About 2001 Annual Meeting

(April 28, 2001) With the internet bubble deflated, Buffett discusses why he is less worried about the threat of the internet to his retailers, but still sees it as a big opportunity for other businesses in the Berkshire family. He and Munger also explain why betting a stock will go down in price is "tempting" but "painful," warn about "potential dynamite" in derivatives, and reflect on the unseen costs of "blown opportunities."

Berkshire Hathaway Shareholder Letters

Berkshire beat the S&P in 2000 with a 6.5 percent increase in per-share book value vs. a 9.1 percent drop for the benchmark index. In his letter to shareholders, Buffett complained that the internet stock bubble had allowed unscrupulous promoters to create "bubble companies" designed to make money "off investors rather than for them."

READ 2000 LETTER (DATED FEB. 28, 2001)