Lessons from Berkshire Hathaway's Annual Meeting with Adam Mead

Video Description

In this episode of Excess Returns, we sit down with Adam Mead, founder of Mead Capital Management and author of the Complete Financial History of Berkshire Hathaway. We discuss the recent Berkshire Hathaway Annual Meeting, notably missing the presence of the late Charlie Munger. Adam shares insights on Munger's contributions to Berkshire, the company's energy business, and its positioning for the future under the leadership of Warren Buffett's successors. We also explore Berkshire's substantial cash position and the potential for the company to pay a dividend in the coming years. Join us for an in-depth discussion on all things Buffett, Munger, and Berkshire Hathaway with one of the foremost experts on the topic. 0:00 Introduction 0:38 Welcoming Adam Mead back to the podcast 2:05 Discussing the absence of Charlie Munger at the recent Berkshire Hathaway Annual Meeting 4:40 Adam's perspective on Charlie Munger's contributions and legacy at Berkshire Hathaway 7:50 The importance of Munger and Buffett's mutual respect and deference to each other 9:40 Discussing the impact of Munger's absence on Berkshire Hathaway going forward 12:20 Buffett's tribute to Munger in his annual letter and at the meeting 14:45 Memorable moments from the annual meeting related to Munger's absence 17:50 Berkshire's succession planning and the depth of management talent 21:00 Discussing Berkshire's sale of some Apple stock and the reasons behind it 25:30 Buffett's concentrated portfolio and comfort with large individual stock positions 27:45 The importance of looking at operating earnings vs. GAAP earnings for Berkshire 30:15 Berkshire's energy business and its potential for growth and challenges 36:10 The evolving electrical grid and Berkshire Hathaway Energy's role 39:20 Berkshire's succession plans and the future roles of key executives 43:35 Potential shifts in Berkshire's strategy under new leadership 46:40 Berkshire's growing cash position and the potential for future investments and acquisitions 51:20 The likelihood of Berkshire paying a dividend in the future 53:00 Adam's highlight from the Berkshire Hathaway Annual Meeting weekend 55:00 Where to find Adam Mead and his work online 56:15 Closing thoughts and outro FOLLOW ADAM ON TWITTER https://twitter.com/BRK_Student SEE LATEST EPISODES https://www.excessreturnspod.com FIND OUT MORE ABOUT VALIDEA https://www.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau