What are your Investment Rules?

[kiora]

"Going to the Berkshire Hathaway annual shareholders' meeting
Guest column by Alan Clarke"
https://justthebusinessjennyruth.sub...athaway-annual

Will BH ever be the same again?
RIP Charlie Munger

"Interfering directors

That's a regular fault of NZ boards where independent directors become five minute experts and climb into the management of their operations."

"Boring as bat****

Most AGM’s are as boring as bat****, but BH meetings are simply amazing and then spill over to take over malls and shops in Omaha over a weekend.

The most remarkable thing about this is the meeting is run and presented by two people, Warren and Charlie.

They sit at a table in the front of the the assembled shareholders and discuss investment philosophy, fair taxation, international trends in innovation, and their wisdom on where the world is going.

The even more incredible thing is they run the show, just sitting talking with no power point presentation, drinking coke and eating candy, and keeping their audience riveted.
Both were in their late 90’s until Charlie died a few months ago just shy of his 100th birthday.
The media is full of Charlie and Warren's wisdom, anecdotes and philosophies and they captured their shareholders' imagination and excitement about who they were and where they were going.

They were story tellers of the highest order, never embellishing, never lying, brutally honest, self deprecating, admitting mistakes openly and passing praise to others for BH’s achievements, while being fiercely loyal to their partner businesses and proud of their company.

As Warren once said: “You can lose me money but never loose me reputation.”"
"Two new lieutenants

He did, however, have his two new lieutenants, Greg Able and Ajit Ajin, who would be sharing the stage with him for the first time.

But it was just sad."

"Contrary to financial advisers' opinions, shareholders do not just invest on the dry numbers.

They invest because the company excites them and they listen closely to the management's vision of what could be, as well as what has been achieved.

Keep all promises

Yes, shareholders do not just respond to hype and sizzle. They need an underlying performance and, most importantly, they need all promises kept and met.

A stellar financial performance without a vision and story will falter, just as a vision and story without financial delivery will falter."
"I think this is a real watershed moment for BH.

Without Warren and Charlie telling the BH story, I fear it will stall, as I am not sure Able or Ajin will excite and capture BH shareholders with stories and a vision of what could be.

I hope I’m wrong."