May 23, 2013 (DJIA 15,329.10, S&P500 1,650.35)
The following are my favorite quotes from the recently Berkshire Hathaway 2013 Annual Meeting held on May 4, 2013.
"I consider the banking system in the USA to be stronger than any time in the last 25 years." Warren Buffett 5/4/13
"Stay rational and work hard. The old fashion virtues." Charlie Munger, Co-CEO Berkshire Hathaway 5/4/13 (advice he would have given to himself 50 years ago).
"I read a book 50 years ago, 'Biography of A Bank'" a great book." Warren Buffett 5/4/13 ( http://www.amazon.com/Biography-Bank-Story-America-N-T/dp/B000GK212E/ref=pd_sim_sbs_b_1 )
"In the bath, I though Bank of America (BAC) might be a good idea, so I gave him a call. It is not because I calculated some precise P/E or book value ratio. I have some idea of what the company will look like in 5 years, and there is a disparity between that price and today's value." Warren Buffett 5/4/13
"You need to understand a company's competitive position, but it isn't easy. It isn't math; you need to know the business." Charlie Munger, Co-CEO Berkshire Hathaway 5/4/13
"Stocks are pieces of businesses, not ticker symbols." Warren Buffett 5/4/13
"Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble." Charlie Munger, Co-CEO Berkshire Hathaway 5/4/13
"Ever since 2009 we are seeing gradual improvement in the economy. The economy has not come roaring back, but it has not really faltered. Overhang in housing ended about a year ago. We are starting to get a recovery in home prices. Big psychological effect. We don't want to start over-building again. We want housing starts to equal household formation. I think we will move forward. Won't surge, won't stall.Ē Warren Buffett 5/4/13
"30 year mortgage is a good deal for the borrower. If you don't like the deal, you can call it off (by paying it off). Everyone in this room should get a mortgage." Warren Buffett 5/4/13
"Charlie and I have one edge: we are able to not get caught up in what other people are doing." Warren Buffett 5/4/13
As always, we welcome the opportunity to discuss our outlook and investments with you.
Ronald R. Redfield cpa, pfs
Redfield, Blonsky & Co. LLC
15 North Union Avenue
Cranford, NJ 07016-1103
908 276 7226 phone
908 276 7274 fax
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