How the Impairment of the Patent in the Event of Losing a Lawsuit Will Be Reflected on the Financial Statements

BERKSHIRE HATHAWAY ANNUAL MEETING

OMAHA, NEBRASKA MAY 3, 2008

The majority of the content has come from the typewritten notes of Peter Boodell. A couple of other sources were used, most notably some of the notes from University of Maryland Professors David Kass and Susan White. The editing and formatting was performed by: Max Olson, Joe Koster, and Lincoln Minor.

[The movie ends after Becky Quick “reports” that Warren Buffett has switched jobs with All My Children’s Susan Lucci. Charlie Munger walks onto the stage and takes a seat. He is followed by Susan Lucci, who sits down in Warren’s regular spot.]

CHARLIE MUNGER: Where could he be? SUSAN LUCCI: Detained at the TV studio. Hi

Children can’t do without you, and I can’t do without Berkshire.

SL: The deal is off? WB: You’ve brought me back to my senses. Pick out

anything you would like at Borsheim’s, and charge it to Charlie. [Lucci hugs Buffett and Munger, and exits the stage—to applause.]

WB: Let’s get this show on the road. We are going to

Charlie, I’m Susan Lucci. He’s going to be a big star.

CM: You have some important qualities that Warren

lacks.

SL: There are some changes we need to make. We need to change our dividend policy. We are so cheap to our shareholders. CM: Sounds good to me. SL: And I want guidance on earnings, weekly. And we need to pay our directors more than $900 a year. [The directors, sitting just in front of the stage, leap up and cheer.]

follow the usual procedure. We are going to answer questions between now and then, based on who gets lined up at the microphone first. Our best estimate is that 31,000 people are here today. We have Charlie Munger—he can hear and I can see—we work together for that reason. Let me introduce the Board of Directors (hold your applause until the end): Howard Buffett, Bill Gates, Don Keough, Tom Murphy, Walter Scott, Ron Olson, Susan Decker, Dave Gottesman, Charlotte Guyman—the best directors in America. We’ll take a break at noon.

Q1:...