BRK luncheon, page-72

Hi Pat

I watched the presentation on line but can't recall specifically DP mentioning that. As usual, he has a reference in the slide deck to " return to shareholders " without reference to exactly what that is:



He had 15 minutes to present and this presentation was obviously catered for that time as he finished on the dot. It took him 5 mins to introduce the company , history, how ESG is baked into it's operations in terms of relations with the land owners etc and it wasn't until half way before he got to the meat of the presentation. For comparison ,it took David ~45 minutes to go through the presentation before the Q&A during the luncheon, so obviously he was able to provide more detail for every slide during that.For example, DP spent ~15 minutes on the money slide (P7) during the luncheon .

At a conference, a 15 presentation is designed to garner interest and to get someone to the booth to come and chat, ask questions and get more detail. As I mentioned in my self moderated post, in response to a direct question on consolidation and buy backs , ( and not during the presentation), he answered definitely no to a consolidation, but not off the table for a buy back.

I don't know how many of you guys watched ( you could have registered for free and then would be able to watch a recording later), but one thing he did do very well was to drive home how undervalued the stock was to the extent, after the presso, before introducing Calima, the MC said something to the effect of " you obviously have a very cheap stock there David".

Not many other stocks got a response like that and it probably won't make difference.

Cheers

Dan