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Stock Strategist

Roundup of the Berkshire Hathaway Meetings

Our take on Buffett and Munger's annual audiences with shareholders.

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You can often learn a lot simply by watching. So at the 2005 Berkshire Hathaway (BRK.A) (BRK.B) annual meetings--the shareholder meeting in Omaha, the subsequent analyst/news briefing (which is not open to the public or shareholders) and at Wesco Financial's (WSC) annual meeting in Pasadena, Calif.--we watched. And listened. We've parsed our notes and selected what we think were chairman Warren Buffett and vice chairman Charles Munger's most salient insights for investors.

We don't produce verbatim transcripts--we can neither write quickly nor listen infallibly--but we do believe that we've captured the essence of Buffett and Munger's thoughts. In any event, Berkshire will conduct meetings again next year, and any shareholder may attend. As a bonus, we think Berkshire shares look cheap at the moment, which isn't a bad way to acquire an admission ticket. However, anyone can attend the Wesco meeting, which is usually more intimate, and the odds of being selected to ask a question are substantially higher. What's more, we have already shared some insights on the Berkshire meeting in an earlier commentary. But now to the good stuff.

Dreyfus Neenan does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.