Berkshire Hathaway investors are entitled to participate in the company’s shareholder meeting held annually in Omaha, Nebraska, during the first weekend in May. Tom and I had so much fun attending this meeting a few years ago that we put it right back on the bucket list for a return trip. After all, how many more years will the Oracle of Omaha personally host this multi-faceted spectacle that attracts 30,000+ fans?
It is more than appropriate to call those who attend
fans because Warren Buffet has achieved rock star status among investors around the world. Buffet has made millionaires out of long-term shareholders, and he is arguably one of the greatest investors of all time. At 82 years old, Warren Buffet is the primary shareholder, chairman and CEO of Berkshire Hathaway, and he consistently ranks among the world's wealthiest people. A fundamental tenet of his "value investing" philosophy is really rather simple - invest in what you know.
The meeting itself is a real hoot. Held at Omaha's CenturyLink Center, the meeting opens at 9:00 am to a packed house and kicks off with a cleverly produced, highly-entertaining video featuring Berkshire Hathaway-owned companies and holdings. Following the movie (which is frankly worth the price of the trip), Buffet enters the stage to thunderous applause, accompanied by his long-time partner and friend Charlie Monger. Buffet promptly introduces his all-star board of directors, including Microsoft founder Bill Gates. Celebrity sightings are not uncommon at the meeting, but I especially got a kick out of watching the Berkshire directors take turns having their picture taken with music legend Bono. And I thought I was a groupie.
Buffet and Monger essentially spend the rest of the day fielding all kinds of questions from award-winning journalists, including hot shots like
Andrew Ross Sorkin (the guy who wrote the best-selling book Too Big to Fail) and shareholders from all over the world.
Buffet is humorous, unflappable, and has answers for every question. And to complete the picture, the two gurus shamelessly use product-placement throughout the Q and A as they drink Coke, eat Dairy Queen Dilly Bars and devour See's Candies in front of the crowd.
Half the fun of the day is taking advantage of great deals offered by Berkshire companies at the adjacent trade show. Fruit of the Loom, Pampered Chef, GEICO, See's Candies, Mars Candies, and Ginsu Knives, are among the multitude of household names on hand to entice stockholders with discount goodies and freebies. Three-ring circus doesn't begin to describe it.
Along with his stunning accomplishments and financial influence, Warren Buffet is also an inspiring philanthropist. In 2006, Buffet pledged 99% of his fortune to charitable causes, primarily through the Bill and Melinda Gates Foundation. Just last month it was announced that he's inspired 12 more billionaires to do the same. As an aside, I wouldn't worry too much about Buffet's family and friends who will now share only the remaining 1% of his estate. I suspect even 1% of his billionaire-level wealth would likely feed the state of Montana for years.
