Shareholders watch Warren Buffett and Charlie Munger from the overflow room during the Berkshire Hathaway annual meeting on Saturday, May 6, 2023, in Omaha, Neb.
Rebecca H. Gratz | AP
Berkshire Hathaway‘s annual shareholder meeting on Saturday included dozens of questions spanning topics such as investing strategy, artificial intelligence and politics for the legendary investors at the helm of the conglomerate: Chairman Warren Buffett and Vice Chairman Charlie Munger
But it wasn’t all strictly business. Buffett and Munger — who are 92 and 99 years old, respectively — cracked jokes and shared wisdom from decades in the investing world throughout the more than five hours spent answering questions.
Tens of thousands congregated at the CHI Health Center in Omaha, Nebraska were left laughing on multiple occasions by quips from the nonagenarians.
Here’s some of the best moments from the “Oracle of Omaha” and Munger:
Buffett referenced the coronation of King Charles III in England also scheduled for Saturday as he introduced Munger. Charles was the 40th monarch to be crowned at Westminster Abbey in a tradition that dates back to 1066, according to NBC News.
“When I woke up this morning, I realized that we had a competitive broadcast going out somewhere in the U.K. … They were celebrating a ‘King Charles,’ and we’ve got our own ‘King Charles’ here today.”
Munger said value investors should be prepared to get smaller returns as competition intensifies. But Buffett said there’s still opportunities given so many people have a short-term view and often do stupid things in a panic.
What gives you opportunities is other people doing dumb things … In the 58 years we’ve been running Berkshire, I would say there’s been a great increase in the number people doing dumb things, and they do big, dumb things.
Munger said it’s “insane” to teach that one has to diversify when investing in common stocks.
One of the inane things that’s taught in modern university education is that a vast diversification is absolutely mandatory in investing in common stocks … That is an insane idea. It’s not that easy to have a vast plethora of good opportunities that are easily identified. And if you’ve only got three, I’d rather be in my best ideas instead of my worst.
And he said investors should know themselves and their strengths.
We’re not so smart, but we kind of know where the edge of our smartness is … That is a very important part of practical intelligence. … If you know the edge of your own ability pretty well, you should ignore most of the notions of our experts about what I call ‘deworsification’ of portfolios.
Munger had simple advice when it comes to Berkshire Hathaway in an estate. And he didn’t mince words sharing it.
Well, at Berkshire, we have a simple problem of estate planning. Just hold the godd— stock.
Buffett offered advice on how to live life and spend and invest in a way that isn’t detrimental.
“You should write your obituary and then try to figure out how to live up to it. That’s something you get wiser on as you go along. … You just want to make sure you don’t make any mistakes that take you out of the game or come close to taking you out of your game. You should never have a night when you’re worried about investing, assuming you have any money to invest at all. … Spend a little bit less than you earn, and you can spend a little bit more than you earn. … Then you’ve got debt, and chances are you’ll never get out of debt. I’ll make an exception in terms of a mortgage on your house.”
Buffett said investors don’t need to be experts in technical aspects of businesses if they can understand fundamentals and commit to always learning.
We’re interested in owning a wonderful business forever. … We do learn a lot as we go along. … We’re learning all the time how consumers behave. I’m not going to be able to learn the technical aspects of businesses. It’d be nice if I knew it, but it isn’t essential. … We’ve got a business at Apple … I don’t understand the phone at all, but I do understand consumer behavior. … We’re learning all the time, from all of our businesses. … We don’t get smarter over time, we … get a little wiser, though, following it over time.
Philadelphia bans ski masks: ‘No discernible public or private good’
Over $5M awarded to school-based mental health clinics across New York
Florida GOP Chairman Christian Ziegler involved in criminal investigation
Newsom trolls DeSantis over flailing 2024 bid in hostile Fox News debate
DeSantis, Newsom clash over COVID-19 in testy debate: Live updates
Feeding Tampa Bay serves hundreds a traditional meal for Thanksgiving
39 Black Friday Treadmill Deals to Shop Right Now 2023
43 malls in Massachusetts for all your shopping needs
31 Best Black Friday Mattress Deals You Can Shop Right Now 2023
12 Best Running Shoes for Women, According to Experts in 2023
Paul McCartney Loved This Ballad That Became a Beatles B-Side
The Strongest Cybersecurity Stocks In Q3
Celtics have reportedly ‘kept tabs’ on Grizzlies swingman in possible trade
‘The Golden Bachelor’: Gerry Turner’s Ex Claims They Started Dating a Month After Toni Turner’s Death
Bills linebacker Von Miller turns himself in on felony domestic violence charge
Lifestyle23 hours ago
Don't Miss These Extended Cyber Week Deals — Up to 88% Off
Tech22 hours ago
Do You Use Okta? Hackers Probably Have Your Name and Email Now
News17 hours ago
Who Paid for Mike Johnson’s Trip to Israel?
News23 hours ago
What Barack Obama Said When He Gave Paul McCartney an Award
Tech22 hours ago
Biotech teams are gearing up for a $101M competition to boost healthy lifespan
News16 hours ago
Gaza war an irritant to Biden’s bigger China plan
News22 hours ago
Christmas Came Early for ‘13 Going on 30’ Fans
Tech7 hours ago
Millions of lead pipes would finally be ripped out under proposed EPA rule