My nine-hour flight from London to Chicago became more engaging after discovering my seatmate was also heading to Warren Buffett’s annual meeting. The young value investor in his 30s, who preferred to remain anonymous, showed me a Berkshire Class B share certificate signed by Buffett in 2005, which he had received from his firm as proof of ownership to obtain a meeting pass.
He explained that when his wife questioned his excitement about going to Omaha, he replied, “Imagine you’re a Christian and you have a chance to see Jesus Christ.”
Later, as he dozed off, Buffett’s face stared back at me from the Kindle on his lap, where he had been reading “Tap Dancing to Work.”
I continued my journey with a connecting flight from Chicago to Omaha, arriving late Thursday night. One of the welcome ads at the airport humorously requested visitors to “check your SPACs, Crypto, and EBITDA at the gate,” reflecting Buffett and his late business partner Charlie Munger’s disdain for risky assets.
Munger criticized the proliferation of special-purpose acquisition vehicles (SPACs) as a “moral failing,” dismissed bitcoin as “stupid” and “evil,” and described earnings before interest, tax, depreciation, and amortization (EBITDA) as “bullshit earnings.”
The influx of thousands of Berkshire shareholders annually benefits many local companies. The Hudson News store at the airport featured several sections dedicated to Berkshire books and other financial titles. Another eatery included a See’s Candies stall and a sign welcoming Berkshire shareholders.
Upon reaching downtown Omaha, I noticed banners welcoming Berkshire shareholders at the DoubleTree by Hilton hotel and similar displays inside the elevators on my floor.
This was my third annual meeting, and I was keen to observe how it evolved with Buffett’s recent deals. Berkshire added Squishmallows-owner Jazwares to its exhibitors after acquiring Alleghany in 2022. Squishmallows was one of the largest exhibitors this year, offering various displays and interactive activities.
Berkshire took full ownership of Pilot Travel Centers in early 2024. Pilot employees sold coffee outside the meeting venue, CHI Health Center, and inside offered items like Berkshire Blend coffee and T-shirts with Buffett quotes.
Wan Xue, or “Cathy,” from China, was the first in line to get her shareholder pass on Friday. She mentioned purchasing 11 books already and planned to buy more. She aimed to visit everything related to Buffett, including his birthplace, school, and Berkshire headquarters.
Veteran investors, including billionaire Mario Gabelli and Buffett’s former assistant Tracy Britt Cool, spoke at conferences on Friday. Fund manager Chris Bloomstran noted at the Gabelli Funds conference that crises create buying opportunities beneficial for Berkshire.
After Buffett announced his retirement plan, I spoke with several astonished shareholders. Later, I attended the shareholder picnic at Nebraska Furniture Mart, noticing “Mrs B’s Clearance & Outlet,” named after the lady who built the store and sold it to Buffett.
On Sunday morning, I participated in Brooks’ 5K run, enjoying the branded team shirts and wordplay about “investing in yourself.” Afterward, I attended Markel’s brunch, where attendees wore Berkshire merchandise.
Calvin Sowah, a venture capitalist, expressed surprise at Buffett’s casual announcement of his retirement. Martin Wiegand, who has attended over 30 Berkshire meetings, hoped Buffett would continue sharing insights post-retirement.
Warren Buffett remains a moral authority in American finance, proving he is still the sharpest man in the room at 94.
— new from Business Insider