"When somebody buys gold, or a painting, they are betting on someone else finding it more attractive in the future. That is investing in the price of an asset versus investing in the productivity of the asset. After all, what can you do with a giant cube of gold? You can stare at it, fondle it, may be sit on top of it…" – Warren Buffett at meeting with policyholders in Delhi.
Berkshire Insurance had held a "Meet Warren Buffett" event on 25th March,2011 inviting the policy holders in India. It was a marvelous chance to meet with the greatest Guru of Investing and we surely enjoyed being a part of it.
The 2 hour informal Q&A session gave chance to the participants to ask questions to the Guru. We had thought about few questions, focusing on encouraging equity cult in India. Our team member – CA Roopali Mittal got a chance and asked – “In India, we have one of the highest saving ratios yet most of it gets invested in unproductive assets like Gold, Silver, FDs or Land. Why are we lacking behind in equity culture and how can we improve it?”
He explained the above query in detail but a small summary has been covered in the Times of India article (we have highlighted the answer to our query).
Every minute of the event was worth much more than one could had expected for. Apart from this, there were some invaluable goodies like a book compiling the Letters to Shareholders, a key ring and much more.
As an icing on the cake, we also had a one on one interaction with Mr. Ajit Jain for few minutes.
Though the video or the transcript of the event is not available, a few extracts can be read in following articles: