Morningstar is Live Blogging the 2012 Berkshire Hathaway Annual Meeting (BRK.b)

Thanks to a reader.
From Morningstar:
EARLIER

11:42

Paul Larson:  Munger: I think Amazon will be terrible for a lot of retailers. Not slightly terrible, but really terrible.

11:43

Paul Larson:  Question (hard to discern) about insurance.

11:44

Paul Larson:  Buffett: It's hard for corporations to stick with core principles for long periods of time like we have. We are a bit unique.

11:46

Paul Larson:  Quick / CNBC : What goes into thinking when voting shares of other publicly traded companies?

11:46

Drew Woodbury:  Buffett: We rarely vote against management. Sometimes we have, for example with stock option grants.

11:49

Drew Woodbury:  Jay Gelb: Would Berkshire be open to increasing its primary (vs. reinsurance) commercial P&C exposure ?

11:50

Drew Woodbury:  Buffett: Yes, we have been making acquisitions in primary commercial insurance (medical malpractice from GE, Princeton Insurance, etc.). Would need a first class business though, not too many he would get excited about.

11:51

Paul Larson:  Question: Have you considered being a bit more flexible in price you would buy back stock? (Currently, below 1.1x book value.)

11:52

Drew Woodbury:  Buffett: Does not believe announcement of buyback price puts a ceiling on the shares. May put a floor in some situations, but when markets really deteriorate floors disappear.

11:53

Paul Larson:  Sorkin: Has your opinion of $WMT changed following Mexican bribery scandal?

11:54

Drew Woodbury:  Buffett: They may have made a mistake in the way they handled it, but that does not change the fundamental attractiveness of the business.

11:54

Paul Larson:  Buffett: I don't think the earnings power five years from now will be materially different because of this.

11:58

Jeremy Glaser:  Breaking for lunch now. We'll be back in about an hour......