For the first time since the COVID-19 pandemic got real in the U.S., an event I really wanted to attend was ruined. It was the Berkshire Hathaway annual meeting in Omaha, which only offered online streaming of this year's meeting.
You can count on the fingers of one hand the number of times in the past 20+ years I haven't personally attended 'Woodstock for Capitalists.' It's more festival than meeting, taking up an entire arena and adjoining convention center, although the centerpiece is always Warren Buffett and Charlie Munger sitting on a stark stage answering questions and making comments for about six hours.
I watched the entire stream, which this year consisted of Buffett and heir-apparent Greg Able talking on that same stage for almost five hours. (How does the 89-year-old Buffett do this, or anyone for that matter, without taking a break?) It wasn't the same, of course, but they tried.
The main thing missing was Vice-Chair Charlie Munger, who didn't participate at all this year. The highlight of most Berky meetings is listening to Munger's acerbic wit as he answers questions, usually ones for which Buffett probably said the same thing in a more extended, eloquent way.
I don't really have any specific nuggets this year. Every question, answer, and comment was pandemic-related in one way or another. Buffett was optimistic on America's long-term future, having already survived a civil war and a years-long economic depression. However, he didn't sound very optimistic about the next year.
He was probably just bummed that he couldn't have the usual fun annual shareholders meeting this year, and given his age, their aren't many left for him to lead.
And clearly, we both missed Charlie.
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