[Warren Buffett] [Charlie Munger] 2022 Berkshire Hathaway Annual Meeting | 2022-04-30

(April 30, 2022) After two years of virtual annual meetings, Warren Buffett, Charlie Munger, Greg Abel and Ajit Jain answered questions from shareholders for over five hours. After Buffett wrote in the annual letter that they “find little that excites us” in terms of stock purchases, they spent approximately $40 billion in a short period in the first quarter. Munger explained it simply that they “found some things we would prefer to own rather than Treasury Bills.” Buffett explained how the deal to buy Allegheny (Y) came out of the blue when he received a note from their CEO. Buffett noted that purchasing roughly 14% of Occidental Petroleum (OXY) in two weeks was only possible because of the “casino” mentality that became pervasive in the market. That large of a purchase is even more remarkable when one considers that only 60% of the shares were available outside of index managers and a long-term shareholder.