Warren Buffett And Charlie Munger: Berkshire AGM - Different, But Still A Must-Visit

There were a few differences in this year's Berkshire Hathaway AGM. Charlie Munger was absent, marking the first time we knew he would never be there again. There were fewer Chinese visitors than before (presumably), and everyone wondered how the great man would fare without his best man by his side. Would he be the same as he was before Charlie? Additionally, all eyes were on what the tribute to Charlie Munger would be like. On most counts, if not all, this occasion was as flawless as any.

I have been tracking the Berkshire Hathaway AGM for nearly 10 years. The difference this time was that I attended in person - my first after three earlier failed attempts. To the naysayer - why travel such a distance when you can watch it on TV? To the believer - why did I wait so long in my life to do this? I don't have an exact answer, but if this meeting was like the past ones, then save for one key regret, there aren’t any.

The meeting started with a tribute to Munger, as expected. Many things stood out from that video, carefully constructed as it was, with some of the best references to Munger. Their statement that they had nothing but fun during this entire process was a reminder, yet again, of how they approached this profession. Tap dancing to work! Some trademark Charlie Munger observations - including this:

"There are a lot of things in life way more important than money. All that said, some people do get confused. I play golf with a man who says, 'What good is health? You can't buy money with it.'"

There were some emotional moments. Warren mentioned how the only book on sale this year was "Poor Charlie’s Almanack," a fitting tribute to Munger. There was also an unplanned poignant moment where he turned to Greg Abel and mistakenly referred to Greg as Charlie while answering a question. The crowd laughed - and I felt heartbreak at the same time. We all know Warren misses Charlie. This was proof - on the biggest stage.

Buffett was asked a lot about current affairs and life lessons. On investing post-Charlie, he stated that if he didn't think he could make investing decisions himself, he wouldn’t have done what he has done, and therefore he mostly speaks to himself for these decisions. Believing in yourself even as you surround yourself with smart people seems to be the takeaway from this. On AI, he gave a similar answer at two different points, saying something like what he said about cyber attacks in previous meetings:

“I do think, as someone who doesn’t understand a thing about it, that AI has enormous potential but also (downsides).”

One of my favorite moments was a question by a young gentleman from New Zealand who asked Warren about what he would do if he had one more day with Charlie Munger.

Buffett’s answer eulogized Munger and shared profound life advice:

“Ask yourself who you'd want to spend the last day of your life with, then figure out how you could meet them tomorrow, and meet with them as often as you can.”

I will never know what an AGM with Charlie Munger was like in person. Maybe it was as good as it seemed on screen, or maybe it wasn’t. I will forever rue the fact that I was not able to see this in person. But the only solace is that Warren Buffett conducted a full six-hour session with such panache that we know believers are in safe hands for the years to come (hopefully). Warren ended the meeting urging people to come to next year’s AGM, hoping he would be there too. I certainly hope he will be, as do millions of others.