I attended Berkshire Hathaway’s (NYSE: BRK.B) Annual General Meeting (AGM) for the first time 12 years ago.
The latest AGM proved to be Warren Buffett’s last.
Like most of his investing career, the Oracle of Omaha surpassed all expectations in his longevity.
While his time at the helm has come to an end, his lessons will live on with us.
The spirit of learning lives on
“Read 500 pages like [pointing to a stack of manuals and paper] this every day … that’s how knowledge works. It builds up, like compound interest.
All of you can do it, but I guarantee not many of you will do it.”
— Warren Buffett
At the turn of the century, back in 2000, Buffett told a group of students the secret to getting ahead in investing: you need to read 500 pages a day.
Here’s the one thing he didn’t say …
… is no faster way the ins and outs of numerous US industries than to attend Berkshire’s AGM.
Berkshire Hathaway has four major businesses under its umbrella — the big four, as Buffett calls it — namely its insurance business, its ownership of Apple (NASDAQ: AAPL) shares, Burlington Northern Santa-Fe’s railroads, and Berkshire Hathaway Energy.
On a broader scale, Buffett company has 189 subsidiaries.
These smaller businesses range from anything from Fruit of the Loom (undergarments), Brooks (running shoes), Duracell (batteries), Clayton Homes (home building), See’s Candies (chocolates), Precision Castparts (manufacturing) and many more.
In his heyday, there are few bigger treats than to watch Buffett and his late business partner, Charlie Munger, break down major industries into simple, understandable terms.
Their simple summaries are better than ChatGPT.
Investing advice delivered, gently
Warren Buffett credits Ben Graham as a major force in shaping the way he invests.
But it was not just about the lessons that Graham brought to the table.
In Buffett’s own words, he said that “Although [Graham’s] ideas were powerful, their delivery was unfailingly gentle.”
It’s fair to say that Buffett is paying it forward by keeping his explanations simple and easy to understand for shareholders and the general public.
There will not be any high-sounding language or complicated concepts.
It’s a lesson we have taken to heart at The Smart Investor, trying our best to keep investing lessons as simple as possible, but not simpler.
Learning as a tribe of like-minded investors
When I was in Omaha 12 years ago, the atmosphere was quite unlike anything that I had experienced as an investor.
Fellow shareholders often wore their Berkshire Hathaway AGM tickets even before the event, identifying themselves as a fellow traveller on the journey of investing.
Therein lies a lesson: Learning about investing does not need to happen alone.
At The Smart Investor, we have a thriving community of like-minded investors.
All looking to learn about the business behind the ticker.
All focused on buying the best businesses we can find whether they are located in Singapore or aboard.
All committed to hold stocks for the long run.
So whether you are interested in dividends or growth, you’ll be surrounded by your own tribe of investors.
An ode to life-long learning
Buffett will turn 95 years old in 2025.
While he credits Graham as his teacher, Buffett has evolved the way he invests.
The Oracle of Omaha has shown his willingness over the years to let go of old ideas and concepts and adapt to new trends and environments.
After publicly disparaging tech stocks at the height of the dotcom bubble in 2000, Buffett now has Apple shares making up over 22% of Berkshire Hathaway’s stock portfolio.
As investors, we cannot afford to be set in our own ways.
The world will change.
And so, we have to be willing to learn new things, keep our feet on the ground, and commit to a lifelong process of learning.
I am sure that Buffett will approve, too.
Get Smart: Holding stocks forever
Buffett will be stepping down at the end of this year.
After generating over 5,500,000% in returns between 1965 and 2024, it’s a well-deserved break for what is the most incredible, enduring investing career of a lifetime.
But there may be a final message.
The most interesting thing he said during this year’s AGM was he had no intention of selling a single share of Berkshire Hathaway.
In fact, he is looking to give most of his wealth away.
Now, that’s a farewell message on its own.
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Disclosure: Chin Hui Leong has owned shares of Apple and Berkshire Hathaway for over a decade and continues to do so.
