5 Timeless Lessons From Warren Buffett's 2024 Berkshire Hathaway Meeting
Warren Buffett shines light on things true to his heart.
My investing journey began in 2009, inspired by the wisdom of Warren Buffett. Each year, his company's annual meeting (AGM) in Omaha, US, serves as a masterclass in value investing and life lessons. This year's gathering was no exception.
Here are five values that were showcased at the 2024 Berkshire Hathaway AGM, leaving me mesmerised.
1. Gratitude: A Cornerstone of Happiness
Buffett's deep respect for his late partner, Charlie Munger, was evident throughout the AGM. He called Munger the "architect" of Berkshire Hathaway's success. Charlie Munger passed away at the end of last year.
A heartwarming moment occurred when Buffett, turned to ask Greg Abel who was seated to his left, for input to a question out of habit, thinking he was Munger. Laughter and applause ensued from the audience, highlighting the irreplaceable bond between Buffett and the late Munger.
2. Honesty: The Best Policy
Buffett, who started investing at the young age of 11, is someone who readily admits his mistakes. During the AGM, he acknowledged a losing investment in Paramount Global, taking full responsibility: "It was 100% my decision ... we lost quite a bit of money."
Similarly, when questioned about artificial intelligence, he openly stated, "I really don't know anything about AI," but recognising its importance as “profund”.
3. Humility: A Mark of Greatness
Despite being one of the world's richest individuals, Buffett remains remarkably down-to-earth.
He avoids taking sole credit for Berkshire's achievements, acknowledging the tailwinds of being born in the United States and his late partner for his successes.
He also shared advice for the audience, highlighting the fortunate opportunities available in the US compared to other parts of the world.
4. Kindness: A Universal Virtue
Buffett beautifully captured the essence of kindness, saying, "this can be done by anybody and it's amazing, doesn't have anything to do with money."
Kindness not only extends outward, but also inwards.
He added: “I don’t think there’s any room in beating up yourself over what’s happened in the past. It’s happened and you get to live the rest of the life and you don’t know how long it’s going to be.”
Only when we are kind to ourselves, can we project kindness outwards.
5. Responsibility: A Duty to Uphold
Berkshire Hathaway's success stems from the trust that shareholders have placed in Buffett and the late Munger.
When questioned about the company's massive cash reserves of $189 billion, Buffett explained their cautious approach: "We only swing at pitches we like." The company has a duty to their shareholders to deploy cash well by having a business-oriented approach to investing, without any market predictions.
Notably, Buffett revealed trimming their Apple holdings, likely for tax reasons, while reiterating his long-term confidence in the company.
Those timeless lessons from the Oracle of Omaha offer valuable guidance for investors and anyone seeking to live a meaningful life.
Of course, there are many other lessons that can be gleaned from the 2024 Berkshire Hathaway AGM. If you would like, you can jump in here to watch the actual footage.