In November of 2020, the world lost one of its greatest business leaders with the passing of Charlie Munger at the age of 99. Munger was an integral part of Warren Buffett’s most successful investment partnership, which spanned over six decades. The annual shareholder meeting of their conglomerate was a tribute to Munger’s legacy by Buffett, who spoke about various topics including renewable energy, artificial intelligence, and his investments in companies like Apple, American Express, and Coca-Cola.
The meetings were known for Munger’s sharp wit and humor, which he was not afraid to use even when criticizing artificial intelligence. The assembly began with a video honoring Munger’s contributions to their joint business success. Attendees celebrated some of Munger’s memorable quotes and moments, reflecting on his integrity and honesty in both personal and business matters. Buffett spoke of his trust in Munger for investment advice and shared how he now relies more on himself for investment decisions.
The meeting also touched on Buffett’s succession plans and reflected on the company’s investment decisions, including a significant reduction in holdings of Apple shares. Despite the decrease in Apple stock, Buffett expressed confidence in the company’s long-term potential. He highlighted how the sale of these shares had increased Berkshire Hathaway’s liquidity position to record levels. Buffett admitted to a cautious approach to investments and acknowledged his risk aversion, which has sometimes caused him to miss significant opportunities.
Buffett also expressed concerns about the risks of artificial intelligence and the potential for scams and misuse of the technology. He emphasized his preference for investing in U.S. companies, with exceptions for specific international investments like in Japanese conglomerates. Buffett’s commitment to philanthropy was evident as he shared a story of a generous donation made using Berkshire shares to fund free tuition for medical students.
In conclusion, the Berkshire Hathaway shareholder meeting was a time for reflection on the legacy of Charlie Munger and the future of the company
