Earlier this month, I made my third consecutive journey to Omaha, Nebraska to attend the Berkshire Hathaway annual meeting, hosted by legendary investors Warren Buffett and Charlie Munger. For six hours – at ages 86 and 93, respectively – Buffett and Munger accept and graciously answer questions lobbed at them by journalists, analysts and shareholders. It’s an incredible feat of endurance – even more so because they deliver doses of wisdom in their responses, all while munching on peanut brittle and sipping Cokes.
Once held in a tiny hotel conference room, the Berkshire meeting has become a spectacle with more than 30,000 attendees, souvenirs and overpriced arena food. Yet I’ve never regretted making the trip. Yes, you can now watch the meeting via webcast, but, as with a music concert, there’s something special about attending in person.
One of my biggest takeaways from this year’s meeting was Buffett’s emphasis on waiting patiently for the right pitch (ie investment opportunity) and then, when it arrives, being sure to swing hard.