The big event of the year for shareholders of Berkshire Hathaway is Warren Buffett’s annual meeting in Omaha, Nebraska. They look forward to learning from the richest man in the world. This year 31,000 shareholders -- some from as far away as India and Australia -- made the pilgrimage.
The other big event: The Movie. The meeting opens every year with this humorous hour-long satire featuring Buffett and his sidekick, Charlie Munger, Berkshire’s 84-year-old Vice Chairman. It’s produced by Buffett’s daughter, Susie. You won’t ever see clips from it on TV or You Tube. Buffett doesn’t allow anyone to film it. But it’s a perennial favorite with shareholders. And this year’s movie was a huge hit.
It opened with a cartoon segment spoofing the presidential race. It shows Munger as a candidate of the “Financial Independence Party.” On the campaign trail, Munger advocates that the solution to the country’s problems is for Americans to use products made by Berkshire Hathaway. He says global warming would be reduced if everyone eats a Dairy Queen Blizzard once a day. The solution to the nation’s health problems: a daily diet of See’s Candies. To help him run the country, Munger proposes that Warren Buffett become Chairman of the Federal Reserve, Treasury Secretary and Commerce Secretary; Bill Gates as Secretary of Technology and Geico Gecko as Secretary of the Environment.
The highlight of the movie was a comical episode starring Warren Buffett and Susan Lucci, star of the soap opera “All My Children.” Lucci plots to get Buffett to rescue her from solitary confinement in prison. Buffett agrees to help. But rather than using his billions to bail her out, he urges her to play his favorite game of bridge to stay occupied in prison.
After the movie, the giant TV screens lit up with a news flash: a big management shakeup at Berkshire. Buffett had decided to swap jobs with Lucci. He would become the leading man on “All My Children” and she would take over as Chairman and CEO of Berkshire. At that moment -- to the surprise of the thousands of Berkshire shareholders -- Lucci stepped onto the stage of Omaha’s Qwest arena in a white, sexy dress. She told the crowd that as Berkshire’s new chairman she would make big changes. First, an end to Buffett’s “no dividend” policy, which she said was “so cheap.” Second, earnings guidance every week. And finally, more compensation for the company’s directors, saying they deserve more than $900 a year. With that announcement, Berkshire’s directors, seated in the front row, stood up and cheered. Buffett then walked on stage and said he had come to his senses. He told Lucci, “My show is Berkshire Hathaway and my role is to run it. All My Children can’t do without you and I can’t do without Berkshire.” He thanked her and told her to go to Borsheim’s, Berkshire’s famous jewelry store, and buy anything she wanted -- and charge it to Charlie.
It won’t win an Oscar, but it entertained and enthralled Buffett’s faithful fans. Just one more reason that Berkshire believers say the trip to Omaha is so worth it.
Comments
Dan -
There are so many numbers floating around on the world's energy supply/demand. One thing we know for sure is that oil and gasoline prices are surging and the US is heavily dependent on foreign sources. Every night we try to hear different views on solutions to America's oil crisis. This week we heard from veteran oil man T. Boone Pickens. Thanks for watching and your feedback.
Susie!
Say, enjoyed your interviews of Warren Buffet! Couldn't find the appropriate place to post my main question concerning your 'One on One' with Boone Pickens of 7/8/2008, so thought I would try it here...
Pickens has alluded to there being more demand than supply of oil (in your interview and a couple others I have heard). I am curious as to where he is obtaining his information to come to that conclusion? I have looked at the Oil Production/Demand tables on the EIA website and don't see it that way. So, unless Pickens is factoring in that 'buffer zone' of supply/demand for his oil numbers, I am curious on where he gets his numbers (and/or if Pickens is correct with his numbers, then how does EIA obtain their numbers)?
Thanks...
Could it be that Susie Gharib is related to Suzanne Pratt? Ms. Pratt looks so much like Ms Gharib including the way she expresses herself and the movement of her eyes. My husband and I never miss this financial news show.
Sincerely,
Marj Ralenkotter
Wilder, Kentucky
Susie,
I love your new look. You are a truely beautiful woman. I grew up in Brecksville and just retired after 30 years of legal practice. Love to meet you.
I enjoyed your interview with Warren Buffett. Your readers and viewers may like my new book called "The Four Filters Invention of Warren Buffett and Charlie Munger." It is available at www.frips.com
Can we improve and optimize our investing decision making? We can use the Four Filters Invention of Warren E. Buffett and Charles T. Munger. Their four filters investing process help us eliminate many inferior investing prospects, and they help us find high-quality winning investments. Their logical steps to evaluating a business, its products, its competitive position, its managers, and its intrinsic value, provide us with a tested and effective set of tools. The Four Filters are a search for: “Understandable first-class businesses, with enduring competitive advantages, accompanied by first-class managements, available at a bargain price.”
Warren Buffett and his business partner Charlie Munger developed a four filters investing process that has been underappreciated and underestimated by the business and academic communities. He does not endorse my book, but He has allowed me to use quotes from his letters in my book to build this story and explain my case: "that the Four Filters are a major intellectual achievement in practical and behavioral finance."
All these rich guys really like to line up for cheap or free food.
They have a great sense of humor and don't take themselves too seriously at the meeting. Seeing all the directors including Bill Gates stand up and cheer and play along with the skit was surprise. They really make it fun to attend - always a surprise waiting for you. I saw the NBR cameraman down on the exhibition floor but was sorry I didn't get to meet Suzy Garib. My sister-in-law says Suzy is tall, thin, and perfectly dressed. Maybe next year.