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The Buffett & Munger Show 2012

Companies, Insightful Insights | Comments (9)

The Buffett & Munger Show 2012

A broker sent us a copy of these notes taken at the 2012 Berkshire Annual general meeting.  The media has taken excerpts and they’ve gone viral but we like the completeness of the document we were sent.  Have a read and feel free to share your thoughts.

2012 Berkshire Hathaway Notes Annual Meeting Notes

Posted by Roger Montgomery, Value.able author, SkaffoldChairman and Fund Manager, 16 May 2012.

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Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.

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9 Comments

  1. David Wang
    :

    Thanks Roger. I’m hoping that in the foreseeable future, you’ll be headed down to Omaha too =-).

  3. Matt Smith
    :

    That is a great write thanks for sharing.

    Here is what I had read…there are a few posts and some pics too

  4. Andrew
    :

    Thanks for sharing this Roger, i have been trying to find a more detailed transcript of the Q&A session. I doubt there is any other AGM happening in the world which covers such a vast range of interesting topics.

    I love hearing from Charlie as well especially when he manages to cut through so much detail with a simple sentence as he has a knack of doing. I still think these two if they decided to leave BRK would make an excellent talk show on TV.

    I enjoyed reading their thoughts on business education as i will very soon be beginning my journey into this realm and will likely be taught some of the topics they refer to as nonsense.

    As usual the same checklist is there for all to see. Competitive advantage, discounts, margin of safety etc.

    • Andrew
      :

      Also, thanks for the Einstein quote. it is definitley true and is an investment lesson in itself.

      • Andrew
        :

        We can only hope, however I have a feeling as generous as they already have been that anything that is more specific will be reserved for the remaining BRK management team. Just my thoughts though, and i am really hoping i am wrong as hearing some more detail from these two would be an absolute gift for all investors.

        I did like Charlies quote “We don’t build barriers to entry, we buy them”. Pretty much sums up my investing approach.

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