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The Definitive 2011 Berkshire Annual Meeting Notes
Like last year, I took on the unenviable task of trying to capture everything that was said at this year's Berkshire Hathaway annual meeting. Over 18,000 words and 24 pages later, I hope my notes provide a fair representation of what Munger and Buffett had to say. I know there has been a lot of criticism of Buffett on the site recently. Without question, the aftermath of the David Sokol resignation was not handled adequately. Buffett even admitted as much at the meeting. We will never know exactly what happened but I believe Buffett explained his side of the story quite well during the meeting. I urge you to read my notes and form your own opinion.
Since I am unable to get the Scribd document to embed properly, I am attaching a PDF document to my Berkshire meeting notes-- which are in full paragraph form-- to this posting. If you would rather read the document through Google Docs, feel free to click this link.
Finally, these notes are only the first in the series that will be appearing on my blog, The Inoculated Investor. I also attended the Creighton Value Investing Panel and Markel Breakfast while I was in Omaha. Additionally, this week I am attending the Value Investing Congress in Pasadena. There were a number of compelling ideas pitched today and I will be posting my detailed notes from that event as well in the coming week.
I hope you enjoy all of my notes.
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Buffet being the known fascist , liar and thief, I will have to believe Sokol who is yet to be proved either . To be involved with Buffet speaks of his low character yet to be proven as low as Buffet. I doubt that at Sokols age he believes the Buffet media propaganda by commercial add dependent sell outs . CNBC, CNN, Bloomturd, Yahoo and any media group with a C in their logo complete greedy frauds.
The Buffet -Soskol chrade is like watching two clowns trying to get into one of little cars first. Did anyone ask about the perjury at the Moodys' fraud hearing ? Did anyone ask Buffet how it was a good lond term business to gleefully participate in fraud against Widows , Orphans and school Children ie. Pensions , Charities and School Districs. via. Moodys, Goldman teamed up with foriegn Banksters to defraud People around the planet but foriegn banks were given targets in the United States . If Buffet was half as honest as Munger he would be twice as hated .
Question 2: Crowd: What do you think of the effect of the Federal Reserve ending the POMO (Permanent Open Market Operations) program will have on the economy and the stock market?
Asked what a POMO is) You are one acronym ahead of me! There is no secret what they are going to do. QE2 is the most advertised open market purchase in history—in terms of the timing and amount purchased. As such, he doesn’t think that something that well known can have any effect because the information has already been discounted by the markets at this point in time. If you say you are going to increase tax rates in a year and the hike is locked in stone, the market prices that in immediately. There is no reason why the program end will cause any significant changes in markets at that time. It is true that a huge market force will be withdrawn as $600B in buying leaves some traces along the way. Specifically, the purchasing of Treasuries will not be there even though the issuance will still be the same. At the end of the day, it will be a different market. But, that truth is already incorporated in the markets.Buffett: (
Munger: I have nothing more to add.
Heres my question then- Ok so there will be no significant changes in the market at this time, but at the end of the day it will be a different market, even though it's already incorporated in the market? Ahhhh I got it, it will be transitory? or it is already transitory? Maybe transisting towards transistory? Right? I think my brain just shit out my ears!