The Investors
The Investors is a long-form podcast dedicated to the thinking, principles, and decision-making frameworks of the world’s most respected investors.Each episode explores the ideas of investors such as Warren Buffett, Charlie Munger, Howard Marks, Ray Dalio, Jim Simons, and…
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- Sep 28, 2026
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Berkshire Hathaway Annual Meeting 1996 Part 1 Morning Session (opens the original)
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Warren Buffett and Charlie Munger open the 1996 Berkshire Hathaway annual meeting with the vote to create the Class B shares, explaining why the unit trusts being marketed to the public forced their hand and why they told investors plainly that the stock was not undervalued. The Q&A turns to intrinsic value, insurance float as zero-cost capital, and why buybacks only help shareholders when the price sits below a rationally calculated value. Along the way they cover the Geico buyout, Wells Fargo'
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