No. of Recommendations: 40
Basically I saw the same things you other fans did. Turned out to be a better meeting than I expected.
Like everyone I was impressed and touched by the Munger tribute movie. The part that showed a long collection of two man partners from the past in particular. Lone Ranger and Tonto, Bob Hope and Bing Crosby, on and on - with a soft hymn playing in the background. When the obvious final pair - Warren and Charlie - were shown, it brought a tear to my eyes. That movie will be my lasting memory of this meeting. Grown men can express love for other grown men without being gay.
Re Greg Abel, I was pleased and impressed to see the improvement from last year in his stage presence. But I may have a little different take on it.
Last year Greg was known to be CEO in waiting. And he was relatively new in taking over BRK's widespread operations ex. insurance. Last year when asked tough questions, Ajit was concise, well informed, and blunt in his responses. Abel somewhat talked "word salad" as someone noted and, at best, only told "sweet truth." He didn't look good compared with Ajit and seemed to frequently glance at Buffett to be sure he wasn't stepping on toes. There's a reason. Last year Abel didn't really yet have time to know his businesses and people in depth. And you don't start out throwing people and businesses under the bus until you're sure of your footing. Ajit didn't have that issue, he already knew the people and businesses in depth. And he didn't have many people reporting to him. So he dove right into the issues. Abel bided his time.
This year Ajit was the same, and very impressive. But Abel now seemed well informed and confident in his job also. His stage presence was much stronger, he addressed issues directly, and seemed totally comfortable in his shoes as both operations manager and CEO in waiting. I'm very comfortable with him as the next CEO. And I'm very happy that Warren cleared up any question as to who would manage the investment portfolio. We're in good hands.
And, as Ajit pointed out, Warren gently reinforced that Greg and Ajit were in charge. Berkshire is a better business with Greg and Ajit managing operations. Any who may have coasted a little under Warren aren't doing so now. They're better at running businesses than Warren.
Re the big stock buybacks from charitable gifts, I join others in cautioning not to put the prices paid as representing some discount from a fair price for such volumes. Warren would not take advantage of such gifts to make money. They would have been bought back from the charities.
I could not help taking notice of the impact age is having on us senior folks. Warren using a walking stick. Carol Loomis needing a lot of help from her daughter to answer Warren's question. Warren's stage presence in the first half and the amount of rambling. I found myself wanting to shout: "Damnit, finish and move on" on several questions. Did anyone else notice the desk sign that faced him which he turned around at the end of the meeting? It said "Shut UP." Warren knew it too going in. He was much better in the second half.
The wide spread of mental acuity also showed in clips and interviews. No reduction with Charlie. Buffett's sister seemed very mentally alert at 90. I would put Warren and Ron Olson as now more showing their age. Warren even talked about this concerning himself.
Omaha will certainly feel the impact if Buffett isn't around next year. One of the reasons I stopped attending the meetings in person was that Omaha steadily morphed from a pleasant MidWest city in 1998 to New Orleans at Mardi Gras in the way increased demand drove up prices. Since I had stopped learning much new by the 2012 meeting - I attended every year in between - I saw no reason to keep attending rather than to meet with old friends and make new ones. And old friends quit attending also for similar reasons. There was ample reporting on the meeting itself and now recently we can watch it via the internet.
Otherwise, as said earlier, I saw the same things others have reported.
