Berkshire Hathaway Annual Meeting 1996 Part 2 Afternoon Session
Warren Buffett and Charlie Munger take the afternoon shareholder questions at the 1996 Berkshire Hathaway annual meeting, covering concentration versus diversification, why they stay inside their circle of competence, and how they judge whether a manager is any good. Buffett argues that diversification is protection against ignorance and that three wonderful businesses are safer than fifty well-known ones, while Munger dismisses modern portfolio theory as a form of dementia. They also work through Disney and the value of owning a character no agent can renegotiate, the insurance float they…
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