Destination: 2015 Berkshire Hathaway Annual Shareholders Meeting

DowntownWell, I’m back in Sarasota fresh off of the trip to Omaha for the 2015 Berkshire Hathaway annual shareholders meeting.

What a time it was. It was an incredible and surreal weekend, and one I’ll never forget.

I’m going to do my best to share some of the highlights of the trip from start to finish. I took a lot of pictures, but I didn’t capture everything I wanted to. In addition, I completely forgot my camera. So I was forced to take pictures with my iPhone 3G from 2008 – 2.0 MP camera and all. But I think I did a pretty solid job capturing the essence of the trip.

We had to get up at 5:30 a.m. on Thursday morning in order to make our flight, which is part of the reason I forgot my camera (I’m not a morning person). We then drove about an hour north to the St. Pete-Clearwater International Airport. I normally try to fly out of Sarasota for the sake of ease and accessibility, as we can take the bus to the airport assuming the flight isn’t super early in the morning. But the two round-trip tickets for Claudia and me totaled out at $439. Not too shabby.

Touring Downtown And Old Market In Omaha

Once we landed in Omaha we quickly took the free shuttle over to our hotel. I booked us three days at a budget Comfort Inn about two miles outside of the downtown area where the meeting would be taking place on Saturday at the CenturyLink Center. The total for the three nights ran $463 after accounting for like 10 different taxes. Again, not too shabby.

But we arrived before check-in, so we left our luggage in the care of the hotel and took another shuttle ride out to the Old Market area. The Old Market area appears to be the spot to be in Omaha. It’s trendy, hip, urban, dense, and busy.

OldMarket

We spent some time here, which is really enjoyable. We walked around for about an hour or so taking in the sites and the weather – it was in the high 70s with low humidity and not a cloud in the sky. Beautiful.

The Old Market area is roughly three square blocks or so. It’s not particularly large in terms of total area, but it’s quite dense for the area it does take up with plenty of restaurants and shopping (we indulged in the former but not the latter).

OldMarket1

After taking in the sights for a while, we figured we’d settle on a place to eat. We picked Stokes Grill & Bar, which is a Southwestern joint. Beautiful interior, though I found the food so-so. I ordered fish tacos – the menu description was awesome and they were reasonably priced. Unfortunately, they didn’t catch my request for no cilantro. Besides that, the tacos were quite bland.

FishTaco

I’m not used to eating heavily for lunch, and certainly not at restaurants. We only visit restaurants maybe twice a month on average, and we almost never choose lunch for restaurant visits. So we decided to walk off the extra calories by crisscrossing the entire city.

We first checked out the adjacent Gene Leahy Mall, which is a park that features a long waterway that wraps around a lagoon, and it’s right in the downtown area.

GeneLeahyMall

This is quintessential Omaha, based on a number of pictures I’ve seen of the city. It’s really a quaint area that was largely populated by families and joggers.

We then circled around to the riverfront area, which features Heartland of America Park that’s situated right on the Missouri River. The park has a huge fountain that overlooks the downtown skyline from certain angles. I got a picture of the fountain at the park, but the shot that would have shown the downtown scene was quite a walk away from where we were, and we were conserving energy for our trek across the rest of the downtown.

Riverfront

After taking in the serene scenery here at the edge of downtown, we then hiked back to where we were, eventually passing the Gene Leahy Mall and heading up to the central downtown area.

We both found the overall downtown area a bit underwhelming in some aspects. For instance, we noticed that a lot of the buildings were hotels. Now, this is true for a lot of cities, but the hotel scene in the immediate downtown area seemed inordinate, for better or worse. I imagine the city hosts a lot of conventions, which creates the demand for this. In addition, we ended up walking around for six hours on Thursday before making our way back to the hotel, and seeing most of the downtown area by foot seemed to prove out a lack of overall density. You can see one of the better/more dense looks at downtown at the beginning of the article.

Nonetheless, there were a couple of really nice areas. We eventually found ourselves just in front of the Union Pacific headquarters. And since their stock is on my watch list right now, I had to take a shot.

UnionPacific

We then cooled off by grabbing a couple of iced drinks at a Starbucks located right across the street from Union Pacific’s headquarters. I can tell you that this Starbucks was large by Starbucks standards, and it was still elbow-to-elbow. It was literally packed. It reminded me of a nightclub or something. I thought lights and music were going to start up at any moment. I think I’m missing out on an investment here…

After resting, we then headed our way up across downtown, eventually coming across the Joslyn Art Museum.

ArtMuseum

Great art museum. We spent well over an hour inside the museum, checking out the permanent exhibit. First, the price is right – it’s free admission, but donations are appreciated. Second, the museum is large. We were moving quickly and it still took well over an hour. Third, the museum itself is a work of art. Highly recommended.

We left the museum and finished our tour of the entire downtown area. Although it was underwhelming in some aspects, I will say that it’s a very clean area. We also never felt unsafe at all. Overall, a really nice town.

After grabbing the shuttle to the hotel to finally check in early in the evening, we cleaned up, grabbed a bite for dinner, and settled in for the night pretty early. Getting up before six, flying for three hours, and then walking in the sun for about six hours takes it out of you.

Reader And Blogger Meetups

Friday started off in an amazing manner. I set aside some time to meet up with any readers that happened to also be in town for the meeting, or any that just so happened to live in Omaha. Around 10 readers showed up, and I spent almost two hours talking to everyone, with some people staying only as long as time permitted. All in all, it was a great time. I always look forward to meeting readers and/or like-minded savers/investors, and this opportunity was no different.

We ended up discussing the upcoming Berkshire Hathaway meeting, the high cost of living in some states, comparing yourself to a benchmark, why I avoid tax-advantaged accounts, why my previous move back to Michigan didn’t work out, and renting versus home ownership. It was a lot of fun.

I’ll also quickly note that I thought I got a pretty good deal on our hotel room. It was the cheapest hotel I could find when I booked back in December, especially for anything close to downtown. Free shuttle, free breakfast, and only two miles away from the main event also added a lot of value. However, one of my readers said he snagged a room for rent off of Airbnb for only $50 per night. Now that’s a score.

Later that evening, Claudia and I took another stroll around downtown. We ended up right on the outskirt of the Old Market area to meet up with fellow bloggers Mr. and Mrs. 1500, Mr. and Mrs. PoP, and Mr. and Mrs. Kapitalust for dinner.

HarneySt

They were all also in town for the meeting, so it was great to put some faces with secret internet identities. Plus, I have to give a big thanks to Mr. 1500 for graciously setting aside two credentials to the meeting so that Claudia and I could attend.

It was awesome chatting with – once more – like-minded folk about subjects we all have a passion for. It was also a great opportunity to get to know these people better and what drives them to do what they do. All in all, a really fantastic time.

This little impromptu blogger meetup was held at at Wilson & Washburn. I was once again somewhat disappointed by the food, but perhaps I was ordering the wrong food or maybe just eating at the wrong places.

We turned in early once more on Friday night because we knew we were going to have to get up extremely early on Saturday for the Berkshire Hathaway annual meeting. The doors open at 7 a.m., but you want to get there well before then to secure a decent place in line, and hence a seat.

The Berkshire Hathaway Annual Shareholders Meeting

We grabbed the first shuttle we could after grabbing a quick free breakfast down in the lobby of our hotel. That means we ended up landing at CenturyLink Center at about 6:30 a.m on Saturday morning. You’d think that was early, right? Think again.

CenturyLink1

The center of that picture is our place in line. And this is the side of the building. Needless to say, the line was incredibly long.

Though, I didn’t feel as bad after standing in line for about 10 minutes and noticing there were hundreds and hundreds of people behind us, wrapping across the street and down the block.

CenturyLink

That’s across the street from where I’m standing. And that line stretches out to the main intersection and around the corner. They don’t call this “Woodstock for Capitalists” for nothing!

It was a bit chilly and it started to rain toward the end of our wait. But neither bothered me. I was way too hyped up about getting in that building and being in the same room (albeit a very large room) as Warren Buffett.

I understand there are some activities going on before the main meeting where you can potentially get close to Warren, but we chose instead to secure a seat right away. The rumor was well over 40,000 people were attending the event. And there were only enough seats for approximately 18,000 people in the main arena. So we bolted straight for the arena to grab the best seat we could.

AnnualMeeting

We made ourselves comfortable for about 40 minutes or so before Warren Buffett and Charlie Munger made their way out toward the center stage, eventually seating themselves just in front of the stage so that they could see the screens up front. The invited media personnel also made there way out to their assigned areas as well.

At 8:30, the company movie started. The entire production was top-notch and incredibly humorous. There were a number of bits that were all somewhat intertwined with one another, making jokes about how Warren was going to go heavy on internet stocks and Charlie was going to let him do whatever he wanted, in favor of the Hollywood life. A number of actors and actresses made appearances, including a notable bit involving Bryan Cranston, Aaron Paul, and Warren, with Warren apparently the new Heisenberg from Breaking Bad.

The highlight of the movie, in my opinion, was a rather lengthy bit where Buffett “challenged” Floyd Mayweather, Jr for the title. Of course, hilarious antics ensue, with Buffett sure that Floyd wouldn’t hit “an old man with glasses”.

One other scene is of Warren singing the Coke song, with a joke at the end. This video was apparently also part of The Coca-Cola Co. (KO) annual meeting. You can view that video online now.

After the movie, Warren and Charlie made there way to the center stage to huge applause. Unfortunately, pictures are strictly prohibited during the meeting, so I couldn’t take any shots. But I did take plenty of notes during the meeting, trying to capture some of the best moments.

This is my first time ever attending, but I’ve heard that Charlie is usually quite quiet. However, he was quite vocal with most questions on Saturday, discussing his views and opinions on a number of topics. I thought this was great. He was less restrained and more blunt than Buffett, living up to his reputation. As such, many of his answers elicited laughter. For instance, Charlie would blurt out that questions were dumb when they were.

Buffett elicited plenty of hearty laughs as well, as both men are quite funny, even when discussing serious subjects relating to business, finance, and investing.

I’m going to include some highlights below, taken from my notes:

  • Buffett responded to a charge about subsidiary Clayton Homes engaging in predatory lending by discussing how important it is – to both the borrower and Berkshire – that people stay in their homes. It’s a lose-lose when someone can’t stay in their home, so he only wants to see those that can pay in homes they can afford under a reasonable payment plan. He also noted that Clayton is heavily regulated with an otherwise spotless record. It was also noted that they build high-quality homes at very affordable prices. I can say firsthand that I toured a Clayton model in the vendor area that was priced under $70,000 and it was absolutely beautiful.
  • One question related to Berkshire’s views on partnering with 3G Capital, considering 3G’s track record of taking over a business and promptly letting people go. Is 3G at odds with Berkshire’s reputation? Buffett answered back that 3G is not at odds and that he’s never once said to anyone that any company should have more people employed than that which is required to run the business. He added that capitalism works best when it’s most efficient.
  • Buffett talked extensively about the power and value of brands.
  • Buffett repeatedly discussed the power of luck. He views it as important to being open to ideas as they come along. A lot of accidents happen in life, which is why one should be open. He discussed this luck as it relates to him starting up the first partnership, noting the importance of being in the right place at the right time. He also stated that it was pure luck that he received such a great lesson on insurance/Geico when visiting Washington D.C. back in the 50s.
  • Berkshire’s future came up a few times. At one point, Charlie quipped that there are worse tragedies in life than seeing Berkshire’s growth rate slow some. Buffett immediately charged back, “Name one.”
  • Buffett and Munger were asked about the trends away from processed and sugary food, linking sugar to health problems. Coca-Cola was asked about specifically, as it relates to Berkshire’s common stock portfolio and whether or not Berkshire was concerned about the stock. Buffett said he wasn’t concerned at all, noting the annual increases in unit case volume, the power of brands, and the ability to adapt. But he then went on to say that Coke probably accounted for 25% of the calories he’s consumed over the past several years, noting he was “1/4 Coke.” Although, he “wasn’t sure which quarter.” He then went on to discuss his disdain for vegetables, saying that eating broccoli is “like going to jail.” More seriously, he noted that he thinks he’s lived as long as he has because he’s happy and eats/drinks what makes him happy. Charlie joked that Coca-Cola “prevents premature softening of the arteries.”
  • Asked about the stock market’s valuation and whether or not stocks in general seemed expensive right now, Buffett stated that corporate profits are worth more now because of low interest rates. He stated that it’s important to look at stock values within the context of low rates. He also stated that he can’t predict rates, noting that he would have never thought we’d see rates this low for this long. Within the context of interest rates where they are, Buffett thinks that rates rising would make stocks look pretty expensive. If rates persist, stocks look cheap. He also noted there’s a long-term opportunity cost of owning bonds, especially right now.
  • Munger added that they’ve abdicated from making macroeconomic predictions. He said, “We swim and let the tide take care of itself.”
  • Discussing volatility in the stock market, Buffett stated that Berkshire’s made a lot of money off of volatility. He added that a young investor that can stand back and value businesses and think of stocks as tiny sliver of businesses should do well over the long haul.
  • Discussing value investing, Munger quipped that he doesn’t think the value investor will ever go out of style. He questioned what else could you want other than a good value on what you buy?
  • Mistakes were brought up multiple times throughout the meeting. Asked about his biggest mistake, Buffett immediately mentioned Dexter Shoe. He said he’d rather be 100 times too cautious than 1% too incautious. He also noted that it’s been a mistake every single time they’ve issued shares as part of a deal. Munger answered back, “Of course.” Munger later added that it makes no sense to “sweat at night.” Buffett immediately charged back, “Over financial matters.” After some loud applause and laughter, Buffett stated he wouldn’t pursue that any further.
  • Asked about the possibility of major disruption in the regulated utility industry, Munger stated that there was more opportunity than disruption in the industry and that Berkshire was well positioned with continued investment in renewable energy via MidAmerican Energy.

I left as soon as the Q&A ended to make time for voting, making my way toward the vendor area. This was a huge area where almost every single major subsidiary and investment by Berkshire was featured with some kind of display, mostly with products for sale. Buffett wants people to spend.

I was fortunate enough to get some pictures of myself by some of the larger displays. First up was a large Coca-Cola display, complete with a model of an old delivery truck.

Coca-ColaTruck

I then grabbed a shot at the Heinz display.

Heinz

I was actually spotted by a few readers in the main vendor area. I ended up chatting with a few people down here, which gave me an opportunity to spread inspiration. It’s almost surreal being picked out of a crowd by people in passing. It’s especially crazy when people actually want to have their picture taken with me. I take that as a sign that I’m doing a great job here at the blog, helping people become better versions of themselves. That’s really my main goal at this point.

After spending two hours in the vendor area, Claudia and I walked up the road to a little restaurant called Local. Apparently, this restaurant had just opened the day before. Local served one of the best cheeseburgers I’ve ever had in my life. It took a couple days, but I finally had an excellent meal. The cheeseburger sported bacon jam, a fried egg, and cheddar cheese. All on a brioche bun. Not healthy, but mighty tasty.

LocalBurger

After enjoying our last meal in Omaha, we walked around Old Market one last time. The weather was absolutely beautiful. The rain from the morning had long given way to sunshine and a blue sky, settling in the mid-70s with a slight breeze. What a way to finish the trip!

I called the hotel to catch the free shuttle back and we ended up talking to the driver about the meeting. We were so fortunate in that he was open to driving by Buffett’s house. I talked him into letting me out of the van so I could take a picture of the house. It’s smaller in person, which really speaks to Buffett’s values and frugality.

BuffettHouse

We woke up early the next morning to catch our flight back to Sarasota. I decided to wear a t-shirt that Claudia surprised me with. Claudia knows that my minimalist tendencies don’t mix well with the idea of buying souvenirs, which is why I never buy them. But she thought I’d appreciate the t-shirt she found, especially since I don’t have a large wardrobe to begin with. Claudia snapped a shot of me wearing the shirt in the Omaha airport, just before heading off to our gate. It should serve as a lasting memory of a great weekend.

The shirt should probably read: The Next Warren Buffett’s Shadow… Maybe

NextWB

Conclusion

I hope you enjoyed my take on Omaha and the meeting. I did my best to share the experience with any readers that couldn’t make it. It was truly an experience I’ll never forget. I never got up close with Buffett as it’s simply way too difficult with 40,000+ people all attempting to do the same, more or less. And I never had an opportunity to take a decent picture of him, which is disappointing. But just hearing him and Munger drop knowledge live is something that’s well worth the price of the trip.

Full Disclosure: Long KO.

What do you think of Omaha? Ever been to a meeting? What was your experience? Did you enjoy this report and find value in it? 

Thanks for reading.

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130 Comments

  1. Congrats on finally seeing the legend in person. Really good q and a sounds like. If only every billionaire and millionaire for that matter had his simple views and philosophies of life. I don’t go shopping a lot but when I do its for high quality businesses trading at a discount to future cash flows.

  2. Glad you enjoyed the trip. It was interesting to read about the first hand account of the whole event.

  3. Jason, it was a real pleasure meeting you and Claudia at the meeting. I really enjoyed your pictures, despite your old hardware.

    Hearing Charlie speak is a religious experience for me. That little bit he let on at the end about rationality gave me the shivers. Not much is written about him, but in my opinion, he is far more interesting than Buffett.

    Do you think you’ll go again?

  4. great writeup.
    Been looking for transcripts of meeting and this is the best I’ve seen.
    Maybe someday I’ll get there!

  5. Great job explaining the Omaha city, surroundings, long queue no doubt, mtg and food 🙂

    I would love to attend mtg at-least once and being in the same room as Warren!

    Enjoyed it!
    PIM

  6. Great trip report we went a few years ago your pictures brought back memories. The Omaha Zoo was pretty awesome to visit as well.

  7. Good coverage of trip in this article. Eager to see if anything changes in your stock picking after this meeting and patience of your buying.
    Good to know from your article and other articles I have read about Buffet defending KO and IBM (18% dividend increase was great), two of my largest positions.
    I would be eager to meet with you as well in person someday to discuss investing.

  8. Ha! That doesn’t sound like your typical honeymoon but I think it seems to fit you well. A lot of your trip sounds like things I would do, when I went to Japan recently I had to go see the Japan stock exchange because I was there. Same when I went to NY, I had to stop by to see the bull on wall street. When I go to India later this year… I’ll probably see the India stock exchange. Finance nerds unite!

  9. Great write up! Right out of college in the mid 1980’s, I used to live about 60 miles south of Omaha. I almost bought 1 share of Berkshire after the 1987 crash. I think it was around $1800 then. Sure wish I would have.

  10. Dividend Mantra,

    Nice writeup. The pictures turned out quite good. It sounds like you had quite the time. People are going to want to get their picture taking with you. It is going to happen more frequently as you are a celebrity in the investing world now.

    At the actual meeting, do you have to be a shareholder to be there or get to sit in on that with credentials only?

  11. Can you speak a bit on why you don’t put some money in Berkshire? I recognize its no dividend but you clearly believe in the company/management. Thanks!

  12. Great to read about your weekend! seemed like such a great experience!
    Love the shirt your wife bought you suits you well.

  13. Unsolicited comment… next time you go (if here is a next time), wear a T-shirt that says “Dividend Mantra”.
    You’ll meet a lot more readers.

    Cheers!

  14. I live in NYC. Buffett actually lives in a giant duplex in Sutton Place. The place in Omaha is kept for pr. Bummer, I know….

  15. Thanks for the recap of your trip to Omaha. Looks like you had a pretty great time. That burger looks delicious. I really hope to make it next year and hopefully meet up with you as well if you go.

  16. mcase,

    I’m with you. I receive a lot more pleasure from buying high-quality stocks than pretty much any other merchandise you can find at any store out there. Even better, dividend growth stocks are the gifts that keep on giving. 🙂

    Thanks for stopping by!

    Take care.

  17. Sunny,

    Thanks so much. I hope you enjoyed the recap. It was a lot of fun. Fortunately, the weather was really incredible. I heard it’s going to be raining all this week, so we really got lucky there. As Buffett noted at the meeting, being in the right place at the right time should never be underestimated. 🙂

    Best regards.

  18. Mr. 1500,

    It was definitely great meeting up with all of you as well. I always relish the opportunity to meet new people, especially those that are like-minded and have a passion for finance. 🙂

    Charlie was great. It’s amazing how much of a sense of humor both men have. They made the whole event incredibly enjoyable.

    Not sure I’ll ever go again. This just happened to be the perfect opportunity with the 50th, our recent wedding, and the fact that I’ve never been. But I’ll never forget the experience, that’s for sure!

    Thanks for stopping by. And thanks again for the credentials. Much appreciated!

    Best wishes.

  19. Bill,

    Great. I hope you found a lot of value in the post. 🙂

    I think you’d have a great time if you ever get a chance to go. It was truly an amazing experience!

    Best regards.

  20. PIM,

    Glad you enjoyed it!

    It was unbelievable seeing the guy in person, especially when he’s just doing his thing with all these questions from everywhere. Really good stuff.

    Thanks for dropping by.

    Cheers.

  21. Derrick,

    I’ve heard great things about the zoo. The timing just didn’t work for us, but I’ll definitely check it out if we’re ever in the area again.

    Hope the memories are all good! 🙂

    Best wishes.

  22. AJ,

    I don’t know if anything will change for me as I’ve found a lot of success doing what I’m doing, but it’s certainly great hearing Buffett and Munger kind of reinforce some of my own thoughts regarding macroeconomics, the importance of brands, working hard and getting lucky, and value investing.

    Buffett mentioned IBM specifically as a stock he’s happy with. He kept mentioning how people have this misconception that he hopes a stock will go up immediately after he buys it, which couldn’t be further from the truth.

    Would love to meet up. If you’re ever in the area, definitely give me a shout!

    Best regards.

  23. Zee,

    It’s great to be a finance nerd! I can definitely think of worse things to be. 🙂

    Definitely not a typical honeymoon, but we’re not a typical couple. All in all, a great time. Claudia kept repeating how much fun she had, even though the meeting was really not in her wheelhouse. But she spent a lot of time in the main vendor area and had a good time.

    Cheers!

  24. Tom,

    We all have those shoulda, coulda, wouldas. The good news is that, as investors, we’re flooded with opportunities all the time. 🙂

    Glad you enjoyed the recap!

    Best wishes.

  25. IP,

    Glad the pictures turned out okay. The camera I forgot to take is truthfully not much better than the iPhone in terms of its ability to take quality pictures, so I’m glad this turned out alright. Let’s see how long that phone lasts.

    Yeah, it was really interesting and fun meeting up with people and taking pictures. I just aim to inspire people, and I think that resonates.

    I imagine you can do anything there with the credentials, though I left after the Q&A. That was about 3 p.m.

    Thanks for dropping by!

    Best wishes.

  26. Dividend shawty,

    Well, BRK doesn’t meet my objectives as an investor. It’s important to set goals and invest accordingly. And BRK wouldn’t help me achieve my goal to become financially independent by 40 by living off of growing dividend income. And I’d be careful to invest because of Buffett and Munger, as one doesn’t know how long they have left. I hope they live a lot longer, but time is unfortunately not on their side.

    That said, I’m creating my own miniature Berkshire:

    https://www.dividendmantra.com/2014/10/create-your-own-miniature-berkshire-hathaway/

    Take care!

  27. Michele,

    Thanks so much!

    Yeah, the shirt is awesome. I wore it the whole day and everyone was commenting on it. I even got comments on it when I was back in Sarasota. Buffett’s reach is wide. 🙂

    Best regards.

  28. name,

    Ha! Maybe a badge or something might work. Although, I was picked out of pretty big crowds a few times. What’s even crazier is that I was recognized at the restaurant we ate at after the meeting. Local is a brand new joint and it’s not very large. I think there were only maybe 30 or 40 people in the whole restaurant, and a reader said hi as he was leaving. I’m not sure what the odds are of something like that, but it was really nice.

    Best regards!

  29. Mike,

    That’s interesting. First I’ve ever heard of it and I can’t seem to find anything on that. I know he owned the house out in Laguna Beach for a while.

    Truth be told, he could own an entire complex in NYC and he’d still be living pretty modestly relative to his wealth. But I’ve never heard of anything in NYC. And I’m not sure how that would work out since he spends a great deal of his time in Omaha.

    Cheers!

  30. JC,

    Bud, that burger was delicious. One of the best I’ve ever had. I was so glad to finally have some great food in Omaha. Saved the best for last. 🙂

    I hope you’re able to make it at some point. I know this year would have been impossible for you, but maybe next year. It was absolutely an incredible experience.

    Best wishes!

  31. Dear DM,

    Thanks for your report on BRK annual meeting. I felt as if I were listening to Warren Buffet’s speaking in person. Once upon a time, I noticed BEK.A was around $110,000, but I could not gather enough courage to place an purchase order because $110,000 was more than a half of my US$ assets. I just checked BRK.A share price minutes ago and I found that it was $215,800. Wow….. Someday I would like to visit Ohama and socialize other individual investors like you did this time. Keep it going. You are a role model for me.

  32. Very good coverage! I felt like I was right there listening myself. The pictures turned out great!

    How cool that you’re becoming an “investing celebrity” yourself!? Keep up the great work.

  33. dividendsamurai,

    It’s funny you mention the price of BRK.A stock. The company video featured a clip of an old shareholder meeting at a local theater where “hundreds” were showing up and BRK.A’s stock price was like $7,500. Crazy how things have gone for Buffett and Berkshire.

    It was definitely nice to chat with like-minded people. It’s almost like speaking a different language, when you start talking about saving and investing with other people. Lots of fun! 🙂

    Thanks for all the support. I really appreciate the kind words!

    Best wishes.

  34. Scott,

    Glad the pictures turned out okay. That old iPhone can still hold its own.

    Yeah, it was surreal taking pictures with other people. I’m a pretty humble guy, so that’s strange for me. But I think it’s really neat because it means that the message is resonating with people… What I’m doing is obviously positively affecting people, which means the world to me. 🙂

    Cheers!

  35. Hi Jason,

    Excellent summary of your trip, you could almost start a new business of travel guide, with good and bad experience of the food and or hotel choice .-)

    Regarding the meeting, was it worthwhile the trip, have been able to learn an pick-up tips that could serve you?

    Cheers,

    RA50

  36. I really appreciate sharing your notes you wrote during the speeches, I always wondered what those meetings were like.

  37. RA50,

    Ha! I think I’d need a better camera if I were to try out something like that. 🙂

    The overall trip was well worth what I spent. Did I learn anything new at the meeting? I really can’t say I did. But the experience was absolutely worth going. It’s like going to a concert to watch your favorite rock band play. Will you hear new songs? Probably not. But the experience of seeing it all live is totally different than anything else you could imagine. I don’t have the desire to go every year, but it’s definitely a recommended trip for at least once in your life. I can safely cross it off the bucket list now.

    Cheers!

  38. pacific22,

    It was a really long Q&A session – from 9ish until 3ish. Though, there was an hour-long break for lunch. But Buffett and Munger were at it for hours and hours. But I think I captured the best stuff here, especially as it relates to the interests we all share. 🙂

    Thanks for dropping by!

    Best regards.

  39. Great! Nice overview of your weekend at all. You’ve definitely enjoyed your weekend with Claudia. Inspiring to see the house by Warren, huh? Next time you should stand in front of the center one day ago 🙂

  40. Hi Jason,

    Thank you for sharing your experience. I particularly enjoyed the detail, and I chuckled out loud at some of the comments made by Warren and Charlie. It felt like I was able to experience some of the weekend myself.

    I’m pleased to hear that it lived up to it’s billing. Do you think you’d go to another one or was one enough for you?

    All the best
    Huw

  41. Dear DM,
    I was waiting for this article eagerly. Thanks for sharing your wonderful experience. I got more from article then I have expected. I do not know about Mr Buffett, but I would definitely love to meet you one day in my life. Please let me know when you visit London. I will be happy to pick you from wherever you will arrive in London. Whatever you do, keep writing, as it is always inspiring from me. May God bless you with Healthy Mind, Body and Soul.
    Regards.
    Saurabh Chavda

  42. What a fantastic trip Jason. Sounds like you and Claudia had a great time. Thanks for sharing the detailed post. What an experience! The 2 masters sharing their experiences and insights. Such valuable moments. It’s time we gotta load up more on Coca Cola. :). Keep it up and keep inspiring my friend. It’s always a pleasure visiting your blog bud. Cheers to us Mr.Mantra.

  43. DM,
    I truly appreciated the thorough write up about the meeting as I was jealous of your opportunity!

    Some comments on your article:
    -Hold the cilantro?!? That’s one of my favorite flavors!

    -KO video: awesome! I was hoping it was the early 90s song….the stars will always shine, the birds will always sing, as long as there is thirst there’s always the real thing!

    -I started reading BRK annual reports and highly recommend it to all investors (I’m sure you have read some). Warren often goes into more detail than necessary about valuing businesses and the mindset of an investor and it’s quite educational! I read that one of his goals is to share what he has learned, and I think his primary vehicle for that is the annual report! I’ve read the last 6 years now, taking notes along the way 🙂

  44. I really enjoyed reading this post.

    Your iPhone may well be old, but its still far superior than anything with Android on it.

    Regards

    Louis

  45. you nailed it. you also anticipated CNBC’s coverage of Buffet’s key wisdom headlining its website right this moment. dm continues to be a great blog.

  46. Nice account of your weekend, Jason… sounds like you had lots of fun! Thanks for sharing some notes from the meeting. It seems like the two “old” guys have a great sense of humor.

    Take care
    FerdiS

  47. Glad you had a great honeymoon Jason. Claudia is a keeper to go to a Berkshire Hathaway annual meeting with you. Congratulations on your marriage and getting to the mecca of investing in Omaha. May God bless your marriage.

  48. You can always invest in BRK.B and sell them in the future for dividend-paying stocks. For example- my Amazon stock has gone up 40% since the 10/2014 purchase. I can always sell them and buy dividend-paying stocks that will provide me with income.

  49. Looks almost like a rock-concert with that line and stadium. Nice to hear about the trip, Omaha is a decent town – and I’ve had similar experiences with either great food or average stuff.

    Glad you had a good time!

    – Gremlin

  50. Jason,

    Thanks for the great write up. I really got a sense of what it must have been like.

    Did you and Claudia get to check out any of the Net Jets, or go inside one of the planes?

    It looks like you got the most out of your visit. I’ve never been to Nebraska, but it really looks nice this time of the year.

    -Mike

  51. DM-

    Looks like you had an awesome time! Thank you very much for sharing the trip summary. Love the t-shirt “The next Warren Buffet”.

    Cheers!

  52. Thanks DM, it has been a pleasure to read your eperience.

    Especially appreciating the last shot !

    Good to you

    Aspenhawk

  53. M-D,

    Yeah, Warren’s house is inspiring in the fact that it’s unassuming and unimpressive. It wasn’t even the nicest house on the block… by a long shot. The guy knows what makes him happy. No pretense there.

    Thanks for dropping by. Hope all is well!

    Cheers.

  54. Huw,

    Glad the detail made it come alive for you. The back and forth is really good stuff. I laughed particularly hard at Buffett’s “Name one” comment. 🙂

    I doubt I’ll go to another one. And I only say that because it’s costly to attend. There’s airfare, hotel, food, etc. And it’s tough to justify that on an ongoing basis. But I’m 100% glad I made it to this one. It’s an experience that will live with me for the rest of my life.

    Best regards.

  55. Saurabh,

    Thank you so much. Really appreciate the support! 🙂

    Glad you enjoyed the article and found value in it. I wanted to take even more notes but I ran out of paper. But I think this captures the essence of what I experienced.

    Thank you for the offer. If I ever find myself visiting London, I know who to contact!

    Best wishes.

  56. Tyler,

    Yeah, it was truly an incredible experience. I’ll never forget it. 🙂

    I did my best to make the trip come alive on the page, but there was a lot going on. I probably could have included even more from the Q&A, but I think the notes I included are some of the most pertinent as it relates to what most of us are interested in. Unfortunately, I ran out of paper after lunch.

    Thanks for the support. And keep up the great work over there!

    Best regards.

  57. Patrick,

    Ha! Yeah, cilantro seems to be something you either love or hate. It tastes like soap to me. I thought I was maybe weird or something, but it turns out that I’m definitely not alone:

    http://www.nytimes.com/2010/04/14/dining/14curious.html?_r=0

    The annual reports are like gold. I’ve read quite a few. I think I’ve probably gone through 10 or so of them. I’ve included notes and perspective from the last two on the blog here. The comments about fixed income from the last annual report were particularly enlightening.

    Thanks so much. Glad you enjoyed the thorough recap. I tried to include as much as I could!

    Cheers.

  58. Louis,

    Ha! As an Apple shareholder, I couldn’t agree more. 🙂

    The fact that the thing is still even working at all says something.

    Glad you enjoyed the post!

    Take care.

  59. DD,

    That’s funny. Yeah, it looks like they’ve asked him about interest rates and the overall valuation of the stock market… and you can see him repeating his opinion on the valuation of the market against the backdrop of rates.

    Thanks for the kind words. Doing my best. 🙂

    Best regards.

  60. FerdiS,

    Buffett and Munger definitely have a sense of humor that’s alive and well. 🙂

    We definitely had a great time. It’s an event that’s highly recommended if the opportunity ever presents itself.

    Cheers!

  61. The Aiki Trader,

    I’m definitely lucky. She was really enthusiastic about the whole trip and she kept saying how much fun she was having. She left the Q&A after lunch, deciding to check out the vendor area instead. Otherwise, she’s really just happy checking out new places (as am I). We find enjoyment in the little things.

    Appreciate the kind words and all the support. Hope you enjoyed the recap on the trip. 🙂

    I wish you and yours all the best as well!

    Cheers.

  62. steve,

    Sure, that’s one way to go about it. But I’ve already addressed that ad nauseam. If you don’t mind being at the mercy of Mr. Market, then selling off your assets and hoping you don’t one day run out is one way to go about it.

    Take care!

  63. Gremlin,

    The line was nuts. Reminded me of an amusement park… on steroids.

    Yeah, I was disappointed by the food overall. Could have been that we just went to the wrong spots, but all the places we visited generally had favorable reviews. Just one of those things. Claudia actually enjoyed the food more than me, and most of the dishes she chose just looked better than anything I had. Either way, that cheeseburger is easily one of the best things I’ve ever eaten.

    But it was definitely an outstanding experience. And I will say that the city is incredibly clean. We only visited the central downtown/Old Market area, but it’s very, very tidy.

    Best regards!

  64. Mike,

    Thanks for dropping by!

    I never even came across anything related to Net Jets. Either we totally missed it, or they were in a separate hall from the one we found ourselves in. There was a lot going on, and a lot of people. Could have skipped right by it.

    The weather was amazing. I guess they’re getting some rain this week. But Omaha definitely put on a show for that weekend. 🙂

    Cheers.

  65. Denver,

    It’s my new favorite shirt! Of course, I don’t have many shirts at all. 🙂

    We definitely had a great time. I was hoping to get closer to Buffett, but I could actually see him with pretty good detail from my vantage point.

    Thanks for dropping in.

    Take care.

  66. Aspenhawk,

    Thanks so much. Glad to hear you enjoyed the post. It was a long article, but there was a lot to cover. 🙂

    That shirt is now my favorite. It’s almost something I don’t even want to wear so as to save it as a souvenir.

    Best regards.

  67. Sounds like it was a great trip! And, that’s really neat you were able to meet up with readers and fellow bloggers. There’s something very special about making those in-person connections with like-minded folks (not to mention going to THE meeting!).

  68. Hey Jason sounds like you had a great trip. You spoke about SBUX as a missed investment, I’ve been looking at it for some time myself and have been hoping to have a article from you about it (hint, hint)

  69. Sounds like you had a blast. Love the bluntness of Mr. Munger. That burger looks like a life changer! Putting a fried egg on anything makes it better.

  70. Thanks for a good read, Jason. I especially liked the picture of the old market thingy. The cobblestone streets seem quite charming. It’s the last thing I should notice but it really struck me as being a lot like the streets in Switzerland.

    Munger is always fun. I can’t bring myself to by BRK at its current multiple. P/B of 1.25 is probably as rich as I’d go, even for such a quality company because its ginormous size threatens the future growth rate.

  71. Thanks for the coverage. Good stuff. I don’t know if I’d ever make it to BRK’s meeting. It sounds like you had a great time.

  72. Hi NMW,

    Seems like you had a great time. Oh and a great tshirt! I went to a annual meeting from one of the companies (Ageas) I have in portfolio. It was not so massive as BRK but I heard a lot of interesting stuff.

    Cheers,
    G

  73. My advise. If your are a parent, bring your kids to an annual stockholder meeting. I can remember as a teen my dad dragging me kicking and screaming to a Wisconsin Energy annual stockholder meeting. At the time, I thought it would be boring, but it ended up be quite interesting and insightful.

    After the meeting, the CEO was roaming around with shareholders and I was able to speak briefly with him. Having a CEO of a company take the time to chat with a then teenager had quite the impact on my personal finance outlook. I can remember him suggesting to me to start investing early and contributing to WEC’s DRIP…lol

  74. DM,

    I’m glad to see you had a lot of fun time in Omaha. I can only imagine how awesome it is to hear Buffett and Munger speak in person, rather than read about it on WSJ or CNBC for example. It must have been pretty nice to also meet with other investors and discuss items of interest ( taxes, investments, etc). I also think you got a pretty sweet deal on the hotel – I have read that the cost could be triple what you paid for your room and board.

    Funny how I was just watching that CNBC comment on interest rates as well. Either way if Buffett had to put my money in something for the next 30 years, I am sure he would still focus on buying quality businesses, no matter what short-term on interest rates did.

    Best Regards,

    DGI

  75. Jason,
    Great to see that Claudia and you enjoyed the trip so much. From reading your post I understand that you could see a lot in that short time.
    I like you writeup on the meeting itself. Makes me hope that one day I can go there too :’)
    Cheers.

  76. Hi Jason,

    Glad you enjoyed the trip. I have never been to a BRK meeting, so it is interesting to hear your story. The shareholder meetings I have been to have all been far smaller gatherings. I probably would not have liked huge crowds like that.

    You really snapped a great deal on the $439 flight tickets for two. As for the hotel, $154 per night still sounds pretty dear, though I have no idea what the average market price is. They must have jacked up the price for the BRK meeting. I suspect any other weekend would not cost nearly half as much. With so many hotels downtown as you noted, enough to accommodate 40,000+ people, I wonder how they would fare the other 51 weeks of the year, or when Buffett and Munger passes away to a better world.

    Did they really serve you cilantro despite your request of no? Those look more like scallions to me. I would have loved cilantro, but since you apparently did not, you could have asked them kindly to replace the dish.

    Buffett is the exception to the rule that junk food like Coke is hazardous for health. He had lived long probably due to his strong purpose in life, despite of eating junk, rather than because of eating junk. He shouldn’t have been so disingenuous as to trivialize the serious health damaging effects of junk foods. Would he say the same thing about smoking that it is good so long as smoking makes you happy? As investors, we care only about the profits, and he really should have ended his comment after his reply that the current figures show continued strong market demand for Coke products.

    Buffett’s house is NOT small, it just seems small for him 🙂 We are well ingrained with the indoctrination of this society that one’s spending should keep up with one’s spending, and rich folks should live in mansions, but true freedom means it need not be that way.

    Take care.

    JTF

  77. Mrs. FW,

    Thanks for dropping by!

    It’s definitely really special to be able to meet with people face to face and make those connections even more real. It was just a lot of fun. I always relish the opportunity to be able to meet up with like-minded people, and this trip included plenty of that. 🙂

    Cheers.

  78. Tyler,

    I imagine it’ll find its way in my portfolio at some point. The business model is incredibly attractive with high margins and loyal customers. Just gotta find the capital and the right opportunity. I think a case could be made that it’s worth up to $50 per share right now, but that’s probably on the upper end and with little or no margin of safety.

    Take care!

  79. FF,

    Munger is definitely quite blunt, which I think is rather refreshing.

    Yeah, that burger was amazing. I think the fried egg is a new favorite topping, though I’ll probably reserve it for special occasions so as to keep my heart pumping for as long as possible. 🙂

    Best wishes!

  80. Joe,

    It was definitely a great time. Just a really unique and fun experience. I’ll never forget it. 🙂

    Thanks for dropping by. Looking forward to your upcoming income report!

    Best regards.

  81. FV,

    The Old Market area is really nice. Charming is a good word for it. It’s not particularly big – maybe three square blocks or so. But it’s quite dense. I think you could easily live there and rarely leave the immediate area.

    I’ve never honestly looked at BRK’s valuation. The lack of a dividend means it falls outside of my sphere of interest. And since I already follow well over 100 stocks, I don’t see the need to really increase that number with stocks that don’t fit my criteria. But there’s no doubt that long-time BRK shareholders are a very happy bunch, and rightfully so.

    Cheers!

  82. Geblin,

    Yeah, I think these meetings offer a lot of opportunity. Not only do you probably get to learn something new about a company, but you get the chance to hear interesting tidbits and also possibly meet up with like-minded investors. All good stuff! 🙂

    Thanks for stopping by.

    Best wishes.

  83. Matthew,

    I can only wish I would have had that kind of experience when I was younger. Although, a piece of me thinks I probably would have ignored it anyhow. Just one of those things. Youth is wasted on the young and all that, but I’m glad you really benefited from such an experience. That’s fantastic! 🙂

    Cheers.

  84. DGI,

    It was definitely an amazing experience to see Buffett and Munger in person. I’ll never forget it.

    Yeah, I thought I did pretty well on the hotel. I searched for hours before settling on Comfort Inn. A lot of available hotels were like 15 or 20 minutes out and were even more expensive. We booked in December and most of the hotels around the downtown area were already fully booked. But the free shuttle added a lot of value for us since we used it quite a bit. However, the Airbnb deal that a reader scored is really awesome.

    Yeah, Buffett repeatedly mentioned he doesn’t really care about interest rates and it pretty much doesn’t factor in at all when he’s deciding which companies/stocks to buy. Like Munger said, they just swim along and let the tide work itself out. Over time, high-quality businesses will do well for their investors. He wants investors to focus more on quality and valuation than anything else, which is why I ignore most macroeconomic stuff.

    Thanks for dropping by!

    Best wishes.

  85. Jos,

    Yeah, Omaha isn’t particularly big. So you have the opportunity to just kind of start in the downtown or Old Market area and work your way around the whole city and see mostly everything in a day. We didn’t see the zoo, but we got the chance to check out most of everything else that we wanted to see.

    Glad you enjoyed the recap. I tried to make it come alive a bit for anyone that couldn’t make it. 🙂

    Cheers!

  86. JTF,

    Yeah, the crowd obviously comes with the territory. I’d prefer it to be a bit smaller as well, but I guess you take what you get.

    The hotels definitely jack their rates up for the meeting. In fact, Buffett has scolded the local hospitality industry more than once because of that. WSJ noted that some hotels triple their rates for the meeting:

    http://www.wsj.com/articles/SB10001424052702303948104579536184228959734

    There was cilantro and scallions on the taco, though I couldn’t really taste anything other than cilantro. I think without the cilantro they would have been incredibly bland fish tacos. I’ve had great fish tacos here in Florida, but maybe Omaha just doesn’t know what they’re doing with that. I could have sent it back, but I just decided to pick around what I could and suck it up.

    Yeah, I don’t really agree about the dietary stuff. I think people far overestimate the role of what they eat in terms of how long they live and far underestimate other things like luck, exercise, genes, and stress. Good genes and a lack of stress (probably things that Buffett has in spades) can probably make up for a lot of dietary shortcomings. You’ve got Buffett that eats like a child and he’s kicking pretty well in his 80s. Meanwhile, you’ve got Jobs – a noted health nut – who died of cancer. Just luck of the draw sometimes. However, I would agree that he’s healthy and well despite rather than because of his diet. Which, I believe, really just goes to prove the point. I think one could eat well and still face health issues if they have poor genes, high stress, and a lack of exercise. Diet is just one piece of the puzzle, and probably not even the biggest piece.

    Buffett’s house is something like 6,000 square feet, but I can tell you that it does not look big when you’re right up on it. It’s not even particularly impressive or noteworthy, other than the fact that he lives there. The house across the street appeared larger, newer, and far more impressive. In fact, I don’t think there was any house nearby that looked as unimpressive/unassuming as Buffett’s house, which really says a lot about the guy. Happiness is definitely not derived from money once you have your basic needs met. Good for him for realizing that and staying true to himself. 🙂

    Best wishes!

  87. Thanks for sharing this adventure with us! One of my bucket list items is definitely to attend one of those meetings. Ive been calling Warren Buffet my “virtual investing mentor” for years! is only fair I meet him one day 🙂

  88. Wish I could be there. Sounds like a very excellent trip and the AGM was well worth it to attend in person. Maybe next year for me. 🙂

  89. Mabel,

    I’m with you all the way. This was definitely a bucket list item for me as well, and I’m so fortunate that I was able to cross that off already. 🙂

    I really hope you’re able to go one day. Maybe next year? Make it a priority!

    Cheers.

  90. I really enjoyed this article, Jason! Sounds like it was a quite the fun trip for you guys and I really liked your notes and pictures. I was so curious about his interest rate comments too so I was glad to see that discussed a bit in the comments here. Happiest wishes to you and Claudia and thank you for sharing!

  91. Really enjoyed reading that post…thanks for sharing and capturing the essence of the meeting and the Q&A. Ive been reading up more details about the questions and meetings – and looks like you have covered almost all of it.

    cheers
    R2R

  92. Ryan,

    Thanks so much. Glad you enjoyed the post! 🙂

    I was glad to see Buffett discuss rates a bit as well, though he’s been singing that same tune for many years now. So glad to know that he’s pretty consistent across the board. If a guy that runs a $350 billion company doesn’t worry about rates, then why should we?

    Best wishes.

  93. I only have one thing to say: I’m so jealous!!

    Haha in all seriousness this was an AWESOME read. Sounds like the best weekend ever!

    Also, you look swole bro! Obviously Coke and Heinz are responsible for all dem gainz ;P

    Cheers Jason!

  94. DM,

    Not sure how much I can write here, but I’ll keep it short. You painted a great depiction of what the annual shareholders meeting is for us investors – so thank you. Also – you provided a pretty cool review of Omaha and it sounds like a small/quiet/quaint city from hearing your perspective. And don’t worry about the airbnb price; you can always consider for next time, so definitely something you and Claudia can learn/a good tip to pick up for when you two begin exploring other areas. How did she enjoy the trip, being there, etc..? Hopefully you signed up for choice rewards and earned some points!

    Thanks for the post Mantra, seemed pretty cool and don’t be too shocked about finding people that recognize you – you’re the man, especially within this community. Thanks again for everything mantra, talk soon.

    -Lanny

  95. ZTZ,

    It was truly an unforgettable and amazing experience. Highly, highly recommended at least once in your life.

    Thanks for the compliment. I work out often, but I haven’t really been swole in a long time now. I long ago gave up bodybuilding as I knew I’d have to take all kinds of chemicals like HGH, IGF-1, and Winstrol to really compete. just didn’t want to do that to my body. But I still do my thing to at least look and feel pretty good. I’ve found a nice balance with that side of things. However, I’ve got nothing on you! 🙂

    Best wishes.

  96. Lanny,

    It’s definitely a quaint town, at least from what we saw. Obviously, we only saw a portion of the city. But the Old Market area is particularly nice. I’d think that’s the place to be pretty much all the time.

    As far as Airbnb, I did think about it. But I wasn’t really interested due to the fact that this was still a quasi-honeymoon. The hotel just seemed to offer us more privacy. Plus, the shuttle worked out pretty nice. I would have had to factor in taxis and what not with Airbnb. Nonetheless, $50/night is incredibly cheap.

    Yeah, it was really crazy being recognized and picked out of large crowds. It was really neat. I think that just goes to show that the message is getting across to people and it’s resonating. I’m really changing people’s lives with this blog, which is incredible and very rewarding for me. I’m blessed to be in a position to help other people become better versions of themselves. It’s awesome!

    Thanks for stopping by. Glad you enjoyed the recap. 🙂

    Best regards.

  97. You know, I got to the convention center at 5:45 am and managed to secure a spot under that freeway overpass, but the entire time, I felt like a sardine. There were SO many people, and it didn’t help that I’m only 5 feet tall, so I was literally walled in by people. Also, I nearly got trampled with the way everyone was pushing towards the entrance once the doors opened.

    I was scribbling notes like crazy during the Q&A session! Ended up with about 3 full pages of writing. I think my favorite part was when Buffett said something along the lines of “you don’t see people at Whole Foods smiling” i regards to trying to stay healthy. Also, the phrase “chains of habits are too light to be felt until too heavy to break”. And of course, the comment about how a quarter of him was made of Coca Cola.

    I wanted to ask you – Munger had a response in which he talked about passive investing, and he had a bit of a negative spin on it. I was scribbling something down at the time and missed what he was saying, but I’m hoping you caught it. Do you remember what he said?

    Too bad we weren’t able to meet up. I would’ve loved to chat with you in person!

  98. Glad to see you made it back home safe. It was great meeting you in person along with everyone else! Good times, hope we can meet up again sometime in the future. Cheers!

  99. Seraph,

    5:45? I admire that conviction! Our shuttle didn’t even start offering rides until 6, and we got on the second ride after eating a little yogurt and eggs in the lounge. You must have grabbed a really nice seat. That’s awesome! I’m sure you had a great time. It was unforgettable, right?

    Yeah, that comment about Whole Foods was funny, though I do ordinarily see pretty happy people at those stores. I guess if overpriced organic asparagus really jazzes you up, then that’s the place to be.

    I know what you’re talking about there with Munger. He basically said there should be more to life than being shrewd at picking stocks and passively holding them. He said something to the effect that just being shrewd and managing your own stocks isn’t really living a rewarding life, nor should it be thought of as particularly noble. Buffett then added that he enjoyed running the small partnership much less than running Berkshire, and Berkshire has added a lot of meaning to his life.

    It would’ve been great to see you there. I hope we get another opportunity at some point in the future. 🙂

    Cheers!

  100. Henry,

    It was great meeting up with you and your sister. Really great stuff. I wish we all lived closer so that we could get together every month or two. That’d be great. The internet is really amazing in that it can bring together like-minded people from far-flung locations, but it is nice to actually meet up in person. 🙂

    I hope we get another opportunity down the road.

    Best regards.

  101. Haha you’re being too harsh on yourself bro! Compared to the general public, you’re still in killer swoltastic shape! Look at those bulging pecs busting through your shirt ;P

    Natural lifting is the way to go anyway in my opinion. I don’t have any interest in competitive bodybuilding, it just doesn’t appeal to me, but even if I did, I still wouldn’t ever touch any steroids, growth hormones, or illegal cutting agents like clenbuterol and cytomel. A healthier body, and a healthier wallet too! 😀

  102. DW,

    Thanks so much. Our seats weren’t too bad at all. Food probably could have been better, but that cheeseburger killed it for me. 🙂

    Cheers!

  103. ZTZ,

    Yeah, I’m probably in the top 10% or 20% of the population in terms of overall fitness. Still got nothing on you (or my old self), though. 🙂

    I think bodybuilding in general took a turn for the worse right about the time of Dorian. That’s really too bad. I actually won the 1994 Michigan Teen Championships and had a promoter that thought for sure I’d win Nationals if I competed in Pittsburgh. That was a long time ago. Brings back memories…

    But I’m with you on natural lifting. I never used anything I wasn’t supposed to. Definitely better on the body and the wallet!

    Best regards.

  104. Haha you may think you’ve got nothing on me, but you gotta take into account that I am a master of selfies with half-natty lighting and pro MySpace angles; irl I don’t even look like I lift ;P

    I totally agree with you, the 90s marked the end of ‘aesthetic’ bodybuilding in favor of mass monsters, and Dorian certainly pioneered that trend haha. I much prefer the streamlined, Greek-statuesque physiques of the 70s and 80s. Even tho those guys still used steroids of course, it wasn’t anywhere near the amounts that today’s pros use, and for the most part it was just that: steroids. Now with all these growth hormones and insulin-like growth factors that they take on top of the roidz, you get those terrible distended, pregnant-looking stomachs and overgrown joints, hands, and bloated faces. At least as natural lifters we can build physiques that resemble those of the Golden Era; less size of course, but similar proportions and aesthetically-pleasing lines.

    I had no idea you’d been such a competitive bodybuilder in the past, that’s awesome! You should do a post someday about your past bodybuilding endeavors; I’d love to see pics of super-swole young Jason, haha!

  105. Great report from my man local and on scene. From the post it looks like Omaha, though quaint and seemingly family oriented, didn’t really impress you. A few accounts of underwhelming food options, Omaha = fish tacos??? wrong place buddy and Wilson & Washburn also disappointed. At least you got one good burger. Seems like you enjoyed the museum though from the architecture, size and exhibits. Of course, this is why I like to travel to new places, states, cities, countries. You get to see something new and compare to other places you have been to as well as where you live. Great assessment of the meeting too. Seems like a party atmosphere that is very lighthearted with sage advice being spouted off. I got the sense that WB and BRK is not really interested in all the hype that surrounds the daily news headlines about market fluctuations, interest rates, oil, Russia, N. Korea, ISIS, fiscal cliff, strong dollar, weak dollar, etc. etc. I get the steady as she goes sense and keep your eye on the long term horizon prize. Thanks for sharing this first hand account. Much appreciated.

  106. DH,

    Right. The meeting definitely didn’t disappoint at all. Buffett and Munger are both incredibly consistent when it comes to their views. I admire that approach and do my best to emulate it.

    When they say “long term”, they mean it. 🙂

    Cheers!

  107. Thanks DM for the notes and the tour. I have stopped there a few times on my way out west and agree it is much like any other normal city. Next time though I will stop at the free museum.
    DFG

  108. Seems like you spent a weekend in a lifetime! 🙂 I agree with Buffet about KO. Not much to worry about. The company will find a way to adapt (already started with their healthier products).

    Like the shirt too!

    Cheers!

    Mike

  109. Mike,

    I’m not worried about KO either. As long as people are drinking non-alcoholic beverages of some kind, they’ll do well. 🙂

    It was definitely an amazing weekend. I’m really incredibly happy that I went. Probably be the only time I ever go, which really makes it all the more special.

    Cheers!

  110. Ever so nice reading your posts, thank you for contributing! Inspires me to live better and become more frugal. Thanks a lot for telling us about Omaha – it’s almost like I was there. Take care!

  111. Jstar,

    Thanks so much. Glad you enjoyed the post! 🙂

    Living below your means and investing that excess capital intelligently is a surefire way to achieve financial independence – and I’m out to prove it.

    Stay in touch.

    Cheers.

  112. Thanks for sharing your experience of a lifetime! Interesting to read about Buffett’s comments on ‘the power of luck’ as I believe that luck is involved with successful (or unsuccessful) investing.

  113. weenie,

    Indeed. I think people underestimate luck by a good margin. I view myself as incredibly lucky in a lot of ways. Sure, I grew up in poor conditions in Detroit, but just being born in the US in the early 80s is an incredible advantage over most of the humans that had ever lived before me. I think a baby being born right now anywhere in a first world country is very fortunate and will likely see and do amazing things over the course of their lifetime. Humanity just keeps on improving, on the whole.

    Cheers!

  114. Congratulations on your wedding. I hope happiness continues to go your way.
    Great post as usual. Thank you for the coverage,I felt as if I was at the BH meeting.
    I have some questions.
    1. You always write about your decision to move to Florida was based on the weather and to save on the cost of living. Have you benefited from it and do you think moving to a lower cost of living will always save money. Why don’t you write an article about that?

    2. We also know that you invested 5000 in 2010 and that has grown to almost 200000 in 2015.
    Is it possible to see an analysis of that growth over the years, I know that you have been injecting fresh capital every year but it would be nice to read about that growth and how it happened each year?

    Keep up the good work. It is always exciting to read about your journey……

  115. Amit,

    Thanks so much. Glad you enjoyed the post. I tried to make it come “alive” as much as possible. 🙂

    As far as writing about Florida, I’ve actually done so numerous times. These are a couple examples:

    https://www.dividendmantra.com/2011/03/paradise/

    https://www.dividendmantra.com/2015/03/financial-independence-geographical-independence/

    I don’t really write about year-to-year growth like that in terms of capital invested, market gains, and everything else. That’s too short term, in my view. Analyzing yourself on a monthly or yearly basis like that may end up pushing you into decisions you wouldn’t otherwise make, and one can make mistakes. Besides, I’m going to live off of my dividend income one day… not my investment performance. Thus, performance against a benchmark or anything else isn’t really an interest of mine.

    Cheers!

  116. You’re so lucky. I wish I had been there. I was stuck at home studying for this week’s finals. Honestly a lot of people around me don’t share my interest in investing, especially at university. It makes me feel like an odd unicorn so it would have been so cool to have been around like minded individuals.

    Are you going to go to the Berkshire Hathaway shareholder meeting every year or just once in a while or was this just a one time thing for you? I haven’t gone to WB’s house although I live in Omaha, Ne. I’d feel too weird going there lol. But I was watching WSJ videos and apparently a lot of BH shareholders drove by his house that weekend. So I guess it’s not so weird.

    Anyway great coverage. It seemed like it was similar to a One Direction concert.

  117. Lila,

    You definitely wouldn’t stick out checking out Buffett’s house. There’s a nice sidewalk right in front there, so it’s not all that difficult to just walk right on by. I can also tell you there were probably six or seven people taking pictures of his house when I was. I’m sure that number was so high because of the meeting, but I’m also pretty confident that it’s not uncommon to see someone taking pictures or just looking at the house.

    This will probably be a one-off thing. It was really a perfect storm of Claudia and I cementing our relationship, the 50th anniversary of BRK this year, and my desire to at least go once. I certainly wouldn’t mind at all going every year, but I really couldn’t justify the expense. And there are just way too many other places I want to see as well that would compete with that time and money.

    Thanks for dropping by. Maybe we’ll get a chance to meet up at some other point!

    Best wishes.

  118. All right good to know. I like how WB eats what he wants. I try to eat healthy…for awhile there I was eating junk food every day and ended up in the ER, so I redid my diet, but once a week I like to eat tacos. There’s this restaurant in Omaha called Zemog’s and they have the best beef tacos. It almost feels like sugar is the new smoking.

  119. Thank you for your reply. I am extremely curious about cost of living. I am a teacher living in NYC and hence always looking for low cost locales.

  120. DM,

    Lifetime dream for myself as well; seeing Buffett and Munger in Omaha. Looks like it was a nice trip overall.

    I feel like I better do the same and stop pushing my luck; both of those veterans are getting rather advanced in age and, despite their current health, cannot be expected to live forever.

    The Coca-Cola truck was my favourite picture as I’m also Long KO.

    Take care,
    – Ryan from GRB

  121. GRB,

    It was definitely a great time. I highly, highly recommend going at least once in your life. I can’t imagine you’d regret it. We just really don’t know how much longer those two will be around, so it seems prudent to get in while the getting is good.

    Yeah, I had to get a picture with the Coke truck. Could not pass up that opportunity. I can also tell you that the Coke exhibit was one of the most popular of all. It’s alive and well. 🙂

    Cheers.

  122. Your iPhone 3G still takes some slick pictures 😉

    Was awesome meeting up with all of you in Omaha over the Berkshire weekend!

  123. Steve,

    Ha! I guess it gets the job done. 🙂

    Yeah, it was great meeting up with you guys. Definitely one of those once-in-a-lifetime opportunities.

    Hope all is well back at home!

    Cheers.

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