Warren Buffett Watch

This is the morning session of the Warren Buffett/Charlie Munger question-and-answer session with shareholders at the Berkshire Hathaway Annual Meeting at the Qwest Arena in Omaha, Nebraska on Saturday, May 3, 2008 as live-blogged on CNBC.com's Warren Buffett Watch.  All times are Central.

CLICK HERE FOR THE LIVE BLOG OF THE AFTERNOON BUFFETT/MUNGER Q&A SESSION

8:31 am  The lights have gone down in the arena.  Buffett, on video tape, is introducing this year's movie.  We asks that no one do any video recording, and all cameras are banned from the arena.

8:39 am: The film is a humorous cartoon that has Charlie Munger running for President.  How will you fight global warming, he's asked.  Everyone gets Dairy Queen ice cream!

8:41am: The cartoon is mentioning just about every Berkshire Hathaway property.  Munger campaigns on NetJets, of course.

8:44 am: As the credits roll, every name is Charlie Munger.  Produced by, directed by .. the entire technical crew ..

Omaha's Qwest Arena, site of the Berkshire Hathaway annual meeting.

8:47am: The film continues with clips of people waiting on line for a (Jimmy) Buffett concert.

8:48 am:  Now showing a comedy routine with John Cleese, interviewing a "financial expert" about the mortgage mess.  (CORRECTION:  The comedy sketch shown actually featured John Bird and John Fortune.)

8:52 am: On tape, Jimmy Buffett is singing "Wasting Away in Berkshire Hathawayville"

8:57 am:  Now showing commercials for various Berkshire properties.  The arena is almost totally full.  Even seats behind the stage have people in them.

8:58 am:  On tape, Warren has just called Charlie about this new thing he discovered that no one knows about yet: the Internet.  Warren wants to start buying Internet stocks.  Charlie asks if he's out of his mind.

9:00 am: Warren calls Jamie Lee Curtis, lying in bed, who greets him with "If it isn't all-you-can-eat Buffet?"  He asks her to convince Charlie the internet will be big.

9:05 am: On the tape, Jamie Lee Curtis sweet talks Charlie "Hunger" into getting on board with Internet stocks.

9:08am:  On the tape, clips of Buffett fans, one of whom says Buffett shows how you can make a lot of money but not flaunt it.

9:09 am: On tape, CNBC's Becky Quick delivers a fake "Breaking News" report:  Buffett is leaving Berkshire Hathaway!  Looks like a set-up for a joke to come later in the tape.

9:10 am:  Now showing Buffett's recently taped appearance for All My Children, which airs later this month.  He's asked to help get Erica Kane out of prison, where she's being held for insider trading.

9:14 am: Shareholders are now being shown a clip of Buffett appearing before Congress in the early 90s, just after he took control of Salomon.  He tells the lawmakers we'll be tolerant if Salomon employees lose money, but he'll be ruthless if they lose a shred of credibility for the firm.

9:18 am: A parody of the real-people/celebrity Geico commercials is being shown, featuring Charlie Munger and Little Richard.

9:20 am: More fake "Breaking News" from Becky.  Buffett's departure may be some sort of "CEO Swap" involving ABC.  Plus he now has a publicist!  Unprecedented.

Shareholders lined up outside the Qwest Arena, one hour before the 7am opening of the doors.  Temperatures were in the 40s with a strong breeze.

9:21 am: Now seeing more from Buffett's All My Children appearance.  As he's visiting Kane in prison, his cell phone rings.  It's Bill Gates calling.

9:23 am: Buffett's advice to Kane involves the "engrossing" world of contract bridge.  Warren will ask the warden to give her three smart roommates so she can play bridge while serving her time.  Echoes Buffett's own comment that he wouldn't mind being in jail if he had good bridge partners.

9:27 am:  The tape is now showing a string of photos of Berkshire managers.

9:30 am:  The tape has ended.  The arena lights come up a bit, there's anticipatory applause scattered through the crowd.

9:32 am: Becky is back with more fake "Breaking News."  Warren has switched jobs with All My Children's Susan Lucci.   Becky says Lucci heading to Omaha to be the new Berkshire CEO.

9:33 am:  Charlie Munger walks out onto stage and takes a seat, followed by Lucci, who wants to make some "changes around here" .. including changing the "cheap" dividend policy.  The crowd applauds.  Lucci also wants Berkshire to give guidance on earnings every single week.  Plus, directors should be paid more than $900 a year.  The directors, seating just in front of the stage, rise up and cheer.

Before the meeting in the arena got started, Buffett spent some time on the vast exposition floor, giving television interviews and touring some of the exhibits, with a big throng of cameras and shareholders following him around.

9:35 am: Warren Buffett walks out on stage and "takes back" his job.  The deal is off.  His "role" is to run Berkshire Hathaway.  But he tells Lucci to go to Borsheims and pick up anything she likes, and "charge it to Charlie."

9:36 am:  "Let's get this show on the road."  Buffett says he and Charlie will take questions until 3:30 with a break for lunch.  Best estimate, says Buffett, something like 31,000 people in attendance.

9:38 am: Buffett introduces "the best directors in America" to strong applause.  He asks that shareholders limit themselves to one question.

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