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Reviewing the Berkshire Hathaway Annual Meeting

My favorite quotes from Warren Buffett and Charlie Munger

This past Saturday was the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska. Often called "woodstock for capitalists", this event attracts thousands of investors from across the world who want to hear the wise words of Warren Buffett and Charlie Munger. 2023 didn't disappoint, so I thought I'd share some of my favorites with you here today.

Thoughts on AI:

Warren Buffet:

  • "AI can change everything in the world except how people behave"

Charlie Munger:

  • "I think old-fashioned intelligence works pretty well"

Maybe this is my inner boomer talking, but I totally agree with them. Neither of them are too enthralled with the happenings in AI. I believe AI will be an incredibly valuable tool for people to use, but they won't be replaced by it. More mundane jobs that may require a team of 10 may only require 2 in the future, but this has been the case since the Industrial Revolution in many areas of work. Computers decreased the amount of accountants an office needed, but the office still needs accountants.

Warren Buffett on Opportunities:

  • "What gives you opportunities is other people doing dumb things"

I think this quote is so simple that it explains itself. Often the best course of action is to not try to outsmart the market, but wait for the market to start doing something stupid. Of course this then requires patience, which is hard to come by in the age of social media. Be patient, and wait for the market to create opportunities.

Charlie Munger on Estate Planning:

  • "Well at Berkshire we have a simple estate planning. . . just hold the damn stock"

Warren and Charlie were asked about estate planning, and they both took different approaches to answering the question. Warren gave a great answer with detail, explaining that everyone is in a different situation and it's important to understand the situation at hand. Munger, on the other hand, made it much more simple.

Warren Buffett on Apple:

  • "Apple is different than the other businesses we own. It just happens to be a better business"

Warren Buffett has always been very high on Apple, and this annual meeting was no different. In a recent interview with CNBC, Buffet said: "If someone offered you $10,000 to never buy an iPhone or Apple product ever again, you wouldn't take it. If someone offered you $10,000 to never buy a Ford again you'd take it and go buy a Chevy". I quoted this tweet on Twitter to mixed reviews, but it is closing in on 1 million views. While some seemed to disagree, they seem to be wrong in practice. Having an iPhone, or any Apple product, is a status symbol, as is shown in Apple's sales quarter after quarter.

Warren's Advice for Life:

  • “You should write your obituary and then try to figure out how to live up to it”

People listen when Buffett talks not just for his investing advice, but for his wisdom on life. I don't think I need to explain this quote at all, so I will leave you with that.

#Investing #PublicCommunity #berkshirehathaway #WarrenBuffett #CharlieMunger #longterm #buildandgrow #opportunity #accumulating #buyandhold #dca #buythedip #growth

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