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| | Weekend at Buffett’s
By Robert Warne - May 8, 2002Warren Buffett, often referred to as the “Oracle of Omaha” addressed shareholders May 4 at what many call the “Woodstock for Capitalists.” The annual event in which he divulged certain financial information regarding Berkshire Hathaway drew more than 10,000 shareholders this year.
It is said that many investors will buy a share of Berkshire’s stock just to attend the annual meeting to pick the master’s brain. This is no small price to pay when a share of Berkshire’s class A stock trades around $75,000 and a share it its class B stock can cost around $2,500.
The second richest man in the world dropped a bombshell on attendees this year—a nuclear one. He said that it’s a virtual certainty there will be a nuclear event in this country. Naming Washington and New York as main targets, the threat has been escalated by envy and rage against the U.S. Whether such an event happens in 10 or 50 years, the reality is, nuclear along with chemical and biological attacks are very high risks.
Although Berkshire has been writing new terrorism policies with limited liabilities, Buffett believes that only the government can fully insure property and other damage from a major terrorist attack.
Buffett began purchasing stock in a struggling New Bedford, Mass., textile mill called Berkshire Hathaway in 1962. While the U.S. textile industry struggled to compete with foreign competition, Buffett started to move Berkshire capital into other businesses, such as insurance.
He was drawn to insurance because it was an attractive investment vehicle. Premiums paid up front meant low-cost cash to play around with. Because he knew where to invest his money, he was able to stay ahead and cover any claims that should arise.
Berkshire has a workers’ compensation specialty division with claims offices in Pasadena and San Mateo.
The 2001 annual report will be available to non-shareholders after the stock market closes May 10.
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