Berkshire Hathaway Annual Meeting 1994
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Warren Buffett and Charlie Munger take shareholder questions at the 1994 Berkshire Hathaway annual meeting, covering intrinsic value, capital allocation, and why they will not step outside the businesses they can actually understand. Buffett opens on derivatives, warning that combining ignorance with borrowed money has always produced interesting consequences, and points to Procter and Gamble as the early evidence. He explains how they discount future cash at a rate set by their certainty about the business, why he would pay two million dollars not to read a seller's…
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