This past weekend was Berkshire Hathaway’s annual shareholder meeting. Every year, Warren Buffett shares long term investing wisdom and his thoughts on the economy. This year was so different.
Ninety-three year old Warren Buffett explained why they had sold some Apple shares and what he thinks about AI. He also praised Fed Chair Jerome Powell’s handling of the economy, and in closing remarks said, “I not only hope you come next year, I hope I come next year.”
Joking aside, is it any surprise that all eyes and ears were on the Oracle of Omaha? The annual meeting is a fantastic opportunity to learn from the greatest stock investor of all time.
Buffett has shared some brilliant investing and life lessons over the years. My favorites include:
Only when the tide goes out do we discover who has been swimming naked.
It takes 20 years to build a reputation, only five minutes to ruin it.
Rule #1, Never lose money. Rule #2, never forget Rule #1.
Having someone like Warren Buffett in the investment community makes us all better investors. His partner Charlie Munger was a savvy investor as well (he passed away last year at the ripe old age of 99 years.
In the past 60 years, Buffett’s investments (mostly in American companies) have amassed massive wealth. While he is no longer the richest man, he is still in the top 10 at more than $130 billion.
Note that I refer to him as an investor, not a trader. Since 1965, Buffett has been a shrewd stock buyer, and when he invests, it’s usually forever. (He did admit that Berkshire Hathaway placed a losing bet on Paramount – it happens.) For most investors, an investing horizon of “forever” is difficult – if not impossible – to wrap your mind around. Not Buffet. Volatility does not shake him. He is a long-term believer in the US economy and innovation.
Over his career, Buffett has bought and held companies like Coke, American Express, Disney, Apple (which is 43% of the Berkshire Hathaway holdings), and Occidental Petroleum. Given his enviable results, many investors either mimic Buffett’s approach or buy Berkshire shares (currently trading at $400 each). They probably are doing quite well.
Is there any better tribute than to trust a man to build your wealth? Here’s to you Warren, and may you live to see your goal of longevity. We investors would surely benefit from that!
Video screen grab courtesy of CNBC.
