"It’s not a business that requires extraordinary intellect"

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2004 Annual Meeting

"It’s not a business that requires extraordinary intellect"

Warren Buffett and Charlie Munger explain how they built their knowledge about investing.

Sat, May 1 2004 • 9:00 AM EDT

More From 2004 Annual Meeting

2004 Annual Meeting Highlight Reel

Morning Session - 2004 Meeting

Afternoon Session - 2004 Meeting

Could Bill Gates do Buffett’s job?

Refraining from certain investments has cost Berkshire billions

Why Buffett and Munger think about "low probability events"

"I would rather throw a viper down my shirtfront"

Buffett: I'm staying on Coke’s board

"A lot of mischief can happen with derivatives"

Berkshire stock vs. index fund

U.S. has "certainly benefited enormously" by immigration

Where Berkshire draws the line on ethical decisions

"The opportunities have won out over the problems over time"

"We don’t consider many stupid things"

"The trite stuff is what works"