2006 Annual Meeting
Annual meeting covering record earnings, Gen Re integration, and Buffett's famous "black Tuesday" story about being approached to sell his first stock.
2006 Annual Meeting
Date: May 6, 2006 Location: Omaha, Nebraska Attendees: Warren Buffett (75), Charlie Munger (82) Source: Full Transcript
Overview
The 2006 annual meeting covered record earnings, Gen Re integration, and Buffett's famous "black Tuesday" story. The meeting highlighted Berkshire's continued growth and the importance of long-term thinking.
Opening
Buffett on Berkshire's progress:
"We've had another record year. The businesses are performing well."
On the future:
"We're positioned for continued growth."
Business Results
Record Performance
On earnings:
"Operating earnings are at record levels. The insurance business is excellent."
On float:
"Float is growing. It's now over $50 billion."
Key Topics
Gen Re Integration
On the acquisition:
"Gen Re is integrated. We're seeing the benefits."
On the challenges:
"It took time. But we've got it right now."
On reinsurance:
"We're the leader. Our scale is an advantage."
The Black Tuesday Story
Buffett's famous anecdote:
"I was approached on Black Tuesday to sell my first stock. I said no."
On patience:
"I've always been patient. That's how I found good investments."
Investment Philosophy
On holding:
"We don't sell. We buy to hold."
On the business:
"I want to understand the business. Then I wait."
Long-Term Thinking
On decades:
"We think in decades. Most investors think in quarters."
On Berkshire's approach:
"We ignore the market. We focus on businesses."
Notable Quotes
"I was approached on Black Tuesday to sell my first stock. I said no."
"We think in decades. Most investors think in quarters."
"We ignore the market. We focus on businesses."
Key Themes
- Records - Continued growth
- Gen Re - Integration complete
- Patience - Buffett's approach
- Long-Term - Decades vs quarters
- Understanding - Know the business
Related
This summary captures the key topics from the 2006 transcript.