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By Jeremy Glaser and Greggory Warren, CFA | 05-03-2014 04:00 PM

Berkshire Solidly on Track

Morningstar’s Gregg Warren, who posed questions at Berkshire’s annual meeting this year, says Buffett’s and Munger’s answers underscored our confidence in the company’s moat.

Jeremy Glaser: For Morningstar I'm Jeremy Glaser. This year Morningstar Analyst Greg Warren was on the panel asking questions of Warren Buffett and Charlie Munger. I'm here with him now.

Greg thanks for joining me.

Greg Warren: Thanks for having me.

Glaser: First could you just describe the experience a little bit of what it was like to ask the questions directly this year.

Warren: It's little surreal because you are in front of an audience probably of around 20,000 people. The setup itself the stage, the way it's set up with Warren Buffett and Charlie Munger on the big stage and then the analysts and the reporters sort of flanking it, you really sort of get focused in on the questions you are asking and the questions that the other analysts are asking. So it sort of lends yourself to not being nervous which is a good thing.

But overall I thought there were a lot of good questions asked today. I thought the analysts, the reporters, the shareholders came up with a lot of good questions for Warren and Charlie. I think we got some good questions in overall, trying to get some more details about some of the operating businesses that we cover, but overall it was a great experience.

Glaser: How do you narrow it down from, what I am certain there were lot of questions you could ask, to the ones that you settled on?

Warren: I think that’s probably the greatest challenge of what we were doing here today, is you are probably going to get six questions in, knowing that other people are going to ask probably the same questions you are. You got to come up with a list of 30 to 40 questions to sort of be able to narrow it down. And during the course of the meeting as these other questions get asked you are scratching them off on your list and in some cases you are losing some good tier-one questions. But at that point you can step and improve your tier two questions, and maybe feed on what's been talked about there in the hall during the course of the meeting and be able to make up what was originally a tier-two question really better overall.

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