The 2017 Berkshire Hathaway Annual Meeting records Warren Buffett and Charlie Munger answering shareholder and journalist questions about the company, its investments and broader business conditions. They discuss Berkshire’s holdings in companies including Wells Fargo, Apple and major US airlines, explaining how their assessments of particular businesses and industries had changed over time.

The conversation ranges across capital allocation, insurance, corporate governance, investment fees, technology and the competitive advantages of different business models. Buffett and Munger also reflect on past mistakes, including opportunities they failed to recognise, and emphasise the importance of continuing to learn from experience.

The meeting further examines Berkshire’s decentralised management structure, succession, shareholder interests and the difficulty of finding attractive investments as the company grows. Throughout the discussion, Buffett and Munger use specific business cases to explain their approach to valuation, risk, incentives and long-term decision-making.