Etiqueta: Warren Buffett

A few years ago I set myself a goal: sharpen my investment judgment and become a wiser steward of my family’s financial future. The deeper I dug, the more hooked I became. I read dozens of investing books, and every path eventually pointed to Berkshire Hathaway. It soon became clear that Warren Buffett and Charlie Munger are the gold standard for learning how to invest—and, by extension, how to run any business with discipline and common sense.

Many nights, after work, I unwind by watching the Q&A sessions from the Annual Meeting or old Buffett & Munger lectures. Their philosophy hooked me so hard I promised myself I’d attend the meeting one day.

In 2025, I finally made the pilgrimage to Berkshire Hathaway’s Annual Shareholders Meeting. Seeing 40,000 investors under one roof felt surreal, and Saturday’s marathon Q&A anchored the whole weekend.

I left Panama on Friday morning. We had a connecting flight in Houston and almost missed the meeting because of bad weather. We waited inside the plane for about two hours. The airport almost shut down. In the end, the skies cleared, and we took off.

On the plane, I reread the Annual Report. In it you can find his annual letter, where Buffett writes a very instructive essay. He discusses Berkshire’s results and his investment principles. In the Annual Report you can also find the agenda and some events in Omaha for shareholders.

We arrived at the hotel at midnight and agreed to meet in the lobby at 6 a.m. to walk to the arena. They have to hold it in an arena because there are about 40,000 attendees.

I woke up at 5:30 a.m., and off we went. The lines were shockingly long. Some people even camped throughout the night. We were lucky that part of our group arrived even earlier, and we joined them. The energy while waiting in line was intense. When the doors opened, people shouted, filmed, and pushed. It felt like an oversold concert.

Seating is first come, first served. We managed to get good seats together. There were about ten Panamanians in our group and more scattered around. I was surprised by how many Panamanians attended. One even asked a question online. Also, there were a lot of celebrities there; I saw Tim Cook, Li Lu, and Bill Ackman a few meters away.

The event began at 8 a.m. sharp. Warren Buffett, Greg Abel—the future CEO of Berkshire—and Ajit Jain, head of insurance, were all seated at the podium.

They usually make one video each year, but this time there was no video. He had already announced a “change of plans” in the Annual Report. The event usually starts with ten minutes of Warren summarizing the financial statements. This includes operating earnings and changes in the outstanding shares.

The whole event lasts five hours, which consists mainly of questions and answers. Questions are divided between shareholders attending in person and Becky Quick from CNBC, who chooses the best questions submitted online.

The shareholder questions vary wildly in quality. But Warren has the art of answering them with something wise. He adds an anecdote and always includes a touch of humor. He is very funny. The questions span from investment to life philosophy.

You can watch and read the Q&A online. Which I highly recommend. To give you a taste, here are 5 examples:

1. On real estate

Audience Member (Zone 2): Good morning, Warren, Greg and Ajit. My name is Jackie Han. I’m from China and now work in Toronto, Canada. This is my eighth Berkshire Hathaway meeting. At this point, I’ve probably spent more time with you than most people spend on Netflix. As you might guess, coming from a Chinese family, we always had a soft spot for real estate. So the question isn’t why don’t you own a house, it’s why are you still buying stocks instead of more property? So here is my question: With today’s high interest rates and global uncertainty, do you still believe in being greedy when others are fearful, or is value investing facing new challenges in today’s environment? Thank you.

Warren Buffett: Well, in respect to real estate, it’s so much harder than stocks in terms of negotiation of deals, time spent, and the involvement of multiple parties in the ownership. Usually when real estate gets in trouble, you find out you’re dealing with more than just the equity holder.

There have been times when large amounts of real estate have changed hands at bargain prices, but usually stocks were cheaper and they were a lot easier to do. Charlie did more real estate. Charlie enjoyed real estate transactions, and he actually did a fair number of them in the last 5 years of his life. But he was playing a game that was interesting to him.

I think if you’d asked him to make a choice when he was 21 – either be in stocks exclusively for the rest of his life or real estate for the rest of his life – he would have chosen stocks. There’s just so much more opportunity, at least in the United States, that presents itself in the security market than in real estate.

In real estate, you’re usually dealing with a single owner or a family that owns a large property they’ve had a long time. Maybe they’ve borrowed too much money against it. Maybe the population trends are against them. But to them, it’s an enormous decision.

When you walk down to the New York Stock Exchange, you can do billions of dollars worth of business, totally anonymous, and you can do it in 5 minutes. The trades are complete when they’re complete. In real estate, when you make a deal with a distressed lender, when you sign the deal, that’s just the beginning. Then people start negotiating more things, and it’s a whole different game with a different type of person who enjoys the game.

We did a few real estate deals that came our way in 2008 and 2009, but the amount of time they would take compared to doing something intelligent and probably better in securities – there was just no comparison. In a real estate deal, every sentence is important to the person. In stocks, if somebody needs to sell 20,000 shares of Berkshire and they call us and the price is right, it’s done in 5 seconds and it closes right away.

The completion rate for working on anything in stocks, assuming you’ve got a meeting of the minds on price, is essentially 100%. In real estate, the negotiation just begins when you agree on deals, and then they take forever. For a 94-year-old, it’s not the most interesting thing to get involved in something where the negotiations could take years.

We have seen some huge failures in real estate. If you go all the way back to Zeckendorf in the 1960s, he was going to change the world, and Century City in California is a product of his vision. If you go to Reichmann with the Canary Wharf buildings in London, he was sitting on top of the world, but people tend to get in trouble in that business.

The banks usually don’t want to recognize problems, but it takes a long time to go through the bank processes. They just got through redoing the Musk loan that he made when he was buying Twitter three years ago. Real estate transactions have parties on both sides that aren’t ready to act. We find it much better when people are ready to pick up the phone and you can do hundreds of millions of dollars worth of business in a day. I’ve been spoiled, but I like being spoiled, so we’ll keep it that way.

2. On patience

Audience Member (Zone 4): Hi, Mr. Buffett. My name is Daniel and I’m from Tenafly, New Jersey. First of all, I just want to say how grateful I am for getting the opportunity to ask you a question. When it comes to your principles of investing, you often talk about how important it is to be patient. Has there ever been a situation in your investing career where breaking that principle and acting fast has benefited you? Thank you.

Warren Buffett: That’s a good question. There are times when you have to act fast. In fact, we’ve made a great deal of money because we’re willing to act faster than anybody around.

Jessica Pune is the step-granddaughter of Ben Rosner, a manager of ours. In 1966, I got a call from a fellow named Phil Steinberg in New York. He said, “I represent Mrs. Anenberg. We have a business we’d like to sell you.” So I called Charlie up, got a few details, and it sounded very interesting.

Charlie and I went to Will Steinberg’s office in New York – he was a marvelous guy. He was handling things for Mrs. Anenberg, whose husband had been the partner of Ben Rosner, but he had died, and Ben got kind of tense about working with her.

So he offered us this business at a bargain price – $6 million. It had $2 million of cash, a $2 million piece of property on Market Street in Philadelphia, and it was making $2 million a year pre-tax.

Ben Rosner was there, and he was upset about doing business with his partner’s widow. She was extremely wealthy. He said to me and Charlie, “I’ll run this business for you until December 31st, and then I’m out of here.” Charlie and I went out in the hallway, and I said, “If this guy quits at the end of the year, you can throw away every book on psychology I’ve ever read.”

That began a wonderful relationship. We bought the company and had a great partnership. People in the East had a stereotype in their mind of what people from the Midwest were like. Ben had been married first to a woman from Iowa, and he just figured that anybody from the Midwest was okay.

The trick when you get in business with somebody who wants to sell you something for $6 million that’s got $2 million of cash, a couple million of real estate, and is making $2 million a year, is you don’t want to be patient at that moment. You want to be patient in waiting to get the occasional call. My phone will ring sometime with something that wakes me up. You just never know when it’ll happen.

That’s what makes it fun. So patience is a combination of patience and a willingness to do something that afternoon if it comes to you. You don’t want to be patient about acting on deals that make sense, and you don’t want to be very patient with people talking to you about things that will never happen.

Greg Abel: As you’re being patient, I happen to know – and I think that goes for Ajit also and all our managers – while we’re looking at opportunities and as you touched on, we want to act quickly, but never underestimate the amount of reading and work that’s being done to be prepared to act quickly. We know that when the opportunity presents itself, whether it be equities or private companies, we’re ready to act, and that’s a large part of being patient – using the time to be prepared.

Warren Buffett: And of course it doesn’t come in anything like an even flow. It’s the most uneven sort of activity you could get into. The main thing is you have to be willing to hang up after 5 seconds and you have to be willing to say yes after 5 seconds. You can’t be filled with self-doubt in this business.

One of the great pleasures – it is the great pleasure actually in this business – is having people trust you. That’s really why I work at 94 when I’ve got more money than anybody could count. It means nothing in terms of how I’m going to live or how my children are going to live or anything else.

But both Charlie and I just enjoyed the fact that people trusted us. They trusted us 60 or 70 years ago in partnerships we had. We never sought out professional investors to join our partnerships. Among all my partners, I never had a single institution – I never wanted an institution. I wanted people. I didn’t want people who were sitting around having presentations every three months and being told what they wanted to hear. That’s what we got, and that’s why we’ve got this group here today.

It’s all worked out. But you don’t want to be patient when the time comes to act – you want to get it done that day.

3. On advice for young investors

Audience Member (Zone 7): Hi, my name is Marie. I’m from Melrose, Massachusetts. Thank you for the time today. As a young person interested in investing like myself, I would love to hear your insights, Mr. Buffett. What were some pivotal lessons you learned early in your career? And what advice do you have for young investors who are looking to develop their investment philosophy? Thank you.

Warren Buffett: Those are good questions. Who you associate with is just enormously important. Don’t expect that you’ll make every decision right on that, but you are going to have your life progress in the general direction of the people that you work with, that you admire, that become your friends.

I mentioned a few fellows that have died in the last couple years. All of those people were people that, if we were working together on something one-ten-thousandth the size of Berkshire, they’d be the kind of people you’d choose. They’re people that make you want to be better than you are. You want to hang out with people that are better than you are and that you feel are better than you are because you’re going to go in the direction of the people you associate with.

That’s something you learn later in life – it’s hard to really appreciate how important some of those factors are until you get much older. But when you’ve got people around you like Tom Murphy and Sandy Gottesman and Walter Scott, you’re just going to live a better life than if you just go out and look at somebody that’s making a lot of money and decide you’re going to try and copy them.

I would try to be associated with smart people too where I could learn a lot from them, and I would try to look for something that I would do if I didn’t need the money. What you’re really looking for in life is something where you’ve got a job that you’d hold if you didn’t need the money, and I’ve had that for a very long time.

All the fellows I named had it, and they also always did more than their share and never sought more than their share of the credit. They behaved the way you’d like anybody you work with to behave. When you find them, you treasure them, and when you don’t find them, you still keep doing whatever enables you to eat. But you don’t give up on looking around, and you will find people who do wonderful things for you.

I mentioned earlier going down to GEICO and knocking on the door when the door was locked. Who knows what was behind that door? But in 10 minutes, I found that I had a man that was going to be just wonderfully helpful to me. And of course, if somebody’s going to be helpful to you, you want to try to figure out ways to be helpful to them. So you get a compounding of good intentions and good behavior. Unfortunately, you can get the reverse of that in life, too.

I was lucky in having a good environment for living that kind of life, and other people have a whole different environmental situation they have to overcome. But don’t feel guilty about your good luck if you’ve got it. If you live in the United States, with 8 billion people in the world and 330 million in the United States, you’ve already won the game to a great degree. Just keep making the most of it.

You don’t want to associate with people or enterprises that ask you to do something that you shouldn’t be doing. Different professions select for different types of people. It’s interesting to me that in the investment business, so many people get out of it after they’ve made a pile of money. You really want something that you’ll stick around for whether you need the money or not.

Greg doesn’t need the money, Ajit doesn’t need the money – not remotely – but they enjoy what they do and they’re so damn good at it. I’ve had the advantage of seeing how that works over time.

The best manager I ever knew – and there’s a lot of contention for who that would be – but actually was Tom Murphy Sr., who lived to almost 98. I’ve never seen anybody who could get the potential out of other people more than Murph. If you wanted to become a better person, you’d want to work for Tom Murphy. There are all kinds of successful people that don’t bring that to the party. I’m not saying that’s the only way to succeed, but I think it’s the most pleasant way to succeed for sure.

The Berkshire experience is pretty dramatic – to operate with Sandy Gottesman from 1963 until he died a couple years ago, Walter Scott for 30 years – you really can’t miss it. You’ll learn all the time, but you’ll not only learn how to be successful at business, you’ll learn how to be successful at life.

So that’s my recommendation. And for some reason, apparently you live longer too. It’s pretty amazing – these people I’m talking about, including myself. I think a happy person lives longer than somebody that’s doing things they don’t really admire that much in life.

4. Greg Abel on capital allocation

Becky Quick: This question comes from David Rubin, a shareholder from Scottsdale, Arizona. It’s a question for Greg. We’ve heard over the decades and are familiar with Warren and Charlie’s investment thesis and their circle of competence. During the first 10 years after taking over as CEO, Greg will be tasked with allocating more capital during that time than Berkshire has had to allocate in its history. Given this, I’d like to hear from Greg about his views on capital allocation, particularly into new businesses.

Greg Abel: This bar is not too high! We start from a great place at Berkshire. We’ve got a great culture within the business. We have values that we as a management team, as defined by Warren and Charlie and everybody associated with the business – we’ve got great values that really set Berkshire up well for the future.

As we deploy capital and allocate capital, it’s critical to Berkshire going forward, and equally it’s around managing risk. When I think of our values, a couple are absolutely critical. One: we will maintain the reputation of Berkshire and that of our company. I view that in investing or how we operate things across each of our businesses. That will always be a priority and something we’ll ensure is in the forefront of our minds.

Looking at our balance sheet, as Warren commented, we will have a fortress of a balance sheet. I thought Sue Decker, our lead director, said it well yesterday. We’ve got a significant amount of cash right now, but it’s an enormous asset to have that and that will continue to be a philosophy. When we can deploy it, we’ll deploy it well. We recognize it as a strategic asset that allows us to weather difficult times and not be dependent on anybody.

We will remain Berkshire and will never be dependent on a bank or some other party for Berkshire to be successful. With allocation of capital comes management of risk and understanding risk. That falls upon all our managers, insurance and non-insurance, but we’ll bring that across Berkshire.

The other value I would touch on relates to where I’m going: ultimately we have a great set of operating companies that produce significant cash flows, be it in the insurance companies creating float or our various non-insurance companies producing significant cash flows on an annual basis. We intend to continue to ensure that’s a strength of Berkshire going forward.

With those cash flows and with the float, and with significant resources already on our balance sheet, we’ll continue to move forward with a very similar philosophy. It’s an identical philosophy to what we’ve had currently and for the past 60 years.

We’ll start by looking at opportunities within our business – are our insurance and non-insurance businesses properly capitalized and do they have the opportunity to manage their business? They’ll operate in an autonomous way, but Berkshire still manages the capital that will go into those businesses or what potentially will come out of them.

The next opportunity is to acquire businesses in their totality, 100%. There are great times when we can do that. Warren touched on the $10 billion acquisition in the last quarter. But the value relative to the risk have to be right. If it’s right, we want to own it. If it’s not the time, there’ll be another time to own assets like that.

Then there’s the opportunity to own pieces of companies through equity. But as Warren’s always highlighted, though we own a piece of a company, we own a piece of that cash flow, a piece of their balance sheet. It’s not just a share certificate. We’ll approach it with the thought that we’re going to own this company for the long term.

We need to thoroughly understand what the economic prospects of those companies will look like – as Warren said earlier – 5 years from now, 10 years from now, 20 years from now. If we don’t have a view of that, we won’t be investing, be it 100% or 2% of a company through equities. We have to thoroughly understand what those prospects look like and the underlying risks of the businesses. It’s really the investment philosophy and how Warren and the team have allocated capital for the past 60 years. It will not change, and it’s the approach we’ll take going forward.

5. On investor vs. operator

Audience Member (Zone 5): Hi Warren Greg. My name is Pig Huang Chen. I’m from Taiwan. This is my seventh time here. First of all, I want to thank you Warren for your generosity of sharing your wisdom and lesson. You changed my life and you are my role model and my hero. And my question is, Warren, you mentioned that Greg will be in charge of capital allocation in the future and I’d like to know your perspective on is it easier for business operator to be an investor or for investor to be a business operator. Thank you.

Warren Buffett: No, that’s a good question. I see we call him Greg even. Thank you. And I’ll – you’ll take it and it’s a lot tougher to be an operator. I mean it is. It’s easier to sit in a room like I do and play around with money. It’s just an easier life. That doesn’t mean it’s a more admirable life. It doesn’t, but it’s actually been a pleasant life for me. So, I don’t complain in the least.

And I’ve been able to choose my friends, which has made an enormous difference in my life. I’ve never had to work for anybody that I really didn’t admire. I mean, that’s a luxury in life. I had five different people I worked for and they were fantastic, whether it was the manager of the local Penneys which used to be located a couple miles from here, and newspaper managers, everything. I have never been really disappointed by any teacher I’ve had.

But I have to admit that I’ve been able to choose what I do with my day to an extraordinary degree compared to being a business operator. And in many cases, I wouldn’t like to compete to be a top-notch business operator in terms of some of the behavior that might be forced upon me.

I am the master. I mean, I’ve found myself in this position where I can run the kind of company I want to run and that’s an extraordinary luxury.

Buffett’s last words as CEO

Warren Buffett: I have a five-minute warning, so I would like to turn to a subject that I want to discuss with you for a few minutes.

Tomorrow we’re having a board meeting of Berkshire and we have 11 directors. Two of the directors who are my children, Howie and Susie, know of what I’m going to talk about. The rest of them – this will come as news to them.

I think the time has arrived where Greg should become the chief executive officer of the company at year-end. I want to spring that on the directors effectively and then give that as my recommendation. Let them have the time to think about what questions or what structures or anything that they want, and then the meeting following that, which will come in a few months, we’ll take action on whatever the view is of the 11 directors. I think they’ll be unanimously in favor of it.

That would mean that at year-end Greg would be the chief executive officer of Berkshire. I would still hang around and could conceivably be useful in a few cases. But the final word would be what Greg said, in operations, in capital deployment, whatever it might be.

I could be helpful, I believe, in certain respects if we ran into periods of great opportunity or anything. I think that Berkshire has a special reputation that when there are times of trouble for the government, we are an asset and not a liability, which is very hard to have because usually the public and government get very negative on business if there’s a time like that.

But Greg would have the tickets. Whether it’s acquisitions – I think the board would be more welcome to giving him more authority on large acquisitions probably if they knew I was around. But Greg would be the chief executive, period.

The plan is – and Greg doesn’t know anything about this until what he’s hearing right now – that the board will be able to ask me questions tomorrow about more of the specifics of what they should be thinking about. They’ll digest it, and then at the next board meeting after that, if they act, then obviously we have something to announce to the world as a material change and we’ll go forward with that operation.

I will play with the ouija board or whatever comes out in terms of doing things. But I have no intention, zero, of selling one share of Berkshire Hathaway – it will get given away.

I would add this – the decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine. There may come a time when we get a chance to invest a lot of money, and if that time comes, I think it may be helpful with the Board that they know I’ve got all my money in the company and I think it’s smart. And I’ve seen what Greg has done. So that’s the news hook for the day. And thanks for coming.

(standing ovation)

The enthusiasm shown by the audience’s response can be interpreted in two ways. But I’ll take it as positive. Thank you.

There was a standing ovation for Buffett, and people clapped for a long time. The quick witted Buffett finished the Annual Meeting with a joke, saying that applause could mean two things: that he had done well, or that it was time for him to go. He still has it.

I just witnessed history. What a legend.

After the event, in the same arena, there’s a huge hall. Many of Berkshire’s subsidiaries display and sell their products to shareholders there. This happens on Friday and Saturday. It was packed—you could barely move. There were See’s chocolates, prefab houses, boats, RVs, stuffed animals, sneakers, pilot simulators, and much more.

I bought several boxes of See’s Candies. I also purchased a pair of Brooks sneakers that say “Berkshire Hathaway.” Additionally, I got the book on Berkshire’s 60-year history. After that, we walked around downtown Omaha, had lunch, and dropped our things at the hotel.

That night, a big group of Panamanians went to dinner at Gorat’s Steakhouse, famous because it was Warren’s most-visited restaurant. There I ate Buffett’s favorite meal: a T-bone with hash browns.

The next day, Sunday morning, we got up early for a 5 K run. The event was organized by Brooks. I ran almost the whole race and finished in 34 minutes. That isn’t bad given that I never run and the whiskey/wine/steak combo of the night before.

After the race, I changed at the hotel and walked to the Omaha Brunch hosted by Markel Group. Markel is considered a “mini-Berkshire.” It runs an event like its annual shareholder meeting. They discuss strategy, numbers, operations and they finish with a Q&A.

The event is led by CEO Tom Gayner. It’s clear they model everything on Berkshire and mention Buffett and Munger a lot. One thing that stuck with me was how often they said things like: “We are open to feedback, we are learning, I want to teach you how we think about allocating capital.” About 2,000 people attended.

What I learned about the Markel meeting was how much they worked on their communications. It is odd for me to see a company focus and repeat so much on the word «compounding». It is strictly about making the most money possible.

The show was mainly about the business model, their best companies and capital allocation. I say «show» because they mentioned everything was rehearsed. The animated video was professionally produced. Everybody dressed the same way. Everything was written down. I think even the jokes were scripted. It was very well produced.

After the Markel meeting I walked around Omaha. The town of Omaha is charming, small, and fairly wealthy. I assume some of Berkshire’s tax money has been invested in the city. To give you a sense of scale, during the annual meeting, Berkshire’s market cap exceeds one trillion dollars. It holds $345 billion in cash and cash equivalents—which represents 5% of all U.S. Treasury bills.

Monday morning at 4 a.m. I departed to Panama.

Reflections of the Annual Meeting

The Berkshire meeting felt like a rock show—Warren Buffett was treated as a rockstar in front of 40,000 fans. Markel’s brunch, though smaller in scale, followed a similar script, with Tom Gayner in the spotlight and plenty of applause. Both stood in stark contrast to Panamanian annual meetings, where the crowd is minimal, the atmosphere strictly business, and questions rarely come up.

I went in expecting deep dives into financial statements—slide decks filled with operating metrics, acquisition details, and footnotes that only made sense in person. Instead, the Berkshire session boiled down to five hours of Q&A. The “numbers” segment appeared in just three plain black-and-white slides that Buffett nearly forget until Greg Abel reminded him just before the end of Part 1.

Everyone was speaking the same value-investing language, trading book recommendations, and comparing notes on companies. I loved chatting with people from all over—and especially bonding with the unexpectedly large group of Panamanians. 

With Buffett set to step back, I asked veterans if they’ll return next year. Many hesitated but ultimately agreed it’s still worth returning. Even if Buffett isn’t on center stage, he’ll attend if he’s healthy, and Greg Abel will surely put on a good show. Plus, the surrounding ecosystem—side events like Markel’s brunch, hedge-fund dinners, and best-practice roundtables—offers networking you can’t replicate anywhere else. I’m in the camp that says: see you in Omaha 2026.

In a conversation I had, we talked about how it was amazing to witness such a historic moment. Warren Buffett is a prodigy who lived an exceptional life. We also concluded that value investing has two fathers: Benjamin Graham and Warren Buffett.

Benjamin Graham, Warren Buffett’s mentor and author of The Intelligent Investor, organized the core ideas of value investing. Buffett personalized these ideas and achieved one of history’s largest fortunes. Both investors made quantum leaps in professional investing, with Buffett notably grabbing Graham’s baton and advancing it further.

People call the Berkshire meeting “Woodstock for Capitalists” because, just as Woodstock 1969 was the biggest music festival of its era, thousands fly to Omaha each May, pack an arena, and listen to Buffett talk for hours. It’s not just a shareholder assembly—it’s a gathering of people who believe that Buffett’s way of thinking can change how you view money and life.

My advice for anyone who wants to go is to book a hotel at least six months in advance. It might be better to plan from Thursday to Sunday. I don’t think I’ll fly in on a Friday again because there’s not enough cushion for a delayed flight.

To go, you have to be a shareholder. The Annual Meeting is for owners of Class A and B shares. A single Class A share costs above $700,000. A Class B share is around $500. So, the lowest buy-in to attend is $500, which is a bargain. With proof of stock you will gain the badge for admission we have around our necks:

If you want to create a latticework of mental models on investing I recommend learning more about Berkshire, Buffett and Munger. Watch their videos and check out the following books.: Lessons of Corporate America, The Making of a Great American Capitalist, Buffett and Munger Unscripted, Poor Charlie’s Almanack, and Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger.

In this spirit, I wish to enlighten you with a quote by Charlie Munger:

I think you learn economics better if you make Adam Smith your friend. That sounds funny, making friends among the “eminent dead,” but if you go through life making friends with the eminent dead who had the right ideas, I think it will work better for you in life and work better in education. It’s way better than just giving the basic concepts.

Wishing you the best of luck on your treasure hunt for great companies at fair prices.