(May 1, 2021) Charlie Munger says “of course, I hate the Bitcoin success,” calls the popular trading app Robinhood “deeply wrong” for encouraging what he sees as gambling on financial markets, and casually provides what could be a big clue in the mystery of who will succeed Warren Buffett as CEO. Buffett does a post-mortem on Berkshire’s unsuccessful health care joint venture and light heartedly overrules his insurance chief on whether to write a policy for an Elon Musk mission to Mars.

Key Moments:
0:00:00 Motivation determines the morality of share repurchases
0:03:34 Tax law change wouldn't affect Berkshire’s no dividend stance
0:05:50 Buffett voted for Biden but doesn't want to talk taxes at the meeting
0:07:24 Munger on tax hikes: "Mistake to be basically anti-capitalist"
0:08:20 Munger on taxes: “It is stupid for states to drive out their wealthiest citizens”
0:09:27 It’s “fiction” that all corporate tax hikes are passed on to consumers
0:12:09 Buffett: I’d like my money to go to philanthropy rather than reduce the national debt
0:15:00 Pandemic risk was "totally underpriced" by insurance industry
0:19:53 Berkshire COVID-19 insurance payouts will be "a lot, lot higher" than current reserve of $1.6 billion
0:02:35 Kansas City Southern acquisition won’t have huge impact on BNSF
0:28:36 Successful acquisitions naturally become a bigger part of the business
0:32:26 Top “risk factor” for any business is getting the wrong management
0:33:30 Buffett follows politician’s lead and dodges Bitcoin question
0:34:47 Munger: “Of course, I hate the Bitcoin success”
0:35:42 Our Texas energy proposal may not be the best, but it’s better than Musk’s
0:41:48 Buffett jokes that decision to insure a Elon Musk mission to Mars would depend on the premium
0:43:03 “Everybody’s looking” for businesses that don’t need much capital
0:46:00 Why portfolio managers Todd Combs and Ted Weschler don't answer shareholder questions
0:47:40 Munger: “The Chinese government will allow businesses to flourish”
0:50:27 “We don’t know” if Biden’s $1.9B stimulus plan would cause inflation
0:54:03 “I like banks generally” but we “didn't want as much in banks as we had"
0:55:38 Buffett declines to explain his thinking on purchase of Verizon stock
0:56:27 We don’t spend time thinking about what happens if laws change
0:59:09 Less demand for Berkshire’s ability to quickly insure enormous risks
01:01:10 Abel: “Pleased” with Kraft Heinz CEO
01:03:02 Danger of the “Myths” CEOs create about their companies
01:16:18 Why Berkshire’s haven joint venture lost against the “tapeworm” of health care costs
01:11:50 Munger unintentionally reveals Greg Abel designated To eventually replace Buffett as CEO
01:16:44 “You really got to be in love with your business”
01:19:13 Robinhood encourages financial market “gambling”
01:24:00 Berkshire subsidiaries are seeing unexpectedly high inflation
01:28:16 Abel: Scarcity of some raw materials is driving up prices
01:29:08 Munger: Quant funds do better with short-term trading than long-term trading
01:30:46 Turnover In Berkshire’s stock portfolio hasn't changed but “it’s still too much”
01:31:52 States still have “big, big, big” pension problems
01:35:54 “Strange things” have happened, but we always try not to disappoint the shareholders
01:37:58 Formal meeting begins
01:39:28 Quorum
01:40:34 Minutes of previous meeting approved
01:41:09 Board of directors elected
01:42:35 Climate change shareholder proposal
01:49:07. Employee diversity shareholder proposal
01:55:11. Meeting adjourns
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