It's time for the latest Berkshire Hathaway annual shareholders meeting summary, the 2017 version of Woodstock for Capitalists that was held in Omaha last week. Last year I focused on some of the funnier lines said at the meeting, and other times I've focused on specific topic, but this year I'm going more observational.
On the scramble to enter the meeting
The Wall Street Journal published an article the day before the meeting about the secrets of some frequent meeting-goers in their attempts to get good seats once the arena doors open at 7am. (It’s first-come, first-served seating.) I have my own strategy that I’ve refined over the years, which includes knowing where the shortest entrance line always is, and also where to find the limited supply of free pastries and beverages are once inside the venue. I almost – almost – feel bad for those who stand in line outside for so long, only to get much worse seats than I do.
On Warren Buffett and Charlie Munger
Warren Buffett and Charlie Munger, as one late-day questioner put it, must have iron bladders. They sit on chairs answering questions for hours at a time, always drinking Coke, and never have to take a bathroom break. They are ages 86 and 93, respectively.
On protesters
For the first time in several years, one of the questioners was actually a protester. She had another person hold up a sign behind her while going on a rant about how capitalism is bad, using slavery, wealth and the sugar in Coca-Cola(!) as examples. She was soon boo-ed loudly enough that no one could hear her speak. Note to interrupting protesters: Meeting attendees will only hate you and your cause more for wasting their time doing this. Also, most of us love sugar.
On foreign meeting attendees
There have always been large numbers of international visitors at the meeting. However, this year I felt the number of Asians not only far exceeded Europeans, it actually rivaled Americans in attendance. Many appeared to be there as members of large tour groups. I sat among a crowd of friendly Chinese folks, and there were also a few questions during the meeting about the Chinese stock market. Not sure what to make of this trend, if anything.
On Jack Bogle
In this year’s shareholder letter, Buffett went out of his way to point out how much money that Jack Bogle, the founder of Vanguard Funds and the father of index fund investing, had saved for investors. It’s in the billions of dollars, collectively. Bogle happened to be in the reserved seating area this year, and Buffett introduced him. It was an historic moment, knowing that Buffett, Munger, Bogle, and I were all in the same room together.
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