Best Quotes from Warren Buffett's Annual Meeting of Shareholders in 2019 (Part 2)

See Part 1 of this list of the best quotes from the 2019 annual meeting of Berkshire Hathaway shareholders (NYSE: BRK.A) (NYSE: BRK.B) here.

51. "We will do our best to expand the skills of the people of Berkshire so that we do not miss out on them. But we will miss a lot in the future. We have missed a lot in the past. The main thing to do is to find things where our batting average will be high. And if we miss the big ones, it does not really bother us as long as the things we do with money go well. – Warren Buffett (Trades, Portfolio)

52. "You have a lot more competition now, but if you get to know even a relatively small space more than others and you do not feel the urge to act too often, you expect the odds to be strong. . your favor, it is always a very interesting game. – Warren Buffett (Trades, Portfolio)

53. "I think the big strategy for the great mass of humanity is to specialize. Nobody wants to see a doctor, half proctologist and half dentist. – Charlie Munger (Trades, Portfolio)

54. "If you know something very well, it will give you an advantage at some point." – Warren Buffett (Trades, Portfolio)

55. "We committed $ 10 billion a week ago and there are conditions in which – and they are not far away, they are probably not a given week, month or year – but there are conditions in which we could spend $ 100 billion very, very quickly. And if these conditions existed, it would be a very well deployed and much better capital than in an index fund. We operate on the basis that we will have chances to deploy capital. They will come in clumps in all probability. And they will come when others will not want to deploy capital. – Warren Buffett (Business, Portfolio)

56. "We will not change." Charlie Munger (Business, Portfolio)

57. "We like to have a lot of money to be able to operate very quickly and very big." – Warren Buffett (Trades, Portfolio)

58. "One thing you absolutely must understand about Berkshire is that we manage the business in a way that we believe is consistent with the current shareholders who serve the business." all of their net worth in Berkshire. "- Warren Buffett (Trades, Portfolio)

59. "In the next 20 or 30 years it will rain two or three times when it will rain and all you have to do is go out." – Warren Buffett (Trades, Portfolio)

60. "One thing you absolutely must understand about Berkshire is that we manage the business in a way that we believe is consistent with the current shareholders who serve the business. all of their net worth in Berkshire. "- Warren Buffett (Trades, Portfolio)

61. "Regulation may be a problem, but we do not want many charlatans to operate in the insurance industry." – Warren Buffett (Portfolio, Portfolio)

62. "I like the fact that there is regulation in the insurance sector or in the banking sector. That does not mean that it can not drive you crazy sometimes or anything like that, but these companies have to be regulated. They are too important. Whenever you can take money from others and they go home with a promise and you go home with the money, I do not mind regulating these companies a little bit. – Warren Buffett (Trades, Portfolio)

63. "I am absolutely convinced that we should have a regulatory system that prohibits risk-taking by banks. At the height of the real estate crisis, the situation was particularly aggravated in the investment banks and the behavior was just a word: the behavior was disgusting. And that was just about everyone. – Charlie Munger (Trades, Portfolio)

64. "I find any kind of irritating regulation but, nevertheless, it's good for the system." – Warren Buffett (Trades, Portfolio)

65. "As Charlie said, you would not want to be a bank that operated in an unregulated system in which everyone could do all kinds of things that would have consequences that would take you into the problems they created. . The Far West has long been active in the banking sector and created many problems in the 19th century. – Warren Buffett (Trades, Portfolio)

66. "I guess I should watch every little thing up to the nickel, but I do not do it. And I do not want so many details. And I think that our competitors would like it and that it would do no good to our shareholders. We will probably continue as before. – Charlie Munger (Trades, Portfolio)

67. "China is a big market. And we love big markets. We can only really deploy capital significantly, perhaps in some 15 countries, because of their size. – Warren Buffett (Trades, Portfolio)

68. "It really makes sense for both countries to agree. Imagine how stupid it would be if China and the United States did not agree. Stupid on both sides, I could add. – Charlie Munger (Trades, Portfolio)

69. "I gave an interview to the Financial Times, and I do not do it very often, but I would like Berkshire to be better known in the UK and in Europe." And the audience The Financial Times I hoped that the audience would think more about Berkshire than when companies are for sale. "- Warren Buffett (Trades, Portfolio)

70. "We would like to invest more money in the UK. If I get a call tomorrow and someone says to me that I have a business of a billion pounds I think it would make sense that you owned and that I 'd have it. would really like as a member of Berkshire, I will get on the plane and be there. – Warren Buffett (Trades, Portfolio)

71. "We hope for an agreement in the United Kingdom and / or Europe, whatever the outcome of Brexit." – Warren Buffett (Trades, Portfolio)

72. "I am not English, but I feel it was a mistake to vote to leave." – Warren Buffett (Trades, Portfolio)

73. "If you asked me how I would vote on Brexit if I lived in Britain, I did not even know it. This seems to me to be a horrible problem. And I'm glad it's theirs, not mine. – Charlie Munger (Trades, Portfolio)

74. "Our problem was not the lack of boots on the ground. Our problem is that people on the ground are paying prices that we do not want to pay. – Charlie Munger (Trades, Portfolio)

75. "It's not in the interest of shareholders to be like everyone else." – Charlie Munger (Trades, Portfolio)

76. "No matter what happened in my life, if everything went wrong in Berkshire, I would not feel well." – Warren Buffett (Trades, Portfolio)

77. "I think Berkshire is better located than ever, with the exception that size hinders performance." – Warren Buffett (Trades, Portfolio)

78. "This culture is special. That could work. He will certainly not be the best composer for many other companies. I think this will be one of the surest ways to earn decent money over time. – Warren Buffett (Trades, Portfolio)

79. "We are very lucky, and I am satisfied." – Charlie Munger (Business, Portfolio)

80. "I do not know if we are outperforming the S & P 500 or not. I know we will behave with our shareholders' money just as we would with our own money. And we will basically tie our fortune in life to this business and we will be very aware of doing anything that can significantly destroy value. But if there was to be a very strong bull market from now on, we would probably have an underperformance during that time. If the market is at that level, or less, in five or ten years, we probably outperform. – Warren Buffett (portfolio, wallet)

81. "There would not be a big advantage for shareholders who pay taxes. The shareholders of Berkshire, even if we only matched the S & P, we would be well in advance after taxes. – Charlie Munger (Trades, Portfolio)

82. "On March 31, we are slightly ahead, we are slightly late. But they are extraordinary managers. It's a tough time to beat the S & P. ​​"- Warren Buffett (Trades, Portfolio)

83. "They also helped us in all kinds of ways. What Todd did as part of the medical initiative we have with JPMorgan (NYSE: JPM) and Amazon (NASDAQ: AMZN). I do not know how many hours a week he worked totally on it. What they brought me. What Ted did with Home Capital Group (TSX: HCB), where we essentially stabilized a struggling financial institution that has struggled in Canada and where it has done everything. I heard about it on a Monday and Wednesday, we submitted an offer to the company. Previously, dozens and dozens of people painted it and, in the meantime, struggled. And what he did was remarkable, and I think it was appreciated in the Toronto area. We are enormously better because both are with us. I'll just say it this way: they're doing better than me. – Warren Buffett (Trades, Portfolio)

84. "I would not think of the credit card business more than a single model, but rather the auto sector. Ferrari will make a lot of money, but it will only have a part of the market. Amex grows with individuals around the world, with small businesses around the world. – Warren Buffett (Trades, Portfolio)

85. "I very much like our position on American Express (NYSE: AXP)." – Warren Buffett (Trades, Portfolio)

86. "I do not have an opinion on technology." – Charlie Munger (Professions, Portfolio)

87. "I do not think the Western transaction (NYSE: OXY) will be the last we will do. There may be one in a month. There may not be any. There may be one or three or four years. It will not be the same. I hope it is bigger. The fact is we will most likely have the call. – Warren Buffett (Business, Portfolio)

88. "We have no formula for assessing risk, but we certainly do our own risk-benefit calculation in every transaction we do." – Warren Buffett (portfolio, portfolio)

89. "The success of automobile companies in the insurance sector is probably as likely as that of the latter. I worry a lot more about Progressive than all the possibilities I could envision for the auto industry sector to enter the insurance industry. It's not an easy affair at all. And I would bet that any car business would be an unusual success. – Warren Buffett (Business, Portfolio) (on Tesla (NASDAQ: TSLA))

90. "Using the Internet to buy cars, it's like using the Internet to buy anything. This is another competitor. – Warren Buffett (Trades, Portfolio)

91. "My estate will essentially only hold Berkshire for a while, as it will disperse into philanthropists." – Warren Buffett (Portfolio, Portfolio)

92. "I have a lot of confidence in the ability of the Berkshire culture to continue. And we have the right people to make it happen. I bet all my net worth on that. And that does not let me pause at all. – Warren Buffett (Business, Portfolio)

93. "I do not have an index. I've always been willing to own only two or three stocks. And it does not bother me that all those who teach finance in law schools and business schools teach that what I do is bad. It's not false. It worked perfectly. I do not think you need a portfolio of 50 stocks if you know what you are doing. And I hope my heirs will just sit down. "- Charlie Munger (Trades, Portfolio)

94. "The problem is not how we understand each other. The question is how will it work when we leave. And the answer is good. It will work well. – Charlie Munger (Trades, Portfolio)

95. "Having the right partners in life is extremely important. It's more fun with a partner both in your personal life and in your professional life. You will probably get more success too. But you will simply have a better time. – Warren Buffett (Trades, Portfolio)

96. "I recommend you look for someone better than you and then try to become what it is." – Warren Buffett (Trades, Portfolio)

97. "Of course, whatever the conditions, you should expand your skill circle if you can." – Warren Buffett (Business, Portfolio)

98. "The world will change. This will continue to change. It changes every day. This makes it interesting. Since this certainly changes in what you think is your current circle, you should be the master of calculation, or it really is not your skill circle. – Warren Buffett (Trades, Portfolio)

99. "I just saw genius after genius, with an excellent record, and soon, they have $ 30 billion and two floors of young men, and the disc disappears. This becomes difficult as the money increases. – Charlie Munger (Trades, Portfolio)

"If you really want to earn 50% of a million and you're ready to work on it, it's feasible. But that really does not apply to managing huge sums. – Warren Buffett (Trades, Portfolio)

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