2001 Annual Meeting
Dot-com crash aftermath meeting where Munger dismissed internet valuations as "partying" and Buffett explained why value investing still works.
2001 Annual Meeting
Date: April 28, 2001 Location: Omaha, Nebraska Attendees: Warren Buffett (70), Charlie Munger (77) Source: Full Transcript
Overview
The 2001 annual meeting was held during the dot-com crash. Munger dismissed internet valuations as "partying," and Buffett explained why value investing principles still work despite the tech frenzy.
Opening
Buffett on the market:
"The bubble has burst. That's healthy."
On dot-com valuations:
"Many companies have no earnings. Some have no revenue. That can't last."
Business Results
On Berkshire:
"We're doing well. Value investing works."
On insurance:
"Float is growing. The business model is sound."
Key Topics
Dot-Com Crash
Munger on valuations:
"The internet speculation was like a party. Now it's over."
On the Hangover:
"When the party ends, you see who was drinking."
On missed warnings:
"We warned people. But they didn't listen."
Value Investing Principles
On fundamentals:
"Earnings matter. Revenue matters. Business models matter."
On speculation:
"Speculation is not investment. People forgot the difference."
On patience:
"The market will correct. It always does."
Berkshire's Approach
On tech:
"We don't understand tech businesses. We stick to what we know."
On avoiding fads:
"We're not swayed by popular opinion. We do our analysis."
Looking Forward
On recovery:
"Good businesses will recover. Speculators will lose."
On value:
"Value investing works. It always has."
Notable Quotes
"The internet speculation was like a party. Now it's over."
"When the party ends, you see who was drinking."
"Earnings matter. Revenue matters. Business models matter."
Key Themes
- Dot-Com Crash - Party's over
- Value Principles - Fundamentals matter
- Speculation - Not investment
- Patience - Market will correct
- Value Works - Always has
Related
This summary captures the key topics from the 2001 transcript.