2004: Is Buffett's salary really just $100,000 or 10 cents per A share?

AUDIENCE MEMBER: Hi, Mr. Buffett. I’m Allan Maxwell. My wife and I are shareholders from Omaha. I’m going to keep things simple so you can understand them.

WARREN BUFFETT: Good. (Laughter)

Allan’s a friend of mine, so he can get away with that.

AUDIENCE MEMBER: Thank you, Colonel.

Excluding the Buffett’s stake, I’m going to combine A and B shares. And there are approximately one million A shares outstanding, correct?

WARREN BUFFETT: That’d be about right, uh-huh .

AUDIENCE MEMBER: OK, about. Your salary is approximately — or is — $100,000 a year.

WARREN BUFFETT: It’s been stuck there for a while. We’ll talk about the board. (Laughter)

AUDIENCE MEMBER: Well, you’ll be happy with my question.

WARREN BUFFETT: You can make it a motion —

AUDIENCE MEMBER: In other words —

WARREN BUFFETT: — if you’re heading where I think you are. (Laughter)

AUDIENCE MEMBER: In other words, we’re paying you 10 cents a share to manage a $90,000 investment. That’s remarkable in today’s corporate culture. Thank you, Mr. Buffett, thank you. (Applause)

WARREN BUFFETT: Yeah, thanks. Allan, thank you. But I have to tell you, as I did last year, I would pay to have this job. I mean, it doesn’t get any better than this.

AUDIENCE MEMBER: Well, rather than you doing something for us, I would like to suggest that we, the shareholders, do something for you. As a shareholder, I would be willing to pay you 25 cents an A share. (Laughter)

That way you could save a little extra money for your retirement. (Laughter)

Would you support such an idea?

WARREN BUFFETT: Allan, I’m getting Social Security now. (Laughter)

And that really pretty well takes care of things. My family would go crazy if I made any more money. (Laughter)

AUDIENCE MEMBER: This would help you —

WARREN BUFFETT: But I appreciate the offer, however.

AUDIENCE MEMBER: My heart’s with you, thank you.

WARREN BUFFETT: OK, thanks, Allan. (Applause)