All Munger and Buffett say is preserved. Only gaps and questions have been clipped to save your time. This is the Berkshire Hathaway Shareholders Meeting 2003.

May 3, 2003. Warren Buffett and Charlie Munger issue what he says is a “wakeup call” that the ballooning and thoughtless use of risky derivatives could contribute to a future financial crisis. He also compares #Berkshire Hathaway’s success to a snowball and specifies the 1 key trait he looks for in managers, tells why he doesn’t take a performance fee and defines success and happiness.

25:14 NetJets loss (thesis: Warren-jokes increase with increasing nervousness)
31:29 float as "equity"
38:20 options & black-scholes
42:20 munger on scholes as "know-nothing" system, and a critique of index funds
44:55 employee incentives, stock options
54:10 inflation
1:00:51 managers at annual meeting
1:04:08 average wages, consumption, GDP v. GDP per capita ("quality of GDP")
1:10:20 warren's favorite book on accounting
1:13:07 bill ackman asks about credit derivatives
1:21:04
1:26:07
1:44:22 re-insurance principles
2:28:42