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There is much to learn from going to Omaha and listening to the two greatest value investors, Warren Buffett and Charlie Munger. In the hour before the six hour question and answer session with this 76 and 94 year-old, while the 40,000 are assembling, we are treated to a series of videos. I’ll pick out the most salient for value investors.
The Bill and Warren video
Bill Gates (director of Berkshire Hathaway) and Warren are walking through the Nebraska Furniture Mart in 2017. Some background: Gates was not keen on meeting Buffett back in 1991. Back then he was focused on building Microsoft and was not taking time off. But his Mom was very sociable and had invited Buffett to dinner.
She told Bill about it and encouraged him to come over. He said “Mom, I’m busy…..Look, he just buys and sells pieces of paper. That’s not real value added. I don’t think we’d have much in common.”
Nevertheless, he obeyed his Mom on condition he could get back to work after two hours. But Buffett and Gates clicked so well that they became firm friends – that night they were lost in conversation, and hours slipped by.
Anyway, back to the video: Buffett and Gates are walking through the store, joking as they go, and Gates says that when they first met they became engrossed in conversation due to both wanting to hear what the other had to say about how the world works.
Buffett joked that he always wanted to work at NFM at a mattress tester – they both lie down on a double bed – giggling.
Buffett says that people will succeed if they have passion and intelligence to get people to march with them.
Gates says that he is so proud and excited to have created a philanthropic organisation that really works.
Buffett’s painting
In another video Buffett says that he has to paint his own painting and he has people who look after him. He says that at headquarters they don’t have any committees, they don’t have any of the usual bureaucracy associated with run an enterprise.
He spends 5-6 hours per day reading. Just to sit and think about businesses is a joyful thing (in contrast, he says, human problems are difficult).
Poking fun at Charlie
Video of Munger starting to speak on a subject while also trying to
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