In November of last year, the world lost one of its most influential business leaders, Charlie Munger, at the age of 99. Munger was more than just a partner to Warren Buffett, who is considered one of the greatest investors in history. They were friends and allies who shared a unique bond that spanned decades and resulted in unprecedented success. The annual shareholder meeting of their conglomerate was turned into a tribute to Munger by Buffett, where thousands of shareholders gathered in Omaha, Nebraska to hear his insights on various topics.
Buffett spoke about many things during the meeting, including renewable energy, artificial intelligence, and his investments in companies like Apple, American Express, and Coca-Cola. However, he also took time to reflect on Munger’s impact on their partnership. He spoke about his trust in Munger for investment advice and how he now relies more on himself for decision-making. The meetings were known for Munger’s sharp wit and humor, which he was not afraid to use even when criticizing AI.
The assembly began with a video honoring Munger’s contributions to their joint business success. Attendees celebrated some of his memorable quotes and moments, reflecting on his integrity and honesty in both personal and business matters. Buffett also expressed concerns about the risks of AI and the potential for scams and misuse of the technology. He emphasized his preference for investing in U.S. companies with exceptions for specific international investments like Japanese conglomerates.
Buffett also shared some exciting news regarding Berkshire Hathaway’s investment decisions, including a significant reduction in holdings of Apple shares. Despite this decrease in stock ownership, Buffett expressed confidence in the company’s long-term potential. He highlighted how the sale of these shares had increased Berkshire Hathaway’s liquidity position to record levels. He admitted to a cautious approach to investments and acknowledged his risk aversion that has sometimes caused him to miss significant opportunities but overall it set tone for discussion with attendees listening intently.
In conclusion, the Berkshire Hathaway shareholder meeting was more than just an update on the company’s financial performance; it was an opportunity for reflection on Charlie Munger’s legacy and what it meant for future generations of investors