In November of last year, the world lost one of its most influential business figures. Charlie Munger, the friend, partner, and most faithful ally of Warren Buffett, passed away at the age of 99. Munger was considered by many to be one of the greatest investors in history, and his passing marked the end of an era for Buffett and Berkshire Hathaway.
The annual shareholder meeting held in Omaha, Nebraska was turned into a tribute to Munger by Buffett. Thousands of shareholders gathered to hear the wisdom of the Oracle of Omaha as they celebrated some of his memorable quotes and moments. The meetings were known for Munger’s sharp wit and humor, even when criticizing artificial intelligence. Buffett spoke about various topics including renewable energy, artificial intelligence, and his investments in companies like Apple, American Express, and Coca-Cola. He also talked about Munger’s impact on their partnership.
Buffett expressed his trust in Munger for investment advice and shared how he now relies more on himself for investment decisions. The meeting 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 also expressed concerns about technological risks such as artificial intelligence and potential scams or misuse of technology. He emphasized his preference for investing in U.S companies with exceptions for specific international investments like Japanese conglomerates. His 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