In November of last year, the most successful couple in business history was separated with the passing of Charlie Munger at the age of 99. Munger was the friend, partner, and most faithful ally of Warren Buffett, who is considered the most famous investor in the world. The annual shareholder meeting of their conglomerate turned into a tribute to Munger by Buffett, where thousands of shareholders gathered in Omaha, Nebraska to hear the wisdom of the Oracle of Omaha.
The meetings were known for Munger’s sharp wit and humor, which he was not afraid to use even when criticizing artificial intelligence. The assembly began with a video honoring Munger’s contributions to their joint business success. Attendees celebrated some of Munger’s memorable quotes and moments, reflecting on his integrity and honesty in both personal and business matters.
Buffett spoke about various topics including renewable energy, artificial intelligence, and his investments in companies like Apple, American Express, and Coca-Cola. He also spoke about Munger’s impact on their partnership. He expressed trust in Munger for investment advice but now relies more on himself for investment decisions.
The meeting touched on Buffett’s succession plans and reflected on the company’s investment decisions, including a significant reduction in holdings of Apple shares. Despite this decrease in Apple stock, Buffett expressed confidence in the company’s long-term potential.
Buffett admitted to being cautious about investments and acknowledged his risk aversion which has sometimes caused him to miss significant opportunities. He also expressed concerns about the risks associated with artificial intelligence and how it could lead to scams or misuse.
Buffett emphasized his preference for investing in U.S companies with exceptions for specific international investments like Japanese conglomerates. His commitment to philanthropy was evident as he shared a story about a generous donation made using Berkshire shares to fund free tuition for medical students.
In conclusion, the Berkshire Hathaway shareholder meeting was a time for reflection on Charlie Munger’s legacy and hope for the future of one of America’s most iconic business partnerships.