Berkshire Hathaway held its annual shareholders meeting on Saturday, and attendees listened closely to Chairman and CEO Warren Buffett and Vice-Chairman Charlie Munger at what observers call "Woodstock for Capitalism."
Here are some of the best quotes and highlights of the day:
Buffett on health effects of Coke:
I really wish I had a twin that had eaten broccoli his entire life. ... I know I would have been happier and I think the odds are I would have lived longer. ... I think Coca-Cola is a marvelous product."
Buffett on Amazon:
"We're not going to out- Bezos Bezos."
Buffett on Wall Street:
There is "far more money made by people in Wall Street through salesmanship abilities rather than investment talent."
Munger on Coca-Cola:
"We ought to have a law ... where these people shouldn't be allowed to cite the defects without citing the advantage. It's immature and stupid."
Buffett on Sequoia's investment in Valeant:
"[It's] a very unfortunate period where a manager got overly entranced with a business."
Munger on economics:
"Micro-economics is what we do and macro-economics is what we put up with."
Buffett on knowing one's limits:
It's important to know what you can't do. We try to take swings in our own strike zone. "It doesn't take a genius to do it, but we've generally managed to avoid self-destructive behavior."
For more on Berkshire Hathaway's annual meeting, see below:
- Buffett: This business is down 'considerably,' and will remain depressed
- Buffett: We've made Precision's most important asset even more valuable
- Some scenes from the Berkshire Hathaway annual meeting
- Coke criticisms are one-sided, 'immature and stupid': Munger
- Warren Buffett: Trump? Hillary? Doesn't matter, we'll be fine
- Munger: Valeant turned out to be a 'sewer
- Buffett: Here's how Wall Street really makes its money