Warren Buffett's bank account, Charlie Munger's oil checks, and an Amazon bestseller: 6 nuggets from Berkshire Hathaway's annual meeting
Berkshire's billionaire CEO and vice-chairman let slip a variety of notable facts. Buffett said he probably has over $250,000 stashed in a single bank account, while MungerThe pair also preferred banks to insurers at one point, and planned to own a bunch of lenders before the passage of a law stopped them.Berkshire held an astounding $504 billion in net assets on March 31.
The Berkshire chief noted that doesn't necessarily mean Berkshire is the most valuable business in America. Other corporations might have even greater shareholders' equity if they had repurchased fewer shares in recent years, he said.$70,000 a year from oil royalties he purchased for only $1,000 in 1962, he disclosed during the meeting.
"I've got my bank, I've got my own personal money, and I'm probably above the FDIC limit," the investor said."I've got it with a local bank, and I don't worry about it in the least." "You could look at their 10-K and you could see that they were offering non-government-guaranteed mortgages in jumbo amounts at fixed rates, sometimes for 10 years," he said, referring to the bank's annual report."That's a crazy proposition."
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