2002 Annual Meeting
Post-9/11 annual meeting where Buffett discussed terrorism insurance, Berkshire's resilience, and America's determination to bounce back.
2002 Annual Meeting
Date: May 4, 2002 Location: Omaha, Nebraska Attendees: Warren Buffett (71), Charlie Munger (78) Source: Full Transcript
Overview
The 2002 annual meeting was held after September 11, 2001. Buffett discussed terrorism insurance, Berkshire's resilience, and America's determination to recover from the attacks.
Opening
Buffett on America:
"America was attacked. But we're not broken."
On resilience:
"We'll bounce back. We always do."
Business Results
On the insurance impact:
"9/11 changed everything. Insurance costs rose."
On Berkshire:
"We paid claims promptly. That's what we do."
Key Topics
Terrorism Insurance
On the new risks:
"Terrorism is uninsurable in the old sense. The risks are systemic."
On government involvement:
"The government needs to backstop terrorism insurance. Private markets can't handle it alone."
On pricing:
"Rates have risen. That's appropriate given the risks."
Post-9/11 World
On the attack's impact:
"Everything changed after 9/11. We can't pretend otherwise."
On being prepared:
"We can't prevent terrorism. But we can insure against it properly."
Berkshire's Strength
On capital:
"We have the capital to pay any claim. That's our promise."
On reputation:
"Our word is good. We pay what we owe."
America's Determination
On recovery:
"America is determined. We'll rebuild and move forward."
On staying invested:
"Don't panic. Stay the course."
Notable Quotes
"America was attacked. But we're not broken."
"We'll bounce back. We always do."
"Terrorism is uninsurable in the old sense."
Key Themes
- 9/11 - The changed world
- Terrorism Insurance - New risks
- Resilience - Berkshire's strength
- Recovery - America's determination
- Long-Term - Don't panic
Related
This summary captures the key topics from the 2002 transcript.