Berkshire Hathaway Annual Meeting Extensive Notes

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HFA Staff
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Berkshire Hathaway B shares Warren Buffett

US

SH1:

How does one figure out what one’s circle of competence is?

WB: It means being self-realistic. I have gone out of my own circle more often in retail than in other areas. I think it’s easier to think you understand retail than you really do. I probably was outside my circle when I bought BRK as a stock AND when I went to get control of BRK. I know of many CEOs who have no idea where their circle begins and ends. I think BRK’s mgrs really know when they are playing in a game they are going to win. Mrs Blumkin was very good at this. She said she did not want Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) stock when she sold NFM. This was driven by her not knowing BRK. She knew what to do with cash. She knew exactly what she knew and did not know.

Perhaps

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