Subject: BRK Q&A - Change & Opportunity
The next Berkshire Hathaway Q&A will obviously be different that the ones of the past several decades. No longer will either Warren or Charlie be on stage to answer questions. Tens of thousands of shareholders and visitors have flocked to Omaha to hear their views on a wide range of subjects. And why not? Two unique individuals with a wide range of knowledge ranging from investing to how to live a good life.

This represents both change and opportunity. Next year’s audience knows change is coming. That represents opportunities to improve the Q&A in one sense – to better focus it on information for shareholders. To somewhat return to the original purpose of Warren meeting with shareholders in a lunch room to discuss BRK.

I’ve noted two problem areas in most meetings. One is uncontrolled questions from the audience that provides little substance to shareholders who have spent their time and money to learn. Wasted valuable time. The second is relatively little new info about BRK’s business activities. “Tough” questions, while welcomed in principle, are mostly talked around or transitioned to another subject it seems to me. Munger was an occasional exception.

I’ve been trying to imagine what a revised meeting Q&A might offer – both business related but also respecting the desires of many for discussions on broader subjects. So, maybe have two different Q&A sessions?

The first would be with just Greg and Ajit on stage. And questions would be only related to BRK business activities – both write-in and from the floor. Obviously details about investing specifics and confidential info would remain off-topic. As would forecasting future business results. But questions about the broad business strategies, known problem areas (wlldfires & legislation, BNSF, markets, earnings, slow growth, opportunities, etc.) would be fair game. An add-on to the 10-K. (I’ve never fully bought into that the 10-K provides all the info we need to know.)

In the second session, the topics would broaden along the lines of past meeting, but with an emphasis on subjects of general interest. Ted and Todd would join Greg and Ajit for a panel discussion. They wouldn’t be there to answer questions about their investments – clearly off-topic. But both individuals have a broad range of knowledge concerning investing, business, the economy, and life in general.

Todd is a regular guest speaker at Columbia and other investment related meetings. Ted has a similar background, and the personality that would come closest to replacing Warren’s “like-ability”. This panel discussion could still provide the broader range of discussion that is so appreciated from past meetings. Adding these two to Greg and Ajit’s background would provide a group hard to replicate. I’d pay to listen to them. And shareholders would learn more about Ted and Todd.

That’s about as far as my thinking has progressed thus far.

We’ve seen changes made in the past to improve the meeting. Going to moderated mail-in questions was a huge step forward. I suspect BRK would welcome any well though-out suggestions that we might provide.