Pilgrimage to Omaha
Lessons from the 2025 Berkshire Hathaway Shareholders Meeting
If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster.
- Warren Buffett
Last weekend in Omaha, I had the privilege of witnessing the GOAT Warren Buffett announce his departure after sixty (!!!) years at Berkshire’s helm. It was an honor to soak up the room’s collective wisdom and capture this historic transition firsthand.
A Bucket List Adventure Begins
It started with a surprise on a winter evening this past January.
My amazing (and wonderfully thoughtful) girlfriend handed me an envelope containing round-trip tickets to Omaha for the first weekend of May.
After years of following The Oracle of Omaha's wisdom from afar, I was finally going to make the pilgrimage to "Woodstock for Capitalists." Even better, a couple of partners from our investment partnership would be joining me!
For the uninitiated, every year over 30,000 people from around the world descend upon the Cornhusker State for Berkshire Hathaway's Annual Shareholders Meeting (AGM).
It's part investment conference, part retail extravaganza, and part spiritual journey for value investors. Cameras and reporters from CNBC capture the spectacle while attendees soak in wisdom that transcends finance.
The Gathering of the Faithful
The dedication of Berkshire shareholders is something to behold.
Die-hard fans began lining up at 1 AM, braving the cool Midwestern night for prime seats (first come, first served). By the time we arrived at 7, the line snaked around several city blocks.
I had expected a homogeneous crowd of older white men in suits discussing P/E ratios.
While that group was certainly represented, I also found diversity abounding: a Taiwanese software entrepreneur and VC chatting stocks, a multi-generational shareholder schooling her granddaughter on compound interest (after we joked that A-shareholders deserved a VIP fast-pass), and families who’d flown halfway around the world for the wisdom buffet.
From what I observed, the crowd included thousands of Asian investors, Europeans from various countries, and, most surprisingly, far more children than I would have anticipated. Of course, the event also attracted corporate royalty: Tim Cook, Bill Gates, Hillary Clinton, and Bill Ackman were all in attendance.
What struck me most wasn't who came, but the common thread connecting everyone: genuine kindness and a willingness to share knowledge. Whether speaking with newcomers to investing or seasoned fund managers, the generosity of spirit remained constant.
The Berkshire Bazaar: Commerce and Community
The shopping experience at the meeting deserves its own section. Berkshire subsidiaries set up elaborate displays in the convention center, creating a capitalist carnival atmosphere.
By mid-morning, plush toys of Warren and Charlie were selling out, with some immediately appearing on eBay at three times their retail price.
Berkshire-branded merchandise flew off shelves, and copies of the Berkshire Hathaway 60th Anniversary book were snapped up by the armful.
At $25 a piece, the 5,000 copies available at the event sold out halfway through the AGM. Resellers made out like bandits.
Berkshire quickly responded to the supply-demand imbalance by printing additional books and selling them on eBay for $50 with delivery slated for summer. Econ 101 live in action!
More than a marketplace, the bazaar became a social hub.
Shareholders swapped investment tips between See’s Candies samples and window-shopping Forest River pontoon boats. Children posed for photos with the Geico gecko, while their parents debated intrinsic value over free chocolate.
It was a marriage of folksy Midwestern warmth and razor-sharp business acumen—Berkshire’s secret sauce, in physical form.
Timeless Wisdom: Beyond the Balance Sheet
While comprehensive coverage of Buffett's comments can be found elsewhere, several insights particularly resonated with me.
Turn Every Page
Invoking biographer Robert Caro's mantra "turn every page," Buffett emphasized thoroughness in research as fundamental to investment success.
This approach, leaving no stone unturned when investigating potential opportunities, has been central to Berkshire's spectacular performance. It's not just about scanning financials but developing deep understanding of businesses, management, and long-term competitive prospects.
The Power of Compounding: Money, Character, and Time
You get a compounding of good intentions and good behavior, and unfortunately you can get the reverse of that in life too. Warren Buffett, 2025
Just as compound interest works wonders with money, consistently positive actions and associations lead to exponential personal and professional growth.
Buffett himself is perhaps the greatest living example of compounding's extraordinary power.
Consider the math: of his current $160 billion net worth, the vast majority was accumulated after his 50th birthday, with well over $150 billion coming after he qualified for Social Security.
Despite becoming a millionaire by age 30, over 96% of his wealth materialized in what most consider life's later chapters.
This isn't just financial theory, it's the mathematics of patience applied to both money and character. Small, consistent advantages, maintained over decades, yield results that appear almost magical in retrospect.
Case in point, the scorecard after Buffett announced he's stepping down this year: 5,502,284% for Berkshire vs 39,054% in the S&P 500.
As Morgan Housel pointed out, Berkshire stock could fall 99% and Buffett still would have outperformed over his career.
The lesson extends beyond portfolio returns. Just as Buffett's wealth compounded through persistent application of sound principles, so too can our knowledge, relationships, and character compound through consistent positive choices.
Global Vision: The Japanese Investment Thesis
One of the meeting's most insightful moments came during discussions of Berkshire's substantial Japanese investments. Buffett and Abel's commentary revealed much about how Berkshire evaluates opportunities beyond U.S. borders.
"What we see in these Japanese trading companies is exceptional capital allocation and management quality," Buffett explained.
He specifically praised their shareholder-friendly practices, disciplined investment approach, and business models spanning multiple industries—qualities that mirror Berkshire's operational philosophy.
What struck me most was the timeframe Buffett envisions for these holdings, adding that Berkshire would likely increase its ownership stakes over time.
We expect to hold these positions not just for years, but for decades.
This wasn't just investment talk. It was a glimpse into how Buffett thinks about capital deployment on a global scale.
The Japanese investments also highlighted an important aspect of Buffett's approach: cultural respect coupled with universal business principles. He acknowledged differences in Japanese corporate governance while focusing on the fundamental qualities that make businesses excellent anywhere in the world.
I see three things that Buffett probably saw (among other things) in the Japanese holdings:
Cheap valuations
Rising ROIC's
Significant change in capital allocation policies
These investments have been a home run since Berkshire initially bought them in 2019.
For investors listening carefully, this segment offered a masterclass in international investing: seek management teams with proven capital allocation skills, prepare for truly long-term holding periods, and recognize excellence regardless of geography.
wrote a great piece on Berkshire’s Japan allocation for those looking to learn more.
The Power of Association
Buffett emphasized the profound impact of one's social circle:
Who you associate with is just enormously important. You're going to have your life progress in the general direction of the people that you work with, that you admire, that become your friends.
He added:
You'll not only learn how to be successful in business, you'll learn how to be successful in life. You meet a handful of people in life who change it dramatically—treasure them.
Cultivate Curiosity
"Keep a lot of curiosity and read a lot, as Charlie would say," Buffett advised, channeling his late partner Charlie Munger.
This underscores their shared belief that a curious mind and extensive reading habits are essential for growth in all domains.
Know Your Circle of Competence
Defining your circle of competence (understanding what you know and don't know) remains perhaps the most important aspect of investing, according to Buffett.
I'd argue this principle applies equally to life in general. True wisdom begins with recognizing the boundaries of your knowledge.
Beyond the Main Event: The Berkshire Ecosystem
While the shareholders' meeting featured nearly 5 hours of Q&A with Warren Buffett, Greg Abel, and Ajit Jain, the experience extended far beyond the official program.
A constellation of events surrounds the meeting each year.
Mohnish Pabrai hosted a gathering on Friday. The Markel Group held a brunch and investor presentation Sunday morning.
and I joined the steady stream of pilgrims at Gorat’s Steakhouse (Warren’s favorite) throughout the weekend.
But the most valuable experiences came from informal conversations.
Saturday night in Omaha's Old Market district transformed into an impromptu investment conference. At Mr. Toad's, I found myself discussing everything from digital advertising dynamics to geopolitical risks with a mix of Ivy League finance professors, fellow Substack writers, and established fund managers like Chris Bloomstran of Semper Augustus.
Topics ranged from "best stock to hold for the next decade" to interpretations of Buffett's comments on Japanese investments to the Thucydides Trap and its implications for US-China relations.
The intellectual energy was electric, and the connections genuine.
For those interested in continuing their education, here are some book recommendations gathered over the weekend: Nudge by Thaler and Sunstein, Chip War by Chris Miller, Genius Makers by Cade Metz, Latticework by Robert Hagstrom, and the classic Ogilvy on Advertising.
The Lessons That Will Endure
Looking back on this experience, I'm struck by how Buffett's nuggets of wisdom constitute the necessary ingredients for excellence in any domain—whether investing, entrepreneurship, relationships, or art.
His approach combines intellectual rigor with ethical clarity. It values rationality without dismissing human connection.
It acknowledges mistakes while maintaining optimism about the future.
In a world obsessed with shortcuts and hacks, Buffett reminds us that the path to meaningful success remains largely unchanged: read widely, think deeply, associate with quality people, recognize your limitations, and compound small positive actions over time.
While the world will never have another Warren Buffett, the Oracle's wisdom will continue resonating for generations. Whether living modestly despite vast wealth or maintaining a childlike curiosity into his nineties, his example offers something valuable for us all.
My cup overflows with gratitude for this experience.
Not just for witnessing a historic shareholders meeting, but for the meaningful connections formed and perspectives gained.
Same time next year? I've already marked my calendar.
What lessons from Buffett and Berkshire have most impacted your life or investing approach? I'd love to hear your thoughts in the comments below.
Thanks for sharing your experience at the Berkshire weekend. I appreciate how you highlighted the mix of investing, community, and learning that makes the event special.
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