2005 Berkshire Hathaway Annual Meeting

Buffett warns of “pretty serious consequences” as house prices soar. He also reminds investors they don’t get the benefit of a “degree of difficulty” adjustment, recalls how he first became interested in investing when he was a child, and explains why a good public school system is a lot like virginity, as Munger attacks “stupid and dishonorable” accountants for contributing to the growth of dangerous derivatives.

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