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May 06, 2024

• The Berkshire AGM
• Here are 30 key takeaways
•  1. Big tribute to Charlie Munger. The entire 30-minute starting video is about Charlie. It’s amazing what he has done for the investment community
• 2. Berkshire Hathaway trims its stake in Apple by 13%
• 3. Insurance is still an excellent business. Ajit is doing an amazing job
• 4. Q1 was good for Berkshire Hathaway. The company keeps compounding at attractive rates
• 5. Every time you see the word EBITDA, you should replace it with bullsh*t earnings
• 6. Berkshire earns more than $100 million per day currently
• 7. Succesful investing is all about having a few very big winners
• 8. The power of compounding is the most underrated power in the world
• 9. Berkshire Hathaway will keep buying back shares in the years to come
• 10. Don’t check stock prices daily
• 11. Coca-Cola and American Express will probably never be sold
• 12. Apple will (probably) remain the largest position of Berkshire Hathaway in the years to come
• 13. Always look at a stock like a business.
• 14. Don’t try to time the market
• 15. The market is there to serve you. Use it to your advantage
• 16. The Intelligent Investor by Benjamin Graham is the best investment book ever
• 17. Higher taxes are quite likely in the future according to Buffett
• 18. Berkshire Hathaway‘s primary investments will always be in the United States
• 19. Anyone who says size doesn’t hurt performance is selling
• 20. Charlie’s two best ideas were probably BYD and Costco
• 21. Buffett feels extremely good about his exposure to Japan
• 22. The best time to sell a wonderful company is (almost) never
• 23. “I don’t know anything about Artificial Intelligence.” - Warren Buffett
• 24. Geico is still an amazing business. The company is making progress in its data analytics
• 25. Geico has lower costs than virtually any insurance company
• 26. “Charlie was the best Partner I could have very imagined.” - Warren Buffett
• 27. Always surround yourself with people you look up to and trust
• 28. “During our entire partnership, Charlie never lied to me even once.” - Warren Buffett
• 29. If there would be no risk there would be no insurance business. Insurance is still a very attractive business despite climate risk
• 30. Never bet against America