2001 Berkshire Hathaway Annual Meeting

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.”

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