1994 Berkshire Hathaway Annual Meeting (Full Version)

Put this over here, right? Am I live yet? Yeah.

Morning! We were a little worried today because we weren't sure from the reservations whether we could handle everybody. But it looks to me like there may be a couple of seats left up there. However, I think next year we're going to have to find a different spot because it looks to me like we're up about 600 this year from last year. To be on the safe side, we will seek out a larger spot now.

Certain implications to that, because as some of the more experienced know, a few years ago we were holding this meeting at the Joslin Museum, which is a temple of culture. We've now, of course, moved to an old vaudeville theater. The only place in town that can hold us next year, I think, is the Charmand Coliseum, where they have keno and racetracks.

We are sliding down the cultural chain just as Charlie predicted years ago. He saw this coming. Charlie, I have some rather distressing news to report: there are always a few people that vote against everyone on the slate for directors. There's maybe a dozen or so people who do that, and then there are others that single shot it, picking out people to vote against.

This will come as news to Charlie; I haven't told him yet, but he is the only one among our candidates for directors that received no negative votes this year. Holy, holy, no need to applaud. I'll tell you when you lose out the title of Miss Congeniality to Charlie, you know you're in trouble with it now.

I'd like to tell you a little bit how we'll run this. We will have the business meeting in a hurry with the cooperation of all of you, and then we will introduce our managers who are here. After that, we will have a Q&A period. We will run that until 12 o'clock, at which point we'll break.

At 12:15, if the hardcore want to stick around, we will have another hour or so until about 1 of questions. You are free to leave, of course, any time. I've pointed out in the past that it's much better form if you leave while Charlie is talking rather than when I'm talking.

Feel free anytime, but if you're panicked and you're worried about being conspicuous by leaving, you will be able to leave at noon. We will have buses out front that will take you to the hotels or the airport or to any place in town in which we have a commercial interest. We encourage you to stay around on that basis.

Let's get the business of the meeting out of the way, then we can get onto more interesting things. I will first introduce the Berkshire Hathaway directors that are present in addition to myself. First of all, there's Charlie, who is the Vice Chairman of Berkshire.

If the rest of you will stand, we have Susan T. Buffett, Howard Buffett, Malcolm Chase III, and Walter Scott Jr. And that's it. Also with us today are partners in the firm of Deloitte and Touch, our auditors: Mr. Ron Burgess and Mr. Craig Christensen. They are available to respond to appropriate questions you might have concerning their firm's audit of the accounts of Berkshire.

Mr. Forrest Carter, secretary of Berkshire, will make a written record of the proceedings. Mr. Robert M. Fitzsimmons has been appointed inspector of election at this meeting. He will certify to the count of votes cast in the election for directors. The name proxy holders for this meeting are Walter Scott Jr. and Mark D. Hamburg.

Proxy cards have been returned through last Friday, representing a million thirty-five thousand six hundred and eighty Berkshire shares to be voted by the proxy holders as indicated on the cards. That number of shares represents a quorum, and we will therefore directly proceed with the meeting. We will conduct the business of the meeting and adjourn the formal meeting. After that, we will entertain questions that you might have in the minutes of the last meeting of shareholders.

I recognize Mr. Walter Scott...