Issue link: https://iconnect007.uberflip.com/i/1502623
14 SMT007 MAGAZINE I JULY 2023 Shareholders Buffett emphasized that most of the com- pany's shareholders are long term, which is most valuable to the company. Attendees who invested in BH as long-term shareholders are those who view BH as one of the best com- panies in the world and see BH stock safe and diversified. Elon Musk Munger was questioned about some prior remarks he had made that Elon Musk might have overestimated himself. Munger responded, "Elon Musk is a very talented per- son who does not need to overestimate him- self. He would not have achieved what he has in life if he had not tried unreasonably extreme objectives. Elon likes to take on impossible jobs, Warren and I are different, we look for easy jobs that we can identify. We don't want to compete with Elon." Buffett said, "Elon is a brilliant, brilliant guy. It's a dedication to solve the impossible, and every now and then he will do it." Additionally, Buffett recommended watch- ing the Bill Maher interview with Elon Musk from this past April. Munger followed up by stating that one has to think big to accomplish extraordinary things. Along the way, you will make a few mis- takes. is sounds synonymous with what Ber- nard Arnault said, something like, "If you want to be successful you need to dream. When you dream, you can do the impossible." (Bernard Arnault and Elon Musk are in the same league, alternately, holding the highest net worth sta- tus in the world.) Apple, Inc. is year, Buffett picked his favorite from the enormous portfolio of companies that BH owns or has invested in. He elevated Apple by saying, "Apple just happens to be a better busi- ness than any we own." Berkshire Hathaway owns about 6% of Apple stock. (Apple CEO Tim Cook attended the shareholder meeting.) Buffett believes iPhone's status among con- sumers makes it an extraordinary product. He stated, "I don't know about iPhones (tech- nologically speaking), but I know consumer behavior. Consumers would rather give up a second car than let go of their iPhone."