Jet lag was brutal, but so was the emotion — here’s what Cameron, one of our EasyEquities investor, saw when Buffett shocked the crowd by stepping down at the 2025 Berkshire AGM.
Describing the Berkshire experience this past weekend is difficult to put into words. While I know physically I am exhausted from the jet lag (over 35 hours of travel each way), I can’t help but feel mentally stimulated, refreshed, blessed and inspired.
On the day, it all started with a 4am alarm clock, followed by getting ready in suits and taking electric scooters 2km downtown to the venue (Business opportunity for someone here to replicate this in SA — those scooters were a highlight, anyway I digress).
Arriving at 4:45am, we thought we would be one of the first in line, only to find hundreds already queuing! After speaking to some other shareholders, we learnt quickly that many had been there since 2am in the cold, talk about dedication. The excitement in the line was electric.
Some of the common conversations were around “What bought you here?” “Where are you from?” “Do you think this is Buffets last one?” - it was clear already from the line outside that this was not just a local event, with many international attendees from all over the world. One thing we had in common however, was the love for Buffett and the appreciation of his value investing principles.
When the gates opened at 7, it was a mad rush. Picture thousands of people, in suits, running in the same direction to the entrance gate of the stadium. Despite guards and police shouting “No running!”, it couldn’t dissuade the passionate investors wanting to get the best seat possible for the main event of the weekend.
When entering the actual stadium, the madness continued. Many using different items of clothing to block off sections of seats. My friend Brandon and I were very fortunate, we secured aisle seats with a great view. Once we were all settled and it hit 8am, Buffett appeared and there was a loud applause and welcome for the Oracle of Omaha.
The Q&A this year itself was quite interesting. There were not many specific questions on his investing Philosophy, nor were there many detailed questions about the underlying businesses (besides Geico perhaps). Many of the questions were more high-level and focused on his view on geopolitical topics such as tariffs, and life lessons or advice for younger investors, amongst other things.
My favourite quote from him around investing was about the importance of balance sheet analyses:
“It's one thing we've really never talked about here, but I spend more time looking at balance sheets than I do income statements. Wall Street doesn't pay much attention to balance sheets, but I like to look at balance sheets over an 8 or 10 year period before I even look at the income account because there are certain things it's harder to hide or play games with on the balance sheet than with the income statement.
Neither one gives you the total answer on anything, but you should understand what the figures are saying and what they don't say and what they can't say and what the management would like them to say that the auditors wouldn't like them to say. You learn more from balance sheets in my view than most people give them credit for”
On life advice, the following quote was my favourite:
“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.…
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.”
My highlight (and lowlight) of the AGM however was certainly Buffett surprising everyone (including Greg Abel - the next CEO in line to take over), by announcing his intention to resign as CEO in the last 5 minutes of the 4 hour meeting. This came as a shock, despite many expecting this sooner or later, considering he is 94 and been CEO for 6 decades!
The standing ovation that followed was very emotional. And it felt only right to give credit where credit is due. To applaud a man who has represented what true capitalism looks like, and what it looks like to be immensely successful, yet still humble and true to yourself at the same time. At least for me that was what was going through my head.
To sum it up, it was a weekend I will never forget and for which I am very grateful for. I will certaintly be looking to add more Berkshire stock (available here on EasyEquities) over time when the price looks right - I have complete confidence in Greg Abel’s ability to continue the legacy.
For those who are interested in attending the shareholder meeting in the future, I'd recommend starting with the recorded shareholder meetings which are available online. There is so much insight and wisdom that you can soak in from the comfort of your home.
Of course, if you have the means to do so, I would recommend going to the AGM if you can! Also remember that as a shareholder, you can attend annual shareholder meetings of all our local companies too in SA! These are great places to learn and ask questions. Remember as a shareholder you are an owner of the business and entitled to some privileges, one of them being able to attend the annual general meeting.
To young or first time investors, I cannot stress enough the importance of taking a long-term approach to investing and remembering this: “Price is what you pay, Value is what you get”. Knowing the difference is critical. Save every month from your first paycheck and make sure to build your financial freedom one payslip at a time. One way I do this is to set up a debit order every month into my EasyEquities ZAR wallet (see here for more info). This makes sure you save every month.
I also recommend meeting with like minded investors and discussing approaches and doing case studies together to finesse your skills. For more financial education, go to EasyEquities resources here.
To those who have followed my journey, it has been a pleasure and I wish you the best on yours. Perhaps we all make an effort to attend the next Purple AGM and create a culture similar to that of Berkshire… looking forward to connecting soon!
Take it easy,
Cameron.
Disclaimer: Clients should evaluate the product's suitability for their financial needs and consult their financial adviser if they are uncertain about its appropriateness.
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Describing the Berkshire experience this past weekend is difficult to put into words. While I know physically I am exhausted from the jet lag (over 35 hours of travel each way), I can’t help but feel mentally stimulated, refreshed, blessed and inspired.
On the day, it all started with a 4am alarm clock, followed by getting ready in suits and taking electric scooters 2km downtown to the venue (Business opportunity for someone here to replicate this in SA — those scooters were a highlight, anyway I digress).
Arriving at 4:45am, we thought we would be one of the first in line, only to find hundreds already queuing! After speaking to some other shareholders, we learnt quickly that many had been there since 2am in the cold, talk about dedication. The excitement in the line was electric.
Some of the common conversations were around “What bought you here?” “Where are you from?” “Do you think this is Buffets last one?” - it was clear already from the line outside that this was not just a local event, with many international attendees from all over the world. One thing we had in common however, was the love for Buffett and the appreciation of his value investing principles.
When the gates opened at 7, it was a mad rush. Picture thousands of people, in suits, running in the same direction to the entrance gate of the stadium. Despite guards and police shouting “No running!”, it couldn’t dissuade the passionate investors wanting to get the best seat possible for the main event of the weekend.
When entering the actual stadium, the madness continued. Many using different items of clothing to block off sections of seats. My friend Brandon and I were very fortunate, we secured aisle seats with a great view. Once we were all settled and it hit 8am, Buffett appeared and there was a loud applause and welcome for the Oracle of Omaha.
The Q&A this year itself was quite interesting. There were not many specific questions on his investing Philosophy, nor were there many detailed questions about the underlying businesses (besides Geico perhaps). Many of the questions were more high-level and focused on his view on geopolitical topics such as tariffs, and life lessons or advice for younger investors, amongst other things.
My favourite quote from him around investing was about the importance of balance sheet analyses:
“It's one thing we've really never talked about here, but I spend more time looking at balance sheets than I do income statements. Wall Street doesn't pay much attention to balance sheets, but I like to look at balance sheets over an 8 or 10 year period before I even look at the income account because there are certain things it's harder to hide or play games with on the balance sheet than with the income statement.
Neither one gives you the total answer on anything, but you should understand what the figures are saying and what they don't say and what they can't say and what the management would like them to say that the auditors wouldn't like them to say. You learn more from balance sheets in my view than most people give them credit for”
On life advice, the following quote was my favourite:
“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.…
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.”
My highlight (and lowlight) of the AGM however was certainly Buffett surprising everyone (including Greg Abel - the next CEO in line to take over), by announcing his intention to resign as CEO in the last 5 minutes of the 4 hour meeting. This came as a shock, despite many expecting this sooner or later, considering he is 94 and been CEO for 6 decades!
The standing ovation that followed was very emotional. And it felt only right to give credit where credit is due. To applaud a man who has represented what true capitalism looks like, and what it looks like to be immensely successful, yet still humble and true to yourself at the same time. At least for me that was what was going through my head.
To sum it up, it was a weekend I will never forget and for which I am very grateful for. I will certaintly be looking to add more Berkshire stock (available here on EasyEquities) over time when the price looks right - I have complete confidence in Greg Abel’s ability to continue the legacy.
For those who are interested in attending the shareholder meeting in the future, I'd recommend starting with the recorded shareholder meetings which are available online. There is so much insight and wisdom that you can soak in from the comfort of your home.Of course, if you have the means to do so, I would recommend going to the AGM if you can! Also remember that as a shareholder, you can attend annual shareholder meetings of all our local companies too in SA! These are great places to learn and ask questions. Remember as a shareholder you are an owner of the business and entitled to some privileges, one of them being able to attend the annual general meeting.
To young or first time investors, I cannot stress enough the importance of taking a long-term approach to investing and remembering this: “Price is what you pay, Value is what you get”. Knowing the difference is critical. Save every month from your first paycheck and make sure to build your financial freedom one payslip at a time. One way I do this is to set up a debit order every month into my EasyEquities ZAR wallet (see here for more info). This makes sure you save every month.
I also recommend meeting with like minded investors and discussing approaches and doing case studies together to finesse your skills. For more financial education, go to EasyEquities resources here.
To those who have followed my journey, it has been a pleasure and I wish you the best on yours. Perhaps we all make an effort to attend the next Purple AGM and create a culture similar to that of Berkshire… looking forward to connecting soon!
Take it easy,
Cameron.
Disclaimer: Clients should evaluate the product's suitability for their financial needs and consult their financial adviser if they are uncertain about its appropriateness.
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