May 3, 2008 11:25AM

BRK Meeting Notes: What Buffett Is Saying

By Liz Claman

Hey gang,

Below are some of the latest things Buffett and his co-hort Charlie Munger are saying to the crowd.

“Berkshire has the best directors in America.”
–Buffett
(Liz-note: BRK directors get paid $900 a year. Bill Gates and Sue Decker of Yahoo! are members of the board)

“Business schools should teach only two courses: How to Value A Business” and “How to think About Stock Market Valuations.”
–Buffett

On philanthropy:

“I would predict that if you have an extreme ideology, whether to the extreme left or to the right, you’re likely to make a lot of charitable gifts!”
–Munger

“We’re proud of our businesses. We do not give them elaborate guidelines…I just ask them every year or two to give us a letter (explaining how the business will do)”
–Buffett