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So what was the attendance like for this meeting? I assume it was nothing like the old WEB days where they filled the arena. Has anyone noticed a difference in the type of shareholders showing up. I'd assume we get less cult of personality followers and more business oriented folks.

Any attendance numbers mentioned?

Thanks to all who have posted regarding the contents of the meeting. Sounds like things are progressing, overall.

SD

My guesstimate is 60% of last year. Maybe overestimating.

I was there and it seemed like the lower deck was pretty full at the start of the day. But the upper deck was maybe 10-15% occupied. And Chi’s upper deck maybe had less than half as many seats as the lower deck. The floor seats were full. By the second Q&A period, there were a good many empty seats all over. Maybe people were shopping or left early? This probably means the overflow rooms weren’t needed where in past years they filled those up too. The Friday afternoon shopping was pretty packed, much like usual. And the way up high press box during the meeting was less than half as populated as recent years.

I think Greg felt he had something to prove in terms of his grasp of our wide range of operations. And he did a great job at that. I was happy to see few if any little kid questions of how they can become successful in life. Those had become so repetitive.

The overall schedule finished the day an hour earlier than past years. I stuck around for the business meeting at the end. Was surprised that Warren (Chairman of the board) wasn’t in attendance. He may have been worn out by then. And he was wearing a sweatshirt outfit instead of his usual suit.

I agree. I was there as well for the long weekend. I thought attendance within the CHI Center may have been 2/3 compared to the last couple years. Shopping on Friday there were certainly a lot less folks (?2/3) within the exhibition Hall and it was easier and less expensive to get Uber rides over the weekend. I had a blast with old and new friends and loved the conferences within the weekend-Gabelli, VALUE X, Larry Cunningham’s panel on Corporate Governance (with folks like ex-Board director Ron Olson & Mark Miller new Constellation Software CEO who was Very impressive & Paul Johnson), Gabelli/Columbia Dinner, Chris Bloomstran was a panel guest on multiple events,& Vitaliy K.’s brunch on Sunday. Wonderful weekend overall, despite being less in awe and entertained than previous years when Warren was on stage.

Greg is the right guy at the right time and I appreciated the Canadian hockey player stick passes and honest assessments he delivered. Not selling a single share & actually, i bought some shares for my teenagers today @ $465. Patience has paid off in the past with BRK & I think it will deliver again.

Mark Miller new Constellation Software CEO who was Very impressive

I'd be quite interested if you were able to give us a little colour on that...interesting firm, and seems to be quite a bit cheaper at the moment than its historical norm.

Probably paywalled, and over two years old, but still interesting:
https://www.economist.com/business/2023/11/30/meet...
"...Whether by fluke or design, Constellation’s dealmaking success is based on principles that look strikingly similar to those of the world’s heavyweight acquirer, Berkshire Hathaway. ..

Jim

Mark Miller new Constellation Software CEO who was Very impressive

I'd be quite interested if you were able to give us a little colour on that...interesting firm, and seems to be quite a bit cheaper at the moment than its historical norm

Jim, I am surprised. As a Canadian and an erstwhile software entrepreneur, I expected you to be the resident expert on a storied Canadian software company.

I'd be quite interested if you were able to give us a little colour on that...interesting firm, and seems to be quite a bit cheaper at the moment than its historical norm
...
Jim, I am surprised. As a Canadian and an erstwhile software entrepreneur, I expected you to be the resident expert on a storied Canadian software company.

I do know a little about the firm, and I own some stock. I was wondering about colour on the boss and his comments, who I haven't met.

Jim

Sorry Jim, I just saw this request. Mark Miller was part of the 4 person panel & moderator at the Cunningham panel on Corporate Governance so he did not do a ton of talking. I am not sure if they taped it but I liked his style.

Mark has been there >35 years I think. He was Not a chatty Cathy nor had a folksy larger than life personality like WEB. He was more low-profile and seemed more quiet, self-assured and focused and he was not a story teller. Like Greg, he had a thoughtful, logical, operational and direct way of adding perspective. He seemed to align of course with ex-CEO Mark Leonard with keen focus on customers, employees, respecting shareholder owners and minimizing bureaucracy with a decentralized structure much like BRK. He prefer to give his managers plenty of room to manage and make their own capital decisions to a threshold with earned Trust and no micromanaging, a “call me if you need me” type of approach. I think they have bought thousands of cos over the years and business seems good.

I sense Constellation will keep their head down and focus on what they do well and can control. He looked like he has been working his arse off, but I did not sense fear, anxiety or impending doom from AI. I sensed they are quite thoughtful and well-aware where AI can or will be a threat or benefit more than most cos. I have a tiny position and I am down over 30% on paper. I am tempted to add a bit from this brief exposure to Mark and the CS culture, as it parallels BRK in many ways.

Btw, I loved how he pointed out his daughter (20s) in the audience and his pride in her position in a biotech company. You can tell they were very close, were “real” and seemed like good hearted people.

I hope this is of benefit. Keep a look out for “Value Investing and Corporate Governance Program in Omaha” as it could have been recorded.

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