バークシャー・ハサウェイの今年の年次株主総会は、先週の5月4日(土)でした。質疑応答のトランスクリプトがいずれ公開されると思いますが、ダイジェスト的な記事はたとえばThe New York Timesの経済ニュースサイトDealBookなどに掲載されています。今回は同記事から、ウォーレン・バフェットとチャーリー・マンガーの回答のうち、個人的にもっとも印象に残った2つをご紹介します。(日本語は拙訳)

Berkshire Hathaway's 2013 Shareholder Meeting (DealBook - The New York Times)

午後3時17分の質疑応答 「インデックスに打ち勝つには」




3:17 P.M.Trying to Beat the Index

A shareholders asks if buying shares in the 20 best companies in the United States would be better than investing in an index fund.

Mr. Buffett replies that the results would probably be similar. Then he launches into a bigger point: there are professional investors, and then there are amateurs who invest. Being the former requires a lot of work and research, which many, many amateurs don't have the time or inclination to do.

The main problem for most people, he says, is "trying to behave like a professional when you aren't spending the time in the game needed to be a professional."

午前11時52分の質疑応答 「バークシャーとは」




11:52 A.M.Defining Berkshire

Ms. Loomis of Fortune asks a question on behalf of a shareholder in the audience: How would you explain Berkshire and its value premise to the investor's 13-year-old daughter?

Mr. Munger takes first crack as Mr. Buffett helps himself to some See's Candy fudge: "We like to stay sane while others go crazy. That's a competitive advantage." He also notes that the company tries to be a good steward to its subsidiaries and a good partner.

"This was a very good idea," he says drolly. "I wish we'd done it on purpose."

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