Kass: My Berkshire Q&A Recap

This column originally appeared on Real Money Pro at 11:26 a.m. EDT on May 7.

NEW YORK ( Real Money) -- This morning's opening missive reviews the six questions that I presented to Charlie Munger and Warren Buffett at Berkshire Hathaway's ( BRK.A)/ ( BRK.B) annual shareholders meeting. I also have included their responses to my questions as well as six alternate questions that I was prepared to ask in the event that someone asked one of my primary questions ahead of me.

Going into the meeting, there were a number of subjects that I thought warranted discussion. (I have a bunch of additional questions not mentioned today, so I hope Warren invites me back next year!)

It was important for me to balance my hard-hitting and pointed questions with a courteous and respectful delivery, considering the extraordinary accomplishments of the men that I was addressing and the unique invitation to a short seller who was negative on their company. Initially, each of my original six questions was far too lengthy (500-1,000 words). Given the setting and Warren's crafty ways of answering questions, my mission was to condense each into a tightly worded question.

That process took a surprisingly long time.

Let's start with the six questions I asked on Saturday. (I have marked with an asterisk the six primary questions that I had planned to ask. Three of my top six questions were previously asked so I used three of the alternate questions.)

1. Size matters: Berkshire's growth strategy -- chasing elephants instead of gazelles?*

2. The Buffett factor: What happens when Warren has left us?

3. Does a Berkshire breakup make sense?*

4. Has Warren's investment process become less intense over time?

5. A short-selling challenge*

6. Is Howard Buffett qualified to be nonexecutive chairman?

I started by thanking Charlie and Warren for the invitation and told them that I was honored. Then I said that I looked forward to playing the role of " Daniel in the lion's den" in front of over 30,000 of his closest friends and greatest admirers. (That got a cheer!

Question No. 1 -- Size Matters

Q: As it is said, Warren, "Size matters!"

In the past, Berkshire bought cheap or wholesale -- for instance, Geico, MidAmerican Energy, the initial Coca-Cola ( KO) purchase and Benjamin Moore. Arguably, your company has shifted to becoming a buyer of pricier and more mature businesses -- for instance, IBM ( IBM), Burlington Northern Santa Fe, Heinz ( HNZ) and Lubrizol, which were done at prices to sales, earnings and book value multiples well above the prior acquisitions and after the stock prices rose.

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