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While I'm eternally grateful for the wealth and wisdom that me and my family have received from Warren, I must say that in my opinion this year's annual meeting was really well below par.

It seemed like Warren was interested in talking about anything except the actual operations at Berkshire.

Specifically, there was no mention of the railroad, no mention of Todd and Ted, no explanation for the Apple stock paring, no explanation on the reasoning why the age limit was imposed on board member after being 180 degrees the opposite direction, no plan given for the cash that has climbed to 10x the largest previous deal done.

The very significant value impairment of the energy business had to be teased out of him with a question, otherwise it would never have come up.

Yes, in a recent earlier letter he complained about the legal environment harming the energy business, but it was not until someone directly asked why Walter Scott's Mid American energy shares were bought at a major discount to Abel's that he said "because they are now worth a lot less." Sorry, but a few years earlier, we were told the energy business was one of three equal legs to the Berkshire stool, its ridiculous this development has not been directly addressed until asked.

Also, Warren basically forgot to review the just released quarterly earnings which has ALWAYS been his first order of business before starting the meeting. It wasn't until the end of the first session when Greg reminded him that "maybe we should review the earnings", that Warren did so.

When Warren was directly asked the most important question of the day, "Why did you pick Greg as your successor, he totally punted the answer, never gave one, and talked about the Chattanooga Choo Choo.

Most would agree that the main purpose of the AGM is for Warren to field questions.

The questions picked by Becky were solid, but the questions from the crowd were 100% UNSCREENED.

At least half a dozen very young kids asked how to meet Warren, how to get a job at Berkshire, what classes to take to be successful and other BS. One or two of these a meeting can be cute, but it was hugely irritating for those that spent a day traveling across the USA, paying for a hotel, waking up at 5:00 am, standing in line for 90 minutes to enter. to hear this nonsense.

Almost all these questions were given huge amounts of time while none of the items listed above were touched? WTF?

and then there was the absurd question about the hot dog stand. How was this allowed.

I know Warren doled out lots of praise on the employee at Berkshire who planned the Annual Meeting if though she was not a professional event planner.

Perhaps in the future, Berkshire needs one.

<<,While I'm eternally grateful for the wealth and wisdom that me and my family have received from Warren, I must say that in my opinion this year's annual meeting was really well below par.<<


Buffett probably wouldn't dispute that take. If he was still throwing 96 mph fastballs like he did at the sprite young age of 90--he probably wouldn't be downshifting to the Chairman only gig. In my mind, he's sounding like a brilliant guy in the upper 1/2 of 1% for age 94.

But at this point it's the age 94 part that wins out over the upper 1/2 of 1% part. And 95 when he downshifts.

No better person with numbers than Warren "I know what the actuarial tables say"...

Trust me, I love Warren as much as anyone.
He is literally a one of a kind, never to be repeated businessman, investor, philanthropist, teacher, and mensch.
He is a National Treasure.
My comments on the meeting stand apart from all that.

I'll give him some grace, this year.

If you built something for 60 years, that had world renown, and it was of such awe that tens of thousands of people come to hang on to your every word when you talked about it, year after year, you might not be 100% on the day you give it up. You might be emotionally somewhere else.

Excellent post WEBLUNCHx2. Wish I could rec it more than once.

This meeting was more Buffett musing than answering questions. Still the standing ovation after his retirement announcement was touching. And he did speak out on tariffs and the risks of debasing the US dollar - even though he said "no politics questions."

You hit the key issues. Almost all the questions from the floor weren't of value, and WEB didn't answer the ones that were. Becky's questions were good - but Buffett wandered about on his answers. I was impressed on how quickly Greg's team came up with the answer on the hot dog question.

I kept waiting for the OXY question. Maybe his pre-announcement about no questions on investments or politics caused Becky to squash it.

I'm guessing future meetings will be less well attended but will contain a lot more info about the businesses and issues. Could attract a crowd more serious about the meeting's contents.

My understanding of the original purpose of the meeting dates back to the partnership days when his investors were given one day a year to ask him about his management of the partnership. Otherwise it was trust him and don't bother him.

Again, appreciate your post.

I understand your point and frustration Weblunchx2. Lotsa kids questions.
My wife sez I overthink but here’s my perspective.

IMHO, the overarching theme of WEB’s answers, while sounding nostalgic, revolved primarily around the theme of change and progress at Berkshire Hathaway.

For example, The Chattanooga Choo-Choo was a famous train and while Berkshire's original business was in textiles, it’s a far cry from the diverse investment conglomerate it is today. Hence, Berkshire Hathaway’s evolution, in WEB’s judgement, Abel is the right leader for its current and future direction, far removed from its textile origins.

I dunno. Just one simple minded man’s opinion.

Respectfully,
PaulnKC

Warren's departure as CEO of course hit an emotional tone for me as it did for all long term shareholders. Ajit especially comes across as off the charts brilliant, kind of like a much younger version of Warren. He knew off the top of his head that Berkshire's cost of float over the last 20 years was -2.2%. Greg was very good when answering operational questions (especially about BHE, right in his wheelhouse) but botched the most important question about capital allocation philosophy. This audience questions were terrible, probably the worst I had ever seen. Warren was rambling a lot especially in the first half, but could be forgiven given his advanced age & impending announcement of his retirement which must have been emotionally very hard for him. I too agree with other posters that we learned very little about the (non) insurance businesses at this meeting.

In retrospect, Warren taking time out at the meeting and praising Tim Cook profusely for his performance after Steve Jobs passed away , even after selling down the position dramatically... was his attempt to make the point that Berkshire will be fine and maybe even better off. Not that Cook doesn't deserve same...He's just made that point previously quite often.

I don't necessarily agree with that sentiment and am processing and trying to synthesize a lot of inputs from the weekend.

I'll always remember Charlie imploring the Munger clan not to sell the Berkshire after Warrens death.

based on the summary here, both the exceptionalism of the leader and typical shareholders seems to have noticeably deteriorated.
add this to the circus nature of the main meeting, and maybe its time to exit the cult and treat the holding more critically.

(although i have for a few years become much more interested in the output of various value-centric smaller gatherings during the week, such as robotti and others)

“then there was the absurd question about the hot dog stand.”

I hear you, But this particular Q&A provided enormous laughter for about a dozen of us sitting together in the CHI arena upon hearing this WTH?! question. It was almost like a Sat. Night Live Belushi skit or maybe a fraternity pledge joke. Hey, I love Becky’s on topic and very relevant and screened BRK questions as much as anyone, but the comic relief this provided and Greg’s comment I may have to “phone a friend”, Regis was really funny. We relived it at the sports bar lunch right after the meeting. Classic!

Poor young fella who asked it was so excited to ask his question but had not done his homework!😁 Oh well, at least they spun it to chat about IL based Marmon, the talented Jay Pritzker & the tax change LIFO cocoa beans certificate for stock story.

I appreciate many of your points but still really enjoyed the meeting. The silly questions from kids and others have truly been going on for years.

Let’s not forget that Buffett and Munger didn’t have to answer any questions at all. Not this year or the past 60.

It’s in the nature of open mics and emailed questions that silly things do come up. There’s also the annual report and proxy materials one can peruse at their convenience. This management tends to be more than full and fair disclosure.

Was it the worst? The announcement in the last 5 minutes essentially put every shareholder first! Not even the board! That’s a lesson to be etched in history.

Sure, bring on the event planner and the bromides that come with. Just attend any other shareholder meeting to see these.

I just enjoy the meetings and am ever grateful going to them.

summary of other mtgs during BH week :

https://behindthebalancesheet.substack.com/p/3-day...

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