- What a difference a haircut makes. Warren was sharp and his sense of humor was back; Charlie returned as the perfect sidekick and straight man; Berkshire is in good hands.
- Charlie likes China more than Warren, compares Berkshire to Rome (here's to far-ranging knowledge!), and predicts high asset prices caused by low rates will make wealth accumulation hard for Millennials.
- Warren suggests hyper-growth businesses can be evaluated but not their valuations and that Berkshire's winners reduce the weight of less successful businesses the way the S&P 500 does with stocks.
- Confirming "red hot" growth and inflation, Warren demonstrates the informational advantage of owning many diverse businesses; he also implies a personal estimate of Berkshire value.
- Buybacks didn't actually slow year-over-year in March as headlines implied; annualized, they showed continued determination to take cash off the market cap at a meaningful and persistent rate.
For further details see:
Berkshire Annual Meeting: Little And Big Things From Warren And Charlie That Were Easy To Miss