Berkshire Hathaway Shareholder Meeting 2010 DealBreaker.Com (blog)

02.05.10

As usual, the reception crowd is well-dressed and predominantly local. People are from all age groups, but with a trend towards middle age. Very few aren’t white. I only spotted two cowboy hats. Compared to the actual meeting, there are a lot more youngsters. Perhaps they should have an open bar at the meeting itself.

Now, before I get a bunch of flack for biting on Hunter S. Thompson’s style, I’ll defend myself by saying that I take gonzo journalism very seriously. It’s not just an excuse to show up to work high. It’s a way of interacting with reality with new eyes. Eyes that don’t pass up the obvious. Besides, Warren practically suggests people come to the thing stoned. The shareholder meeting is nicknamed “The Woodstock of Capitalism.” On the other hand, maybe they’re just referring to the lines at the porta-johns.

It occurs to me that Berkshire is a very good stock for people who aren’t too financially savvy and don’t have the temperament for day trading or even paying attention to stock prices. It works better than a mutual fund, because there’s no fund manager trying to validate his salary by seeking out career-building deals. Sure, Buffet does deals, but he only makes money on the good ones.

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