Gustavo Ballvé on May 5th, 2012
Capital goods, Corporate Governance, Corporate Strategy, Food for thought, Home, Industries, Insurance, Investment Themes, Mental models, Portfolio Management, Risk management

I’ll update this throughout the day, but again, it’s not about “live coverage” – you can probably get a better play-by-play deal by following the sources I list inside this post. Also check the Twitter feed for interesting retweets.

Final Update (17:26pm ET): The corporate matters were over pretty quickly, with only an (admittedly interesting) proposal by AFL-CIO that was defeated. H/T Dealbook, and I leave you with a joke by Buffett: at 82, he says he’s more likely to die because of a “jealous husband” than because of his stage 1 prostate cancer…

Update (16:35pm ET): Q&A session officially over, on to corporate matters. By the way the best source of live updates has been the NYT’s Dealbook Live Blog. The Q&A ended in a high note, with an interesting discussion about corporate tax rates versus corporate investment and ultimately growth. Buffett says it’s neither lack of capital nor the corporate tax rates that are holding corporations back. The US grew faster in the 1950s and 60s when tax rates were much higher. He points the finger to medical/healthcare costs, calling it “the tapeworm of American industry”.

Update (3:45pm ET): Buffett and Munger have tons of praise for both Ted Weschler and Todd Combs, and each is now handling US$ 2.75 billion in Berkshire investments. As we’ve said here before, another interesting aspect of this relationship is that each man’s compensation is partly linked to how well the other one does, which stimulates collaboration.

Update (2:59pm ET): So far the most interesting deals tidbit is this: Buffett looked seriously into a US$ 22-23 billion deal but didn’t close it because he didn’t have the cash on hand and didn’t want to sell his other assets. That means a lot about the price of the deal, by the way, since he had to compare the potential return of doing this deal at this price with the returns of holding Coke, IBM, American Express and so on at these prices.

Live coverage (or almost) options:


CNBC’s Warren Buffett Watch


Becky Quick and Andrew Ross Sorkin are 2 of the 3 journalists asking questions to Buffett and Munger.

Also follow Alex Crippen of CNBC and the BuffettWatch hashtag.

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