Buffett and Munger Unscripted

Three Decades of Investment and Business Insights from the Berkshire Hathaway Annual Shareholder Meetings

Alex W. Morris

• Publisher: Harriman House
• Year: 2025
• Print ISBN:
  9781804090671
• eBook ISBN:
  9781804090688
• Topic: Business
• Subtopic: Stocks
• Index: Business

For decades, thousands of people have gathered in Omaha, Nebraska for the Berkshire Hathaway AGM, and quizzed Warren Buffett and Charlie Munger on everything from the psychology of successful investors to the future of Coca-Cola and Apple. But unless you attended, for many years you only had access to what people could remember and report back from the meetings. In 2018, Berkshire released the archives of the annual meetings going back to 1994. Alex Morris—an equities analyst and financial writer—watched hundreds of hours of video from these annual meetings (as well as the six AGMs held since 2018), covering more than 1,700 questions asked by Berkshire Hathaway shareholders over the past 31 years. He then gathered, organized and edited the most interesting material into a comprehensive and accessible form. Buffett and Munger Unscripted is the result. From the art of intelligent capital allocation to the best ways to judge and compensate management, from understanding the nature of markets to embracing the power of long-term time horizons, this is a book with compelling insights on every page. In addition to collecting many famous quotes in their original context, it is a deep treasure trove of profound insights on all aspects of investing and business. Discover the importance of avoiding difficult decisions, the first question you should ask on a potential new investment, how to recover from unsuccessful investments, the importance of finding the right owners to partner with, Buffett and Munger's book recommendations—and much more. The perfect companion to The Essays of Warren Buffett: Lessons for Corporate America and Poor Charlie's Almanack, Buffett and Munger Unscripted belongs on the bookshelf of everyone interested in the keys to long-term success in business and investing.

Table of contents

• Contents
• Introduction
• Part One: Value Investing
• Subjects and Meetings Featured
• Part Two: Valuation and Intrinsic Value
• Subjects and Meetings Featured
• Part Three: Capital Allocation
• Subjects and Meetings Featured
• Part Four: Management and Board of Directors
• Subjects and Meetings Featured
• Part Five: Berkshire Hathaway
• Subjects and Meetings Featured
• Part Six: The Insurance Business
• Subjects and Meetings Featured
• Part Seven: Accounting
• Subjects and Meetings Featured
• Part Eight: Circle of Competence
• Subjects and Meetings Featured
• Part Nine: Mr. Market
• Subjects and Meetings Featured
• Part Ten: Economics and Investing
• Subjects and Meetings Featured
• Part Eleven: See’s Candies, Coca-Cola, and Consumer Brands
• Subjects and Meetings Featured
• Part Twelve: GEICO and U.S. Auto Insurance
• Subjects and Meetings Featured
• Part Thirteen: Other Topics
• Subjects and Meetings Featured
• Appendix: The Right Way To Run An Insurance Company
• TSOH Investment Research
• Publishing Details