| Warren Buffett and Charlie Munger: What we learned from 9/11 The 2002 Berkshire Hathaway annual meeting was held almost eight months after the 9/11 attacks in 2001.
Buffett and Munger were asked by a 12-year-old from California (attending his fifth meeting) to talk about their impact.  Buffett replied that for Berkshire's insurance operations, "even though we recognized that there could be huge monetary damages that flowed from the activities of what I would call deranged people, we hadn't really written the contracts in such a way as to either get paid for taking that risk or to exclude the risk. In other words, we were throwing it in for nothing."
As a result, since September 11 "everybody in the insurance business recognizes that they had exposures that they weren't charging for, and they either had to exclude those exposure or they had to charge for them."
You can see, hear, and read the entire response at our Warren Buffett Archive.
They also spoke about how the attacks had changed the way Americans saw their place in the world.
Here's that clip:
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BERKSHIRE STOCK WATCH
  BERKSHIRE'S TOP U.S. STOCK HOLDINGS - Sep 10, 2021
 Berkshire's top holdings of disclosed publicly-traded U.S. stocks by market value, based on today's closing prices.
Holdings are as of June 30, 2021 as reported in Berkshire Hathaway's 13F filing on August 16, 2021, except for Apple, Bank of America, and U.S. Bancorp, which also include shares held as of June 30, 2021 as disclosed in New England Asset Management's 13F filing on August 16, 2021.
In addition to U.S. stocks, shares held as of December 31, 2020 of China's BYD, as listed in Buffett's 2020 letter to shareholders, are included. The price of those shares in U.S. trading is used to approximate the current market value of the position. The value of the stake as a percentage of the company's market value is fixed at what was listed as of December 31, 2020 in the letter.
The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.
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-- Alex Crippen, Editor, Warren Buffett Watch
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Jumat, 10 September 2021
Warren Buffett and Charlie Munger in 2002: What we learned from 9/11
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