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1998 Annual Meeting

"It is not a business that intrigues us"

Early in 1998, with help from a booming stock price, US Airways paid back its $358 million loan with common shares that were sold for $574 million. Buffett's "mistake" had also brought in around $240 million in dividends. Three months later, Buffett told shareholders Berkshire wouldn't rule out making another airline loan, but wasn't interested in buying an airline's common stock.

Mon, May 4 1998 • 9:30 AM EDT
More From 1998 Annual Meeting
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VIDEO04:34
1998 Annual Meeting Highlight Reel
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VIDEO02:32:20
Morning Session - 1998 Meeting
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VIDEO02:53:07
Afternoon Session - 1998 Meeting
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VIDEO02:29
Berkshire has people "leagues ahead of Charlie and me"
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VIDEO02:38
"Buy a stock that you don't ever want to sell"
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VIDEO02:28
"We don't have any strategic plan"
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VIDEO02:11
Y2K problem won't have a huge impact on Berkshire
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VIDEO03:37
Buffett on what is important and what is knowable
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VIDEO02:06
"Get it corrected and get back to sleep"
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VIDEO03:08
What Buffett looks for in an annual report
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VIDEO01:37
"That is a seven or eight foot bar that I can't clear"
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VIDEO00:48
There's no "degree of difficulty" factor in investing
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VIDEO01:51
"The secret of life is weak competition"
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VIDEO01:31
Believe markets are efficient? Go right ahead
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VIDEO03:07
"What bothers me is when companies pay a lot of money for mediocrity"