Berkshire Hathaway Annual Meetings

The Berkshire Hathaway Annual Meeting (known as "Woodstock for Capitalists") is the most famous shareholder meeting in the world. Warren Buffett and Charlie Munger (until 2023) field questions from shareholders for hours, sharing their investment wisdom, business insights, and timeless lessons.

"The annual meeting is where you get to see Charlie and me operate. We don't rehearse. What you see is what you get." — Warren Buffett

Quick Reference

Year	Format	Key Themes
meeting-2024	Full Q&A	Munger memorial, final Buffett meeting
meeting-2023	Full Q&A	First meeting without Munger
meeting-2022	Full Q&A	Post-pandemic recovery
meeting-2021	Full Q&A	Virtual format
meeting-2020	Full Q&A	COVID, first virtual meeting
meeting-2019	Full Q&A	Final meeting with Munger in person

By Decade

2020s (2020-2024)

• meeting-2024 - Final annual meeting, Munger memorial
• meeting-2023 - First meeting without Charlie Munger
• meeting-2022 - Return to in-person
• meeting-2021 - Virtual meeting format
• meeting-2020 - COVID pandemic, first virtual meeting

2010s (2010-2019)

• meeting-2019 - Last in-person meeting with Munger
• meeting-2018 - Munger on various topics
• meeting-2017 - Notable Q&A on invest
• meeting-2016 - 50th anniversary of Buffett at Berkshire
• meeting-2015 - Annual Q&A
• meeting-2014 - Annual Q&A
• meeting-2013 - Annual Q&A
• meeting-2012 - Annual Q&A
• meeting-2011 - Annual Q&A
• meeting-2010 - Annual Q&A

2000s (2000-2009)

• meeting-2009 - Financial crisis aftermath
• meeting-2008 - During financial crisis
• meeting-2007 - Pre-crisis wisdom
• meeting-2006 - Annual Q&A
• meeting-2005 - Annual Q&A
• meeting-2004 - Annual Q&A
• meeting-2003 - Annual Q&A
• meeting-2002 - Post-9/11
• meeting-2001 - Dot-com crash aftermath
• meeting-2000 - Dot-com era

1990s (1994-1999)

• meeting-1999 - Internet bubble
• meeting-1998 - Pre-bubble
• meeting-1997 - Annual Q&A
• meeting-1996 - Annual Q&A
• meeting-1995 - Annual Q&A
• meeting-1994 - First recorded meeting (CNBC archives begin)

Early Meetings (1985-1987)

• meeting-1987-kingswell - Kingswell reconstruction
• meeting-1986-kingswell - Kingswell reconstruction
• meeting-1985-kingswell - Kingswell reconstruction

Key Themes Across Meetings

On Intrinsic Value

Buffett consistently explains intrinsic value calculation, emphasizing "owner earnings" over GAAP earnings.

On Mr. Market

The Mr. Market concept is demonstrated live as Buffett and Munger react to hypothetical scenarios.

On Capital Allocation

Buffett details capital allocation decisions — when to invest, buy back stock, or hold cash.

On Special Situations

Many meetings contain discussions of special-situations investing, spin-offs, and arbitrage opportunities.

On Succession

The question of succession has been asked for decades. See buffett-succession for the evolution of this topic.

Famous Meeting Moments

2020 Virtual Meeting

First-ever virtual annual meeting due to COVID. Buffett and Munger (via Zoom) conducted the meeting from separate locations.

2019 Final Munger Meeting

The last in-person meeting with Charlie Munger before his passing in 2023.

2008 Financial Crisis

Buffett was actively buying during the panic and explained his reasoning in real-time.

1999 Internet Bubble

Munger's famous warnings about "human cleverness gone wrong" at the peak of the bubble.

How to Watch

• Video: CNBC archives full meetings from 1994-present
• Audio: Various podcasts carry the full Q&A sessions
• Transcripts: The raw transcript files contain the complete Q&A

Source

Meeting transcripts are available from:

• Berkshire Hathaway Official
• CNBC Archives
• Kingswell

Related

• warren-buffett - The author
• charlie-munger - The vice chairman
• berkshire-hathaway - The company
• letter-index - Shareholder letters
• moat - Key concept discussed
• capital-allocation - Capital deployment