We're coming to you live from the 2014 Berkshire Hathaway (BRK.B 1.35%) (BRK.A 1.66%) annual shareholder meeting in Omaha, Nebraska. We are transcribing the famous Buffett and Munger Q&A and live chatting with Fools around the globe! Click HERE to access this free live chat!

Every year, Warren Buffett and Charlie Munger sit in front of 40,000 Berkshire Hathaway shareholders and take questions for multiple hours.

Audio or video recording is strictly prohibited, but you can take notes. The Q&A session is halfway over, and here are the five best Warren Buffett quotes from the morning session.

1. On the notion that conglomerates can't succeed
"The model has worked well for America. If you look at all these disparate businesses, such as if you looked at the Dow Jones as a single entity... (though it rotated)... but going from 66 to 11,000 is doing something right. Owning a group of good business isn't a bad plan."

2. On Charlie Munger's age
"Charlie turned 90, and I find it encouraging how well he is handling middle age. I hope to do the same thing myself."

3. On causing a big stink
"If you are in any social organization, if you keep belching at the dinner table, you'll be eating in the kitchen. You need to pick your spots and how you do it. It's not even a bad thought to keep in mind for marriage. It's hard to change others behavior, and it's not helped by shouting."

4. On the American dream and Michelle Evers (Nebraska Furniture Mart in Dallas)
"She started as a cashier, and she's in charge of the multi-million project. That's the great thing about America. And, I learned that her number-two was her husband. That makes for interesting pillow talk!"

5. On replacing Ajit Jain
"The only succession for Ajit will be reincarnation. We won't get another Ajit, but fortunately we won't have to anytime soon."

Bonus Charlie Munger quote on 'cost of capital'
"A phrase like cost of capital means different things to different people...The answer is simple: We're right and they're wrong."

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