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- Berkshire Hathaway 2024 AGM
Dear Investors,
Berkshire Hathway’s AGM took place earlier this month. It is called “Woodstock for Capitalists” and it attracts up to 40,000 people from around the world.
Shareholders ask questions for 5 hours and Warren Buffett answers them.
It covers everything from investing to life lessons.
Let me save you five hours - here are Buffett’s best comments in five minutes.
What would you do if you had one more day with Charlie Munger?
Charlie liked a wide variety of things. Warren and Charlie had fun doing things together like playing tennis and golf.
When things failed, they really had to work and had a lot of fun working on these failures together.
Warren and Charlie never had doubts about each other.
Charlie went everywhere with his mind. He was not only interested in the world at age 99, but the world was interested in him.
Warren told Charlie that he had never before known someone who was peaking at age 99.
Warren and Charlie cannot remember anytime when they were mad at each other. They talked less (not daily) in more recent years. They liked learning together.
Treat a stock like a business
Warren went through many years of doing the wrong thing in stock investing. Eventually, he learned that you should treat stocks as a business and realize that the market is not there to instruct you, but to serve you.
Who is your most trusted advisor?
I trust my children and wife totally, but that doesn't mean I ask them what stocks to buy. In terms of managing money, there wasn't anyone better in the world to talk to than Charlie Munger.
The right business
The right CEO can't make a bad business great. The real key is to buy the right business.
Missing investment opportunities
Charlie and I missed a lot of things. But we never worried about missing something we didn't understand.
Loving the subject
If you want to earn 50% per year on a million dollars, you have to be in love with the subject. You can't just be in love with the money.
Something interesting about Charlie Munger
Charlie knew the importance of psychology, incentives and human behavior. But he thought it was beneath him to use this knowledge to take advantage of people.
What would you do differently in life?
Be kinder and aspire to be more so.
Lucky in life
If you're lucky in life, make sure a bunch of other people are lucky too.
Closing joke by Warren Buffett (age 93)
I not only hope that you come next year, but I hope that I also come next year.
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