May 23, 2013 (DJIA 15,329.10, S&P500 1,650.35)

The following are my favorite quotes from the recently Berkshire Hathaway 2013 Annual Meeting held on May 4, 2013.

“I consider the banking system in the USA to be stronger than any time in the last 25 years.” Warren Buffett 5/4/13

“Stay rational and work hard. The old fashion virtues.” Charlie Munger, Co-CEO Berkshire Hathaway 5/4/13 (advice he would have given to himself 50 years ago).

“I read a book 50 years ago, ‘Biography of A Bank'” a great book.” Warren Buffett 5/4/13 (

“In the bath, I though Bank of America (BAC) might be a good idea, so I gave him a call. It is not because I calculated some precise P/E or book value ratio. I have some idea of what the company will look like in 5 years, and there is a disparity between that price and today’s value.” Warren Buffett 5/4/13

“You need to understand a company’s competitive position, but it isn’t easy. It isn’t math; you need to know the business.” Charlie Munger, Co-CEO Berkshire Hathaway 5/4/13

“Stocks are pieces of businesses, not ticker symbols.” Warren Buffett 5/4/13

“Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.” Charlie Munger, Co-CEO Berkshire Hathaway 5/4/13

“Ever since 2009 we are seeing gradual improvement in the economy. The economy has not come roaring back, but it has not really faltered. Overhang in housing ended about a year ago. We are starting to get a recovery in home prices. Big psychological effect. We don’t want to start over-building again. We want housing starts to equal household formation. I think we will move forward. Won’t surge, won’t stall.” Warren Buffett 5/4/13

“30 year mortgage is a good deal for the borrower. If you don’t like the deal, you can call it off (by paying it off). Everyone in this room should get a mortgage.” Warren Buffett 5/4/13

“Charlie and I have one edge: we are able to not get caught up in what other people are doing.” Warren Buffett 5/4/13
As always, we welcome the opportunity to discuss our outlook and investments with you.


Ronald R. Redfield cpa, pfs
Redfield, Blonsky & Co. LLC
15 North Union Avenue
Cranford, NJ 07016-1103

908 276 7226 phone
908 276 7274 fax


If you are a client of ours, and if you have questions regarding the company or investment mentioned in this report please call our office. If you are not a client of Redfield, Blonsky & Co. LLC Investment Management Division and are reading these notes, we urge you to do your own research. We will not be responsible for any person making an investment decision based on these notes. These notes are a “by-product” of our research. We are not responsible for the accuracy of these notes. We are not responsible for errors that may occur in these notes. Please do not rely on us to monitor or update this or any other report we may issue. In theory, we could come across some type of data or idea, which causes us to eliminate our long or short position of the company or investment mentioned in this report from our portfolios. We will not notify reader’s revisions to these notes. We are not responsible to keep readers of these notes updated for changes or material errors or for any reason whatsoever. We manage portfolios for clients, and those clients are our greatest concern as it relates to investing. Certain clients of Redfield, Blonsky & Co LLC may not have the company or investment mentioned in this report in their portfolios. There could be various reasons for this. Again, if you would like to discuss the company or investment mentioned in this report , please contact Ronald R. Redfield, CPA, PFS (partner in charge of investment management division).

Information herein is believed to be reliable, but its accuracy and completeness cannot be guaranteed. Opinions, estimates, and projections constitute our judgment and are subject to change without notice. This publication is provided to you for information

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