University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting

by Daniel Pecaut

In effect, by doing a stock merger, Berkshire is trading away 18% of its holdings in Coca-Cola, American Express, Gillette, etc., but doing so in a way that Berkshire pays no taxes.

When asked how he would teach business students, Buffett said, “For the final exam, I would take an Internet company and say ‘How much is this worth?’ And anybody that gave me an answer, I would flunk.”