Buffett Turns Into One More Corporate Bubble: Alice Schroeder
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It used to be worth the cost of flying to Omaha, Nebraska, for Warren Buffett’s annual lovefest, the Berkshire Hathaway Inc. annual shareholder meeting where you got information available nowhere else.
Buffett warned of the systemic risk of derivatives as long ago as the 1993 meeting. In 1996, he and sidekick Charles Munger gave a lesson on what makes a bank successful: management that highlights return on assets and efficiency above all else. Minding these lessons would have saved investors a lot of money during the financial crisis.