Echos of 2000 at the Berkshire Meeting
For my 21st year, I made the pilgrimage to Omaha with a few other members of my "cabal" to attend the Berkshire Hathaway (BRK.A) annual meeting. I am not going to review the meeting in great detail, since you will find a thousand other detailed reviews of what transpired. Instead, I want to call out one telling moment that spooked all us old-timers. A famous moment at the 2000 annual meeting was repeated at this one, perhaps with the same implications.
At that meeting in April 2000, the Nasdaq bubble was at its zenith. Berkshire stock had been selling off for the prior couple years at that point as the Naz had gone through the roof. At the meeting, a crusty old shareholder went to the microphone during the question-and-answer session and chastised Buffett, asking why he didn't own any tech, saying the outlook was obviously great and that he himself was up 80% in his tech stocks for the prior year....341 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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