Lessons from Warren Buffett: Berkshire Hathaway AGM
Berkshire Hathaway is my favourite “hare and the tortoise” company to own, and to keep owning. Founded and still run by investment legend Warren Buffett, it is in their DNA to be defensive investors.
The share price is up 27% in the last year and they recently held their annual general meeting in Omaha in a large concert venue. The event is known as Woodstock for Capitalists.
Here are some bullet point notes from the 2 day event.
1. Q1 was good for Berkshire Hathaway. The company keeps compounding at attractive rates
2. Berkshire earns more than $100 million per day currently
3. Coca Cola and American express will probably never be sold
4. Apple will (probably) remain the largest position of Berkshire Hathaway in the years to come
5. Berkshire Hathaway will keep buying back shares in the years to come
6. Berkshire Hathaway‘s primary investments will always be in the United States
7. Buffett feels extremely good about his exposure to Japan
8. Insurance is the most important business for Berkshire Hathaway
9. Geico (insurance company owned 100% by Berkshire Hathaway) has lower costs than virtually any insurance company
10. Geico is still an amazing business. The company is making progress in its data analytics
11. Insurance is still an excellent business. Ajit is doing an amazing job
12. The best time to sell a wonderful company is (almost) never
13. Higher taxes are quite likely in the future according to Buffet
14. The market is there to serve you. Use it to your advantage
15. The power of compounding is the most underrated power in the world
16. Don’t try to time the market
17. Don’t check stock prices daily
18. Always look at a stock like a business
19. Always surround yourself with people you look up to and trust
20. Hire for integrity, intellect, and hard work. Skills can be taught
21. Big tribute to Charlie Munger, Buffett’s Investment Partner who died this year at the age of 99.
22. “During our entire partnership, Charlie never lied to me even once.”
23. “Charlie was the best Partner I could have very imagined.”
24. “Charlie’s two best ideas were probably BYD and Costco”
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And finally some sage advice from Buffett who clearly misses his buddy Charlie