No. of Recommendations: 19
I can only add a bit of color to what are thorough observations of the meeting.
My wonderful, grey-haired husband went out early, alone, to secure seats for us in the main auditorium. He says he was blocked and tackled by enthusiastic young men hurtling over rows to snatch the best seats. So, while inside the arena, we were a bit further back than we liked. A family of four, sat directly behind us and the children were clearly too young to be there. They moaned and barked continuously while crunching the plastic wrappers that covered their squishy toys. Mother said she was sorry but did not remove the noisemakers and Dad was focused on the meeting. So, crunch, crunch, bark, moan was pretty much what I heard instead of whatever Warren, Greg or Ajit had to say in the morning session. Thankful for CNBC.
We found much better seats after lunch.
My knowledge always deepens whenever I attend a meeting. "Re-learning" that Buffett has basically created Fort Knox with the continual replenishment of float, which allows for the purchase of other fine, safe businesses to add to the cash flow is always awe-inspiring to me. Also, understanding how the great architect of Berkshire, Charlie Munger, was so foundational to what Berkshire has become. Yin to the yang.
Though I encountered Warren, first, and was instantly smitten, Charlie's blunt observations, wit, practicality and honesty were what ultimately sealed the deal. When Charlie spoke, I knew he said what he thought was true, not what he thought anyone wanted to be true. I knew I was safe.
Becky's last question of the day to Warren, from Devon Spurgeon, was about Charlie's will and the first codicile, which was an ethical bequest of a transition of duty, rather than a material bequeath. She asked Warren, "If you were to make an ethical bequest to Berkshire shareholders, what duties would you impose, and why?"
He said, "I'd probably say, read Charlie [He mentioned Poor Charlie's Almanac earlier.] Also (paraphrasing), Whether you're rich or poor, kindness. Being kind. And his last sentence was, "...if you're lucky in life, make sure a bunch of other people are lucky, too."
-------
Tear time and standing ovation.
-------
Two other things,
1) we had dinner at the bar at the Marriott next to a young scion of a family-owned realtor in south Miami (my husband has the card). Their business is one of 300 nation-wide franchises, which are part of the larger Berkshire Hathaway HomeServices network, and has been one for ten or fifteen years (!), I forget which. I asked what he thought about the class action lawsuit and if it would affect their business. He thought it would ultimately be a win, since his company already had contract/agent agreements (I don't know what those are, exactly, but I think I get the picture), so it wouldn't be a problem, at all. He also said, they often get voluntary bonuses from clients for a job well-done, already. Also, his business benefits from Berkshire because of name recognition and an acknowledged higher level of integrity. (!) He also said his clientele has significantly improved in quality because of the name, while Berkshire benefits from them because of their on-the-ground expertise. Win/Win.
and, finally,
2) Husband and I were alone, in the Marriott elevator, with, Guy Spier! Yay. He didn't recognize us even though I think Bill and I each shared two separate See's Candy Tours with him--and he tried for several years to get us as clients, sending us a nice bound book on, Lists. I didn't recognize him, but he had a large clearly-marked name tag, so we had the advantage.
There you go...That's it.
