Remembering Charlie: Berkshire Hathaway's first annual meeting without Munger

Thousands gathered at the CHI Health Center Arena in Omaha, USA, on Saturday for Berkshire Hathaway's annual shareholders' meeting, a tradition where finance giants Warren E. Buffett and Charlie T. Munger historically shared insights into their conglomerate's performance.

However, this year marked the first meeting without Munger, who passed away at 99 last year.

Buffett, reminiscing on Munger's unparalleled financial acumen, remarked, "In terms of managing money, there wasn't anybody better in the world to talk to for many, many decades than Charlie."

He further emphasised their unshakeable partnership, stating, "When it comes to having a partner, I simply cannot recall a single conversation I had with Charlie where he misled me or steered it in his favour. So, when you get that in your life, you cherish those people."

Charles T. Munger, also known as Charlie, has been a pivotal figure alongside Warren E. Buffett in shaping Berkshire Hathaway's success. His partnership with Buffett spanned over 50 years, starting from 1978 when Munger joined Berkshire Hathaway as vice chairman, and culminated in the creation of one of history's most successful conglomerates.

Berkshire Hathaway was founded in 1839 in New Bedford, Massachusetts, initially as a textile mill. Over the years, under the guidance of Buffett and Munger, the company evolved into a multinational conglomerate with a diverse portfolio of businesses, including insurance, retail, manufacturing, and more.

The absence of Munger, a linchpin in Berkshire's success alongside Buffett, was deeply felt throughout the meeting. Buffett opened with a heartfelt tribute to his best friend, announcing that the only book available at the 2024 meeting would be a new edition of "Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger."

During the bitter-sweet meeting, Buffet recalled how contemporary big names like Elon Musk to spiritual and political leaders like Dalai Lama wanted to meet Charlie at his house in California, even when he was nearing the end of his life.

However, Buffett humorously mentioned Munger's preference for meeting historical figures through books rather than in person.

Buffett candidly admitted that if given another day with Munger, it wouldn't be much different from their countless previous ones. Yet, he acknowledged the uncertainty of life's departure as a profound blessing.

“Ask yourself who you’d want to spend the last day of your life with and then figure out how you could meet them tomorrow and then meet with them as often as you can," he said.

During the Q&A session, Buffett mistakenly referred to Gregory Abel, his appointed successor, as "Charlie," evoking laughter and applause from the audience.

As the meeting concluded, Buffett asked the staff to illuminate the venue in honor of Munger, prompting a standing ovation from the 30,000 shareholders in attendance.

Wrapping up the meeting Buffet said “I not only hope you come next year. I hope I come next year,” he said, laughing.