May 11, 2022
Berkshire Hathaway CEO Warren Buffett and his business partner Charlie Munger hosted their annual shareholder meeting in Omaha on April 30, 2022. Given the volatility in the market, it was a hotly-anticipated event. And the two investment legends did not disappoint.
Here are some notable quotes from the meeting you might’ve missed.
Warren Buffett quotes
"Inflation swindles the bond investor too, it swindles the person who keeps their cash under their mattress, it swindles almost everybody."
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Buffett said that in reply to being asked if inflation “swindles equity investors.”
Over his six-decade career, he has lived through multiple inflationary waves. Buffett has often compared inflation to an invisible tax that’s remarkably difficult to avoid.
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In April, consumer prices jumped 8.3%.
The message for investors? There are few good places to hide when these waves hit and losses should be expected in nearly all asset classes.
"If you told me you owned all of the bitcoin in the world, and you offered it to me for $25, I wouldn't take it because what would I do with it? I would have to sell it back to you one way or another. It isn't going to do anything."
Warren Buffett’s opinion on bitcoin and other cryptocurrencies remains firm. He believes that digital assets derive value only from another buyer’s willingness to overpay for them.
It’s probably safe to say that Berkshire will never hold BTC or any other crypto on its balance sheet. That said, Buffett has missed several significant tech trends in the past — he even regrets missing out on Amazon and Google. Only time will tell if he’s right about cryptocurrencies.
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More: Warren Buffett's net worth
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Charlie Munger quotes
"We've got people who know nothing about stocks being advised by stockbrokers who know even less … It was disgusting. Now it's unraveling. There's been some justice."
Buffett’s business partner has some strong words for trading platforms that have turned the stock market into a “casino.” The combination of free trading, order flow sales and gamification may have inflated the bubble over the past two years.
“[We] found some things we would prefer to own rather than Treasury Bills.”
This might be the most underrated quote of the event.
Berkshire Hathaway has been hoarding cash for well over a year. At the end of 2021, the company’s cash sat at a record high of $146.7 billion. But over just the past few months, about a third of that war chest has been used to make investments.
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Buffett deployed roughly $4.5 billion in soon-to-be-acquired game developer Activision (ATVI). It’s an “arbitrage” play to capture the spread between the current market price and the proposed acquisition price.
He also spent $600 million to add to his largest position: Apple (APPL). Apple now accounts for roughly 41% of Berkshire’s public portfolio. Another big bet included a $4 billion stake in computer maker HP (HPQ).
Of course, Buffett’s multibillion-dollar bet on energy stocks is making all the headlines. He added about $7 billion to his stake in Occidental Petroleum (OXY), while Chevron (CVX) is now Berkshire’s fourth-biggest equity holding.
More: Charlie Munger's top stock picks
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Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He's also the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms. His work has appeared in Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine and Piggybank.
