(Warren Buffet Questions and Answers) Flashcards

Who did Berkshire name as Buffett's successor to become CEO?

Answer: Greg Abel

Greg Abel, head of Berkshire's non-insurance operations, was named Buffett's eventual successor.

Buffett cautions that diversification is protection against ignorance and makes little sense if you:

Answer: know what you are doing

Buffett favors concentrated bets in businesses you understand well rather than broad diversification.

Buffett bought a large stake in which iPhone maker, calling it one of Berkshire's best investments?

Answer: Apple

Berkshire built a massive Apple position starting in 2016 that became its largest equity holding.

Buffett says it takes 20 years to build a reputation and ___ minutes to ruin it.

Answer: five

Buffett uses this quote to stress the fragility of reputation and the importance of integrity.

When evaluating managers, Buffett looks for integrity, intelligence, and:

Answer: energy

Buffett warns that without integrity, the other two traits can be dangerous.

Buffett's annual shareholder meeting in Omaha is often nicknamed:

Answer: Woodstock for Capitalists

Berkshire's massive annual meeting is widely called 'Woodstock for Capitalists.'

Buffett argues that inflation is a tax that can quietly erode an investor's:

Answer: purchasing power

Buffett warns that inflation reduces the real value of returns even when nominal gains look positive.