1999: Does Buffett really buy "one share of everything" to get every annual report?

AUDIENCE MEMBER: Good morning Mr. Buffett, Mr. Munger. My name is Gary Rastrum (PH) from right here in Omaha.

My question is, somewhere I thought I’d read that you buy at least one share of every company on the New York — or on the exchanges — to get the annual report. Is that true or is that a thing of the past? And if it is true, how do you keep track of all that information?

WARREN BUFFETT: Well, it’s got an element of truth in it. Many years ago, I did buy one share of a great many companies. And I’d get these dividend checks for eight cents and 10 cents. (Laughter)

And I used to pay my bridge losses by endorsing these checks by the hundreds and giving them to the people who’d just won a dollar. And they — and then no one asked me to bridge games anymore. (Laughter)

So I have adopted a new program where I buy a hundred shares of a great many companies. Actually, I buy them in my foundation so I don’t go crazy at income tax time. And I probably, just as a guess, would have a couple hundred companies. So, it isn’t every company, by a long shot.

But there are at least several hundred companies where I want to be a registered shareholder, and — to make sure I get the mailings promptly. And I do keep those around. And I very — even after I lose interest, I very seldom sell one. So, I’ll just keep buying more.

And I’ll only buy a hundred shares in something I might want to keep track of, but I’ll probably buy a hundred shares in all of their competitors and — so that I keep reading about those companies as well.

It does pay to have a flow of information come in over the desk.