2000 Annual Meeting
Dot-com bubble peak meeting where Buffett explained staying rational during the frenzy, discussed Gen Re acquisition, and Munger called internet speculation "a madness."
2000 Annual Meeting
Date: April 29, 2000 Location: Omaha, Nebraska Attendees: Warren Buffett (69), Charlie Munger (76) Source: Full Transcript
Overview
The 2000 annual meeting was held at the peak of the dot-com bubble. Buffett explained staying rational during the frenzy, discussed the Gen Re acquisition, and Munger called internet speculation "a madness."
Opening
Buffett on the market:
"Internet stocks are flying high. But fundamentals still matter."
On Berkshire:
"We're doing fine. We don't need hot stocks."
Business Results
On the year:
"Earnings are good. The businesses are solid."
On insurance:
"Float continues to grow. We're well positioned."
Key Topics
Gen Re Acquisition
On the deal:
"We acquired Gen Re. It's the largest reinsurance company in the world."
On integration:
"It's a great fit. The culture matches."
On reinsurance:
"We're the leader. Our scale is unmatched."
Dot-Com Mania
Munger on the speculation:
"It's a madness. People have forgotten what stocks are worth."
On valuations:
"Price/earnings ratios don't matter to speculators. They think prices will rise forever."
On Berkshire's approach:
"We don't chase fads. We own businesses."
Staying Rational
On being contrarian:
"Everyone is greedy. That's when we should be fearful."
On patience:
"We wait. We don't need to own every hot stock."
Value Principles
On fundamentals:
"Earnings, dividends, book value. These things still matter."
On long-term:
"In the long run, prices follow earnings."
Notable Quotes
"It's a madness. People have forgotten what stocks are worth."
"Everyone is greedy. That's when we should be fearful."
"In the long run, prices follow earnings."
Key Themes
- Gen Re - Major acquisition
- Dot-Com Bubble - Munger's criticism
- Staying Rational - Contrarian approach
- Fundamentals - What still matters
- Patience - We wait
Related
This summary captures the key topics from the 2000 transcript.