TIMESAVER EDIT - FULL Q&A Warren Buffett Charlie Munger 1998 Berkshire Hathaway Annual Meeting

Miss nothing of the Q&A answers with this edit - we removed only the fluff in between! All Munger and Buffett say is preserved, only gaps and questions have been clipped top save you time. Contents of the Q&A: 1. WHEN IS IT TIME TO BUY A HOUSE? 2. EXECUTIVE COMPENSATION: BUFFETT SLAMS BIG MONEY FOR MEDIOCRITY 3. CLASS B STOCK “WORKED OUT AS WELL AS POSSIBLE” 4. BERKSHIRE’S INVESTING MINIMUM 5. “SANDY WEILL IS A VERY, VERY GOOD MANAGER” 6. PHARMACEUTICAL STOCKS: “WE STUPIDLY BLEW THAT ONE” 7. DECENTRALIZATION “JUST SHORT OF TOTAL ABDICATION” 8. AVOID THE “FROZEN CORPORATION” 9. CHECKLIST FOR SELECTING STOCKS 10. EASY DECISION CASE STUDY: NATIONAL CASH REGISTER 11. “NORMAN ROCKWELL FRAME OF MIND” 12. A AND B SHARES ARE NEARLY EQUIVALENT INVESTMENT CHOICES 13. HOW TEENAGERS CAN PREPARE FOR THE FUTURE 14. “WE ARE NOT RELUCTANT TO INVEST ABROAD” 15. PHILANTHROPY SHARE SALES WON’T HURT STOCK PRICE 16. BUFFETT’S FAVORITE BOOK ON HIS PHILOSOPHY 17. DISNEY SALE IN THE ’60S WAS A “HUGE MISTAKE” 18. PHIL CARRET IS ONE OF BUFFETT’S HEROES 19. END OF COLD WAR ISN’T AN INVESTING FACTOR 20. SUBSIDIARY MANAGERS ARE NEVER SECOND-GUESSED 21. BUFFETT SMELLS TROUBLE FOR TOBACCO COMPANIES IN SETTLEMENT 22. BUFFETT ON INHERITANCE: “ENOUGH TO DO ANYTHING, NOT ENOUGH TO DO NOTHING” 23. MUNGER ON INHERITANCE: FEW PEOPLE ARE “RUINED BY MONEY” 24. TWO CONDITIONS NEEDED FOR A MARKET THAT’S NOT OVERVALUED 25. NO EXACT FORMULA ON RETAINING EARNINGS 26. BERKSHIRE STOCK TRACKS INTRINSIC VALUE “BETTER THAN MOST” 27. KKR SALE OF GILLETTE SHARES “MEANS NOTHING TO US” 28. NO SPLIT MEANS “BETTER CLASS OF SHAREHOLDERS” 29. “BOOK VALUE IS NOT A FACTOR WE CONSIDER” 30. AIRLINES NOT “INTRIGUING” ENOUGH TO BUY STOCK 31. NO “GOOD RETURNS” ON JAPANESE STOCKS UNLESS PROFITS INCREASE 32. “WE’RE ONLY INTERESTED IN PRICE AND VALUE” 33. BEWARE OF COMPANIES THAT MUST “SPEND MONEY LIKE CRAZY” 34. BERKSHIRE IS PREPARED FOR ADVERSITY 35. “WE’RE NEVER GOING TO GIVE OUT ADVICE ON BERKSHIRE STOCK” 36. GEORGE BURNS: ROLE MODEL FOR SURVIVING UNHEALTHY HABITS 37. “WE WAIT INDEFINITELY” 38. “CERTIFIED RECORD OF FAILURE” IN REAL ESTATE 39. NIKE: “WE KEEP ALL OF THOSE VIEWS TO OURSELVES” 40. BUFFETT DOESN’T EXPECT LITIGATION OVER FATS IN FOOD 41. LOTS OF CREDIT TO GO AROUND FOR STRONG ECONOMY 42. HOW PHIL FISHER’S “SCUTTLEBUTT” METHOD CHANGED BUFFETT’S LIFE 43. “REAL TEST IS THE GAIN IN INTRINSIC VALUE” 44. “WE PREFER WHAT OTHER PEOPLE CALL RISK” 45. WE WANT SHAREHOLDERS WHO LOOK AT BERKSHIRE THE SAME WAY WE DO 46. “GET MORE QUALITY THAN YOU’RE PAYING FOR” 47. NO INTEREST IN SPINNING OFF SUBSIDIARIES 48. SHAREHOLDERS BOOST SALES AT NEBRASKA FURNITURE MART AND BORSHEIMS 49. NO SPECIAL INSIGHTS INTO AUTOMOBILE INDUSTRY 50. SELLING ON INTERNET COULD HELP BORSHEIMS AND GEICO 51. MCDONALD’S VS. DAIRY QUEEN 52. MAKING MONEY WITH THE BYRNE FAMILY 53. FIXING PUBLIC EDUCATION 54. “THE TRUTH IS YOU CAN HAVE THE REPUTATION THAT YOU WANT” 55. NO EXPECTATIONS OF INVESTMENT PROBLEMS DUE TO Y2K 56. MCDONALD’S WILL KEEP ITS REAL ESTATE 57. BERKSHIRE IS “POORLY” STRUCTURED FOR OWNING SECURITIES 58. DUE DILIGENCE IS USELESS AND MISSES THE POINT