After dealing with the business in five minutes, Buffett opened the meeting to questions. For almost six hours he told stories, joked and munched on See's Candies, while answering question after question with care, relevance and wisdom. Many questions were also dealt with by Charlie Munger, the Vice Chairman of Berkshire Hathaway. The following is a selection of the answers given by this twosome fairly much taken straight from my notes. Avoid stocks with low returns on equity and capital.
Time is the enemy of poor businesses, the friend of good businesses.
With a poor business you may be lucky in that you pick the time that it gets taken over. However, it is no fun to own stock in a company in which you hope it liquidates before it goes bankrupt. Technology does not get through our filter. Insurance is the most important business at Berkshire Hathaway. Political campaign spending is an underpriced commodity, it needs legislation to limit it.