Chapters below.

Warren Buffett and Charlie Munger take shareholder questions at the 1995 Berkshire Hathaway annual meeting, covering intrinsic value, capital allocation, and the circle of competence that keeps them out of businesses they can't understand. They explain why cash on the balance sheet is an admission of failure, why Graham and Fisher differ less than people assume, and what made Wells Fargo worth owning when every bank with that much real estate exposure looked doomed. Along the way they cover Salomon pay, Lloyd's of London, the national debt, the USAir mistake, and why Berkshire has never split the stock.

0:11 - Bank stocks

2:51 - Writing a book

3:20 - Dividends

6:21 - Salomon pay

13:37 - Cash as residual

15:02 - Newspapers

18:36 - Hostile takeovers

20:38 - Graham vs Fisher

25:58 - Munger's stock sales

27:12 - Suspect accounting

30:23 - Lloyd's of London

34:29 - Global investing and buybacks

39:00 - Media attention

41:53 - GEICO returns

43:03 - Guinness

45:00 - The shirt

45:33 - Meeting date

46:33 - Foreign securities

48:15 - Helzberg

51:48 - Intrinsic value

55:50 - Stock price and Microsoft

57:48 - Business school education

1:03:55 - Ten years on

1:05:30 - Manager bonuses

1:09:00 - Foreign exchange

1:10:18 - Small-cap opportunities

1:14:36 - Lawyers and lawsuits

1:18:12 - A second Borsheims

1:21:46 - Return on equity

1:24:51 - What Berkshire adds

1:28:10 - Growth, size and reading

1:33:51 - Wells Fargo vs PNC

1:36:35 - Negative equity and buybacks

1:40:29 - Credit cards and banking

1:45:31 - Moats at SunTrust and PNC

1:46:11 - The Salomon casino remark

1:47:42 - National debt and more Coca-Cola

1:57:32 - Berkshire vs a money manager

2:00:27 - Insurance returns and judging management

2:04:25 - P/E and interest rates

2:08:33 - USAir

2:10:12 - Book recommendations

2:11:22 - The stock split question

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