Reflections from Omaha

I’m on my way back from the 60th Annual General Meeting of Berkshire Hathaway. This was the fourth time I've attended, and it was undoubtedly a historic moment, with Buffett stepping down as CEO and passing the torch.

When I attended my first AGM in 2022, I had limited expectations. Yet what I discovered turned out to be far more valuable than anything I could have anticipated—the power of community. In Omaha, I found a community of trusted, like-minded individuals who were generous with their knowledge and constructive in their feedback. Perhaps it's the unique energy of the place—a kind of hallowed ground for investing—where even conversations with strangers felt warm and authentic.

This sense of community is another reason to be thankful to Buffett and Munger, not only for sharing their investment wisdom but also for creating an event that brings like-minded people together. And come together they did, with a record attendance of 20,000 this year. The standing ovation Warren received at the end was deeply memorable—you could genuinely sense the emotion in the air.

Reflecting on this year's trip, here are some personal highlights:

It was particularly heartening to see so many young attendees. One memorable moment for me was seeing a father and his young son, both with notepads in hand, actively taking and sharing notes throughout the meeting. And they were not alone—numerous teenagers attended, demonstrating inspiring enthusiasm to learn and better their lives. Unlike many other investors, my own exposure to stocks came relatively late in life. My family didn't discuss stocks at the dinner table, and I didn't buy my first stock until I was already a working professional. Today, financial literacy is truly a modern-day superpower, and it's great to see so many young investors getting early exposure.

Regarding Buffett’s Q&A session, some critics argue that his answers have become repetitive, offering little that's new or groundbreaking. Yet the reality is Buffett has been conducting these sessions for decades, and naturally, there are limits to what new insights can be provided. Perhaps the real value isn't about finding new knowledge but consistently applying what's already known. Nevertheless, there are always valuable nuggets of wisdom to uncover and here are some that stood out to me this year:

“It’s amazing what you can find when you just turn the page… and I would say that turning every page is one important ingredient to bring to the investment field. Very few people do turn every page, and the ones who turn every page aren’t going to tell you what they’re finding. So you’ve got to do a little of it yourself.” [Buffett speaking about how he found his Japanese investments from reading the Moody’s handbook on Japanese stocks]

“We’re running a business which is very opportunistic. Charlie always thought I didtoo many things. He thought if we did about five things in our lifetime, we would end up doing better than if we did 50, and that we never concentratedenough… And of course it doesn’t come in anything like an even flow. It’s the most uneven sort of activity you could get into. The main thing is youhave to be willing to hang up after 5 seconds and you have to be willing to say yes after 5 seconds. You can’t be filled with self-doubt in this business.” [The importance of clarity, agility, and concentration]

“I never dreamt of that when I picked up that handbook. The long-term trend is up. But nobody knows – Greg doesn’t know, Ajit doesn’t know, nobody knows what the market is going to do tomorrow, next week, or next month. Nobody knows what business is going to do tomorrow, next week, or next month. But they spend all their time talking about it because it’s easy to talk about, though it has no value. The process of leafing through things like that big Japanese book I can’t read anymore – that’s a treasure hunt. Every now and then you find something.” [Buffett preferring a bottom-up approach versus trying to predict the market]

Finally, Buffett spoke poignantly about the influence of sympathetic teachers in our lives—how impactful these teachers can be. For countless investors worldwide and across generations, Buffett and Munger have been precisely that kind of teacher. I feel fortunate to have seen them in person a few times, embarking on what feels like a personal pilgrimage, and discovering a meaningful community along the way. Although the future scale of the event remains uncertain, I'm confident that the connections made there will endure. And in the spirit of Buffett and Munger, I look forward to returning to Omaha, turning more pages, and continuing this invaluable journey.