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Woodstock for Capitalists: 2006's Greatest Hits

Our thoughts from Berkshire Hathaway's annual meeting.


We recently made our yearly pilgrimage to the  Berkshire Hathaway (BRK.B) annual meeting in Omaha, Neb., and while we always gain insights from listening to Warren Buffett and his partner Charlie Munger answer shareholder questions, we thought that last weekend's dialogue was particularly enlightening. Here are some of the more salient thoughts we gleaned from the meeting; we believe that they will help all investors understand how Berkshire's dynamic duo think about investments, business, and managing the company.

We've always believed that one of Buffett's biggest strengths has been his ability to create incentive systems that appropriately motivate and reward Berkshire's managers. So when a shareholder asked both he and Munger how they would design a compensation system for a management team in a highly cyclical industry, such as mining, we were particularly interested in the response.

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

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