You're listening to TIP.

All right. So once a year, billionaire Warren Buffett and Charlie Munger hold their annual

shareholders meeting for Berkshire Hathaway. And like rock and roll groupies, Stig and I

cling to their discussions and provide some of the more interesting responses here on our show.

So on our episode today, we're going to be playing some questions and answers that address

Berkshire's large cash position, their ownership of Apple, their thoughts on managing other people's

money and much, much more. It's always fun to cover this meeting each year, so get ready for our

review of Berkshire 2019.

You are listening to the Investors podcast where we study the financial markets and read the books

that influence self-made billionaires the most. We keep you informed and prepared for the unexpected.

Hey, everyone. Welcome to the Investors podcast. I'm your host Preston Pish. And as always,

I'm accompanied by my co-host, Stig Broderson. And like we said in the introduction, we're going to be

talking about the Berkshire meeting. And so what we're going to do is we're going to play the first

question that we think that you guys might enjoy. So here you go. My question concerns your repurchase

of Berkshire shares. In the third quarter of last year, you spent almost one billion buying

Berkshire East stock at an average price of $207. But then you got to a period between December

26th and April 11th when the stock languished for almost four months under 200 and seven,

even as you were sitting on an enormous pile of 112 billion. My question is why you did not

repurchase a lot more stock unless, of course, there was for a time an acquisition of, say,

$80 billion to $90 billion on your radar. Yeah, the question whether we had $100 billion or $200

billion would not make a difference or $50 billion would not make a difference in our

approach to repurchase of shares. We used to have policy of tying it to book value,

...