Subject: Yellow BRK Trivia & Memories
I fired up Apple News this morning and checked on the WSJ article about the upcoming meeting. I was surprised and happy to see a photo of Lyle McIntosh, a long time friend, with the ridiculous Yellow BRK hat. That hat was started by a likeable rogue named John Gartman. He used it to attract attention and meet people starting in the late 90's.

The origin of the Yellow BRK gathering was the old AOL board. We talked about getting together in Omaha. Another friend suggested we were taking the Yellow BRK Road to meet with the Wizard of Omaha, and the name stuck. Wearing yellow was suggested to identify ourselves, and Gartman took it to the limit. A poster on that board, Doshoes, helped organize early meetings. She turned out to be Warren's daughter. And Doshoes was a takeoff on Dorothy's Shoes from the movie, a favorite of Susan's.

Meetings were much smaller then, and you could actually rub shoulders with Buffett and family. He attended some of the first Yellow BRK gatherings, and would also show up at Andy Kilpatrick's Friday night party. Andy used to publish a huge book of stories about Berkshire each year. He pitched a great party and lots of celebs showed up to see and be seen. Soliciting new clients was an active game.

Time demands and the growing crowds soon put an end to Buffett appearances. And some of us started to use the break-out rooms to avoid the floor crowds. Easy to meet and no early morning hours and running for a seat. Lot's of room back then, easy access to food and bathrooms, etc. That too has disappeared I'm told. And room rents and restaurant costs started approaching Mardi Gras in New Orleans. Many of us would stay at the Embassy Suites, have breakfast every morning and a private dinner before Andy's party. We would gather around the bar late at night and reorganize the world. One evening a gentleman was sitting alone nearby and appeared to be listening, so we invited him to join us. Turned out to be Malcolm Chase, a BRK director. He told us his cost basis in BRK.A shares was $0.25 because of his ownership before Buffett acquired his family's company. He also said he would show up for the start of the meeting, spend most of the day at the Zoo, and then return for the later directors meeting. Then a Canadian group bought out the Embassy Suites for the meeting and that all ended except the private dinners.

I quit going many years ago as fewer and fewer old friends also stopped coming. Frankly, I wasn't really learning anything new from the Q&A, so visiting with friends became the main attraction. Age and the long drive from the DFW area were also factors. I flew once, fought the rental car issues, and decided the drive and having my own vehicle were worth the extra travel time. Also, I could leave early when spring tornadoes threatened the meeting activities.

Lyle is a long time friend with Debbie, Warren's old secretary and now executive assistant. She approached Lyle to say they were trying to improve the meeting and asked if he could gather suggestions. He approached a group of us and we polled the group for ideas. All long term shareholders. The almost unanimous one was to cut back on the many questions from the floor and to gather questions from shareholders prior to the meeting. Have selected analysts or media choose the best and ask them to Warren and Charlie. I'm sure we weren't the only ones with such suggestions. Nothing happened for a year or two, but then changes were made and the Q&A content improved. Less long speeches from the floor praising Warren, and kids asking how to get rich as they carefully read off their questions prepared by parents.

I miss seeing old friends but applaud that we can now follow the meeting via the internet. And even review old ones. But the people you get to meet and know at the meeting can be as valuable and enjoyable as the Q&A in my experience.

Have fun everyone. I'll be watching.