1998 Annual Meeting
Pre-bubble peak meeting where Buffett discussed the Gen Re acquisition, record earnings, and explained why he's not worried about Y2K.
1998 Annual Meeting
Date: 1998 Location: Omaha, Nebraska Attendees: Warren Buffett (67), Charlie Munger (74) Source: Full Transcript
Overview
The 1998 annual meeting featured discussion of the Gen Re acquisition, record earnings, and Buffett's calm assessment of Y2K concerns.
Opening
Buffett on the year:
"We've had record earnings. The businesses are performing exceptionally."
On Berkshire:
"We're stronger than ever. We have opportunities ahead."
Business Results
Record Performance
On earnings:
"Operating earnings are at record levels. We're growing."
On insurance:
"Float has reached new heights. The model works."
Key Topics
Gen Re Deal
On the proposed acquisition:
"We're in talks for Gen Re. It would be transformative."
On the integration:
"Gen Re is the gold standard in reinsurance."
On the price:
"We're paying a fair price. Not a bargain, but fair."
Y2K Concerns
On the millennium bug:
"Y2K is a real issue. But it won't destroy the world."
On Berkshire's preparedness:
"We've checked our systems. We're ready."
On investing during uncertainty:
"Don't let Y2K scare you from good businesses."
Investment Approach
On finding opportunities:
"We're always looking. But we won't overpay."
On Berkshire's size:
"We're getting larger. That makes it harder to find opportunities."
Long-Term Thinking
On decades:
"We think in decades. Short-term noise doesn't bother us."
On staying the course:
"Don't let fear guide your decisions."
Notable Quotes
"Y2K is a real issue. But it won't destroy the world."
"Don't let Y2K scare you from good businesses."
"We think in decades. Short-term noise doesn't bother us."
Key Themes
- Gen Re - Major acquisition talks
- Records - Exceptional performance
- Y2K - Calm assessment
- Size - Growing challenge
- Long-Term - Decades matter
Related
This summary captures the key topics from the 1998 transcript.