(May 1, 2021) Meeting in Los Angeles without shareholders present due to the COVID-19 pandemic, Buffett starts with a lesson for new investors. He and Charlie Munger discuss their concerns over an increase of “gambling” in financial markets, and criticize the popular trading app Robinhood for encouraging people to treat the financial markets like a casino.

Chapters
0:00:00 Good morning from Los Angeles
0:01:58 Charlie Munger introduction: same house for 62 years
0:03:47 Greg Abel introduction: Hockey
0:04:40 Ajit Jain introduction: Insurance
0:06:12 We all lived in Omaha at one point
0:07:59 Read the 10-Q. Don't focus on the net earnings
0:14:29 Extraordinary things can happen
0:23:16 Picking winners isn't as easy as it sounds
0:29:28 Q&A begins
0:30:13 I still wouldn't want to buy the airline business.
0:36:55 Why Berkshire didn't buy stocks when the pandemic pushes price lower
0:43:55 Why Buffett doesn't recommend buying Berkshire stock
0:46:52 Why Buffett's will calls for his wife's inheritance to be invested in an index fund
0:49:11 Chevron is not an evil company
0:54:34 Asinine to make a climate report for every subsidiary
1:01:31 Abel details Berkshire Hathaway Energy's actions on climate change
1:11:34 We've spent far more than any utility on renewable energy and transmission
1:13:41 Insurance subsidiaries are prepared for "unpleasant surprises"
1:18:34 Warren and I don't have to agree on every damn little thing we do
1:19:54 Abel and Jain have a good working relationship
1:23:22 Buffett defends BNSF as competitive with Union Pacific
1:24:47 We will have the slowest aging management
1:25:25 Progressive has been better lately, but GEICO is catching up
1:30:03 Buffett admits "probably mistake" to sell some shares of Apple
1:35:02 High-flying tech stocks are very, very cheap if interest rates stay so low
1:45:42 Government spending with no limit will eventually end in disaster
1:46:20 Negative interest rates would have unknown consequences
1:48:06 It's a killer to compete with SPACs buying with other people's money.
1:54:48 We have $70 to $80 billion. We'd love to put to work, but can't with prices so high
1:57:11 Why we sometimes buy stocks we're not wild about
1:58:37 Bernie Sanders has accidentally won his fight against wealth inequality.

---------------------------------------------------------------------------
Subscribe NOW to Warren Buffett: https://www.youtube.com/c/BuffettOnli...

Learn more from Warren Buffett:

Like us:   / buffettonline  
Follow us on Instagram:   / buffett.online  
Follow us on Twitter:   / buffettonline  

#BuffettOnline #WarrenBuffett #CharlieMunger