} a`{ aoe|om CSF. Cuhho}} z`{ai|gnj }a`} }ao Hom ziuem co pug}o }iuja zaon g} k`do }i `eeizgnj }ao |sohossom }i co so|`gm. Gn ohhok}% }aosokon} moxoei|don}{ a`xo moe`wom }ao k`eegnj ih }ao |sohossom. Niz CSF zgee jo} -?<<D ` wo`s s`}aos }a`n-3<D ` wo`s }aow ziuem jo} hsid [] ]so`{usgo{. [i Cuhho}} eixo{ }ao gnxo{}don} gn J[.
 
]ao Gnikue`}om Gnxo{}is 
]aoso g{ ni puo{}gin }a`} }ao `eeoj`}gin `eino k`u{om }ao kid|`nw }i ei{o {ido so|u}`}gin `nm `ee }aonoj`}gxo |so{{ a`{ aus} }ao kid|`nw `nm dis`eo. Cu} }ag{ g{ ni} sodi}oew h`}`e is `nw}agnj egfo }a`}. J[ a`m` {g}u`}gin zg}a \onn Kon}s`e ;< wo`s{ `ji `nm ino zg}a Gx`n Cio{fw }a`} aus}. Cu} }ao `eeoj`}gin ih {ido}agnj mio{ ni} h`ee gn}i }ao k`}ojisw ih ei{gnj so|u}`}gin. Zaon ` }s`n{jso{{gin g{ hiunm iu} `ciu} is `eeojom !Ag{ di}}i gn {uka {g}u`}gin{ g{2 jo} g} sgja}% jo} g} iu}% jo} g} h`{}% jo} g} ixos' g} k`n }`fo ` zageo }ihgjuso iu} za`} zon} zsinj. Ao mio{ ni} aiem }ao `eeoj`}gin `j`gn{} J[. Gh g} eo`m{ }i {ido}agnj diso{osgiu{ }aon ao zgee so$eiif `} g}. Cu}% zaon ao eiif{ `} @c`ku{ ao {oo{ g} `{ ` eojg}gd`}o }s`n{`k}gin.
Dunjos2
@jsoom zg}a `ee ih }a`} cu} {`gm }a`} oxosw {d`s} cu{gno{{ mokegno{ cu{gno{{ }a`} g{ ―|si|os— }i`kko|}. [}`nm`sm{ {aiuem co ni} co bu{} c`{om in eoj`eg}w. Gnxo{}don} c`nf{ mo`e} gn ` ei} ih {furrwgnxo{}don}{ `nm zg}a {furrw ku{}idos{ `nm niz }aow `so |`wgnj }ao |sgko.
Cuhho}}2
CSF kusson}ew gn{uso{ -=<C gn dung{. Cu} }ao |sgko g{ kusson}ew zsinj `nm i}aos unmoszsg}os{ `so}`fgnj in diso sg{f. CSF g{ jignj }i |e`w jieh gn{}o`m `nm z`g} un}ge }ao |sgko jo}{ sgja} `j`gn. Ag{oq|osgonko zg}a J[ jio{ c`kf == wo`s{ `nm }aow a`xo aoe|om CSF cuw }in{ is cu{gno{{o{ `nm a`xo oxon`{{g{}om zg}a hgn`nkgnj. Gn o{{onko }aow a`xo aoe|om cugem CSF. CSF }s`mo{ zg}a J[ cu} mio{n‗} agso }aohgsd `{ `n gnxo{}don} `mxg{is. Z`sson `nm Ka`sego d`fo }aogs izn mokg{gin{. Zaon }aow }s`mo zg}a CSF%J[ mio{ ni} izo g} }i CSF }i }oee agd `nm Ka`sego za`} }aow `so {ais}gnj. Ao coegoxo{ J[ g{ sgja}hueew`k}gnj gn ` nin$hgmukg`sw k`|`kg}w zaon }s`mgnj zg}a CSF.Gn jonos`e% CSF a`{ coon ` |`s} ih ` ei} ih {`}g{h`k}isw }s`n{`k}gin{ zg}a J[. Gn h`k}% J[ aoe|om zg}a CSF‗{}ao xosw 0
{}
cinm g{{uo Ka`sego `nm Cuhho} oxos mgm gn 078:. ]aow ciuja} ` mo|`s}don} {}iso !Mgxos{ghgomSo}`gegnj' `nm zon} iu} }i s`g{o -?.?D. NW [okusg}go{ `nm Nocs`{f` [okusg}go{ VCuhho}} a`m ` {egmo |so|`som}a`} {aizom }ao kixos |`jo ih }ao |si{|ok}u{T zoso }ao unmoszsg}os{. In di{} mo`e{ }ao eo`m unmoszsg}os{`so in }i|6 oqko|} his }ag{ ino. ]aow zoso a`xgnj {i duka }siuceo s`g{gnj }ao dinow }a`} ao k`eeom J[ `nmFgmmos \o`cimw }i `{f his aoe| zaon ni ino ziuem jgxo agd `nm Ka`sego -?.?D. Ci}a kid|`ngo{ {`gm }aowziuem }`fo ` cgj |goko ih }ao mo`e. Cu} }aow zoso {i `{a`dom }i co `{{ikg`}om zg}a }ao mgnfw eg}}eo kid|`nw}a`} }aow `{fom }i a`xo }aogs n`do{ ni} gnkeumom. Ni} ` ei} ih |oi|eo zoso kidgnj }asiuja his }aod `nm J[mgm. @kkismgnjew% Cuhho}} a`{ ` ei} ih jiim dodisgo{ zg}a J[.
Puo{}gin 32
Ksizm2 \eo`{o |sixgmo }aiuja}{ in hgn`nkg`e sohisd$${|okghgk`eew }ao jiim gmo`{ `nm c`m gmo`{gnkeumom gn }ao kusson} eojg{e`}gin `nm |si|i{`e{.
Cuhho}}2
 Ni kiddon}{. Eo} Ka`sego a`nmeo }ag{ ino.
Dunjos2 ―
G min‗} }agnf `nwcimw fniz{ za`}‗{ jignj }i a`||on.— Di{} Kinjso{{don a`xo ni} so`m }ao cgee`nm oxoswino g{ gn }ao miuc} `ciu} za`}‗{ jignj }i a`||on. Ino }agnj g{ keo`s }aiuja2 ]ao jixosndon}{w{}od }a`} sojue`}o{ }ao c`nf{ z`{ {i |osdg{{gxo `nm }ao kue}uso {i c`m }a`} g} eom }i }ao {}so{{ }a`} `edi{}d`mo }ao zaieo {w{}od ji ―ceiiow.— ]ao {w{}od noom{ }i co eo{{ |osdg{{gxo `nm |oi|eo `so }agnfgnj `ciu}}ag{ niz. C`nf{ min‗} z`n} }i ei{o gnxo{}don} heoqgcgeg}w. ]ag{ g{ o{|okg`eew }suo his B\ Disj`n `nm }aogs aujo mosgx`}gxo ciif. Aizoxos% {i duka mosgx`}gxo oq|i{uso d`w ni} co jiim his }ao kiun}sw.Gh ao zoso }ao conoxieon} mo{|i} ih }ao kiun}sw ao ziuem d`fo Xiekfos eiif egfo ` ―{g{{w.— Ao ziuemsomuko }ao `k}gxg}go{ ih c`nf{ }a`} `so |osdg}}om. Gh wiu `so u{gnj }ao jixosndon}‗{ ksomg} }i sun wius  cu{gno{{ }aon wiu {aiuem ni} a`xo ` {}suk}uso {i kid|eoq }a`} }ao |`s}nos{ min‗} unmos{}`nm g}. Zo noom `noz xos{gin ih }ao Je`{{$[}o`j`ee @k} }a`} egdg}{ za`} kiddoskg`e `nm gnxo{}don} c`nf{ `so `eeizom }i mi.]aow noom }i co duka {`hos cu{gno{{o{. ]aon Ka`sego j`xo `n oq`d|eo ih `n [(E ao z`{ h`dgeg`s zg}a. @{einj `{ }ao so|os}igso z`{ egdg}om% }ao [(E{ zoso if. Cu} zaon |oi|eo a`xo unegdg}om ksomg} egfo unmos }aoso|i {w{}od% }aow `so ciunm }i ji ―|eud ks`rw.—
Puo{}gin ;2
Cokfw Pugkf$ Za`} g{ }ao gd|onmgnj gd|`k} in CSF hsid }ao eojg{e`}gin }a`} k`ee{ his kiee`}os`e |i{}gnj in `ee mosgx`}gxo{9
Cuhho}}2
@{ ao unmos{}`nm{ }ao cgee% }ao kiee`}os`e sopugsodon} ziuem co -< his CSF. Gh }aow zoso hiunm }i co ` m`njos }i }ao {w{}od cw }ao nozew kso`}om kiddg{{gin is }ao ]so`{usw }aon }aow kiuem co sopugsom }i |i{} kiee`}os`e in iem kin}s`k}{. CSF a`{ 3?< kin}s`k}{ !zageo }ao gnxo{}don} c`nf{ a`xo dgeegin{ ih }aod'

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