Berkshire-Hathaway’s annual meeting was this past Saturday in Omaha. My stock broker talks reverantly about attending these meeting in the early days, when they were smaller more “intimate” gatherings. This year, 31,000 were in attendance. I’m a stockholder, and think the Bershire-Hathawasy annual reports are very interesting, and overwhelming at the same time. A text book of sorts.
After I discovered that one of my neighbor’s (who I really admire and is one of my favorite all-time clients) was instrumental in Warren Buffet and Charlie Munger meeting each other, I took an even greater interest. These two businessmen hold a sort of rock star status in my psyche.
This morning I read an investing blog post where the Q&A session from Saturday’s meeting was informally documented. Only one question, #50, directly addresses real estate. A couple Warren Buffet ”quotes” stood out:
In my lifetime, I can’t remember one where this particular residential real estate bubble sent out the shock wave and exposure of so many other bad practices and weaknesses elsewhere like this one.
And…
Primal urges, wanting to believe in tooth fairy that pop up from time to time, sometimes in very big scale. I have no great insights on solutions.
Sounds like we continue to work together and independently. I’m not clear on solutions, but cleaning up business practices, all the way around, will be good for real estate.
I, for one, am greatful that the Phoenix real estate market is showing signs of life.
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